A Silent Week, A Small Step Ahead

Now that we are starting to write this week’s summary, we actually do not remember much about how the week went. So let’s check our bookkeeping and see what really happened. A few dividends and a few purchases came in, but the overall picture is still a bit hazy.

The first income of the week was 4 euros in interest from Cooperatives. This comes from a constant 1500 euro position that we have considered cashing out and reallocating to more lucrative holdings. We have not done it yet, since withdrawing money from cooperatives cannot be done online and would require a physical visit to a specific bank. The rest of the income this week was:

• 12,90 interests from Arvo investment cooperative
• 1 share from MAIN Drip worth of 48,03 €
• 10,41 € as a remainders from MAIN DRIP
• 59,50 € from Kendrion
• 46,88 € from Saratoga Investment
• 5,59 € from UPM Kymmene
• 18,78 € from MSC Industrial Direct Company

This brings the total passive income for the week to 206,09 euros. The total for April now stands at 2198,52 euros, making it the second best month ever. The remaining dividends this month will very likely push April to a new all time high. There is still a small uncertainty related to currency rates, but the direction looks very promising.

 

 

And then to building the future. We mainly reinvested dividends, but we also added a small amount of new cash to the portfolio. The first purchase of the week was Eurocommercial Properties. We bought 5 shares at 28,702 euros. Since we try to keep transaction costs relatively low, most of the euros used for this purchase were sitting idle in the portfolio until the Kendrion dividends arrived. With that timing, we were able to complete the purchase with a 1 percent fee, which is good enough for us when making small additions.

The rest of the purchases this week were:

• 2,3696 shares of Ares Capital @18,92725 USD
• 10 shares of Kesko A  @20,35 €

So overall, a very quiet week in terms of transactions. Nevertheless, we were able to increase our future income, even if only slightly, once again.

First two weeks of April 2026

We forgot to update the blog last weekend. Everyday life kept us busy, and writing simply slipped our minds. So now it’s time to catch up. April and May are usually the busiest months in terms of dividends, and this year is no exception, transactions have been plentiful.

The start of April has been excellent. Right after Easter, the first income came in the form of interest from March. Even though the amounts are small, interest payments are always nice to receive. For March, we collected 12.61 € in interest.

The rest of the income during the past two weeks consisted of:

• 21,20 € from cooperatives
• 17,14 € from Titanium
• 20,00 € from Neste
• 30,02 € from Kemira
• 133,40 € from Kesko
• 5,68 € from Fiera Capital
• 6,74 € from Keurig DrPepper
• 22,98 € from Cibus Nordic
• 72,00 € from Aktia Pankki
• 74,00 € from Fortum
• 7,34 € from Northland Power
• 19,26 € from Exchange Income
• 46,76 € from Realty Income
• 85,37 € from Blue Owl Capital
• 37,50 € from Taaaleri
• 0,02 € from Dynacor
• 3,09 € from Apple Hospitality Reit
• 38,10 € from Main Street Capital. 

The list is long, and the total is impressive. Over this two‑week period, dividends amounted to 653.21 €, which is exceptionally high.

With that, our passive income for April has reached 1,992.43 €, already surpassing every previous April. And there are still almost two full weeks left. Altogether, passive income in 2026 stands at 4,932.50 € so far, putting us on track for our best year ever.

Of course, the rest of the year can still change the trajectory. Last year we were also ahead in the early months, but fell behind the record pace in April. This time, at least, we’ve improved the situation by one month.

 

We haven’t reinvested everything, but most of the dividends have been put back to work. During this two‑week period, we made the following purchases:

• 8,5655 shares of Dynex Capital @13,07571 USD
• 0,6775 shares of Bank of Montreal @205,96659 CAD
• 7,6562 shares of Ares Capital @18,98461 USD
• 19,27 shares of Acomo @27,48054 €
• 3 units of Pohjanmaan Arvo Sijoitusosuuskunta @90,51667 €
• 14 shares of Huhtamäki @29,21571 €
• 0,0924 units of OP-Eurooppa Index A @246,42857 €

We estimate that these purchases will increase our 2026 income by a little more than 58 € after taxes. 

 

 

End of Q1 2026

We are a bit late with this update, because Easter pushed everything back a little.

The first quarter is now behind us. Even though the markets were uneasy and quite volatile, we still managed to grow our portfolio. Not by much, but growth is growth, especially in this kind of market.

During Q1 we returned to using leverage and took a modest 40 k€ investment loan while rearranging the rest of our loans. Financially this was a wise move. Our total debt increased, we managed to lower our interest expenses a little. On top of that, we get a small part of those interest payments back as income from the co-operative. Overall, the impact on our monthly cash flow is smaller than the amount we pay as principal on the investment loan.

Looking at the portfolio itself, our cash position rose slightly during the first quarter, while our investment funds dropped a bit. Since we took the investment loan, our share holdings grew clearly during Q1. The investment loan balance is now 39 333.32 €, as we have already made two payments. We have a fixed principal payment each month, while the total monthly payment changes from month to month with the interest.

Taking the loan into account, our portfolio grew by around 8 k€ during the first quarter.

Investment portfolio

Asset class	31st Mar 25	30th Jun 25	30th Sep 25	31st Dec 25	31st Mar 26
Cash	17 125,18 €	16 328,29 €	2 470,49 €	4 187,44 €	4 212,14 €
Investment funds	11 357,71 €	14 787,19 €	14 768,72 €	14 870,93 €	14 717,62 €
Coop memberships	1 500,00 €	1 500,00 €	1 500 €	1 600 €	1 600 €
Shares	155 816,03 €	161 148,83 €	173 833,68 €	183 112,10 €	228 664,73 €
Gross investment portfolio	185 798,92 €	193 764,31 €	192 572,89 €	201 530,75 €	249 194,49 €
Investment loan	0 €	0 €	0 €	0 €	39 333,32 €
Net investment portfolio	185 798,92 €	193 764,31 €	192 572,89 €	201 530,75	209 861,17

Now to income. Since we want to track our progress weekly, monthly and quarterly, the fact that months end in the middle of a week makes things a bit awkward. During the last week of March we received the following dividends:

• 10,21 € from Golub Capital
• 4,24 € from Boston Pizza Royalties Income fund
• 15,51 € from LTC Properties
• 16,62 € from Canadian Net Reit
• 25,53 € from A&W
• 51,77 € from Simon Property Group
• 101,29 € from Ares Capital
• 306,72 € from Skandinaviska Enskilda Banken
• 3,66 € from Gladstone commercial Reit
• 5,88 € from Gladstone Investment BDC

These bring our total March dividends to 1 836,49 €. March ended up being our best March ever by a wide margin. At the beginning of the month we actually expected it to finish in second place, so this was a pleasant surprise. Total amount of dividends in Q1 was 2940,07 € which is also all time high. 

During that same week we received those March payments, and as the month turned over into April we received the following dividends:

• 0,62 € from Iron Mountain
• 19,46 € from Dynex Capital
• 19,05 € from  Restaurant Brands International
• 1133,64 € from Nordea Bank
• 1 share from MAIN Drip worth of 45,78 €
• 22,48 € as a remainder from MAIN Drip
• 12,47 € from Telus
• 67,05 € from Orion 

This sums up to 1 320,55 € in April. These dividends alone were enough to lift April into second place among all Aprils so far, and we still have plenty of payments coming in. At this point we are already 9 percent ahead of last year’s April.

And then to purchases. We did not reinvest everything yet, but we did make a few transactions. We are planning to move some cash between accounts and wait for a few more dividends to arrive before investing the rest. The idea is simply to have the right cash in the right portfolio when the time comes to buy.

We bought:

• 17 shares of Huhtamäki @28,37765 €
• 5,4359 shares of Verizon @50,01012 USD
• 62 shares of Cibus Nordic Reit @146,90306 SEK

These purchases will increase our 2026 income by approximately 21,94 €.

All in all, the first quarter turned out steadier than we expected. The portfolio grew despite the market noise, dividends reached new highs and April has already started on a strong footing. There is still cash to allocate and more income on the way, so the next weeks will likely shape the rest of the quarter. For now it feels like we are moving in the right direction at a comfortable pace.