Fourth week of July 2026

This week was an exception to our usual routine. We did not increase our future income at all. There were no new purchases, no dividend increases and no other changes. The reason is simple. Our cash reserves are currently quite low, and we have a large insurance bill coming up. The available cash is also spread across portfolios in a way that makes purchases inefficient. We are waiting for next week’s dividends before making new buys, but we will continue purchasing in the near future, even if only in very small amounts.

Income this week

The only exception to not increasing our future income was the Main Street Capital DRIP. Our broker settled it unusually late, and we received the share on Friday. Its value was 46,51 €, and it will increase our monthly income starting in August. The rest of the income this week was:

• 15,61 € from remainder of MAIN DRIP
• 5,82 € from Transcontinental
• 48,76 € from Saratoga Investment
• 140,05 € from Kesko
• 19,54 € from MSC Industrial Direct

Total dividend income for the week was 276,29 €, which is above our average. As mentioned earlier, the distribution of this income is a challenge. The dividends arrived in different currencies and into different portfolios, leaving only small cash positions in each. Some of this cash will likely be reinvested after next week’s dividends arrive, but part of it will remain untouched until the insurance payment is handled and we can transfer more money into that portfolio.

Total dividend income for July now stands at 805,62 €. This means we have already broken our previous July record of 754,73 €, and there are still dividends to come before the month ends. We also crossed the 10 000 € mark in cash received during 2026. Our total net dividend income for the year is now 10 120,86 €. At the moment, July’s dividend income is 35,33 percent higher than last year.

 

 

July 2026 Mid‑Month

This week turned out to be more eventful than usual. Not so much on the dividend side, but definitely on the purchasing side. We were more active there than we normally are.

 Income this week

Dividend income was solid, although almost everything arrived on Wednesday. Only one very small payment came on Friday. As is typical for the middle of the month, the total was strong, almost two hundred euros, which is at the upper end of our usual weekly range.

The dividends were:

• 19,38 € from Exchange Income
• 7,39 € from Northland Power Inc
• 47,88 € from Realty Income
• 75,12 € from Blue Owl Capital
• 0,02 € from Dynacor
• 3,32 € from Apple Hospitality Reit
• 39,67 € from Main Street Capital

Together these add up to 192,78 €, which is very good. Total passive income for July now stands at 529,33 €, which is 89,9 percent of last year’s July total. We still have a substantial amount of dividends coming in, so we already know that this July will surpass last year. There is a small chance that it will not become our best July ever, and that depends mostly on currency rates. Our estimate is that we will end up somewhere in the 760 to 780 euro range, which would beat the current record of 754,73 €.

Looking ahead, Nordea has shifted to semiannual dividend payments, and the first interim dividend will be paid in August. It is large enough to guarantee that August will also become our best August ever.

 

Building the future

This week was more active on the purchasing side. We completed two buying programs.

The first finished position was Boston Pizza Royalties. Our holdings increased to 100 units after buying 33,5045 units at 23,51983 CAD. This was larger than our typical weekly purchase, and the additional income will start already at the end of this month.

The second completed position was Canadian Net Reit. We bought 208 units at 6,90529 CAD, which brought the position to its planned size of 2000 units. The ex‑date for July had already passed, so the higher dividend flow begins in August.

Other purchases during the week were:

• 8,5217 shares of Acomo NV @23,14679 €
• 0,2225 shares of Bank of Montreal @257,48350 CAD
• 9,6304 shares of Golub Capital BDC @13,30163 CAD 

Rest‑of‑Year Expectations

Looking at how the months have developed so far and what our calculations suggest, we are already confident that we will surpass the record year 2022, when we sold almost all of our holdings at the end of December. At the moment our income level matches October 2022, even though it is only mid‑July.

We expect the remaining months to bring roughly 500 to 700 euros each, and our weekly income continues to grow. There is also a possibility that we will sell some fixed non‑income assets, which could provide a substantial boost to our investment capital. These purchases would increase this year’s income until the end of October. After October they no longer have a meaningful impact on 2026, but they will strengthen next year’s results.

Total income for 2026 will most likely end up around 13 000 euros after taxes.

First full week of July 2026

First full week was quiet but not entirely without activity. We received some passive income and made a few purchases, so let’s start with the income as usual.

Weekly Income

We received a small amount of interest from June. These were expected to arrive last Friday, but they were posted to our account on Tuesday instead. The interest payment was 17,53 euros. We also received the regular monthly distribution from our co‑op investments. The co‑ops paid 20,70 euros, which will be automatically invested into the Europe index fund.

The rest of the income came from dividends:

• 27,20 € from Cibus Nordic
• 6,88 € from Keurig DrPepper
• 19,08 € from Hannon Armstrong Sustainable Infrastructure
• 19,36 € From Restaurant Brands International

In total, passive income for the week amounted to 110,75 euros, which is a very typical level. With this, our July income now stands at 336,55 euros.

Purchases

We made a few purchases during the week as we still had some cash available. The additions to the portfolio were the following:

• 15,6233 shares of Dynex Capital @13,31348 USD
• 1,1766 shares of Verizon @43,21775 USD
• 17 shares of Kesko A @19,47765 €

These purchases will bring a small amount of extra dividends already this year, and they strengthen the long‑term income stream as well.

  

End of the Q2 2026

June is behind us and so is the second quarter, which makes this a good moment to recap the portfolio. This quarter included unusually large movements, mostly because of a one‑time event: we exited our largest investment fund.

The fund was highly illiquid and largely non‑transparent in terms of valuation. Its value was updated only once per year, and withdrawals followed the same annual cycle. The only reason to hold it was that it formed part of an incentive plan from a former employer, where yearly payments were tied to agreed targets and salary. In practice it functioned as an additional long‑term bonus scheme.

Because of the exit, cash levels were atypically high at the end of Q2 and the share of investment funds dropped sharply. This also meant higher taxes. Out of curiosity, June’s tax payments amounted to almost 9,000 euros, excluding VAT.

Equities continued to grow quarter over quarter. Individual stock values dipped early in Q2 but recovered towards the end, resulting in almost €20,000 of additional value. That is a solid increase in invested capital.

The investment loan continues to decline at a steady pace thanks to the fixed amortization structure, reducing the principal by roughly €1,000 per quarter. There is no rush to pay it off, as the terms are excellent and the cost of debt remains below 3%.

Looking at the full twelve‑month period, the portfolio has developed very steadily. The net investment portfolio increased from 193,764 euros to 227,650 euros, which means a yearly gain of almost 34,000 euros. In relative terms this is roughly a 17.5 percent increase, a strong result considering that the year also included structural changes and the introduction of an investment loan. The gross portfolio grew even more, rising from 193,764 euros to 265,984 euros. That is more than 72,000 euros of additional assets within a year, reflecting both new investments and the overall appreciation of the holdings. 

Investment portfolio

Asset class	30th Jun 25	30th Sep 25	31st Dec 25	31st Mar 26	30th Jun 26
Cash	16 328,29 €	2 470,49 €	4 187,44 €	4 212,14 €	14 366,96 €
Investment funds	14 787,19 €	14 768,72 €	14 870,93 €	14 717,62 €	2 120,04 €
Coop memberships	1 500,00 €	1 500 €	1 600 €	1 600 €	1 600 €
Shares	161 148,83 €	173 833,68 €	183 112,10 €	228 664,73 €	247 896,56 €
Gross investment portfolio	193 764,31 €	192 572,89 €	201 530,75 €	249 194,49 €	265 983,56 €
Investment loan	0 €	0 €	0 €	39 333,32 €	38 333,30 €
Net investment portfolio	193 764,31 €	192 572,89 €	201 530,75	209 861,17	227 650,26 €

Then to the normal agenda. This week turned out to be exceptionally strong, especially considering the time of the year. Starting with June, the month brought in dividends from the following holdings:

• 5,95 € from Gladstone Investment BDC
• 44,77 € from Main Street Capital
• 3,71 € from Gladstone Commercial Reit
• 10,35 € from Golub Capital BDC
• 31,67 € from A&W
• 4,35 € Boston Pizza Royalties
• 16,49 € from Canadian Net Reit
• 15,73 € from LTC Properties.
• 53,72 € from Simon Property Group
• 108,23 € from Ares Capital. 

These brought our total dividend income for June to 912,62 euros, making it the second‑best June ever, which was a pleasant surprise.

July also started with a few unexpected events. The first one, a positive one, was that we received the MAIN DRIP during the same week as the extra dividend. Usually the DRIP arrives about a week later than the cash payment. This time we received one additional MAIN share valued at 44,77 euros and 25,43 euros in cash. The second surprise was less positive: the June interest payments did not arrive on Friday as expected but were postponed to Monday.

The rest of the week brought the following July dividends:

• 56,34 € from National Australia Bank
• 28,41 € from Telus
• 47,18 € from Eurocommercial Properties
• 23,06 € from Dynex Capital 
• 0,64 € from Iron Mountain

With these, July dividend income now stands at 226,35 euros. We have already passed the total dividends received in 2025 and currently sit in second place in our year‑to‑year ranking. Based on our projections, we are on track to finish clearly in first place, surpassing the record set in 2022.

Then to building the future. Our activity in buying stocks has been relatively low lately because of all the upcoming tax payments. Now that those taxes are settled and one fund has been cashed out, the situation has changed. This week’s investment volume has been unusually high. We first had a longer quiet period, then a sharp increase, and we expect the activity to normalize again in the near future. This week purchases were:

• 10 shares of Kesko A @19,86 €
• 4 shares of Kone @50,98 €
• 0,3703 shares of Bank of Montreal @252,38995 CAD
• 4,9932 shares of Verizon @42,88833 USD
• 145 shares of Washington H. Soul Pattinson @45,326 AUD
• 24,4468 shares of Emera @76,10894 CAD
• 721 shares of Canadian Net Reit

These purchases will increase our 2026 income approximately by 140 €.