Stock Market Live July 1, 2026: S&P 500 (SPY) Lower as Investors Wait on the Fed and Fresh Economic Data
Q1 26 EPS
$0.27
MISS 9.03%
Est. $0.30
Q1 26 Revenue
$70.1M
MISS 0.28%
Est. $70.3M
vs S&P Since Q1 26
-25.9%
TRAILING MARKET
PFLT -17.9% vs S&P +8.0%
Market Reaction
Did PFLT Beat Earnings? Q1 2026 Results
PennantPark Floating Rate Capital delivered a disappointing fiscal first quarter, with net investment income per share of $0.27 falling 10% short of the $0.30 consensus estimate, even as total investment income climbed 12.9% year-over-year to $70.09 … Read more PennantPark Floating Rate Capital delivered a disappointing fiscal first quarter, with net investment income per share of $0.27 falling 10% short of the $0.30 consensus estimate, even as total investment income climbed 12.9% year-over-year to $70.09 million. The earnings miss was driven primarily by a sharp rise in total expenses, which jumped to $43.45 million from $37.04 million a year ago, reflecting higher interest costs on increased borrowings and one-time credit facility amendment charges of $498,000. Adding to the pressure, $32.30 million in net unrealized depreciation on investments pushed the company to a net decrease in net assets from operations of $3.58 million, while net asset value per share slid 3.1% sequentially to $10.49. The quarter's $0.27 per share in core earnings also fell short of the $0.31 distribution declared, raising near-term dividend coverage questions. Management pointed to the rapid scaling of new joint venture PSSL II, which has grown to approximately $325 million in total assets post quarter-end, as the primary vehicle for rebuilding net investment income toward full dividend coverage.
Key Takeaways
- • Increase in debt portfolio size drove higher investment income
- • Higher interest expense from increased borrowings reduced net investment income
- • One-time credit facility amendment costs of $0.5 million impacted earnings
- • Net unrealized depreciation of $32.3 million on investments during the quarter
- • Weighted average yield on debt investments compressed to 9.9% from 10.2% sequentially
- • Annualized weighted average cost of debt declined to 6.2% from 7.0% year-over-year
PFLT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
PFLT Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased with the momentum of our new joint venture, PSSL II, which commenced operations and invested approximately $200 million during the quarter. Following quarter end, the joint venture purchased investments of approximately $130 million bringing total assets to approximately $325 million. Additionally, PSSL II upsized its credit facility, further supporting the plans to grow the NII of PFLT with a goal of dividend coverage”
— Art Penn, Q1 2026 Earnings Press Release
PFLT Earnings Trends
PFLT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PFLT EPS Trend
Earnings per share: estimate vs actual
PFLT Revenue Trend
Quarterly revenue: estimate vs actual
PFLT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.28 | $0.26 | -7.14% | $66.0M | -4.10% |
| Q1 26 MISS | $0.30 | $0.27 | -9.03% | $70.1M | -0.28% |
| Q4 25 MISS FY | $0.28 | $0.28 | -1.72% | $69.0M | +3.53% |
| FY Full Year | — | $1.16 | — | $261.4M | — |
| Q3 25 MISS | $0.29 | $0.27 | -7.85% | $63.5M | -4.18% |
| Q2 25 MISS | $0.32 | $0.28 | -12.61% | $61.9M | -5.88% |