PennantPark Floating Rate Capital (PFLT)
Market Price (4/25/2026): $8.635 | Market Cap: $856.7 MilSector: Financials | Industry: Asset Management & Custody Banks
PennantPark Floating Rate Capital (PFLT)
Market Price (4/25/2026): $8.635Market Cap: $856.7 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14% Low stock price volatilityVol 12M is 19% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. | Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -60% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 179% Expensive valuation multiplesP/SPrice/Sales ratio is 18x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -59%, Rev Chg QQuarterly Revenue Change % is -105% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -717%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -717% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61% Key risksPFLT key risks include [1] heightened credit defaults from its portfolio of highly leveraged, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14% |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -60% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 179% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 18x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -59%, Rev Chg QQuarterly Revenue Change % is -105% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -717%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -717% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61% |
| Key risksPFLT key risks include [1] heightened credit defaults from its portfolio of highly leveraged, Show more. |
Qualitative Assessment
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PennantPark Floating Rate Capital (PFLT) stock has remained largely at the same level since 12/31/2025 because of the following key factors:
1. Persistent dividend sustainability concerns, despite an attractive yield, created investor caution. PennantPark Floating Rate Capital's Net Investment Income (NII) of $0.27 per share in Q1 2026 did not cover its declared quarterly distribution of $0.3075 per share, marking the fourth consecutive quarter of this shortfall. This raises questions about the long-term sustainability of its approximately 14-15% dividend yield, even as management indicates reliance on a spillover buffer and the growth of its new PSSL II joint venture, which aims to exceed $1 billion in assets, to restore coverage. However, the high yield itself likely provided a floor for the stock price, balancing the negative sentiment from coverage issues.
2. Declining Net Asset Value (NAV) was offset by strategic portfolio growth and a conservative investment approach. The company experienced a decline in its Net Asset Value (NAV) per share for four consecutive quarters, reaching $10.49 as of December 31, 2025, which represents a 3.1% quarter-over-quarter decrease primarily due to a $30 million net realized/unrealized loss on investments. Counteracting this, PFLT reported significant portfolio growth in Q4 2025, with its total portfolio increasing from $2.4 billion to $2.8 billion. The portfolio maintained a conservative structure, with 89% invested in first-lien senior secured debt, and non-accrual investments, though increasing from two to four borrowers, still represented a low 0.5% of the portfolio at cost as of December 31, 2025.
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1. Persistent dividend sustainability concerns, despite an attractive yield, created investor caution. PennantPark Floating Rate Capital's Net Investment Income (NII) of $0.27 per share in Q1 2026 did not cover its declared quarterly distribution of $0.3075 per share, marking the fourth consecutive quarter of this shortfall. This raises questions about the long-term sustainability of its approximately 14-15% dividend yield, even as management indicates reliance on a spillover buffer and the growth of its new PSSL II joint venture, which aims to exceed $1 billion in assets, to restore coverage. However, the high yield itself likely provided a floor for the stock price, balancing the negative sentiment from coverage issues.
2. Declining Net Asset Value (NAV) was offset by strategic portfolio growth and a conservative investment approach. The company experienced a decline in its Net Asset Value (NAV) per share for four consecutive quarters, reaching $10.49 as of December 31, 2025, which represents a 3.1% quarter-over-quarter decrease primarily due to a $30 million net realized/unrealized loss on investments. Counteracting this, PFLT reported significant portfolio growth in Q4 2025, with its total portfolio increasing from $2.4 billion to $2.8 billion. The portfolio maintained a conservative structure, with 89% invested in first-lien senior secured debt, and non-accrual investments, though increasing from two to four borrowers, still represented a low 0.5% of the portfolio at cost as of December 31, 2025.
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Stock Movement Drivers
Fundamental Drivers
The -2.4% change in PFLT stock from 12/31/2025 to 4/24/2026 was primarily driven by a -39.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.84 | 8.63 | -2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 78 | 47 | -39.7% |
| Net Income Margin (%) | 84.7% | 72.8% | -14.0% |
| P/E Multiple | 13.2 | 24.8 | 87.8% |
| Shares Outstanding (Mil) | 99 | 99 | 0.1% |
| Cumulative Contribution | -2.4% |
Market Drivers
12/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| PFLT | -2.4% | |
| Market (SPY) | 4.2% | 60.2% |
| Sector (XLF) | -6.1% | 61.2% |
Fundamental Drivers
The 5.3% change in PFLT stock from 9/30/2025 to 4/24/2026 was primarily driven by a 114.5% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.20 | 8.63 | 5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90 | 47 | -47.4% |
| Net Income Margin (%) | 78.0% | 72.8% | -6.6% |
| P/E Multiple | 11.6 | 24.8 | 114.5% |
| Shares Outstanding (Mil) | 99 | 99 | 0.0% |
| Cumulative Contribution | 5.3% |
Market Drivers
9/30/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| PFLT | 5.3% | |
| Market (SPY) | 7.0% | 57.1% |
| Sector (XLF) | -4.2% | 58.8% |
Fundamental Drivers
The -11.2% change in PFLT stock from 3/31/2025 to 4/24/2026 was primarily driven by a -58.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.71 | 8.63 | -11.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 114 | 47 | -58.5% |
| Net Income Margin (%) | 85.7% | 72.8% | -15.0% |
| P/E Multiple | 8.1 | 24.8 | 206.0% |
| Shares Outstanding (Mil) | 82 | 99 | -17.7% |
| Cumulative Contribution | -11.2% |
Market Drivers
3/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| PFLT | -11.2% | |
| Market (SPY) | 28.1% | 61.0% |
| Sector (XLF) | 4.3% | 63.2% |
Fundamental Drivers
The 16.7% change in PFLT stock from 3/31/2023 to 4/24/2026 was primarily driven by a -54.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312023 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.39 | 8.63 | 16.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -5 | 47 | -1093.1% |
| P/S Multiple | -70.4 | 18.1 | -125.7% |
| Shares Outstanding (Mil) | 45 | 99 | -54.3% |
| Cumulative Contribution | 16.7% |
Market Drivers
3/31/2023 to 4/24/2026| Return | Correlation | |
|---|---|---|
| PFLT | 16.7% | |
| Market (SPY) | 79.8% | 52.9% |
| Sector (XLF) | 67.0% | 56.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PFLT Return | 33% | -6% | 23% | 1% | -4% | -3% | 45% |
| Peers Return | 31% | -12% | 34% | 20% | -5% | -11% | 57% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| PFLT Win Rate | 75% | 50% | 50% | 67% | 67% | 50% | |
| Peers Win Rate | 80% | 45% | 70% | 72% | 53% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PFLT Max Drawdown | -1% | -20% | -7% | -8% | -15% | -14% | |
| Peers Max Drawdown | -2% | -21% | -1% | -2% | -16% | -17% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, BXSL, OBDC, TSLX, FSK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/24/2026 (YTD)
How Low Can It Go
| Event | PFLT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -32.4% | -25.4% |
| % Gain to Breakeven | 47.9% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -70.2% | -33.9% |
| % Gain to Breakeven | 235.7% | 51.3% |
| Time to Breakeven | 362 days | 148 days |
| 2018 Correction | ||
| % Loss | -20.6% | -19.8% |
| % Gain to Breakeven | 25.9% | 24.7% |
| Time to Breakeven | 1,216 days | 120 days |
Compare to ARCC, BXSL, OBDC, TSLX, FSK
In The Past
PennantPark Floating Rate Capital's stock fell -32.4% during the 2022 Inflation Shock from a high on 4/19/2022. A -32.4% loss requires a 47.9% gain to breakeven.
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About PennantPark Floating Rate Capital (PFLT)
PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments. It primarily invests between $10 million and $50 million in investments in senior secured loans and mezzanine debt. It seeks to invest in companies not rated by national rating agencies. The companies if rated would be between BB and CCC under the Standard & Poor's system. The fund invests 30% is invested in non-qualifying assets like investments in public companies whose securities are not thinly traded or do not have a market capitalization of less than $250 million, securities of middle-market companies located outside of the United States, high-yield bonds, distressed debt, private equity, securities of public companies that are not thinly traded, and investment companies as defined in the 1940 Act. Under normal conditions, the fund expects atleast 80 percent of its net assets plus any borrowings for investment purposes to be invested in Floating Rate Loans and investments with similar economic characteristics, including cash equivalents invested in money market funds. It expects to represent 65 percent of its portfolio through senior secured loans. In case of floating rate loans, it holds investments for a period of three to ten years.
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- It's like the publicly traded private credit arm of a major bank (such as Goldman Sachs), but focused entirely on making adjustable-rate loans to mid-sized companies.
- Imagine a public bond fund, but one that directly originates and holds its own adjustable-rate loans to private, middle-market businesses instead of buying public bonds.
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- Floating Rate Loans: The company provides loans with interest rates that adjust periodically, primarily to private or thinly traded middle-market companies.
- Senior Secured Loans: These are debt investments that hold the highest priority claim on a borrower's assets, forming a significant portion of the company's portfolio.
- Mezzanine Debt: The fund invests in subordinated debt that typically includes an equity component, offering higher yields and greater risk than senior debt.
- Equity Investments: PennantPark Floating Rate Capital makes direct investments in equity securities such as preferred stock, common stock, warrants, and options.
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PennantPark Floating Rate Capital Ltd. (PFLT) is externally managed by PennantPark Investment Advisers, LLC. The key management team members overseeing PFLT, primarily through the external advisor, include:Arthur H. Penn, Chairman of the Board and Chief Executive Officer
Arthur H. Penn is the Founder and Managing Partner of PennantPark Investment Advisers. He has over 30 years of experience in middle-market direct lending, mezzanine lending, leveraged finance, distressed debt, and private equity businesses. Penn co-founded Apollo Investment Management in 2004, serving as a Managing Partner from 2004 to 2006, and as Chief Operating Officer, and later President and Chief Operating Officer, of Apollo Investment Corporation from its inception in 2004 to 2006. Prior to founding PennantPark, he was Global Head of Leveraged Finance at UBS Warburg LLC (now UBS Investment Bank) from 1999 to 2001, and Global Head of Fixed Income Capital Markets for BT Securities and BT Alex. Brown Incorporated from 1994 to 1999. He also served as Head of High-Yield Capital Markets at Lehman Brothers from 1992 to 1994.
Richard T. Allorto, Jr., Chief Financial Officer and Treasurer
Richard T. Allorto, Jr. serves as the Chief Financial Officer and Treasurer for PennantPark Floating Rate Capital Ltd. He is responsible for the company's financial reporting and capital management. In recent months, Allorto has made significant open-market purchases of PFLT common stock, increasing his holdings and signaling confidence in the company's future prospects.
José A. Briones, Jr., Senior Partner
José A. Briones, Jr. is a Senior Partner at PennantPark Investment Advisers, LLC, having joined in December 2009. He is involved in originating, underwriting, executing, and monitoring investments for the company, as well as various strategic initiatives. Before joining PennantPark, Briones was a Partner at Apollo Investment Management, L.P. and a member of its investment committee from 2006. His prior experience also includes roles at UBS Securities, JP Morgan, and BT Securities and BT Alex Brown Inc.
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PennantPark Floating Rate Capital (PFLT) faces several key risks inherent to its business model as a business development company (BDC) specializing in lending to middle-market companies. Based on its investment strategy and recent financial commentary, the most significant risks include:1. Excessive Leverage and Dividend Sustainability
PennantPark Floating Rate Capital has exhibited elevated leverage levels, which are notably higher than the average for the broader BDC sector and are considered meaningfully above prudent norms. This aggressive leverage amplifies both potential gains and losses, increasing the company's financial risk profile. A direct consequence of this leverage, combined with operational factors, has been a struggle to maintain adequate dividend coverage. Recent reports indicate that core Net Investment Income (NII) per share has fallen short of the base dividend, signaling a gap in dividend coverage and raising concerns about the long-term sustainability of its attractive dividend yield. Furthermore, the company's "clear push towards unconsolidated JVs" may facilitate additional leverage, potentially circumventing BDC regulatory limits on a consolidated level and adding another layer of risk.2. Credit Risk and Borrower Defaults
PFLT primarily invests in senior secured and mezzanine debt of private or thinly traded middle-market companies, many of which are unrated or would be rated sub-investment grade (BB to CCC). These companies often possess weaker financial profiles and are more susceptible to economic downturns compared to larger, more diversified corporations. While PFLT emphasizes senior secured debt to enhance recovery prospects, the inherent higher credit risk in its target market means there is a significant potential for loan defaults and subsequent losses. Recent concerns about "deteriorating credit quality, with increased non-accruals driven by portfolio company challenges," further highlight this risk. Although a large portion of PFLT's portfolio consists of floating-rate loans, which protect PFLT from direct interest rate sensitivity on asset value, rapidly rising interest rates can increase the debt service burden on borrowers, potentially exacerbating default risk for these middle-market companies.3. Net Asset Value (NAV) Decline and Valuation Challenges of Illiquid Investments
A substantial part of PFLT's portfolio comprises investments in private and thinly traded public companies, which are inherently illiquid. This illiquidity makes these assets challenging to sell quickly or at optimal prices, particularly during periods of market stress. Moreover, the valuation of such illiquid investments can be subjective and difficult to determine accurately. This can lead to volatility in PFLT's Net Asset Value (NAV) per share, as demonstrated by recent declines attributed to "net realized and unrealized losses" and "unrealized depreciation across its floating-rate loan portfolio". Inaccurate or optimistic valuations could result in significant write-downs if market conditions deteriorate or if the fair value of portfolio companies declines.AI Analysis | Feedback
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PennantPark Floating Rate Capital (PFLT) primarily operates within the U.S. middle market, focusing on floating rate loans, senior secured loans, and mezzanine debt. These financial products are integral components of the broader direct lending and private credit markets. The addressable market for PennantPark Floating Rate Capital's main products and services is as follows:- U.S. Middle Market Direct Lending/Private Credit Market: The private credit market, often synonymous with direct lending to middle-market businesses, was estimated to be approximately $1.0 trillion as of March 31, 2022, in the U.S.. This market has experienced significant growth, reaching over $1.6 trillion by 2024, and totaled $1.34 trillion in the U.S. by the second quarter of 2024. Projections indicate the U.S. segment was expected to be US$1.34 trillion in 2025. Direct lending is the largest strategy within private credit, constituting 52% of total assets under management over the last 15 years. This market primarily serves U.S. middle-market companies, which are generally defined as businesses with annual revenues between $10 million and $1 billion, or EBITDA ranging from $10 million to $100 million. Floating rate loans and senior secured loans are predominant structures within this market.
- Global Mezzanine Finance Market: For mezzanine debt, the global mezzanine finance market was valued at approximately USD 197.52 billion in 2024 and is projected to grow to USD 212.58 billion in 2025. North America is the largest market for mezzanine finance, accounting for approximately 60% of the global share. This indicates a substantial addressable market for mezzanine debt within the U.S. region.
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For PennantPark Floating Rate Capital (PFLT), several key drivers are expected to fuel future revenue growth over the next 2-3 years:
- Scaling of the PSSL II Joint Venture: A primary driver of future revenue growth is the continued expansion of PFLT's new joint venture, PSSL II. Management has positioned the rapid scaling of this venture, which has already grown to approximately $325 million, as a key lever for increasing net investment income and restoring dividend coverage. The objective is to scale PSSL II to over $1 billion in assets.
- Increased M&A Transaction Activity in the Private Middle Market: An anticipated increase in merger and acquisition (M&A) transaction activity within the private middle market is expected to expand PFLT's pipeline of new investment opportunities. This trend will also drive repayments of existing portfolio investments, allowing for the rotation of capital into new, current income-producing assets.
- Continued Origination of Attractive Senior Secured Loans: PFLT's disciplined investment strategy focuses on originating attractive first-lien senior secured loans to core middle-market companies. The company consistently seeks to generate current income and long-term capital appreciation through these directly originated and highly negotiated debt investments. This consistent origination activity is fundamental to portfolio growth and sustained revenue.
- Capital Rotation from Equity Co-investments: As M&A activity improves, PFLT expects opportunities to exit some of its equity co-investments. The capital realized from these exits will be rotated into new, current income-producing debt investments, thereby contributing to an increase in overall revenue-generating assets.
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Share Repurchases
- While the Board of Directors consistently evaluates various capital allocation strategies, including share repurchases, no specific dollar amounts of share repurchases made or authorized to be made in the future were prominently disclosed in the available information for the last 3-5 years.
Share Issuance
- PennantPark Floating Rate Capital issued 2.8 million shares through its at-the-market (ATM) equity program, raising $32 million at an average price of $11.31 per share, as of August 2025.
- The company's shares outstanding significantly increased from 38.9 million in 2021 to 99.2 million in 2025, indicating substantial share issuance to raise capital.
Inbound Investments
- In March 2026, PennantPark Floating Rate Capital issued $200 million in 6.75% unsecured notes due 2029, with proceeds intended to repay existing indebtedness, invest in new or existing portfolio companies, and for general corporate purposes.
- The company refinanced a $356.5 million debt securitization, which effectively reduced its weighted average cost of capital by 114 basis points to SOFR+1.65% and extended its debt maturity to April 2038.
- As of March 2025, PFLT expanded its Truist revolving credit facility by $100 million, increasing it to $736 million, and also priced a $361 million securitization at a 1.59% spread.
Outbound Investments
- For the three months ended December 31, 2025, PFLT invested $301.0 million across 4 new and 51 existing portfolio companies, while sales and repayments of investments totaled $441.4 million, including sales to its joint ventures PSSL and PSSL II.
- The company's portfolio of investments totaled $2.61 billion as of December 31, 2025, with 89% in first lien secured debt and 11% in preferred/common equity, including investments in PSSL and PSSL II.
- PFLT continues to focus on growing its joint ventures; PSSL I's portfolio reached $1,084.6 million as of September 30, 2025, and PSSL II was launched during the first fiscal quarter of 2026, growing its portfolio to approximately $193.2 million - $326 million with a $250 million credit facility expandable to $350 million.
Capital Expenditures
- No significant information regarding traditional capital expenditures was found, which is consistent with the nature of PennantPark Floating Rate Capital as a business development company primarily investing in debt and equity securities rather than physical assets.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.97 |
| Mkt Cap | 4.2 |
| Rev LTM | 412 |
| Op Inc LTM | - |
| FCF LTM | 31 |
| FCF 3Y Avg | -187 |
| CFO LTM | 31 |
| CFO 3Y Avg | -187 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -15.6% |
| Rev Chg 3Y Avg | 30.7% |
| Rev Chg Q | -30.4% |
| QoQ Delta Rev Chg LTM | -8.1% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 55.0% |
| CFO/Rev 3Y Avg | -22.0% |
| FCF/Rev LTM | 55.0% |
| FCF/Rev 3Y Avg | -22.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.2 |
| P/S | 9.0 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 10.3 |
| P/CFO | 0.4 |
| Total Yield | 21.1% |
| Dividend Yield | 12.8% |
| FCF Yield 3Y Avg | -2.9% |
| D/E | 1.6 |
| Net D/E | 1.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.2% |
| 3M Rtn | -7.5% |
| 6M Rtn | -7.5% |
| 12M Rtn | -6.7% |
| 3Y Rtn | 25.7% |
| 1M Excs Rtn | -6.5% |
| 3M Excs Rtn | -11.1% |
| 6M Excs Rtn | -13.5% |
| 12M Excs Rtn | -38.5% |
| 3Y Excs Rtn | -47.6% |
Price Behavior
Price Behavior
| Market Price | $8.63 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 04/08/2011 | |
| Distance from 52W High | -11.8% | |
| 50 Days | 200 Days | |
| DMA Price | $8.21 | $8.74 |
| DMA Trend | down | down |
| Distance from DMA | 5.2% | -1.3% |
| 3M | 1YR | |
| Volatility | 26.1% | 19.4% |
| Downside Capture | 0.89 | 0.50 |
| Upside Capture | 93.86 | 60.60 |
| Correlation (SPY) | 62.3% | 49.9% |
PFLT Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.10 | 1.03 | 0.94 | 0.87 | 0.74 | 0.64 |
| Up Beta | -0.99 | 1.25 | 0.95 | 0.84 | 0.66 | 0.61 |
| Down Beta | 1.37 | 1.04 | 1.11 | 0.94 | 0.87 | 0.71 |
| Up Capture | 172% | 68% | 72% | 79% | 43% | 27% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 14 | 20 | 32 | 65 | 124 | 396 |
| Down Capture | 79% | 120% | 96% | 89% | 95% | 86% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 8 | 22 | 30 | 58 | 116 | 324 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PFLT | |
|---|---|---|---|---|
| PFLT | 0.5% | 19.4% | -0.10 | - |
| Sector ETF (XLF) | 8.9% | 14.7% | 0.36 | 53.2% |
| Equity (SPY) | 34.0% | 12.6% | 2.05 | 50.0% |
| Gold (GLD) | 42.9% | 27.2% | 1.29 | -1.5% |
| Commodities (DBC) | 46.4% | 18.0% | 1.97 | -4.9% |
| Real Estate (VNQ) | 14.2% | 13.3% | 0.74 | 35.3% |
| Bitcoin (BTCUSD) | -16.6% | 42.1% | -0.32 | 32.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PFLT | |
|---|---|---|---|---|
| PFLT | 3.2% | 21.0% | 0.09 | - |
| Sector ETF (XLF) | 9.6% | 18.7% | 0.40 | 52.2% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 51.6% |
| Gold (GLD) | 21.2% | 17.8% | 0.97 | 6.8% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 15.8% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 47.4% |
| Bitcoin (BTCUSD) | 7.0% | 56.3% | 0.34 | 22.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PFLT | |
|---|---|---|---|---|
| PFLT | 7.3% | 28.8% | 0.30 | - |
| Sector ETF (XLF) | 12.7% | 22.2% | 0.53 | 51.6% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 47.6% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 5.7% |
| Commodities (DBC) | 10.1% | 17.8% | 0.47 | 22.4% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 50.0% |
| Bitcoin (BTCUSD) | 68.3% | 66.9% | 1.07 | 15.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/9/2026 | -3.5% | -8.7% | -12.6% |
| 11/24/2025 | -1.0% | 2.4% | 0.2% |
| 8/11/2025 | -1.1% | -1.6% | -2.1% |
| 5/12/2025 | -0.8% | 2.2% | 3.9% |
| 2/10/2025 | 3.1% | 1.7% | 0.9% |
| 11/25/2024 | 0.4% | 0.4% | -1.1% |
| 8/7/2024 | 0.4% | 3.9% | 7.6% |
| 5/8/2024 | -1.0% | -1.2% | -0.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 16 | 13 |
| # Negative | 12 | 8 | 11 |
| Median Positive | 1.7% | 2.0% | 3.1% |
| Median Negative | -1.6% | -5.8% | -4.1% |
| Max Positive | 8.4% | 13.2% | 31.1% |
| Max Negative | -5.1% | -9.9% | -12.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/09/2026 | 10-Q |
| 09/30/2025 | 11/24/2025 | 10-K |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 11/26/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-Q |
| 09/30/2023 | 12/08/2023 | 10-K |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/17/2022 | 10-K |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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