Wolf Pup's armor not giving the full bonus

[Gywiden]

Why doesn't my wolf pup get an increase in armor at least as good as the armor bonus? I would expect it would be the armor bonus plus the maximum dexterity bonus (since he has 50 dex right now). But he doesn't even get the full bonus from the Armor Bonus.

It is interesting that he's got 46 armor without anything on. But it is frustrating that gear doesn't seem to be as significant as it should be. Weapons seem to be in even a worse state though I can't as easily show that they aren't working right based on the stat screen.

[xCataluna]

Without seeing his character sheet and the armor in question, I'm not sure, but:
Keep in mind that the Max Dex Bonus on the armor is going to cap his gain to AC from Dex unless its higher than his actual modifier.

So if he has a +20 Dex Mod, and the Max Dex Bonus is +10, you're actually losing ten points of Dex-based AC.
The actual Armor bonus then likely makes up for some or all of that, bringing you back to the 46 and then possibly surpassing it,
but not by the amount expected if you think its gonna just add on top of his naked AC.