Good morning and welcome to the PennantPark Investment Corporation's First Fiscal Quarter 2019 Earnings Call. Today's conference is being recorded. At this time, all participants have been placed in a listen-only mode. The call will be open for a question-and-answer session following the speakers' remarks.
It is now my pleasure to turn the call over to Mr. Art Penn, Chairman and Chief Executive Officer of PennantPark Investment Corporation. Mr Penn, you may begin your conference.
Thank you and good morning everyone. I'd like to welcome you to PennantPark Investment Corporation's first fiscal quarter 2019 earnings conference call. I'm joined today by Aviv Efrat, our Chief Financial Officer.
Aviv, please start off by disclosing some general conference call information and include a discussion about forward-looking statements.
Thank you, Art. I'd like to remind everyone that today's call is being recorded. Please note that this call is a property of PennantPark Investment Corporation, and that any unauthorized broadcast of this call in any form is strictly prohibited. Audio replay of the call will be available by using the telephone numbers and PIN that have been provided in our earnings press release, as well as on our website.
I'd also like to call your attention to the customary Safe Harbor disclosure in our press release, regarding forward-looking information. Today's conference call may also include forward-looking statements and projections and we ask that you refer to our most recent filings with the SEC, for important factors that could cause actual results to differ materially from these projections. We do not undertake to update our forward-looking statements unless required by law. To obtain copies of our latest SEC filings, please visit our website at www.pennantpark.com or call us at 212-905-1000.
At this time, I'd like to turn the call back to our Chairman and Chief Executive Officer, Art Penn.
Thanks Aviv. I'm going to provide an update on the business, starting with financial highlights, followed by discussion of the overall market, the portfolio, investment activity, the financials and then open it up for Q&A.
For the quarter ended December 31, 2018, we invested $194 million in primarily first lien secured debt, at an average yield of 9.5%. Net investment income was $0.18 per share. We are pleased that our current run rate net investment income covers our dividends. Other income such as prepayment penalties was $0.01 per share for the quarter, although has averaged between $0.02 and $0.03 per share per quarter, and can vary.
We purchased 7.5 million of our common stock, as part of a $30 million stock repurchase program, which was authorized by our Board. Today, we have purchased $23 million. The stock buyback program is accretive to both NAV and income per share. We are looking forward to continuing this program over the coming quarter.
As of September 30, we had taxable spillover of $0.30 per share, which provides further dividend cushion. With a generally stable underlying portfolio and substantial spillover, we believe that PNNT stock should be able to
Chairman and Chief Executive Officer
Chief Financial Officer and Treasurer
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