Good morning and welcome to PennantPark Investment Corporation's Second Fiscal Quarter 2019 Earnings Conference 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 second 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 included 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 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 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 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 March 31, 2019, we invested $184 million in primarily first lien secured debt at an average yield of 9.1%. Core net investment income was $0.19 per share. We are pleased that our current run rate net investment income covers our dividends. We purchased $7 million of our common stock this quarter, as part of our stock repurchase program, which was authorized by our board. We've completed our program and have purchased $29.5 million of stock.
The stock buyback program is accretive to both NAV and income per share. As of September 30, we had taxable spill over of $0.30 per share, which provides further dividend cushion. With the generally stable underlying portfolio and substantial spillover, we believe that PNNT stock should be able to provide investors with an attractive dividend stream along with potential upside. As you all know, the Small Business Credit Availability Act was signed into law in late March 2018. In February 2019, our shareholders approved the reduction
Chairman and Chief Executive Officer
Chief Financial Officer
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