Exhibit 99.1
(ALLIEDCAPITAL LOGO)
Allied Capital Announces Second Quarter 2008 Financial Results
August 5, 2008 – Washington, DC –
Allied Capital Corporation (NYSE: ALD) today announced second quarter 2008 financial results.
Highlights for Q2 2008
    Net investment income was $0.37 per share, or $63.9 million
 
    Net realized losses were $0.10 per share, or $17.9 million
 
    The total of net investment income and net realized losses was $0.27 per share, or $46.0 million
 
    Net unrealized depreciation was $0.86 per share, or $148.2 million
 
    Net loss was $0.59 per share, or $102.2 million
 
    Second quarter 2008 dividend of $0.65 per share was paid; third and fourth quarter dividends of $0.65 per share were declared
 
    Net asset value per share was $15.93
 
    Shareholders’ equity was $2.8 billion
 
    New investments totaled $318.9 million for the quarter; principal collections from investment repayments and sales totaled $332.8 million for the quarter
For the quarter ended June 30, 2008, net investment income was $63.9 million or $0.37 per share compared to net investment income of $25.2 million or $0.16 per share for the quarter ended June 30, 2007. Net investment income was reduced by employee stock option expense of $3.9 million or $0.02 per share and $9.5 million or $0.06 per share and excise tax expense of $1.9 million or $0.01 per share and $4.0 million or $0.03 per share, for the quarters ended June 30, 2008 and 2007, respectively.
Interest and related portfolio income was $134.6 million or $0.78 per share for the quarter ended June 30, 2008, and $117.7 million or $0.75 per share for the quarter ended June 30, 2007. Total operating expenses were $66.6 million or $0.39 per share for the quarter ended June 30, 2008, and $87.0 million or $0.56 per share for the quarter ended June 30, 2007. As compared to the second quarter of 2007, operating expenses declined by $20.4 million, or $0.12 per share. This decline was due to a decrease in employee expenses of $15.3 million, primarily related to a reduction in the 2008 bonus accrual, and a decrease in employee stock option expense of $5.7 million.
For the quarter ended June 30, 2008, the company had net realized losses of $17.9 million or $0.10 per share, including a realized loss of $15.5 million from its investment in Creative Group, Inc. For the quarter ended June 30, 2007, the company had net realized gains of $74.9 million or $0.48 per share, including a $39.9 million gain from the sale of its investment in HMT, Inc. and a $36.6 million gain from the sale of its investment in Healthy Pet Corp. Net realized gains or losses can vary substantially from period to period.
For the quarter ended June 30, 2008, net change in unrealized appreciation or depreciation was a decrease of $148.2 million or $0.86 per share. The net unrealized depreciation for the second quarter of 2008 resulted from the reversal of net unrealized depreciation associated with net realized losses of $14.7 million or $0.08 per share and net declines in investment values of $162.9 million or $0.94 per share. For the quarter ended June 30, 2007, net change in unrealized appreciation or depreciation was a decrease of $10.9 million or $0.07 per share. Net change in unrealized appreciation or depreciation can vary substantially from period to period.
Net loss for the three months ended June 30, 2008 was $102.2 million or $0.59 per share, as compared to net income of $89.2 million or $0.57 per share for the quarter ended June 30, 2007. Net income (loss) can vary substantially from period to period due to the recognition of realized gains and losses and unrealized appreciation and depreciation, among other factors. As a result, quarterly comparisons of net income (loss) may not be meaningful.

 


The following information was filed by Allied Capital Corp on Tuesday, August 5, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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