Exhibit 99.1
(ALLIED CAPITAL LOGO)
Allied Capital Announces Third Quarter 2008 Financial Results
November 10, 2008 – Washington, DC –
Allied Capital Corporation (NYSE: ALD) today announced third quarter 2008 financial results.
Highlights for Q3 2008
    Net investment income was $0.26 per share, or $45.6 million
 
    Net realized gains were $0.35 per share, or $62.0 million
 
    The total of net investment income and net realized gains was $0.60 per share, or $107.6 million
 
    Net unrealized depreciation was $2.38 per share, or $425.9 million
 
    Net loss was $1.78 per share, or $318.3 million
 
    Third quarter 2008 dividend of $0.65 per share was paid; fourth quarter dividend of $0.65 per share has been declared
 
    Net asset value per share was $13.51
 
    Shareholders’ equity was $2.4 billion
 
    New investments totaled $433.8 million for the quarter; principal collections from investment repayments and sales totaled $280.6 million for the quarter
For the quarter ended September 30, 2008, net investment income was $45.6 million or $0.26 per share compared to net investment income of $18.3 million or $0.12 per share for the quarter ended September 30, 2007. Net investment income was reduced by employee stock option expense of $1.5 million or $0.01 per share and $18.3 million or $0.12 per share, and excise tax expense of $0.9 million or $0.01 per share and $9.0 million or $0.06 per share, for the quarters ended September 30, 2008 and 2007, respectively. Stock option expense in the third quarter of 2007 included a one-time charge of $14.4 million or $0.09 per share resulting from a FASB 123R expense related to the cancellation of stock options in conjunction with a tender offer that was completed in that quarter.
Interest and related portfolio income was $120.7 million or $0.68 per share for the quarter ended September 30, 2008, and $118.4 million or $0.77 per share for the quarter ended September 30, 2007. Total operating expenses were $73.0 million or $0.41 per share for the quarter ended September 30, 2008, and $88.9 million or $0.58 per share for the quarter ended September 30, 2007.
For the quarter ended September 30, 2008, the company had net realized gains of $62.0 million or $0.35 per share, including a realized gain of $86.9 million from its investment in Norwesco, Inc., and a realized loss of $34.0 million from its investment in Pendum, Inc. For the quarter ended September 30, 2007, the company had net realized gains of $212.4 million or $1.38 per share, which included a $259.5 million gain from the sale of its investment in Mercury Air Centers, Inc. Net realized gains or losses can vary substantially from period to period.
For the quarter ended September 30, 2008, net change in unrealized appreciation or depreciation was a decrease of $425.9 million or $2.38 per share. The net unrealized depreciation for the third quarter of 2008 resulted from the reversal of net unrealized appreciation associated with net realized gains of $47.2 million or $0.26 per share and net declines in investment values of $378.7 million or $2.12 per share. For the quarter ended September 30, 2007, net change in unrealized appreciation or depreciation was a decrease of $327.2 million or $2.12 per share, which included the reversal of net unrealized appreciation associated with net realized gains of $178.1 million. Net change in unrealized appreciation or depreciation can vary substantially from period to period.
Net loss for the three months ended September 30, 2008, was $318.3 million or $1.78 per share, as compared to a net loss of $96.5 million or $0.62 per share for the quarter ended September 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 Monday, November 10, 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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