Exhibit 99.1

Allied Capital Corporation
Computation of Earnings to Fixed Charges
($ in Thousands)

	For the Three Months Ended March 31,		For the Year Ended December 31,
	2006(1)		2005		2004		2003		2002		2001
Earnings:
Net increase in net assets resulting from operations		$  99,587		$872,814		$249,486		$192,011		$228,291		$200,727
Income tax expense (benefit), including excise tax		8,858		11,561		2,057		(2,466)		930		(412	)
Total earnings before taxes		$108,445		$884,375		$251,543		$189,545		$229,221		$200,315
Fixed Charges:
Interest expense		$  24,300		$  76,798		$  75,650		$  77,233		$  70,443		$  65,104
Rent expense interest factor		312		1,089		1,362		890		762		709
Dividends on preferred stock		—		10		62		210		230		230
Total fixed charges		$  24,612		$  77,897		$  77,074		$  78,333		$  71,435		$  66,043
Earnings available to cover fixed charges		$133,057		$962,272		$328,617		$267,878		$300,656		$266,358
Ratio of earnings to fixed charges		5.4		12.4		4.3		3.4		4.2		4.0

⁽¹⁾ The results for the three months ended March 31, 2006, are not necessarily indicative of the operating results to be expected for the full year.