FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

April 17, 2003

ALLIED CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)

Maryland
(State or other jurisdiction
of incorporation)

0-22832
(Commission File Number)

52-1081052
(I.R.S. Employer Identification No.)

1919 Pennsylvania Avenue, N.W.
Washington D.C. 20006
(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (202) 331-1112

Item 7. Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

	Exhibit No.		Description


	99.1		Press release dated April 17, 2003

Item 9. Regulation FD Disclosure.

In accordance with interim guidance of the Securities and Exchange Commission, this disclosure pursuant to Item 12 of Form 8-K is made under Item 9.

On April 17, 2003, Allied Capital issued a press release announcing that it had declared a dividend for the second quarter of 2003. The text of the press release is included as an exhibit to this Form 8-K. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and herein is deemed to be furnished and shall not be deemed to be filed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 17, 2003

ALLIED CAPITAL CORPORATION

By: /s/ Penni F. Roll
       ——————————————
       Penni F. Roll:
       Chief Financial Officer

EXHIBIT INDEX

	Exhibit No.		Description


	99.1		Press release dated April 17, 2003