SEC Filing | BlackRock Capital Investment Corporation

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SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BlackRock Kelso Capital Advisors LLC

(Last)

(First)

(Middle)

40 EAST 52ND STREET

(Street)

NEW YORK

10022

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Kelso Capital CORP [ BKCC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
Investment adviser to Issuer

3. Date of Earliest Transaction (Month/Day/Year)
03/26/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.001 per share	03/26/2009		P		100	A	$3.9	293,374.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		200	A	$3.94	293,574.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		400	A	$3.95	293,974.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		200	A	$3.96	294,174.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		500	A	$3.97	294,674.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		100	A	$3.98	294,774.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		300	A	$3.99	295,074.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		700	A	$4	295,774.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		300	A	$4.005	296,074.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		999	A	$4.01	297,073.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		201	A	$4.04	297,274.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		800	A	$4.06	298,074.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		100	A	$4.1	298,174.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		200	A	$4.11	298,374.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		196	A	$4.12	298,570.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/26/2009		P		200	A	$4.13	298,770.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		100	A	$4	298,870.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		496	A	$4.01	299,366.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		400	A	$4.02	299,766.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		300	A	$4.04	300,066.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		100	A	$4.05	300,166.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		100	A	$4.06	300,266.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		510	A	$4.07	300,776.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		905	A	$4.08	301,681.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		785	A	$4.09	302,466.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		1,300	A	$4.1	303,766.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		100	A	$4.12	303,866.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/27/2009		P		400	A	$4.14	304,266.75⁽¹⁾	D
Common Stock, par value $0.001 per share	03/30/2009		P		100	A	$3.63	304,366.75⁽¹⁾	D
Common Stock, par value $0.001 per share								1,319,449.86	I	By BlackRock Kelso Capital Intermediate Holdings LLC⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Excludes 13,816.93 Restricted Shares granted by the Reporting Person to certain of its officers and employees pursuant to Restricted Stock Agreements, each dated January 2, 2007, vesting on January 2, 2010, 61,599.34 Restricted Shares granted by the Reporting Person to certain of its officers and employees pursuant to Restricted Stock Agreements, each dated December 31, 2007, vesting in equal installments on January 2, 2010 and 2011, and 126,860 Restricted Shares granted by the Reporting Person to certain of its officers and employees pursuant to Restricted Stock Agreements, each dated January 2 or 23, 2009, vesting in equal installments on January 2, 2010, 2011 and 2012.

2. Owned indirectly through the Reporting Person's direct ownership of non-voting interests in BlackRock Kelso Capital Intermediate Holdings LLC. The Reporting Person disclaims beneficial ownership of such shares except to the extent of its pecuniary interest therein.

	Frank Gordon, Chief Financial Officer	03/30/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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