Cohen & Co Inc. — Director's Dealing 2007

May 30, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALESCO FINANCIAL INC (AFN)
CIK: 0001270436
Period of Report: 2007-05-25

Reporting Person: Haraburda Jack (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-25	Common Stock, $0.001 par value per share	A	7500	—	Acquired	24236	Direct

Footnotes

F1: Mr. Haraburda was awarded 7,500 shares of restricted stock under the Alesco Financial Inc. 2006 Long Term Incentive Plan. The restrictions expire, pro rata, on the last day of each 3-month period commencing on July 31, 2007 and ending on April 30, 2010.

F2: Includes (in addition to the 7,500 restricted shares described in footnote 1) 7,350 shares of restricted stock. The restrictions on the 7,350 restricted shares expire, pro rata, on the last day of each calendar quarter during the two-year period following March 31, 2007.