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: Patel Shami (COO and CIO)

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	60000	—	Acquired	152293	Direct

Footnotes

F1: Mr. Patel was awarded 60,000 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 60,000 restricted shares described in footnote 1) 41,266 shares of restricted stock. The restrictions on 28,891 of the restricted shares expire, pro rata, on the last day of each calendar quarter during the two-year period following March 31, 2007. The restrictions on 12,375 of the restricted shares expire, pro rata, on the last day of each 3-month period commencing on July 31, 2007 and ending on January 31, 2010.