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: Carr Christian (Chief Accounting Officer)

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	15000	—	Acquired	27500	Direct

Footnotes

F1: Mr. Carr was awarded 15,000 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 15,000 restricted shares described in footnote 1) 11,458 shares of restricted stock. The restrictions on the 11,458 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.