Cohen & Co Inc. — Director's Dealing 2007

May 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALESCO FINANCIAL INC (AFN)
CIK: 0001270436
Period of Report: 2007-05-16

Reporting Person: COHEN DANIEL G (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-16	Common Stock, $0.001 par value per share	P	100000	$9.28	Acquired	671320	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.001 par value per share	504000	Indirect

Footnotes

F1: Includes 225,688 shares of restricted stock awarded to Mr. Cohen 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 January 31, 2010.

F2: 504,000 shares are held by Cohen & Company, LLC, a company that Mr.Cohen may be deemed to control. Mr. Cohen disclaims any interest in such shares beyond his pecuniary interest.