Cohen & Co Inc. — Director's Dealing 2007

Feb 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALESCO FINANCIAL INC (AFN)
CIK: 0001270436
Period of Report: 2007-01-31

Reporting Person: COHEN DANIEL G (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-31	Common Stock, $0.001 par value per share	A	246205	—	Acquired	571320	Direct

Holdings (Non-Derivative)

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

Footnotes

F1: Mr. Cohen was awarded 246,205 restricted shares under the Alesco Financial Inc. 2006 Long-Term Incentive Plan. 37,358 of the restricted shares were not subject to any restriction period and vested on the date of grant. The restrictions expire, with respect to 164,513 of the restricted shares, pro rata on the last day of each calendar quarter during the two-year period following January 31, 2007 and, with respect to the remaining 44,334 restricted shares, pro rata on the last day of each calendar quarter during the one-year period commencing in the third year following January 31, 2007.

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.