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: MCENTEE JAMES (Director, President & CEO)

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	179705	$0.00	Acquired	316141	Direct

Footnotes

F1: Mr. McEntee was awarded 179,705 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 120,179 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 22,168 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.