-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OzgWon8+eXe5Wr3m+9LCrzK2nwxp1ZzPOu9+FSsOtz+dgoxIRe8inlQoc4qyaGgQ
 WqTCLJlo7BgSKPmcD1UnSw==

<SEC-DOCUMENT>0001181431-06-058175.txt : 20061016
<SEC-HEADER>0001181431-06-058175.hdr.sgml : 20061016
<ACCEPTANCE-DATETIME>20061016150748
ACCESSION NUMBER:		0001181431-06-058175
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061006
FILED AS OF DATE:		20061016
DATE AS OF CHANGE:		20061016

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALESCO FINANCIAL INC
		CENTRAL INDEX KEY:			0001270436
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				161685692
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		CIRA CENTRE, 2929 ARCH STREET
		STREET 2:		17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104
		BUSINESS PHONE:		215-701-9555

	MAIL ADDRESS:	
		STREET 1:		CIRA CENTRE, 2929 ARCH STREET
		STREET 2:		17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUNSET FINANCIAL RESOURCES INC
		DATE OF NAME CHANGE:	20031117

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			COHEN DANIEL G
		CENTRAL INDEX KEY:			0001247745

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32026
		FILM NUMBER:		061146111

	BUSINESS ADDRESS:	
		STREET 1:		BANCORP.COM
		STREET 2:		1818 MARKET STREET 28TH FL
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2158617801

	MAIL ADDRESS:	
		STREET 1:		THE BANCORP BANK
		STREET 2:		1818 MARKET ST., 28TH FLR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>rrd133149.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-10-06</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001270436</issuerCik>
        <issuerName>ALESCO FINANCIAL INC</issuerName>
        <issuerTradingSymbol>AFN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001247745</rptOwnerCik>
            <rptOwnerName>COHEN DANIEL G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>CIRA CENTRE, 2929 ARCH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>17TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>PHILADELPHIA</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19104</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $0.001 par value per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>214004</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $0.001 par value per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>504000</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Shares held by Cohen &amp; Company, LLC.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Includes 113,204 restricted shares granted to Mr. Cohen. The restrictions expire, with respect to 1/3 of Mr. Cohen's restricted shares, on January 31, 2007 and, with respect to the remainder of Mr. Cohen's restricted shares, pro rata on the last day of each calendar quarter during the following two-year vesting period of the grant.</footnote>
        <footnote id="F2">Shares are held by Cohen &amp; Company LLC, a company which Mr. Cohen may be deemed to control. Mr. Cohen disclaims any interest in such shares beyond his pecuniary interest.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Daniel G. Cohen</signatureName>
        <signatureDate>2006-10-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
