-----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,
 Eb+K9OBSNxrWxz1lYHwBSF/lPApPGoRptLp/XYvIcAVNrLcFMMOkMy/QjmsPo7lM
 cPThE+8QRD2z+ZpR7HxlmQ==

<SEC-DOCUMENT>0001181431-06-058173.txt : 20061016
<SEC-HEADER>0001181431-06-058173.hdr.sgml : 20061016
<ACCEPTANCE-DATETIME>20061016150301
ACCESSION NUMBER:		0001181431-06-058173
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:			MCENTEE JAMES
		CENTRAL INDEX KEY:			0001204966

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32026
		FILM NUMBER:		061146092

	BUSINESS ADDRESS:	
		STREET 1:		C/O PEGASUS COMMUNICATIONS MANAGEMENT CO
		STREET 2:		225 CITY LINE AVE STE 200
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
		BUSINESS PHONE:		6109347000
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>rrd133157.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>0001204966</rptOwnerCik>
            <rptOwnerName>MCENTEE JAMES</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>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $0.001 par value per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>138530</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Includes 113,204 restricted shares granted to Mr. McEntee. The restrictions expire, with respect to 1/3 of Mr. McEntee's restricted shares, on January 31, 2007 and, with respect to the remainder of Mr. McEntee's restricted shares, pro rata on the last day of each calendar quarter during the following two-year vesting period of the grant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ James J McEntee, III</signatureName>
        <signatureDate>2006-10-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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