PHILADELPHIA, May 11 /PRNewswire-FirstCall/ -- Alesco Financial
Inc. (NYSE:AFN) ("AFN" or the "Company"), a specialty finance real
estate investment trust, today announced financial results for the
three-months ended March 31, 2009. AFN reported a GAAP net loss for
the three-months ended March 31, 2009 of ($35.8) million, or
($0.60) per diluted common share, as compared to net income of
$84.9 million, or $1.40 per diluted common share for the
three-months ended March 31, 2008. AFN's net loss for the
three-month period ended March 31, 2009 included ($50.5) million in
loan loss provisions on our residential mortgage and leveraged loan
portfolios, partially offset by net investment income generated
from our investment portfolio. Liquidity and Equity Summary As of
March 31, 2009, our consolidated financial statements include $87.7
million of available, unrestricted cash and cash equivalents. The
following table shows the components of our stockholders' equity
and the net change in cash and cash equivalents attributable to
such components, in each case as determined in accordance with
GAAP, as of, and for the three months ended, March 31, 2009. The
table is divided between the components of our stockholders' equity
which are attributable to our assets and liabilities which are not
assets and liabilities of consolidated variable interest entities
("VIEs"), and those which are assets and liabilities of
consolidated VIEs. The assets of consolidated VIEs are pledged to
satisfy the liabilities of the consolidated VIEs. The liabilities
of our consolidated VIEs are non-recourse to us, but similarly we
have no rights to use any of the proceeds of the assets held by
consolidated VIEs to satisfy any of our recourse liabilities. The
components of our stockholders' equity attributable to our
investments in consolidated VIEs are determined in accordance with
GAAP (under which we consolidate all of the assets and liabilities
of the VIEs) and do not reflect the fair value of the interests in
the consolidated VIEs owned by us. The Net Change in Cash and Cash
Equivalents column reflects the sources and uses of cash during the
period with respect to each component of our stockholders' equity.
Net Change in Allocated Parent Cash and Cash Stockholders' Equity
Equivalents for as of Three Months Ended March 31, 2009 March 31,
2009 (C) (amounts in thousands) Net Assets not Included in
Consolidated VIEs: Investments in TruPS debt securities $5,790 $200
Investments in residential and commercial loans 8,876 304 Cash and
cash equivalents 87,666 193 Other assets and liabilities, net (A)
3,863 (2,583) (D) Recourse indebtedness (A) (76,188) (949) Net
Assets of Consolidated VIEs (B): Investments in TruPS CDOs $4,935 -
Investments in leveraged loan CLOs and warehouse facility 1,203
2,819 (E) Investment in Kleros Real Estate (MBS) CDOs - -
Investment in residential loan mortgage loan securitization (6,137)
1,647 Total $30,008 $1,631 (A) Amount is net of our $1.5 million
investment in common securities of the trusts that issued our
junior subordinated debentures. The $1.5 million is recorded within
other assets in our consolidated financial statements. (B) We
currently hold the following notional amounts of preference shares
or subordinated interests in consolidated VIEs: $218.5 million in
TruPS CDOs, $48 million in leveraged loan CLOs, $38.5 million in a
leveraged loan warehouse facility, $54.5 million in a whole-loan
mortgage securitization and $90 million in Kleros Real Estate CDOs.
As of March 31, 2009, the Company estimated the aggregate fair
value of its investments in preference shares and subordinated
interests of consolidated VIEs to be approximately $4.6 million.
(C) The Company's primary sources of cash are interest income on
debt securities, cash deposits and mortgage loans, distributions
from investments in consolidated VIEs (such as CDOs, CLOs and
mortgage securitization) and proceeds from the sale of assets. The
Company's primary uses of cash are recourse debt service, payment
of general and administrative expenses, and additional investments.
The following reconciles the change in cash and cash equivalents
during the three-months ended March 31, 2009: Cash and cash
equivalents, at the beginning of the period $86,035 Net change in
cash and cash equivalents 1,631 Cash and cash equivalents, at the
end of the period $87,666 (D) Amount relates to payment of general
and administrative expenses incurred directly by the Company.
General and administrative expenses incurred and paid by
consolidated VIEs reduce the Company's net distributions, if any,
from these consolidated VIEs and are not paid directly by the
Company. (E) Amount includes $2.4 million of distributions from
investments in CLOs, $1.8 million of distributions from an
investment in a leveraged loan warehouse facility, and is partially
reduced by $1.4 million of additional contributions to the
leveraged loan warehouse facility during the three-months ended
March 31, 2009. The leveraged loan warehouse facility is currently
in default and all principal and interest collections are being
used to amortize the warehouse credit facility debt. Subsequent to
March 31, 2009, we experienced a partial failure of an interest
diversion test in our Emporia II CLO, which resulted in a reduction
to our quarterly cash distribution from the Emporia II CLO. The
partial failure was primarily attributable to the recent increase
in defaulted assets collateralizing the CLO. The interest diversion
test was cured in April 2009; however, the current state of the
credit markets and the economy in general increases the likelihood
of defaults and ratings agency downgrades on the underlying
collateral of our CLOs. Management has evaluated our current and
forecasted liquidity and continues to monitor evolving market
conditions. Future investment alternatives and operating activities
will continue to be evaluated against anticipated current and
longer term liquidity demands. Management will continue to consider
projections regarding our taxable income and liquidity position and
decisions regarding future dividends are subject to the review and
approval of our board of directors. On October 10, 2008, the
Company was notified by the New York Stock Exchange (the "NYSE")
that it was not in compliance with an NYSE continued listing
standard applicable to its common stock. The standard requires that
the average closing price of any listed security not fall below
$1.00 per share for any consecutive 30 trading-day period. On
October 15, 2008, the Company notified the NYSE of its intent to
cure this deficiency. After exploring different alternatives for
curing the deficiency and restoring compliance with the continued
listing standards, the Company currently expects to effectuate a 1
for 10 reverse stock split of the outstanding shares of its common
stock. Under the NYSE rules, the Company has six months from the
date of the NYSE notice to comply with the NYSE minimum share price
standard. If the Company is not compliant by that date, its common
stock will be subject to suspension and delisting by the NYSE.
However, on February 26, 2009, the NYSE granted NYSE-listed
companies a reprieve from the NYSE's $1 minimum price requirement
until June 30, 2009. In addition, the NYSE extended until June 30,
2009 the temporary lowering of its market-capitalization standard
to $15 million for listed companies, which generally requires that
average market capitalization of a NYSE-listed company be at least
$25 million over any 30 consecutive trading day period. We
therefore have until August 13, 2009 to become compliant with the
NYSE minimum share price standard. If we fail to meet any of the
NYSE's other listing standards, however, we may be delisted for
failing to comply with the continued listing standards. Investment
Portfolio Summary Investments in Debt Securities The following
table summarizes our investments in debt securities as of March 31,
2009 (dollars in thousands): Cumulative Weighted- Net Change
Estimated Weighted Average Investment Amortized in Fair Fair
Average Years to Description Cost Value Value Coupon Maturity
(dollars in thousands) TruPS and subordinated debentures and
security- related receivables $5,532,009 $(4,136,994) $1,395,015
4.7% 27.4 MBS 2,030,142 (1,619,054) 411,088 2.4% 6.9 Total
$7,562,151$ (5,756,048) $1,806,103 4.1% 21.9 Subsequent to the
adoption of Statement of Financial Accounting Standards No. 159,
"The Fair Value Option for Financial Assets and Financial
Liabilities," on January 1, 2008, all of the Company's investments
in debt securities are classified as trading securities. The
estimated fair values of our investments are based primarily on
quoted market prices from independent pricing sources, or when
quoted market prices are not available because certain securities
do not actively trade in the public markets, based on comparisons
to similar instruments or from internal pricing models. These
internal valuation models include discounted cash flow analyses
developed by management using current interest rates, estimates of
the term of the particular contract, specific issuer information
and other market data for securities without an active market.
Management's estimates of fair value require significant management
judgment and are subject to a high degree of variability based upon
market conditions, the availability of specific issuer information
and management's assumptions. As of March 31, 2009, the aggregate
principal amount of investments in the 46 TruPS investments that
have defaulted or are currently deferring interest payments is
$726.5 million, representing approximately 14.1% of our combined
TruPS portfolio. As of March 31, 2009, $307.5 million of defaulted
securities have been completely written off in our consolidated
financial statements. For the three-months ended March 31, 2009,
investment interest income does not include $9.1 million of
interest earnings on the $726.5 million of currently deferring and
defaulted securities. The TruPS deferrals and defaults described
above have resulted in the over-collateralization tests being
triggered in all eight CDOs in which we hold equity interests. The
trigger of an over-collateralization test in a TruPS CDO means that
AFN, as a holder of equity securities, will not receive current
distributions of cash in respect of its equity interests until
sufficient debt is paid down in the CDOs to cure the
over-collateralization tests. Investments in Loans Loans accounted
for as held for investment are recorded at amortized cost. Loans
accounted for as held for sale are carried at the lower of cost or
market, with changes in fair value recorded in the net change in
fair value of investments in debt securities and loans and
non-recourse indebtedness. The following table summarizes our
investments in loans as of March 31, 2009 (dollars in thousands):
Unpaid Unamortized Cumulative Principal Premium/ Unrealized
Carrying Balance (Discount) Gain (Loss) Amount March 31, 2009: 5/1
Adjustable rate residential mortgages $593,654 $6,578 $- $600,232
7/1 Adjustable rate residential mortgages 202,237 3,284 - 205,521
10/1 Adjustable rate residential mortgages 68,048 1,243 - 69,291
Commercial loan (1) 7,464 - - 7,464 Leveraged loans 867,537
(10,244) (60,530) 796,763 Total $1,738,940 $861 $(60,530)
$1,679,271 (1) Weighted-average interest rate excludes non-interest
accruing commercial loan. Weighted- Weighted- Average Number
Average Contractual of Interest Maturity Loans Rate Date March 31,
2009: 5/1 Adjustable rate residential mortgages 1,446 6.3% July
2036 7/1 Adjustable rate residential mortgages 472 6.6% Dec 2036
10/1 Adjustable rate residential mortgages 184 6.8% Sept 2036
Commercial loan (1) 1 21.0% - Leveraged loans 435 5.4% May 2013
Total 2,538 5.9% As of March 31, 2009, the Company continues to
classify all of the leveraged loans included in its warehouse
facility with a third party as held for sale. During the
three-months ended March 31, 2009, the Company recorded a $40
million increase to the fair value of these leveraged loans. The
fair value increase was primarily attributable to a tightening of
estimated credit spreads as evidenced by comparable market
leveraged loan data. During the fourth quarter of 2008, the Company
determined that it no longer had the intent to hold these
particular loans to maturity or for the foreseeable future. The
warehouse facility that provides short-term financing for
approximately $157.1 million of par value of leveraged loans is
scheduled to mature in May 2009 and, as previously disclosed, is
currently in default. If the securitization markets remain
effectively closed for the foreseeable future, the Company will
likely lose the first loss cash that is deposited with the
warehouse lender in the amount of $38.5 million, which is the
maximum amount of loss that the Company is exposed to from the
warehouse facility. The following table summarizes the Company's
allowance for loan losses: As of As of March 31, December 31, 2009
2008 Leveraged loans $46,742 $26,765 Residential mortgages 67,799
41,663 Total $114,541 $68,428 The following table provides a
roll-forward of our loan loss reserves: For the Three-Months Ended
March 31, 2009 Balance, December 31, 2008 $68,428 Additions 50,458
Charge-offs (4,345) Balance, March 31, 2009 $114,541 Indebtedness
The following table summarizes our total indebtedness (including
recourse and non-recourse indebtedness) as of March 31, 2009
(dollars in thousands): Cumulative Net Change in Amortized Fair
Carrying Description Cost Value Amount Non-recourse indebtedness:
Trust preferred obligations $385,600 $(286,084) $99,516 Securitized
mortgage debt 821,802 - 821,802 CDO notes payable (1) 8,436,837
(6,309,824) 2,127,013 Warehouse credit facilities 123,114 - 123,114
Total non-recourse indebtedness $9,767,353 $(6,595,908) $3,171,445
Recourse indebtedness: Junior subordinated debentures $49,614 $-
$49,614 Contingent convertible debt 28,063 - 28,063 Total recourse
indebtedness $77,677 $- $77,677 Total indebtedness $9,845,030
$(6,595,908) $3,249,122 (1) Excludes CDO notes payable purchased by
the Company which are eliminated in consolidation. Carrying amount
includes $1.4 billion of liabilities at fair value. Current
Weighted- Weighted- Interest Average Average Rate Interest
Contractual Description Terms Rate Maturity Non-recourse
indebtedness: Trust preferred obligations 1.7% to 9.3% 4.6% Oct
2036 Securitized mortgage debt 5.0% to 6.0% 5.7% Dec 2046 CDO notes
payable (1) 0.7% to 7.9% 1.7% Mar 2039 Warehouse credit facilities
3.7% 3.7% May 2009 Total non-recourse indebtedness Recourse
indebtedness: Junior subordinated debentures 5.6% to 9.5% 7.9% Aug
2036 Contingent convertible debt 7.6% 7.6% May 2027 Total recourse
indebtedness Total indebtedness (1) Excludes CDO notes payable
purchased by the Company which are eliminated in consolidation.
Carrying amount includes $1.4 billion of liabilities at fair value.
Recourse indebtedness refers to indebtedness that is recourse to
the general assets of the Company. As indicated in the table above,
the Company's consolidated financial statements include recourse
indebtedness of $77.7 million as of March 31, 2009. Non-recourse
indebtedness consists of indebtedness of consolidated VIEs (i.e.
CDOs, CLOs and other securitization vehicles) which is recourse
only to specific assets pledged as collateral to the lenders. The
creditors of each consolidated VIE have no recourse to the general
credit of the Company. As of March 31, 2009, the Company's maximum
exposure to economic loss as a result of its involvement with each
VIE is the $449.5 million of capital that the Company has invested
in warehouse first-loss deposits and the preference shares or debt
of the CDO, CLO or other types of securitization structures. None
of the indebtedness shown in the table above subjects the Company
to potential margin calls for additional pledges of cash or other
assets. Adoption of New Accounting Principles In December 2007, the
FASB issued Statement of Financial Accounting Standards No. 160,
"Noncontrolling Interests in Consolidated Financial Statements-an
amendment of Accounting Research Bulletin No. 51" ("SFAS No. 160").
SFAS No. 160 requires reporting entities to present noncontrolling
(minority) interests as equity (as opposed to as a liability or
mezzanine equity) and provides guidance on the accounting for
transactions between an entity and noncontrolling interests. SFAS
No. 160 applies prospectively as of the first annual reporting
period beginning on or after December 15, 2008, except for the
presentation and disclosure requirements which will be applied
retrospectively for all periods presented. As of January 1, 2009,
the Company adopted SFAS No. 160 and the adoption of SFAS No. 160
resulted in the following changes to the presentation of the
Company's prior period consolidated financial statements: (1)
reclassified all amounts previously included within the "Minority
interests" financial statement caption to the "Noncontrolling
interests in subsidiaries" financial statement caption, which is
included within the equity section of the Company's consolidated
balance sheets; (2) consolidated net income (loss) was adjusted to
include net income (loss) attributable to both the controlling and
noncontrolling interests; and (3) consolidated comprehensive income
(loss) was adjusted to include comprehensive income (loss)
attributable to both the controlling and noncontrolling interests.
The adoption of SFAS No. 160 did not have an impact on net income
(loss) for any prior periods. In May 2008, the FASB issued FSP No.
Accounting Principles Board 14-1, "Accounting for Convertible Debt
Instruments That May Be Settled in Cash upon Conversion (Including
Partial Cash Settlement)," or FSP APB 14-1, which clarifies the
accounting for convertible debt instruments that may be settled in
cash (including partial cash settlement) upon conversion. FSP APB
14-1 requires issuers to account separately for the liability and
equity components of certain convertible debt instruments in a
manner that reflects the issuer's nonconvertible debt (unsecured
debt) borrowing rate when interest cost is recognized. The equity
component is presented in parent stockholders' equity and the
accretion of the resulting discount on the debt is recognized as
part of interest expense in the consolidated statement of
operations. FSP APB 14-1 requires companies to retroactively apply
the requirements of the pronouncement to all periods presented. As
of January 1, 2009, the Company adopted FSP APB 14-1 and the effect
of adoption was not material to the three months ended March 31,
2009 and 2008. However, the consolidated financial statements as of
and for the year ended December 31, 2008 have been retroactively
restated for the adoption, which resulted in an increase to the
Company's net loss of $1.6 million or $0.03 per diluted share and a
$2.2 million increase to parent stockholders' equity at January 1,
2008. In June 2008, the FASB issued FSP EITF 03-6-1, "Determining
Whether Instruments Granted in Share-Based Payment Transactions Are
Participating Securities" ("FSP EITF 03-6-1"). FSP EITF 03-6-1
addresses whether instruments granted in share-based payment
transactions are participating securities prior to vesting and,
therefore, need to be included in the earnings allocation in
computing earnings per share under the two-class method as
described in SFAS No. 128, "Earnings per Share." Under the guidance
in FSP EITF 03-6-1, unvested share-based payment awards that
contain non-forfeitable rights to dividends or dividend equivalents
(whether paid or unpaid) are participating securities and shall be
included in the computation of earnings per share pursuant to the
two-class method. FSP EITF 03-6-1 is effective for fiscal years
beginning after December 15, 2008, and interim periods within those
fiscal years. As of January 1, 2009, the Company adopted FSP EITF
03-6-1 and all prior-period earnings per share data presented was
adjusted retrospectively. The effect of adoption was a reduction to
basic and diluted earnings (loss) per share by $0.03 for the
three-months ended March 31, 2008, and there was no material impact
to the three-months ended March 31, 2009. Conference Call As
previously announced, a conference call to discuss these financial
results with investors and analysts will be held on May 11, 2009 at
10:00 AM ET. Interested parties can access the live webcast of our
conference call by clicking on the webcast link on our homepage at
http://www.alescofinancial.com/. Those wishing to participate in
the conference call via telephone with operator assistance can dial
866-831-6272 or, for those calling from overseas, 617-213-8859, at
least ten minutes in advance of the scheduled time. A replay will
be available for two weeks at 888-286-8010, pass code 59551093.
About Alesco Financial Inc. Alesco Financial Inc. is a specialty
finance REIT headquartered in Philadelphia, Pennsylvania. Alesco
Financial Inc. is externally managed by Cohen & Company
Management, LLC, a subsidiary of Cohen & Company, an
alternative investment management firm, which, since 2001, has
provided financing to small and mid-sized companies in financial
services, real estate and other sectors. For more information,
please visit http://www.alescofinancial.com/. Forward-Looking
Statements Information set forth in this release contains
forward-looking statements, which involve a number of risks and
uncertainties. Alesco Financial Inc. cautions readers that any
forward-looking information is not a guarantee of future
performance and that actual results could differ materially from
those contained or implied in the forward-looking information. The
following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements: the
failure of Alesco Financial Inc. to successfully execute its
business plans or gain access to additional financing, continued
disruption in the U.S. credit markets generally and the mortgage
loan and CDO markets particularly, AFN's ability to timely
consummate the merger with Cohen & Company, the limited
availability of additional investment portfolios for future
acquisition, performance of existing investments, AFN's ability to
restore compliance with NYSE continued listing standards or, in the
event that AFN is unable to maintain its listing with the NYSE, its
ability to comply with the initial listing standards of the NYSE or
another securities exchange, continued qualification as a REIT and
the cost of capital. Additional factors that may affect future
results are contained in our filings with the Securities and
Exchange Commission (the "SEC"), which are available at the SEC's
web site at http://www.sec.gov/ and Alesco Financial Inc.'s web
site, http://www.alescofinancial.com/. Alesco Financial Inc.
disclaims any obligation to update and revise statements contained
in these materials based on new information or otherwise.
Additional Information About the Merger and Where to Find It In
connection with the proposed merger, AFN will file with the SEC, a
registration statement on Form S-4 which will include proxy
statements of AFN and Cohen & Company and a prospectus of AFN.
STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS
CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE BECAUSE IT
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The
definitive proxy statement will be mailed to AFN's stockholders. In
addition, stockholders will be able to obtain the proxy
statement/prospectus and all other relevant documents filed by AFN
with the SEC free of charge at the SEC's website
http://www.sec.gov/ or from Alesco Financial Inc., Attn: Investor
Relations, 2929 Arch Street, 17th Floor, Philadelphia, PA 19104.
Participants in the Solicitation AFN and its directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of AFN in favor of
the proposed merger. Information about the directors and executive
officers of AFN and their ownership of AFN stock is set forth in
AFN's annual report on Form 10-K/A filed with the SEC on April 30,
2009. Investors may obtain additional information regarding the
interests of such participants by reading the proxy
statement/prospectus for the proposed merger when it becomes
available. Stockholders may obtain these documents from the SEC or
AFN using the contact information above. Alesco Financial Inc.
Consolidated Statements of Income (Loss) (Unaudited and in
thousands, except share and per share information) For the For the
Three Months Three Months Ended Ended March 31, March 31, 2009 2008
(As Adjusted) Net investment income (loss): Investment interest
income $99,884 $173,895 Investment interest expense (58,953)
(139,784) Provision for loan losses (50,458) (7,564) Net investment
income (loss) (9,527) 26,547 Expenses: Related party management
compensation 3,876 4,715 General and administrative 3,973 3,615
Total expenses 7,849 8,360 Other income and expense: Interest and
other income 406 1,494 Net change in fair value of investments in
debt securities and loans and non-recourse indebtedness 6,877
202,858 Net change in fair value of derivative contracts (4,752)
(82,863) Credit default swap premiums - (1,335) Impairments on
other investments and intangible assets (2,077) (8,557) Net
realized loss on sale of assets (11,845) (1,449) Earnings (loss)
before benefit (provision) for income taxes (28,767) 128,335
Benefit (provision) for income taxes (14,188) 427 Net income (loss)
(42,955) 128,762 Less: Net (income) loss attributable to
noncontrolling interests 7,122 (43,875) Net income (loss)
attributable to common stockholders $(35,833) $84,887 Earnings
(loss) per share-basic: Basic earnings (loss) per share $(0.60)
$1.40 Weighted-average shares outstanding-Basic 60,171,324
60,548,032 Earnings (loss) per share-diluted: Diluted earnings
(loss) per share $(0.60) $1.40 Weighted-average shares
outstanding-Diluted 60,171,324 60,548,032 Distributions declared
per common share $- $0.25 Note: See "Adoption of New Accounting
Principles" section of this release for discussion of current and
prior period effects of new accounting principles. Alesco Financial
Inc. Consolidated Balance Sheets (Unaudited and in thousands,
except share and per share information) As of As of March 31,
December 31, 2009 2008 (As Adjusted) Assets Investments in debt
securities and security-related receivables, at fair value
$1,806,103 $2,079,750 Investments in loans Residential mortgages
875,044 901,491 Commercial mortgages 7,464 7,464 Leveraged loans
(including amounts held for sale of $96,287 and $63,601,
respectively) 796,763 780,269 Loan loss reserve (114,541) (68,428)
Total investments in loans, net 1,564,730 1,620,796 Cash and cash
equivalents 87,666 86,035 Restricted cash and warehouse deposits
77,194 54,059 Accrued interest receivable 22,777 31,435 Deferred
tax asset 11,620 25,036 Other assets 33,839 37,820 Total assets
$3,603,929 $3,934,931 Liabilities and equity Indebtedness Trust
preferred obligations, at fair value $99,516 $120,409 Securitized
mortgage debt 821,802 844,764 CDO notes payable (including amounts
at fair value of $1,421,683 and $1,647,590, respectively) 2,127,013
2,342,920 Warehouse credit facilities 123,114 126,623 Recourse
indebtedness 77,677 77,656 Total indebtedness 3,249,122 3,512,372
Accrued interest payable 21,668 30,530 Related party payable 5,899
4,880 Derivative liabilities 250,056 266,984 Other liabilities
11,531 12,165 Total liabilities 3,538,276 3,826,931 Equity
Preferred stock, $0.001 par value per share, 50,000,000 shares
authorized, no shares issued and outstanding - - Common stock,
$0.001 par value per share, 100,000,000 shares authorized,
60,171,324 issued and outstanding, including 836,776 and 985,810
unvested restricted share awards, respectively 59 59 Additional
paid-in-capital 484,742 484,612 Accumulated other comprehensive
loss (13,464) (14,223) Accumulated deficit (441,329) (405,496)
Total parent stockholders' equity 30,008 64,952 Noncontrolling
interests in subsidiaries 35,645 43,048 Total equity 65,653 108,000
Total liabilities and equity $3,603,929 $3,934,931 Note: See
"Adoption of New Accounting Principles" section of this release for
discussion of current and prior period effects of new accounting
principles. Investors: Media: John Longino Joseph Kuo Chief
Financial Officer Kekst and Company 215-701-8952 212-521-4863
DATASOURCE: Alesco Financial Inc. CONTACT: Investors: John Longino,
Chief Financial Officer, +1-215-701-8952, ; Media: Joseph Kuo,
Kekst and Company, +1-212-521-4863 Web Site:
http://www.alescofinancial.com/
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