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Alesco Financial (AFN)
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Cautious Dulux may raise its Alesco bid
The Australian  May 14  Comment 
DULUXGROUP chief executive Patrick Houlihan has refused to rule out improving the company's $188 million bid for Alesco.
Dulux hoses hopes on Alesco price
The Australian  May 14  Comment 
DULUX refused to rule out upping its $188m bid for Alesco but cautioned that the takeover was "not a must-do deal".
Ignore Dulux bid, Alesco says
The Australian  May 7  Comment 
ALESCO has urged its holders not to react to a $196m bid from DuluxGroup until it has closely scrutinized the offer.
Dulux may boost Alesco offer
The Australian  May 1  Comment 
DULUX may be forced to sweeten its surprise $188 million takeover offer for garage doors and building materials supplier Alesco.
Dulux makes $188m Alesco bid
The Australian  May 1  Comment 
Alesco sale will boost bottom line, eventually
Sydney Morning Herald  Mar 21  Comment 
The sale of building materials outfit Alesco Corp's (ALS) Decorative Surfaces business for $4 million would hardly be worth looking at, but it may prove to be profitable.
Alesco warns of a weak full year
The Australian  Jan 25  Comment 
BUILDING products distributor Alesco has warned that full-year net profit could fall by more than 35 per cent.
Alesco triples profit amid tough trading
Sydney Morning Herald  Jan 25  Comment 
Building products distributor Alesco Corporation more than triples first half profit and but says tough trading conditions are expected to continue.
AFN picks Worl as Citizen of the Year
Canadian Business  Oct 23  Comment 
AFN picks Worl as Citizen of the Year
Atleo leads native trade mission to China
The Globe and Mail  Oct 21  Comment 
Trip by AFN and others could be first of many visits to foreign countries seeking potential investment




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Patrick Harden
 Alesco Financial Inc. (AFN) is a publicly owned real estate investment trust. The firm typically invests in real estate and other securities including trust-preferred securities, mortgage backed securities, and corporate loan obligations. Alesco Financial is based in Philadelphia, Pennsylvania. The company is controlled by the Cohen family, a recognized name in the mortgage REIT industry.

AFN is a specialty finance company that invests in multiple asset classes with the objective of generating risk-adjusted returns and predictable cash distributions for its stockholders.


Trends and Forces

Termination of REIT status likely

James McEntee, President and CEO of Alesco Financial, cautioned, "Our REIT taxable income to date supports the payment of a $0.25 dividend per share for the quarter. AFN is continuing to review strategic alternatives for the company, including whether to continue to maintain its REIT qualification. Any change in strategy or operating results could impact the level of future dividend payments."

With the Kleros CDOs moving closer and closer to liquidation, it is likely that Alesco will remain a REIT for 2008, but will convert to a publicly-traded partnership (PTP) for 2009 and beyond. Alesco's money-making bank and insurance TruPS portfolios are not qualifying REIT assets, and with the lowered spread available on RMBS (limited repo lines available makes it difficult to lever up RMBS to profitability), it makes sense that the Company will end its run as a REIT.




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