Document:

Omnibus Joinder and Amendment to Loan Documents

 EXHIBIT 10.29 
 OMNIBUS JOINDER AND AMENDMENT TO LOAN DOCUMENTS 
 This
OMNIBUS JOINDER AND AMENDMENT TO LOAN DOCUMENTS (“Amendment”) is dated as of December 16, 2009, by and among COHEN BROTHERS, LLC, a Delaware limited liability company (“Borrower”), each
of the Subsidiary Guarantors a party hereto, certain Subsidiaries of Borrower acquired pursuant to the Merger and identified on the signature pages hereto as “Joining Guarantors” (each, a “Joining Guarantor” and collectively, the
“Joining Guarantors”), TD BANK, N.A., a national banking association, in its capacity as agent (“Agent”), TD BANK, N.A. in its capacity as issuing bank (“Issuing Bank”) and
each of the financial institutions which are now or hereafter identified as Lenders on Exhibit A (as such Exhibit may be amended, modified or replaced from time to time) attached to the Loan Agreement (as defined below), (such financial
institutions, collectively the “Lenders” and each individually a “Lender”). 
 BACKGROUND 
 A. Pursuant to the terms of that certain Amended and Restated Loan and Security Agreement dated June 1, 2009, by and among Borrower,
Agent, Issuing Bank and Lenders (as the same has been or may be supplemented, restated, superseded, amended or replaced from time to time, the “Loan Agreement”), Lenders made available to Borrower a revolving line of credit not to exceed
Thirty Million Dollars ($30,000,000) (the “Loans”). All capitalized terms used herein without further definition shall have the respective meaning set forth in the Loan Agreement. 
 B. To induce Agent and Lenders to enter into the Loan Agreement and to continue to make the Loans available to Borrower, each of Borrower,
Parent and each Subsidiary Guarantor granted to Agent, for the ratable benefit of Secured Parties, a security interest in the Collateral. 
 C. Joining Guarantors are Subsidiaries of Borrower and, in recognition of the benefits and privileges thereunder, each Joining Guarantor, Borrower, Parent and each Subsidiary Guarantor has requested that
Joining Guarantors be permitted to join into the Loan Documents, as if original signatories thereto, and Agent and Lenders have so consented subject to the terms and conditions hereof. 
 D. In connection with the Merger, Post-Merger Parent changed its name from “Alesco Financial, Inc.” to “Cohen &
Company Inc.” 
 NOW, THEREFORE, with the foregoing Background incorporated by reference and intending to be legally bound
hereby, the parties agree as follows: 
 1. Joinder. Upon the effectiveness of this Amendment: 
 (a) Each Joining Guarantor becomes a Subsidiary Guarantor under the Loan Agreement and the Loan Documents. All references to Subsidiary
Guarantors contained in the Loan Agreement and Loan Documents are hereby deemed for all purposes to also refer to and include Joining Guarantors as Subsidiary Guarantors and Joining Guarantors hereby agree to comply with all of the terms and
conditions of the Loan Documents (to which the other Subsidiary Guarantors are a party) as if original signatories thereto. 

 (b) Each Joining Guarantor joins in, assumes, adopts and becomes a Debtor (as defined
therein) under the Guarantor Security Agreement. All references to Debtors contained in the Guarantor Security Agreement are hereby deemed for all purposes to also refer to and include each Joining Guarantor as a Debtor and each Joining Guarantor
hereby agrees to comply with all of the terms and conditions of the Guarantor Security Agreement as if an original signatory thereto. 
 (c) Each Joining Guarantor joins in, assumes, adopts and becomes an Undersigned (as defined therein) under the Surety and Guaranty Agreement. All references to Undersigned contained in the Surety and Guaranty Agreement are hereby deemed for
all purposes to also refer to and include each Joining Guarantor as an Undersigned and each Joining Guarantor hereby agrees to comply with all of the terms and conditions of the Surety and Guaranty Agreement as if an original signatory thereto. Each
Joining Guarantor is jointly and severally liable for, and hereby guarantees and becomes surety for, the unconditional and prompt payment and performance to Secured Parties of all Obligations. 
 (d) Each Joining Guarantor which has one or more Subsidiaries joins in, assumes, adopts and becomes a Pledgor (as defined therein) under
the Sponsored CDO Pledge Agreement. All references to Pledgor contained in the Sponsored CDO Pledge Agreement are hereby deemed for all purposes to also refer to and include each such Joining Guarantor as a Pledgor and each such Joining Guarantor
hereby agrees to comply with all of the terms and conditions of the Sponsored CDO Pledge Agreement as if an original signatory thereto. 
 2. Amendment to Loan Documents. 
 (a) Section 1.1 of the Loan
Agreement shall be amended by deleting the definitions of “Affirmation of Security Documents”, “Consolidated Net Worth”, “Consolidated Total Liabilities”, “Liquidity”,
“Permitted Investments”, “Post-Merger Parent” and “Subsidiary Guarantor” and replacing each as follows: 
 Affirmation of Security Documents – That certain Amended and Restated Affirmation of Existing Security Documents made as of December 16, 2009 by Parent, Borrower and Subsidiary Guarantors
in favor of Agent. 
 Consolidated Net Worth – At any time, the sum of the amount by which all of Borrower’s
(i) consolidated assets (excluding assets attributable to Non-Consolidation Entities and the Broker Entity), plus Subordinated Debt, exceed all of (ii) Consolidated Total Liabilities, all as would be shown on Borrower’s consolidated
balance sheet prepared in accordance with GAAP. 
 Consolidated Total Liabilities – At any time, the aggregate total
amount of Borrower’s consolidated liabilities as would be shown on Borrower’s consolidated balance sheet prepared in accordance with GAAP; provided, however that such aggregation shall not include the amount of liabilities of
Non-Consolidation Entities and the Broker Entity. 
  

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 Liquidity – At any particular time, an amount (i) held by Borrower and/or
any Subsidiary Guarantor and (ii) equal to the sum of (a) cash, (b) securities with maturities of 90 days or less from the date of acquisition issued or fully guaranteed or insured by the United States or any agency thereof,
(c) certificates of deposit with maturities of 180 days or less from the date of acquisition and overnight bank deposits of any commercial bank having capital, surplus and undivided profits aggregating at least $500,000,000, (d) repurchase
obligations of any commercial bank satisfying the requirements of clause (c) of this definition, (e) commercial paper of a domestic issuer rated at least A-1 or better by S&P or P-1 or better by Moody’s and in either case maturing
within 90 days after the date of acquisition, (f) securities with maturities of 90 days or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States or by any political subdivision
or taxing authority of any such state, commonwealth or territory, and such securities of such state commonwealth, territory, political subdivision or taxing authority, as the case may be, are rated at least A by S&P or A by Moody’s,
(g) securities with maturities of 90 days or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (c) of this definition, (h) shares of money market,
mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (b) through (g) of this definition, or (i) securities with maturities greater than 90 days from the date of acquisition issued or fully
guaranteed by the United States, any agency thereof, any state, commonwealth or territory of the United States or by any political subdivision or taxing authority of any such state, commonwealth or territory, and such securities of such state
commonwealth, territory, political subdivision or taxing authority, as the case may be, are rated at least AAA by S&P or AAA by Moody’s, all as determined for Borrower and its consolidated Subsidiary Guarantors on a consolidated basis in
accordance with GAAP. 
 Permitted Investments – (a)(i) obligations issued or guaranteed by the United States of
America or any agency thereof, (ii) commercial paper with maturities of not more than 180 days and a published rating of not less than A-1 or P-1 (or the equivalent rating) by a nationally recognized investment rating agency,
(iii) certificates of time deposit and bankers’ acceptances having maturities of not more than 180 days and repurchase agreements backed by United States government securities of a commercial bank if (A) such bank has a combined
capital and surplus of at least $500,000,000, or (B) its debt obligations, or those of a holding company of which it is a Subsidiary, are rated not less than A (or the equivalent rating) by a nationally recognized investment rating agency,
(iv) U.S. money market funds that invest solely in obligations issued or guaranteed by the United States of America or an agency thereof; and (v) without duplication of the items in clauses (a)(i) through (iv) above, any investment
delineated in the definition of “Liquidity” (b) loans to employees not to exceed $500,000 in the aggregate outstanding at any time; (c) so long as no Default or Event of Default exists, or after giving effect to any such
investment would exist, (i) securities consisting of interests in an entity engaged in a Collateralized Debt Offering, structured finance transaction or any other similar transaction and (ii) after the Merger, credit default swaps,
corporate bonds, mortgage and asset-backed securities, collateralized debt obligations and corporate mortgage and consumer loans, provided that with respect to both clause (i) and (ii) of this clause (c), no such investment in any single
entity or asset shall exceed $15,000,000 and the aggregate amount of investments in all such entities and assets while this Agreement is in effect shall not exceed $50,000,000; (d) securities, notes or other forms of investment purchased by
Borrower or a Subsidiary Guarantor that are or will be issued by entities advised or sub-advised by Borrower or a Subsidiary Guarantor; (e) investments existing on the Closing Date and disclosed on Schedule “5.10(a)” and up to an
additional $675,000 worth of common shares of Muni Funding Company of America, LLC; (f) Capital Stock of an entity that satisfies the provisions of Section 7.4(b); and (g) investments in Subsidiaries reflected on Schedule
“5.9”; provided however, that nothing contained herein shall prevent Borrower from organizing new Subsidiaries in accordance with all of the conditions set forth in this Agreement. 
  

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 Post-Merger Parent – Cohen & Company Inc., a Maryland corporation
(formerly, Alesco Financial Inc.). 
 Subsidiary Guarantor – Alesco Collateral Holdings I, L.P., Alesco Funding, LLC,
Alesco Holdings, Ltd., Alesco Loan Holdings, LLC, Alesco Loan Holdings Trust, Alesco Securities, LLC, Alesco TPS Holdings, LLC, Alesco Warehouse Conduit, LLC, Brigadier Capital Management, LLC, Brigadier GP, LLC, CIRA ECM, LLC, Cohen &
Compagnie, Cohen & Company Funding, LLC, Cohen & Company Management, LLC, Cohen & Company Ventures, LLC, Cohen Asia Investments, Ltd., Cohen Bros. Acquisitions, Dekania Capital Management, LLC, Dekania Investors, LLC,
EuroDekania Management Limited, Strategos Capital Management, LLC, Sunset Financial Holdings, LLC, Sunset Funding, LLC, Sunset Holdings, Ltd., Sunset Investment Vehicle, LLC, Sunset Loan Holdings Trust, Sunset TPS Holdings, LLC, and any other Person
who may hereafter guaranty, as surety, all of the Obligations. Notwithstanding inclusion of each of Cohen & Compagnie and EuroDekania Management Limited as a “Subsidiary Guarantor” hereunder, neither of Cohen & Compagnie
or EuroDekania Management Limited shall be required to execute the Surety and Guaranty Agreement or Guaranty Security Agreement.” 
  

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 (b) Section 5.22 of the Credit Agreement is hereby deleted in its entirety and
replaced as follows: 
 “5.22 Deposit Accounts. Borrower has furnished to Agent a certified list of each of
Borrower’s and each Subsidiary Guarantors’ Deposit Accounts, which list is true, accurate and complete immediately after giving effect to the Merger.” 
 (c) Section 6.8(a) of the Credit Agreement is hereby deleted in its entirety and replaced as follows: 
 “(a) Consolidated Net Worth – Borrower shall maintain at all times Consolidated Net Worth of not less than $40,000,000, to be tested quarterly at the end of each fiscal quarter.”

 (d) Section 6.8(d) of the Credit Agreement is hereby deleted in its entirety and replaced as follows: 
 “(d) Liquidity – From and after the consummation of the Merger, Borrower shall maintain at all times, to be tested monthly
as of each month end, a minimum Liquidity of no less than the sum of the then outstanding principal balance of Revolving Credit Loans plus unreimbursed Letters of Credit plus outstanding and undrawn Letters of Credit; provided, that, in no event may
Liquidity attributable to clause (i) of the definition thereof exceed fifty percent (50%) of Borrower’s Liquidity.” 
 (e) New Section 6.9(a)(vii) is hereby added to the Credit Agreement as follows: 
 “(vii) within fifteen (15) days after the end of each calendar month, a report or reports, in form and substance satisfactory to Agent, showing Borrower’s compliance with the Liquidity covenant contained in
Section 6.8(d) of this Agreement for the previous calendar month.” 
  

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 (f) Section 7.16 of the Credit Agreement is hereby deleted in its entirety and
replaced as follows: 
 “7.16 Credit Enhancements. Borrower and Subsidiary Guarantors shall not permit the Broker
Entity to provide credit enhancements in any form (including, without limitation, in the form of guaranties, liens, cash, securities or Indebtedness) in excess of Forty Five Million Dollars ($45,000,000) in the aggregate at any time.”

 3. Representations and Warranties. Borrower and Subsidiary Guarantors, including Joining Guarantors, warrant and
represent to Agent and Lenders that: 
 (a) Each of the Schedules to the Loan Agreement other than Schedules A, B and 5.22, are
amended and restated in their entirety and collectively attached as Schedule A to this Amendment. By execution of this Amendment, and after giving effect to the amended and restated Schedules attached as Schedule A to this Amendment,
all representations and warranties made to Agent, Issuing Bank and Lenders under the Loan Agreement and each of the other Loan Documents are true and correct as of the date hereof as though made on and as of the date hereof, all of which shall be
deemed continuing until all of the Obligations due to Secured Parties are indefeasibly paid and satisfied in full. 
 (b) The
execution and delivery of this Amendment and the performance by Borrower and each Subsidiary Guarantor (including each Joining Guarantor) of the transactions herein contemplated will not violate any Requirement of Law, or Borrower’s or
Subsidiary Guarantor’s (including each Joining Guarantor’s) certificate of formation, operating agreement or any other organizational documents, or violate or result in a default (immediately or with the passage of time) under any
contract, agreement or instrument to which Borrower or such Subsidiary Guarantor (including each Joining Guarantor), is a party, or by which Borrower or such Subsidiary Guarantor (including each Joining Guarantor) is bound. Neither Borrower nor any
Subsidiary Guarantor (including each Joining Guarantor) is in violation of any term of any agreement or instrument to which it is a party or by which it may be bound which violation has or could have a Material Adverse Effect, or of its respective
charter, minutes or bylaw provisions, or certificate of formation, operating agreement or any other organizational document. Borrower and each Subsidiary Guarantor (including each Joining Guarantor) has all requisite power and authority to enter
into and perform this Amendment and the transactions herein contemplated, and to incur the obligations herein provided for, and has taken all proper and necessary action to authorize the execution, delivery and performance of this Amendment and the
transactions herein contemplated. 
 (c) This Amendment and any assignment or other instrument, document or agreement executed
and delivered in connection herewith, will be valid, binding and enforceable against Borrower and each Subsidiary Guarantor (including each Joining Guarantor) in accordance with its respective terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles. 
  

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 (d) No Default or Event of Default exists. 
 (e) None of the Capital Stock of any Joining Guarantor is a “certificated security” as such term is defined in Article 8 of the
UCC. 
 4. Ratification of Loan Documents. This Amendment is hereby incorporated into and made a part of the Loan
Agreement and all other Loan Documents respectively, the terms and provisions of which, except to the extent expressly modified by this Amendment are each ratified and confirmed and continue unchanged in full force and effect. Any reference to the
Loan Agreement or other Loan Documents respectively in this or any other instrument, document or agreement related thereto or executed in connection therewith shall mean the Loan Agreement and other Loan Documents respectively as amended by this
Amendment. 
 5. Confirmation of Indebtedness. Borrower and each Subsidiary Guarantor, including each Joining Guarantor,
confirms and acknowledges that as of the close of business on December 15, 2009, (i) it is indebted to Agent and Lenders under the Loan Documents in the aggregate principal amount of $24,950,000 and (ii) Issuing Bank has issued
Letters of Credit in the face amount of $1,292,000, in each case without any deduction, defense, setoff, claim or counterclaim, of any nature as of the date of this Amendment, plus all fees, costs and Expenses incurred to date in connection with the
Loan Documents. 
 6. Effectiveness Conditions. This Amendment shall become effective upon the satisfaction of the
following conditions: 
 (a) Except as provided in subsection (a)(x) below, Borrower shall have delivered or caused to be
delivered to Agent the following: 
 (i) this Amendment and the Amended and Restated Affirmation of Existing Security
Documents, each executed by Borrower and each Subsidiary Guarantor, including each Joining Guarantor, as applicable; 
 (ii)
certified copies of (i) resolutions of the board of trustees or board of managers or the members (as applicable) of each Joining Guarantor authorizing the execution, delivery and performance of this Amendment and the transactions contemplated
hereby, and (ii) each Joining Guarantor’s certificate of incorporation, certificate of limited partnership, certificate of formation or certificate of trust (as applicable) and by-laws, operating agreement, limited partnership agreement,
memorandum and articles of association or declaration of trust (as applicable); 
 (iii) an incumbency certificate for each
Joining Guarantor identifying all individuals authorized to execute this Amendment, with specimen signatures; 
 (iv) a good
standing or subsistence certificate for each Joining Guarantor showing each Joining Guarantor to be in good standing in its state of organization and in each other state in which it is doing and presently intends to do business; 
  

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 (v) a written opinion of each Joining Guarantor’s independent counsel addressed to
Agent for the benefit of all Lenders and opinions of such other counsel as Agent deems necessary; 
 (vi) certification by the
chief financial officer of Borrower that no event has occurred which would reasonably be likely to have a Material Adverse Effect; 
 (vii) the following lien searches (the results of which are to satisfactory to the Agent in its sole discretion): (A) UCC searches with the Secretary of State and local filing office of each state where each Joining Guarantor is
organized, maintains its executive office, a place of business, or assets, (other than the Cayman Islands) and (B) judgment, federal tax lien and corporate tax lien searches, in all applicable filing offices of each state searched under
subparagraph (A) above, other than local level searches in the state of incorporation or formation (as applicable). 
 (viii) any other agreements, documents, instruments and writings reasonably required by Agent to evidence and perfect Lenders’ liens and security interest in the Collateral (as defined in the Guarantor Security Agreement) of each
Joining Guarantor or Pledged Collateral (as defined in the Sponsored CDO Pledge Agreement), with respect to each Joining Guarantor. 
 (ix) a list of all Deposit Accounts of Borrower and each Subsidiary Guarantor (including each Joining Guarantor). 
 (x) within sixty (60) days of the date hereof, deposit account control agreements, if necessary, all in form and substance satisfactory to Agent; and 
 (xi) a time stamped copy of the Merger certificate from the Secretary of State of the State of Delaware; 
 (b) payment to Agent of all of Agent’s Expenses; 
 (c) such other items as
Agent may reasonably require. 
 7. Governing Law. THIS AMENDMENT, AND ALL RELATED AGREEMENTS AND DOCUMENTS, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA. THE PROVISIONS OF THIS AMENDMENT AND ALL OTHER AGREEMENTS AND DOCUMENTS REFERRED TO HEREIN ARE TO BE DEEMED SEVERABLE, AND THE INVALIDITY OR
UNENFORCEABILITY OF ANY PROVISION SHALL NOT AFFECT OR IMPAIR THE REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND EFFECT. 
 8. Modification. No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed by Borrower, each Subsidiary Guarantor, including each Joining Guarantor, and Agent or Lenders,
as required under the Loan Agreement. 
  

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 9. Duplicate Originals: Two or more duplicate originals of this Amendment may be
signed by the parties, each of which shall be an original but all of which together shall constitute one and the same instrument. 
 10. Waiver of Jury Trial: EACH SUBSIDIARY GUARANTOR, INCLUDING EACH JOINING GUARANTOR, BORROWER, AGENT AND EACH LENDER HEREBY WAIVE ANY AND ALL RIGHTS EACH MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION, PROCEEDING OR
COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT TO ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED RENEWAL,
EXTENSION, AMENDMENT, MODIFICATION, RESTRUCTURE, FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS. 
  

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 IN WITNESS WHEREOF, the undersigned parties have executed this Amendment the day and year
first above written. 
  

					
	BORROWER:	 	 COHEN BROTHERS, LLC

			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
			
	SUBSIDIARY GUARANTORS:	 		 	
		
		 	 BRIGADIER CAPITAL MANAGEMENT LLC
 BRIGADIER GP LLC

		 
			
		 	BY:	 	COHEN BROTHERS, LLC, ITS MANAGING MEMBER
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
		
		 	CIRA ECM, LLC
		 	DEKANIA CAPITAL MANAGEMENT, LLC
			
		 	BY:	 	DEKANIA INVESTORS, LLC, ITS SOLE MEMBER
			
		 	BY:	 	COHEN BROTHERS, LLC, ITS SOLE MEMBER
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
		
		 	COHEN & COMPANY MANAGEMENT, LLC
			
		 	BY:	 	 /s/ Daniel G. Cohen

		 	Name:	 	Daniel G. Cohen
		 	Title:	 	Chairman

  

 [SIGNATURE PAGE TO OMNIBUS JOINDER AND AMENDMENT 
 TO LOAN DOCUMENTS] 
 S-1 

			
	COHEN & COMPANY FUNDING, LLC
	COHEN & COMPANY VENTURES, LLC
	COHEN BROS. ACQUISITIONS, LLC
	DEKANIA INVESTORS, LLC
	STRATEGOS CAPITAL MANAGEMENT, LLC
		
	BY:	 	COHEN BROTHERS, LLC, ITS SOLE MEMBER
		
	BY:	 	 /s/ Joseph W. Pooler, Jr.

	Name:	 	Joseph W. Pooler, Jr.
	Title:	 	Chief Financial Officer
	
	 c/o Cohen Brothers, LLC

	 2929 Arch Street

	 Philadelphia, PA 19104

	Attention: President
	Telecopy No.: (215) 861-7878
	
	COHEN ASIA INVESTMENTS LTD.
		
	BY:	 	 /s/ Christopher Ricciardi

	Name:	 	Christopher Ricciardi
	Title:	 	Director

  

 [SIGNATURE PAGE TO OMNIBUS JOINDER AND AMENDMENT 
 TO LOAN DOCUMENTS] 
 S-2 

					
		 	COHEN & COMPANY FINANCIAL MANAGEMENT, LLC
			
		 	BY:	 	DEKANIA INVESTORS, LLC, ITS SOLE MEMBER
			
		 	BY:	 	COHEN BROTHERS, LLC, ITS SOLE MEMBER
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
			
	JOINING GUARANTORS:	 		 	
		
		 	ALESCO COLLATERAL HOLDINGS I, L.P.
		 	ALESCO FUNDING, LLC
		 	ALESCO HOLDINGS LTD.
		 	ALESCO LOAN HOLDINGS TRUST
		 	ALESCO LOAN HOLDINGS, LLC
		 	ALESCO SECURITIES, LLC
		 	ALESCO TPS HOLDINGS, LLC
		 	ALESCO WAREHOUSE CONDUIT, LLC
		 	SUNSET FINANCIAL HOLDINGS, LLC
		 	SUNSET FUNDING, LLC
		 	SUNSET HOLDINGS LTD.
		 	SUNSET INVESTMENT VEHICLE LLC
		 	SUNSET LOAN HOLDINGS TRUST
		 	SUNSET TPS HOLDINGS, LLC
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
		
		 	 c/o Cohen Brothers, LLC

		 	 2929 Arch Street

		 	 Philadelphia, PA 19104

		 	Attention: President
		 	Telecopy No.: (215) 861-7878

  

 [SIGNATURE PAGE TO OMNIBUS JOINDER AND AMENDMENT 
 TO LOAN DOCUMENTS] 
 S-3 

					
	AGENT:	 	 TD BANK, N.A., as Agent, Lender and Issuing Bank

			
		 	BY:	 	 /s/ Richard Zimmerman

		 	Name:	 	Richard Zimmerman
		 	Title:	 	Vice President

  

 [SIGNATURE PAGE TO OMNIBUS JOINDER AND AMENDMENT 
 TO LOAN DOCUMENTS] 
 S-4 

 EXHIBIT A 
 TD Bank, N.A. 

 SCHEDULE A 

 Schedule C 
 Excluded Management Fees 
 33% of Alesco CDO I (33% paid to Sandler
O’Neill as sub-advisor) 
 33% of Alesco CDO II (33% paid to Sandler O’Neill as sub-advisor) 
 33% of Alesco CDO III (33% paid to Sandler O’Neill as sub-advisor) 

 Schedule D 
 Management Agreements 
 CDO Deals 
  

					
	 Issuer
	  	 Manager
	  	Closing Date
	Alesco I	  	Cohen & Company Financial Management, LLC	  	09/23/03
	Dekania I	  	Dekania Capital Management, LLC	  	09/30/03
	Alesco II	  	Cohen & Company Financial Management, LLC	  	12/21/03
	Alesco III	  	Cohen & Company Financial Management, LLC	  	03/23/04
	Dekania II	  	Dekania Capital Management, LLC	  	04/27/04
	Alesco IV	  	Cohen & Company Financial Management, LLC	  	05/14/04
	Alesco V	  	Cohen & Company Financial Management, LLC	  	09/10/04
	Alesco VI	  	Cohen & Company Financial Management, LLC	  	12/17/04
	Alesco VII	  	Cohen & Company Financial Management, LLC	  	04/18/05
	Kleros I	  	Strategos Capital Management, LLC	  	06/03/05
	Alesco VIII	  	Cohen & Company Financial Management, LLC	  	08/08/05
	Dekania Europe I	  	Dekania Capital Management, LLC	  	09/07/05
	Alesco IX	  	Cohen & Company Financial Management, LLC	  	12/14/05
	Kleros II	  	Strategos Capital Management, LLC	  	01/10/06
	Alesco X	  	Cohen & Company Financial Management, LLC	  	03/15/06
	Libertas I	  	Strategos Capital Management, LLC	  	05/25/06
	Kleros Real Estate I	  	Strategos Capital Management, LLC	  	06/30/06
	Alesco XI	  	Cohen & Company Financial Management, LLC	  	06/30/06
	Kleros Real Estate II	  	Strategos Capital Management, LLC	  	08/03/06
	Kleros III	  	Strategos Capital Management, LLC	  	09/26/06
	Dekania Europe II	  	Dekania Capital Management, LLC	  	09/27/06
	Alesco XII	  	Cohen & Company Financial Management, LLC	  	10/12/06
	Alesco XIII	  	Cohen & Company Financial Management, LLC	  	11/30/06
	Kleros IV	  	Strategos Capital Management, LLC	  	12/15/06
	Alesco XIV	  	Cohen & Company Financial Management, LLC	  	12/21/06
	Kleros V	  	Strategos Capital Management, LLC	  	01/10/07
	Libertas II	  	Strategos Capital Management, LLC	  	02/15/07
	Kleros RE IV	  	Strategos Capital Management, LLC	  	02/27/07
	Kleros VI	  	Strategos Capital Management, LLC	  	03/23/07
	Alesco XV	  	Cohen & Company Financial Management, LLC	  	03/29/07
	Kleros VII	  	Strategos Capital Management, LLC	  	04/05/07
	Dekania Europe III	  	EuroDekania Management Limited	  	06/07/07
	Kleros VIII	  	Strategos Capital Management, LLC	  	06/26/07
	Alesco XVI	  	Cohen & Company Financial Management, LLC	  	06/28/07
	Libertas V	  	Strategos Capital Management, LLC	  	07/19/07
	Alesco XVII	  	Cohen & Company Financial Management, LLC	  	10/30/07
	Kleros IX	  	Strategos Capital Management, LLC	  	11/06/07
	Neptuno CLO III B.V.	  	EuroDekania Management Limited (Junior Manager)	  	12/05/07
	Xenon Capital Public Limited Company	  	EuroDekania Management Limited	  	08/13/08
	NPPF I	  	Tricadia Capital Management, LLC	  	03/18/09

 Schedule E 
 Permanent Investments 
 Section 1 
  

						
	 Description
	  	# of Shares	  	Value as of 11-30-09
	 Rait Finance Trust
	  	510,434	  	$	791,172.70
	 Star Asia Finance, Ltd.
	  	468,000	  	 	12,418,010
	 Star Asia Finance, LLC
	  	15,000	  	 	398,013
	 Muni Funding Company of America, LLC
	  	1,000,200	  	 	2,380,476
	 EuroDekania Ltd
	  	525,002	  	 	464,503
	 Non-Profit Preferred Funding I Preferred Shares
	  	250	  	 	162,660
	 Alesco Financial Inc
	  	504,000	  	 	352,800
	 Alesco VI Preferred Shares
	  	100	  	 	—  
	 Alesco VII Preferred Shares
	  	500	  	 	—  
	 Alesco IX Preferred Shares
	  	2,655	  	 	—  
	 Dekania I Preferred Shares
	  	800	  	 	—  
	 Dekania II Preferred Shares
	  	400	  	 	8,000.00
	 Kleros I Preferred Shares
	  	1,500	  	 	—  
	 Kleros II Preferred Shares
	  	600	  	 	—  
		  		  	 	 
		  		  	 	16,975,634
			
	 Description
	  	Notional Amount	  	Value as of 1-30-09
	 Parapet Class A Notes
	  	42,402,924	  	 	1,555,158
		  		  	 	1,555,158
			
	 Description
	  	LP Units	  	Value as of 11-30-09
	 Brigadier Capital, LP
	  	3,299,520.00	  	 	3,299,520
	 Brigadier Capital, LP
	  	878,137	  	 	878,137
	 Strategos Deep Value Onshore Fund, LP
	  	5,000,000	  	 	6,382,181
	 Strategos Deep Value Offshore Fund, LP
	  	10,000,000	  	 	12,783,505
		  		  	 	 
		  		  	 	23,343,344
		  	Total	  	 	41,874,136
		  		  	 	 

  

 1 of 3 

 Section 2 
  

						
	 Description - Structured Finance Investments
	  	# of Shares or
Notional Amount	  	Value as of
11-30-09
	 Alesco Preferred Funding X, Ltd. Preference Shares
	  	38,169	  	$	—  
	 Alesco Preferred Funding XI, Ltd. Preference Shares
	  	34,200	  	 	—  
	 Alesco Preferred Funding XII, Ltd. Preference Shares
	  	24,233	  	 	—  
	 Alesco Preferred Funding XIII, Ltd. Preference Shares
	  	22,950	  	 	—  
	 Alesco Preferred Funding XIV, Ltd. Preference Shares
	  	39,000	  	 	—  
	 Alesco Preferred Funding XV, Ltd. Preference Shares
	  	28,750	  	 	—  
	 Alesco Preferred Funding XVI, Ltd. Preference Shares
	  	19,500	  	 	—  
	 Alesco Preferred Funding XVII, Ltd. Preference Shares
	  	27,562	  	 	—  
	 Emporia Preferred Funding II, Ltd.
	  	21,476	  	 	1,073,800
	 Emporia Preferred Funding III, Ltd.
	  	31,000	  	 	1,550,000
	 Kleros Real Estate CDO I, Ltd. Preference Shares
	  	4,000	  	 	—  
	 Kleros Real Estate CDO I, Ltd. Class D Notes
	  	26,000,000	  	 	—  
	 Kleros Real Estate CDO II, Ltd. Preference Shares
	  	4,000	  	 	—  
	 Kleros Real Estate CDO II, Ltd. Class D Notes
	  	11,000,000	  	 	—  
	 Kleros Real Estate CDO II, Ltd. Class E Notes
	  	15,000,000	  	 	—  
	 Kleros Real Estate CDO IV, Ltd. Preference Shares
	  	12,000	  	 	—  
	 Kleros Real Estate CDO IV, Ltd. Class D Notes
	  	9,000,000	  	 	—  
	 Kleros Real Estate CDO IV, Ltd. Class E Notes
	  	9,000,000	  	 	—  
	 Libertas Preferred Funding I, Ltd.
	  	2,000	  	 	—  
	 Libertas Preferred Funding IV, Ltd.
	  	4,750	  	 	—  
	 Kleros Preferred Funding V
	  	3,000	  	 	—  
	 Kleros Preferred Funding VII
	  	3,200	  	 	—  
	 Bear Stearns Adjustable Rate Mortgage Trust 2007-02
	  	30,911,717	  	 	309,117
		  		  	 	 
		  		  	 	2,932,917
			
	 Description - TruPS Debt Securities
	  	Notional Amount	  	Value as of
11-30-09
	 Beal Financial Corporation
	  	3,000,000	  	 	1,550,350
	 Umpqua Holdings Corporation
	  	3,000,000	  	 	422,000
	 First Banks, Incorporated
	  	2,000,000	  	 	61,000
	 James River Group, Inc.
	  	6,593,000	  	 	4,108,000
		  		  	 	 
		  		  	 	6,141,350

  

 2 of 3 

								
	 Description - Alesco Securities, LLC Investments
	  	# of Shares or
Notional Amount	 	 	Value as of 11-30-09	 
	 SALT LAKE KARATE-SBA3341445007
	  	306,000	  	 	$	336,600	  
	 KIDZ FIRST FUNDRAISING-SBA3699975007
	  	702,000	  	 	 	772,200	  
	 PANPAC-SBA3722215001
	  	450,000	  	 	 	495,000	  
	 COLORADO CO-PACK-SBA3454945000
	  	892,358	  	 	 	981,594	  
	 BAUSE’S SUPER DRUG STORE-SBA3471415007
	  	830,689	  	 	 	913,758	  
	 STARLITE CLEANERS-SBA3682455008
	  	171,000	  	 	 	187,040	  
	 OSE PROPERTIES-SBA3732805006
	  	63,900	  	 	 	69,172	  
	 COFFEE DOG PROPERTY HOLDINGS-SBA3743705005
	  	237,600	  	 	 	261,360	  
	 NY6DESIGNS-SBA3723065006
	  	524,790	  	 	 	577,269	  
	 HEUSS PRINTING-SBA3750585004
	  	774,000	  	 	 	851,400	  
	 B&B KENNELS-SBA3727475008
	  	524,700	  	 	 	577,170	  
	 DAT ENTERPRISES-SBA3767495008
	  	801,000	  	 	 	868,124	  
	 ALOFT-SBA3751925001
	  	787,500	  	 	 	866,250	  
	 EVANGELINE GRISSOM BRUHN CPA-SBA3684395007
	  	202,500	  	 	 	222,750	  
	 CAFE DU LUXE-SBA3250835000
	  	629,250	  	 	 	687,833	  
	 T 3.125 10/31/2016
	  	(3,500,000	) 	 	 	(3,557,421	) 
	 MLCFC 2006-4 A3
	  	4,930,000	  	 	 	4,243,650	  
	 FNR 03-122 SJ
	  	44,682,389	  	 	 	4,032,854	  
		  			 	 	 	 
		  			 	 	13,386,602	  
			
	 Description - Other Investments
	  	Notional Amount	 	 	Value as of 11-30-09	 
	 Peerless Commercial Loan
	  	11,745,590	  	 	 	7,464,000	  
	 WDC Exploration & Wells Holding LLC
	  	500,000	  	 	 	—  	  
	 Yarhouse USA, Inc.
	  	500,000	  	 	 	400,000	  
	 On-Balance Sheet Residential Mortgage Loans
	  	1,480,000	  	 	 	1,043,000	  
	 REO Property
	  	80,143	  	 	 	80,143	  
		  			 	 	 	 
		  			 	 	8,987,143	  

  

 3 of 3 

 Schedule 1.1(a) 
 Permitted Indebtedness 
 Unsecured Subordinated Promissory Note dated
June 25, 2008 with Christopher Ricciardi for $1,051,193.44. 
 Unsecured Subordinated Promissory Note dated June 25, 2008 with Daniel
Cohen for $2,102,386.87. 
 Unsecured Subordinated Promissory Note dated June 25, 2008 with Cohen Financial Group, Inc. (“CFG”)
for $6,307,160.62. In connection with the dissolution of CFG in connection with the Merger, each Class A stockholder of CFG will receive a new promissory note (“New Holder Note”) evidencing Borrower’s obligation to pay to such
holder its pro rata share of the original Unsecured Subordinated Promissory Note (plus any interest that is then accrued and unpaid) and which new promissory note shall otherwise have substantially the same terms and provisions (as more fully
discussed below) as contained in the original Unsecured Subordinated Promissory Note. Mr. Cohen and Mr. Ricciardi are Class A stockholders of CFG and will receive their pro rata share of the original Unsecured Subordinated Promissory
Note. 
 The Unsecured Subordinated Promissory Notes mature on June 20, 2013 and bear interest at an annual rate of 12%. A portion of this
interest, 9%, is payable in cash semiannually on May 1 and November 1 of each year commencing on November 1, 2008. The remaining portion, 3%, is paid in-kind at an annual rate of 3% which is also payable semiannually. All accrued
in-kind interest will be added to the unpaid principal balance of the Unsecured Subordinated Promissory Notes on each May 1 and November 1, and thereafter the increased principal balance shall accrue interest at the annual rate of 12%.

 As of November 30, 2009, Alesco Securities, LLC had $3,638,347.53 of outstanding repurchase agreement liabilities with South Street
Securities, LLC. 

 Schedule 1.1(b) 
 Existing Liens and Claims 
 Security Deposit paid to NetJets Aviation,
Inc. - $199,502 
 Security Deposit paid to NetJets Aviation, Inc. - €74,424 
 Security Deposit paid to 135 East 57th Street LLC, - $1,440,000 
 Security Deposit paid to Regus
Group Boston - $2,800 
 Security Deposit paid to Stow MREL Jersey London - £20,000 
 Security Deposit paid to Preferred Offices Bethesda - $2,795 
 Security Deposit paid to Gateway Center, LLC - $11,000 
 Security Deposit paid to Regus Group San
Francisco - $1,969 
 Security Deposit paid to Regus Group Los Angeles - $10,000 
 As of November 30, 2009, Alesco Securities, LLC had $3,638,347.53 of outstanding repurchase agreement liabilities with South Street Securities, LLC. 

 Schedule 5.1 
 State & Jurisdictions Where Borrower & Subsidiary Guarantors Are Qualified To Do Business 
  

					
	 Company Name
	  	State of Formation	  	Foreign Qualification
States
	 Alesco Collateral Holdings I, L.P.
	  	DE	  	PA
	 Alesco Funding, LLC.
	  	DE	  	NY, PA
	 Alesco Holdings, Ltd.
	  	Cayman	  	
	 Alesco Loan Holdings Trust
	  	MD	  	NY, PA
	 Alesco Loan Holdings, LLC
	  	DE	  	PA
	 Alesco Securities, LLC
	  	DE	  	
	 Alesco TPS Holdings, LLC
	  	DE	  	NY, PA
	 Alesco Warehouse Conduit, LLC
	  	DE	  	PA
	 Brigadier Capital Management LLC
	  	DE	  	NY
	 Brigadier GP LLC
	  	DE	  	
	 Cira ECM, LLC
	  	DE	  	
	 Cohen & Compagnie
	  	FR	  	
	 Cohen & Company Financial Management, LLC
	  	DE	  	NY, PA
	 Cohen & Company Funding, LLC
	  	DE	  	PA
	 Cohen & Company Management, LLC
	  	DE	  	NY, PA
	 Cohen & Company Ventures, LLC
	  	DE	  	
	 Cohen Asia Investments Ltd.
	  	Cayman	  	
	 Cohen Bros. Acquisitions, LLC
	  	DE	  	PA
	 Cohen Brothers, LLC d/b/a Cohen & Company
	  	DE	  	IL, NY, PA
	 Dekania Capital Management, LLC
	  	DE	  	PA
	 Dekania Investors, LLC
	  	DE	  	PA
	 EuroDekania Management Limited
	  	UK	  	
	 Strategos Capital Management, LLC
	  	DE	  	PA
	 Sunset Financial Holdings, LLC
	  	DE	  	PA
	 Sunset Funding, LLC
	  	DE	  	PA
	 Sunset Holdings, Ltd.
	  	Cayman	  	
	 Sunset Investment Vehicle, Inc.
	  	DE	  	PA
	 Sunset Loan Holdings Trust
	  	MD	  	PA
	 Sunset TPS Holdings, LLC
	  	DE	  	PA

 Schedule 5.2 
 Places of Business 
 10100 Santa Monica Boulevard 
 Suite 300 
 Los Angeles, CA 90067 
 One Market Street 
 36th Floor 
 San Francisco, CA 94111 
 181 West Madison Street

 Suite 3775 
 Chicago, IL 60602

 101 Federal Street 
 16th Floor

 Boston, MA 02110 
 3 Bethesda Metro
Center 
 Bethesda, MD 20814 
 4800
Hampden Lane 
 2nd Floor 
 Bethesda, MD
20814 
 135 E. 57th Street, 21st Floor 
 New York, NY 10022 
 2929 Arch Street 
 17th Floor and 15th Floor 
 Philadelphia, PA 19104 
 Gateway Center, Suite 208 
 136 Heber Avenue

 Park City, Utah 84060 
 35, Avenue
Franklin D. Roosevelt 
 5th Floor 
 Paris, France 75008 
 Cannon Bridge House 
 25 Dowgate Hill, 4th Floor 
 London EC4 
 U.K. 

 Schedule 5.3 
 Judgements, Proceedings, Litigation and Orders 
 Cohen & Company Securities, LLC (“CCS”) is a party to litigation commenced in 2009 in the United States District Court for the Northern District of Illinois under the caption Frederick J. Grede, not individually, but
as Liquidation Trustee and Representative of the Estate of Sentinel Management Group, Inc. v. Delores E. Rodriguez, Barry C. Mohr, Jr., Jacques de Saint Phalle, Keefe, Bruyette & Woods, Inc., and Cohen & Company Securities,
LLC. The plaintiff in this case is the Liquidation Trustee for the Estate of Sentinel Management Group, Inc., or Sentinel, which filed a bankruptcy petition in August 2007. The liquidation trustee alleges that CCS sold Sentinel securities,
mainly collateralized debt obligations, that the liquidation trustee contends were unsuitable for Sentinel and that CCS violated Section 10(b) of the Exchange Act and Rule 10b-5. The liquidation trustee also seeks relief under the Illinois Blue
Sky Law, the Illinois Consumer Fraud Act, the United States Bankruptcy Code, and under common law theories of negligence and unjust enrichment. CCS is vigorously defending the claims. By order dated July 8, 2009, the Court dismissed the
Liquidation Trustee’s Illinois Consumer Fraud Act claim. On July 29, 2009, the Liquidation Trustee amended his complaint. CCS filed its answer to the amended complaint on August 12, 2009. Discovery is ongoing with respect to the
remaining claims. No contingent liability was recorded in Borrower’s consolidated financial statements related to this litigation. Although CCS does not currently believe it is reasonably likely than an adverse judgment will be rendered against
it, such adverse judgment could potentially have a Material Adverse Effect. 
 CCS is also party to litigation commenced on
May 21, 2009 in the United States District Court for the Northern District of Illinois under the caption Frederick J. Grede, not individually, but as Liquidation Trustee of the Sentinel Liquidation Trust, Assignee of certain claims v. Keefe,
Bruyette & Woods, Inc., Cohen & Company Securities, LLC., Delores E. Rodriguez, Barry C. Mohr, Jr., and Jacques de Saint Phalle. The plaintiff in this case is the Liquidation Trustee of the Sentinel Liquidation Trust, which
emerged from the bankruptcy of Sentinel, filed in August 2007. The Liquidation Trustee, purportedly as the assignee of claims of Sentinel’s customers, alleges that, by recommending that Sentinel purchase securities, mainly collateralized debt
obligations, that the Liquidation Trustee deems to have been unsuitable for Sentinel’s customer accounts, CCS aided and abetted breaches of fiduciary duties purportedly owed by Sentinel and its head trader to Sentinel’s customers, in
violation of Illinois common law. The complaint also alleges claims under common law theories of negligence and unjust enrichment. CCS will vigorously defend all claims. CCS filed a motion to dismiss the Liquidation Trustee’s complaint on
July 21, 2009. On July 28, 2009, the Court dismissed a substantively identical case brought by the Liquidation Trustee against The Bank of New York Mellon Corp. On August 19, 2009, the Court stayed this action indefinitely, pending a
decision in the Liquidation Trustee’s appeal of the judgment of dismissal in the action involving The Bank of New York Mellon Corporation, and held CCS’s motion to dismiss in abeyance. No contingent liability was recorded in
Borrower’s consolidated financial statements related to this litigation. Although CCS does not currently believe it is reasonably likely than an adverse judgment will be rendered against it, such adverse judgment could potentially have a
Material Adverse Effect. 

 Cohen and its registered investment advisor subsidiary, Cohen & Company Financial
Management, LLC (f/k/a Cohen Bros. Financial Management, LLC) are also named in a lawsuit filed on August 6, 2009 in the Supreme Court of the State of New York, County of Kings, captioned Riverside National Bank of Florida v. Taberna Capital
Management, LLC, Trapeza Capital Management, LLC, Cohen & Company Financial Management, LLC f/k/a Cohen Bros. Financial Management LLC, FTN Financial Capital Markets, Keefe, Bruyette & Woods, Inc., Merrill Lynch, Pierce,
Fenner & Smith, Inc., Bank of America Corporation, as successor in interest to Merrill Lynch & Co., JP Morgan Chase, Inc., JP Morgan Securities, Citigroup Global Markets, Credit Suisse (USA) LLC, ABN AMRO, Cohen & Company,
Morgan Keegan & Co., Inc., SunTrust Robinson Humphrey, Inc., The McGraw-Hill Companies, Inc., Moody’s Investors Services, Inc. and Fitch Ratings, Ltd On September 28, 2009, after a demand was made by Cohen and its
co-defendants to change venue, plaintiff filed a stipulation with the Supreme Court of the State of New York, County of Kings, consenting to a change in venue from Kings County to New York County. 
 On or about November 13, 2009, plaintiff filed a new complaint in the Supreme Court of the State of New York,
County of New York and filed a discontinuance of the original action on November 23, 2009. The new complaint is captioned Riverside National Bank of Florida v. The McGraw-Hill Companies, Inc., Moody’s Investors Service, Inc., Fitch,
Inc., Taberna Capital Management, LLC, Trapeza Capital Management, LLC, Cohen & Company Financial Management, LLC f/k/a Cohen Bros. Financial Management LLC, FTN Financial Capital Markets, Keefe Bruyette & Woods, Inc., Merrill
Lynch, Pierce, Fenner & Smith, Inc., JP Morgan Chase & Co.(1), J.P. Morgan Securities, Inc., Citigroup Global Markets, Credit Suisse Securities (USA) LLC, ABN Amro, Cohen & Company and Suntrust Robinson Humphrey, Inc, and alleges that offering memoranda issued in connection with certain CDO securities it purchased contained misrepresentations and omissions relating to the CDO notes, the ratings assigned to the notes,
the alleged conflicts of interest of the ratings agencies and the diversification of the underlying collateral. Plaintiff alleges, among other things, fraud, negligent misrepresentation, breach of fiduciary duty, and breach of contract. On
December 11, 2009, the defendants (grouped as collateral managers, ratings agencies and sellers) filed three motions to dismiss the action. Plaintiff’s response is due on or about February 19, 2009 and defendants’ replies are due
March 19, 2009. Although Borrower does not currently believe it is reasonably likely than an adverse judgment will be rendered against it, such adverse judgment could potentially have a Material Adverse Effect. 
  

	1	 The action was dismissed without prejudice against J.P Morgan Chase & Co. by stipulation dated December 10, 2009.

 Schedule 5.7 
 Federal Tax Identification Numbers of Borrower & Subsidiary Guarantors 
  

							
	 Company Name
	  	State of
Formation	  	 EIN
	  	 State / Country
ID
Number

	 Alesco Collateral Holdings I, L.P.
	  	DE	  	68-0664894	  	4463772
	 Alesco Funding, LLC
	  	DE	  	27-0138974	  	4095760
	 Alesco Holdings, Ltd.
	  	Cayman	  	98-0489740	  	WK-155682
	 Alesco Loan Holdings Trust
	  	MD	  	04-7022042	  	B11094505
	 Alesco Loan Holdings, LLC
	  	DE	  	26-4286426	  	4370124
	 Alesco Securities, LLC
	  	DE	  	27-0981262	  	4733960
	 Alesco TPS Holdings, LLC
	  	DE	  	83-0450244	  	4112109
	 Alesco Warehouse Conduit, LLC
	  	DE	  	20-5975473	  	4259224
	 Brigadier Capital Management, LLC
	  	DE	  	42-1709932	  	4183552
	 Brigadier GP, LLC
	  	DE	  	87-0770835	  	4160506
	 Cira ECM, LLC
	  	DE	  	65-1246012	  	3947923
	 Cohen & Compagnie
	  	FR	  	NA	  	480 820 513
	 Cohen & Company Financial Management, LLC
	  	DE	  	51-0483226	  	3692613
	 Cohen & Company Funding, LLC
	  	DE	  	03-0601028	  	4197674
	 Cohen & Company Management, LLC
	  	DE	  	14-1944454	  	4084630
	 Cohen & Company Ventures, LLC
	  	DE	  	26-0272737	  	4340129
	 Cohen Asia Investments Ltd.
	  	Cayman	  	98-0523411	  	181521
	 Cohen Bros. Acquisitions, LLC
	  	DE	  	84-1703718	  	4117186
	 Cohen Brothers, LLC d/b/a Cohen & Company
	  	DE	  	01-0825075	  	3867388
	 Dekania Capital Management, LLC
	  	DE	  	13-4265112	  	3672210
	 Dekania Investors, LLC
	  	DE	  	54-2122809	  	3690116
	 EuroDekania Management Limited
	  	UK	  	98-0510375	  	5894236
	 Strategos Capital Management, LLC
	  	DE	  	30-0291839	  	3825891
	 Sunset Financial Holdings, LLC
	  	DE	  	20-4928744	  	4161856
	 Sunset Funding, LLC
	  	DE	  	20-4934065	  	4161913
	 Sunset Holdings, Ltd.
	  	Cayman	  	98-0500646	  	WK-167838
	 Sunset Investment Vehicle, Inc.
	  	DE	  	20-1282350	  	3821364
	 Sunset Loan Holdings Trust
	  	MD	  	20-5238835	  	B11304482
	 Sunset TPS Holdings, LLC
	  	DE	  	20-4932399	  	4161855

 Schedule 5.9 
 Subsidiaries & Affiliates 
 Part 1 
 Section A – Subsidiaries 
 Brigadier
Capital Management LLC 
 Brigadier GP LLC 
 Cira ECM Funding, LLC - f/k/a Emporia Capital Funding, LLC 
 Cira ECM, LLC, f/k/a Emporia Capital Management, LLC 
 Cohen & Compagnie 
 Cohen &
Company Financial Management, LLC 
 Cohen & Company Funding, LLC 
 Cohen & Company Management, LLC 
 Cohen & Company Securities, LLC 
 Cohen & Company Ventures, LLC 
 Cohen Asia
Investments Ltd. 
 Cohen Bros. Acquisitions, LLC 
 Dekania Capital Management, LLC 
 Dekania Investors, LLC 
 EuroDekania Management Limited 
 Star Asia
Management Ltd. 
 Strategos Capital Management, LLC 
 Strategos Deep Value Credit GP, LLC 
 Strategos Deep Value Credit II GP, LLC 
 Section B – Affiliates 
 Brigadier
Capital LP 
 Brigadier Capital Master Fund Ltd. 
 Brigadier Capital Offshore Fund Ltd. 
 Brigadier Capital Offshore Holding Company Ltd. 

Cohen Bros. Financial, LLC 
 Cohen Financial
Group, Inc. (To be dissolved in connecion with closing of the merger) 
 Dekania Corp. 
 EuroDekania Limited 
 EuroDekania Operating Company,
LLC 
 RAIT Financial Trust 
 Star Asia
Finance, Limited 
 Star Asia Finance, LLC 
 Star Asia Management Japan Ltd. 
 Strategos Deep Value Mortgage Fund LP 
 Strategos Deep Value Mortgage (Offshore) Fund L.P. 
 Strategos Deep Value Mortgage Master Fund Ltd.

 Strategos Deep Value Mortgage (Offshore) Fund 1-A L.P. 
 Strategos Deep Value Mortgage Fund II LP - Fund II Offshore Entity 
 Strategos Deep Value Mortgage
Master Fund II Ltd. - Fund II 

 Part 2 
 Section A – Subsidiaries 
 Alesco Collateral Holdings I, L.P. 
 Alesco Funding, LLC 
 Alesco Holdings, Ltd.

 Alesco Loan Holdings Trust 
 Alesco
Loan Holdings, LLC 
 Alesco Real Estate Holdings, LLC 
 Alesco Securities, LLC 
 Alesco TPS Holdings, LLC 
 Emporia Preferred Funding IV, Ltd. 
 Alesco
Warehouse Conduit, LLC 
 Kleros Real Estate III Common Holdings LLC 
 Kleros Real Estate IV Common Holdings LLC 
 Sunset Financial Holdings, LLC 
 Sunset Financial Statutory Trust I 
 Sunset Funding,
LLC 
 Sunset Holdings, Ltd. 
 Sunset
Investment Vehicle, Inc. 
 Sunset Loan Holdings Trust 
 Sunset Real Estate Holdings, LLC 
 Sunset TPS Holdings, LLC 
 Section B – CDO / CLO Entities 
 Alesco
CLO Funding, LLC 
 Alesco Preferred Funding X, Ltd. 
 Alesco Preferred Funding XI, Ltd. 
 Alesco Preferred Funding XII, Ltd. 
 Alesco Preferred Funding XIII, Ltd. 
 Alesco
Preferred Funding XIV, Ltd. 
 Alesco Preferred Funding XV, Ltd. 
 Alesco Preferred Funding XVI, Ltd. 
 Alesco Preferred Funding XVII, Ltd. 
 Bear Stearns Adjustable Rate Mortgage Trust 2007-02 
 Emporia Preferred Funding II, Ltd. 
 Emporia Preferred Funding III, Ltd. 
 Kleros Preferred Funding V, PLC 
 Kleros Preferred Funding VII, Ltd. 
 Kleros Real Estate CDO I, Ltd. 
 Kleros Real Estate
CDO II, Ltd. 
 Kleros Real Estate CDO IV, Ltd. 
 Libertas Preferred Funding I, Ltd. 
 Libertas Preferred Funding IV, Ltd. 

 Schedule 5.10(a) 
 Existing Guaranties, Investments and Borrowings 
  

						
	 Description
	  	Type	  	Amount as of
November 30,
2009
	 Rait Finance Trust
	  	Investment	  	$	791,173
	 Star Asia Finance, Ltd.
	  	Investment	  	 	12,418,010
	 Star Asia Finance, LLC
	  	Investment	  	 	398,013
	 Muni Funding Company of America, LLC
	  	Investment	  	 	2,380,476
	 EuroDekania Ltd
	  	Investment	  	 	464,503
	 Non-Profit Preferred Funding I Preferred Shares
	  	Investment	  	 	162,660
	 Alesco Financial Inc
	  	Investment	  	 	352,800
	 Parapet Class A Notes
	  	Investment	  	 	1,555,158

  

									
	 Description
	  	Type	  	Notional
Amount as of
November 30,
2009	  	Amount Due
as of
November 30,
2009
	 Koch Bond Derivative Contract
	  	Potential
Guarantee	  	$	8,750,000	  	$	—  

 Schedule 5.10(b) 
 Leases 
  

					
	 Leased Item
	  	 Lessee
	  	 Lessor

	IRC5180 (Cira)	  	Cohen & Company	  	Canon
	IRC5185i & IRC5050N (Cira)	  	Cohen & Company	  	Canon Busines
	IR6570 & IRC5050N	  	Cohen & Company	  	Canon Busines
	IRC5180	  	Cohen & Company	  	Canon Busines
	IR4570	  	Cohen & Company	  	Canon Busines
	IRC5185i	  	Cohen & Company	  	Canon Busines
	Citation X - add’l shares (contract 1028507)	  	Cohen & Company	  	NetJets
	Citation Excel	  	Cohen Brothers, LLC	  	NetJets
	Paris - office space	  	Cohen Freres Sas	  	La Bailleur
	Phila office space (Cira, Suite 1703)	  	Cohen Brothers, LLC	  	Brandywine Cira, LP
	Phila office space (Cira, Suite 1525)	  	Cohen Brothers, LLC	  	Capsicum
	Phila office space (Cira, Suite 1525)	  	Cohen Brothers, LLC	  	Capsicum - add’l
	Phila office space (Cira, old Capsicum)	  	Cohen Brothers, LLC	  	Brandywine Cira, LP
	NY office space (750 Lexington Ave)	  	Cohen Bros. & Company	  	135 East 57th Street LLC
	NY office space (750 Lexington Ave) - 22nd Floor	  	Cohen Bros. & Company	  	135 East 57th Street LLC
	Bethesda, MD office Space	  	Cohen Bros. & Company	  	Preferred Offices
	Chicago - office space (181 West Madison)	  	Cohen Bros. & Company	  	181 West Madison
	London - office space	  	EuroDekania Management, Ltd.	  	Palace Court
	North Carolina	  		  	Lumina Executive Suites
	Larkspur, California - office space	  		  	Executive Business Centers
	San Francisco	  	Cohen and Company	  	Regus
	Boston, MA	  	Cohen and Company	  	Regus
	Park City, Utah	  	Cohen and Company	  	Gateway Center LLC
	Los Angeles, CA	  	Cohen and Company	  	Regus
			
	SUBLEASES	  		  	
			
	Phila office space (Cira sublease)	  	RAIT	  	Cohen & Company
	NY office space (Sublease 22nd Floor)	  	The Olnick Organization	  	Cohen & Company

 Schedule 5.11 (c) 
 Employee Benefit Plans 
  

			
	 Benefit
	  	 Provider

	Health Insurance	  	Blue Cross/Blue Sheild (Personal Choice 10 & Keystone POS 10C)
		
	Dental	  	Guardian
		
	Life & AD&D Insurance	  	Guardian
		
	Short & Long Term Disability Insurance	  	Guardian
		
	NY Short Term Disability Insurance	  	Guardian
		
	401K (Traditionl & Roth Plans)	  	John Hancock
		
	Expat Medical, Dental, Life and Long Term Disability	  	Cigna International
		
	Expat Medical	  	Cigna International
		
	Expat Dental	  	Cigna International
		
	Expat Life and Long Term Disability	  	Cigna International
		
	Supplemental Life, STD, LTD, Cancer, Accident Insurance	  	Colonial
		
	Flex Spending Accounts (Medical, Dependent Care, Transit)	  	Ameriflex
		
	COBRA (Continuation of Benefits Program)	  	Ameriflex

 Schedule 5.13(a) 
 Schedule of Old Names 
 Cohen & Company
Financial Limited 
 Alesco TPS Holdings II, LLC 
 Cohen Bros. & Company, LLC 
 Cohen Bros. Asset Backed Management, LLC

 Cohen Bros. Securities, LLC 
 Cohen Bros. Toroian Investment Management, LLC 
 Cohen Brothers CLO Manager, LLC

 Cohen Brothers Financial Management, LLC 
 Cohen Brothers Management, LLC 
 Cohen Freres 
 Dekania Acquisition Corp. 
 Dustcroft Limited 
 Emporia Capital Funding LLC 
 Emporia Capital Funding, LLC 
 Emporia Capital Holdings, LLC 
 Emporia Capital Management, LLC 
 Emporia Preferred Funding II, Ltd. 
 Peerless Holdings I, L.P. 
 Strategos Asset Management, LLC 

															
	 Schedule 5.13(b)
 Worldwide Trademark Registrations

	 Trademark
	  	 Country
	  	 Applicant
	  	 Status
	  	 Filing Date
Reg. Date
	  	 Appl No.
Reg. No.
	  	 International
Class(es) &
Goods/
Services
	  	 Next Action

	ALESCO	  	EU	  	Cohen Bros. Financial Management, LLC	  	Registered	  	2/15/06 1/16/07	  	4903886	  	 Class : 35 Int. Business services, advice, information and consultancy related thereto
  
 Class : 36 Int. Financial services; advice, information and consultancy related thereto

	  	2/15/16 - Renewal
	ALESCO PREFERRED FUNDING	  	US	  	Cohen Bros. Financial Management, LLC	  	Registered	  	9/1/2003 12/13/05	  	78/404272 3026980	  	Class : 36 Int. Financial services in the nature of an investment security	  	12/13/11- Maintenance Due
	DEKANIA	  	US	  	Cohen Brothers, LLC	  	Registered	  	7/14/05 5/30/06	  	78/670756 3098262	  	Class : 36 Int. Financial services in the nature of an investment security	  	11/30/12 - Affidavit of Use
	DEKANIA	  	EU	  	Cohen Bros. Financial Management, LLC	  	Registered	  	2/15/06 5/2/07	  	4903639	  	 Class : 16 Int. Printed matter; printed publications
  
 Class : 35 Int. Business services, advice, information and consultancy related thereto
  
 Class : 36 Int. Investment services; advice, information and consultancy related thereto

	  	2/15/16 - Renewal
	KLEROS	  	US	  	Cohen Brothers, LLC	  	Registered	  	7/14/05 7/4/06	  	78/670772 3111872	  	Class : 36 Int. Financial services in the nature of an investment security	  	1/4/12 - Affidavit of Use
	KLEROS	  	EU	  	Cohen Bros. Financial Management, LLC	  	Registered	  	2/15/06 1/16/07	  	4903837	  	 Class : 35 Int. Business services, advice, information and consultancy related thereto
  
 Class : 36 Int. Investment services; financial services in the nature of an investment
security
	  	2/15/06 - Renewal

 Schedule 5.13 (c) 
 Necessary Trademarks, Patents and Copyrights 
 None 
  

 Schedule 5.14(a) 
 Other Associations 
  

			
	 Description
	  	 4. Type of investment

	 Star Asia Management Ltd.
 (50%
ownership of the joint venture that manages Star Asia Finance Ltd)
	  	Equity method investment
		
	 Strategos Deep Value Credit GP, LLC
 (50% ownership of the general partner that manages the Deep Value Funds)
	  	Equity method investment
		
	 Strategos Deep Value Credit GP II, LLC
 (40% ownership of the general partner that manages the Deep Value II Funds)
	  	Equity method investment
		
		  	
		
		  	

  

 Schedule 5.14(b) 
 Sponsored CDO Offerings 
 Section 1 
  

												
	CDO	  	 Asset Type
	  	Preferred Share
Ownership as
of 5-22-2009	  	Total Preferred
Shares
Outstanding	  	Percent
Owned	 	 	 Owning Entity

	 Alesco VI
	  	Bank & Insurance Trust Preferred Securities	  	100	  	62,300	  	0.16	% 	 	Cohen Bros Financial Management, LLC
	 Alesco VII
	  	Bank & Insurance Trust Preferred Securities	  	500	  	63,500	  	0.79	% 	 	Cohen Bros Financial Management, LLC
	 Alesco IX
	  	Bank & Insurance Trust Preferred Securities	  	2,655	  	44,400	  	5.98	% 	 	Cohen Bros Financial Management, LLC
	 Dekania I
	  	Insurance Trust Preferred Securities	  	800	  	25,600	  	3.13	% 	 	Dekania Capital Management, LLC
	 Dekania II
	  	Insurance Trust Preferred Securities	  	400	  	41,500	  	0.96	% 	 	Dekania Capital Management, LLC
	 Kleros I
	  	High Grade ABS, MBS & CDO Securities	  	1,500	  	15,500	  	9.68	% 	 	Cohen Bros Financial Management, LLC
	 Kleros II
	  	High Grade ABS, MBS & CDO Securities	  	600	  	8,000	  	7.50	% 	 	Cohen & Company, LLC
		  		  	 	  	 	  	 	 	 	
	 Total
	  		  	6,555	  	260,800	  			 	
						
	Section 2	  		  		  		  			 	
						
	CDO	  	 Asset Type
	  	Preferred Share
Ownership as
of12-9-2009	  	Total Preferred
Shares
Outstanding	  	Percent
Owned	 	 	 Owning Entity

	Alesco X	  	Bank & Insurance Trust Preferred Securities	  	38,169	  	60,404	  	63	% 	 	Alesco Financial Holdings, LLC
	Alesco XI	  	Bank & Insurance Trust Preferred Securities	  	34,200	  	43,998	  	78	% 	 	Alesco Holdings, Ltd.
	Alesco XII	  	Bank & Insurance Trust Preferred Securities	  	24,233	  	44,060	  	55	% 	 	Sunset Holdings, Ltd.
	Alesco XIII	  	Bank & Insurance Trust Preferred Securities	  	22,950	  	33,600	  	68	% 	 	Alesco Financial Holdings, LLC
	Alesco XIV	  	Bank & Insurance Trust Preferred Securities	  	39,000	  	52,000	  	75	% 	 	Alesco Holdings, Ltd.
	Alesco XV	  	Bank & Insurance Trust Preferred Securities	  	28,750	  	39,000	  	74	% 	 	Alesco Holdings, Ltd.
	Alesco XVI	  	Bank & Insurance Trust Preferred Securities	  	19,500	  	26,000	  	75	% 	 	Alesco Holdings, Ltd.
	Alesco XVII	  	Bank & Insurance Trust Preferred Securities	  	27,562	  	36,749	  	75	% 	 	Alesco Holdings, Ltd.
	Kleros Real Estate I Preference Shares	  	MBS and RMBS	  	4,000	  	4,000	  	100	% 	 	Alesco Financial Holdings, LLC
	Kleros Real Estate II Preference Shares	  	MBS and RMBS	  	4,000	  	4,000	  	100	% 	 	Sunset Financial Holdings, LLC
	Kleros Real Estate III Preference Shares	  	MBS and RMBS	  	4,000	  	4,000	  	100	% 	 	Alesco Financial Holdings, LLC
	Libertas I	  	High Grade ABS, MBS & CDO Securities	  	2,000	  	19,000	  	11	% 	 	Alesco Holdings, Ltd.
	Libertas III	  	High Grade ABS, MBS & CDO Securities	  	7,500	  	60,000	  	13	% 	 	Alesco Holdings, Ltd.
	Libertas IV	  	High Grade ABS, MBS & CDO Securities	  	4,750	  	18,750	  	25	% 	 	Alesco Holdings, Ltd.
	Kleros V	  	High Grade ABS, MBS & CDO Securities	  	3,000	  	8,500	  	35	% 	 	Alesco Holdings, Ltd.
	KlerosVII	  	High Grade ABS, MBS & CDO Securities	  	3,200	  	8,000	  	40	% 	 	Alesco Holdings, Ltd.
		  		  	 	  	 	  	 	 	 	
	 Total
	  		  	266,814	  	462,061	  			 	

  

 Schedule 5.15 
 Environmental Matters 
 None 

 Schedule 5.17 
 Capital Stock of Borrower & Subsidiary Guarantors 
 Section 1 
 Cohen Brothers, LLC owns 100% of the membership interests in the following entities: 
 Brigadier Capital Management, LLC 
 Brigadier GP, LLC 
 Cohen & Company Funding, LLC 
 Cohen & Company Management, LLC 
 Cohen & Company Securities, LLC 
 Cohen & Company Ventures, LLC

 Cohen Asia Investment Ltd. 
 Cohen Bros. Acquisitions, LLC 
 Dekania Investors, LLC 
 EuroDekania Management Limited 
 Strategos Capital Management, LLC 
 Strategos Deep Value Credit GP, LLC 

Strategos Deep Value Credit II GP, LLC 
 Cohen Brothers, LLC owns 100% of the ownership interests in: 
 Cohen & Compagnie, SAS 
 Cohen & Company Securities, LCC owns 100% of the membership interests in the following entities: 
 Cira ECM Funding, LLC, f/k/a Emporia Capital Funding LLC 
 Cohen Bros. Acquisitions, LLC currently owns Dekania Corp. 
 Dekania Corp. is
currently in the process of dissolution. The company has liquidated all its assets. 
 Dekania Investors, LCC owns 100% of the membership
interests in the following entities: 
 Cohen & Company Financial Management, LLC 
 Dekania Capital Management, LLC 
 Cira ECM, LLC, f/k/a Emporia Capita1 Management, LLC 
 Borrower Capital Stock: (Numbers below are
as of December 16, 2009) 
 Cohen Brothers, LLC Outstanding Membership Units = 15,626,900 
 Cohen Brothers, LLC Restricted Units representing, in the aggregate, the contractual right to receive 1,497,740 Membership Units 

 Section 2 
 Cohen Brothers, LLC, owns 100% of the membership interests in the following entities: 
 Alesco Loan Holdings, LLC 
 Sunset Investment Vehicle, LLC 
 Kleros Real Estate III Common Holdings, LLC 
 Kleros Real Estate IV Common Holdings, LLC 
 Sunset Financial Holdings, LLC

 Alesco Warehouse Conduit, LLC 
 Alesco Loan Holdings Trust 
 Alesco TPS Holdings, LLC 
 Cohen Brothers, LLC, owns the percentages of preferred stock set forth below: 
 Alesco Preferred Funding X, Ltd. – 63.19% 
 Alesco Preferred Funding XIII,
Ltd. – 68.3% 
 Kleros Real Estate CDO IV, Ltd. – 100% 
 Cohen Brothers, LLC, owns 50% of the limited partnership interests in the following entity: 
 Alesco Collateral Holdings I, L.P. 
 The following entities own the equity interests set forth
below: 
  

							
	 Debtor
	  	 Collateral
	  	% of
Interests
Owned	  	 Class of Interests

	Alesco Loan Holdings Trust	  	Alesco Real Estate Holdings, LLC	  	100%	  	Membership Interests/Units
	Alesco Loan Holdings Trust	  	Kleros Real Estate CDO I, Ltd.	  	100%	  	Preferred
	Alesco Real Estate Holdings, LLC	  	Kleros Real Estate CDO I, Ltd.	  	100%	  	Common
	Alesco TPS Holdings, LLC	  	Alesco Holdings, Ltd.	  	100%	  	Common
	Alesco TPS Holdings, LLC	  	Alesco Funding, LLC	  	100%	  	Membership Interests/Units
	Alesco Holdings, Ltd.	  	Alesco Preferred Funding XVII, Ltd.	  	75%	  	Preferred
	Alesco Holdings, Ltd.	  	Alesco Preferred Funding XVI, Ltd.	  	75%	  	Preferred
	Alesco Holdings, Ltd.	  	Alesco Preferred Funding XV, Ltd.	  	73.72%	  	Preferred
	Alesco Holdings, Ltd.	  	Alesco Preferred Funding XIV, Ltd.	  	75%	  	Preferred
	Alesco Holdings, Ltd.	  	Alesco Preferred Funding XI, Ltd.	  	77.73%	  	Preferred
	Alesco Holdings, Ltd.	  	Kleros Preferred Funding VII, Ltd.	  	40%	  	Preferred
	Alesco Holdings, Ltd.	  	Kleros Preferred Funding V, PLC	  	35.29%	  	Preferred
	Alesco Holdings, Ltd.	  	Libertas Preferred Funding III, Ltd.	  	12.5%	  	Preferred
	Alesco Holdings, Ltd.	  	Libertas Preferred Funding IV, Ltd.	  	25.33%	  	Preferred
	Alesco Holdings, Ltd.	  	Libertas Preferred Funding I, Ltd.	  	10.53%	  	Preferred
	Alesco Warehouse Conduit, LLC	  	Alesco Securities, LLC	  	100%	  	Membership Interests/Units

							
	 Debtor
	  	 Collateral
	  	% of
Interests
Owned	  	 Class of Interests

	Sunset Financial Holdings, LLC	  	Sunset Loan Holdings Trust	  	100%	  	Common
	Sunset Financial Holdings, LLC	  	Sunset TPS Holdings, LLC	  	100%	  	Membership Interests/Units
	Sunset Loan Holdings Trust	  	Sunset Real Estate Holdings, LLC	  	100%	  	Membership Interests/Units
	Sunset Loan Holdings Trust	  	Kleros Real Estate CDO II, Ltd.	  	100%	  	Preferred
	Sunset TPS Holdings, LLC	  	Sunset Funding, LLC	  	100%	  	Membership Interests/Units
	Sunset TPS Holdings, LLC	  	Sunset Holdings, Ltd.	  	100%	  	Common
	Sunset Real Estate Holdings, LLC	  	Kleros Real Estate CDO II, Ltd.	  	100%	  	Common
	Sunset Holdings, Ltd.	  	Emporia Preferred Funding III, Ltd.	  	79.49%	  	Preferred
	Sunset Holdings, Ltd.	  	Emporia Preferred Funding II, Ltd.	  	59%	  	Preferred
	Sunset Holdings, Ltd.	  	Alesco Preferred Funding XII, Ltd.	  	55%	  	Preferred
	Sunset Funding, LLC	  	Alesco CLO Funding, LLC	  	100%	  	Membership Interests/Units
	Sunset Funding, LLC	  	Emporia Preferred Funding IV, Ltd.	  	100%	  	Common
	Kleros Real Estate IV Common Holdings, LLC	  	Kleros Real Estate CDO IV, Ltd.	  	100%	  	Common
	Sunset Investment Vehicle, LLC	  	Alesco Collateral Holdings I, L.P.	  	50%	  	Partnership

 Schedule 5.19 
 Perfection and Priority - Borrower & Subsidiary Guarantors 
 All financing statements related to entities mentioned below shall be filed with the Secretary of State for the State of Delaware. 
 Brigadier Capital Management, LLC 
 Alesco Collateral Holdings I, L.P. 
 Alesco Funding, LLC 
 Alesco Loan Holdings, LLC 
 Alesco Securities, LLC 
 Alesco TPS Holdings, LLC

 Alesco Warehouse Conduit, LLC 
 Brigadier GP, LLC 
 Cira ECM, LLC, f/k/a Emporia Capital Management, LLC 
 Cohen & Company Financial Management, LLC 
 Cohen & Company Funding, LLC

 Cohen & Company Management, LLC 
 Cohen & Company Ventures, LLC 
 Cohen Bros. Acquisitions, LLC 
 Cohen Brothers, LLC, d/b/a Cohen & Company 
 Dekania Capital Management, LLC 

Dekania Investors, LLC 
 Strategos Capital
Management, LLC 
 Sunset Financial Holdings, LLC 
 Sunset Funding, LLC 
 Sunset Investment Vehicle, Inc. 
 Sunset TPS Holdings, LLC 
 All financing statements
related to entities mentioned below shall be filed with the Secretary of State for the State of Maryland 
 Alesco Loan Holdings Trust

 Sunset Loan Holdings Trust 
 Perfection of a Security Interest in this entity below shall be done in compliance with Cayman Island Law. 
 Alesco Holdings, Ltd.

 Sunset Holdings, Ltd. 
 Cohen Asia
Investments Ltd. 

 Schedule 5.20 
 Commercial Tort Claims 
 None 

 Schedule 5.21 
 Letter of Credit Rights 
 $992,000 Letter of
Credit for the benefit of Cohen & Company for the sublease of 135 East 57th, 22nd Floor,
New York office space. 

 Schedule 6.22(b) 
 Excluded AFN Subsidiaries Following Merger 
 Alesco Real Estate
Holdings, LLC 
 Kleros Real Estate III Common Holdings LLC 
 Kleros Real Estate IV Common Holdings LLC 
 Sunset Real Estate Holdings, LLC

 SCHEDULE 6.23 
 POST CLOSING REQUIREMENTS 
 None. 

 Schedule 7.4(a) 
 Transactions with Affiliates and Subsidiaries 
 Monthly rental charge
of $4,162 to RAIT Financial Trust for Cira Centre Office Space. 
 Unsecured Subordinated Promissory Note dated June 25, 2008 with
Christopher Ricciardi for $1,051,193.44. The Subordinated Note mature on June 20, 2013 and bear interest at an annual rate of 12%. A portion of this interest, 9%, is payable in cash semiannually on May 1 and November 1 of each year
commencing on November 1, 2008. The remaining portion, 3%, is paid in-kind at an annual rate of 3% which is also payable semiannually. All accrued in-kind interest will be added to the unpaid principal balance of the Subordinated Notes on each
May 1 and November 1, and thereafter the increased principal balance shall accrue interest at the annual rate of 12%. 
 Unsecured
Subordinated Promissory Note dated June 25, 2008 with Daniel Cohen for $2,102,386.87. The Subordinated Note mature on June 20, 2013 and bear interest at an annual rate of 12%. A portion of this interest, 9%, is payable in cash semiannually
on May 1 and November 1 of each year commencing on November 1, 2008. The remaining portion, 3%, is paid in-kind at an annual rate of 3% which is also payable semiannually. All accrued in-kind interest will be added to the unpaid
principal balance of the Subordinated Notes on each May 1 and November 1, and thereafter the increased principal balance shall accrue interest at the annual rate of 12%. 
 Unsecured Subordinated Promissory Note dated June 25, 2008 with Cohen Financial Group, Inc. for $6,307,160.62. The Subordinated Note mature on June 20, 2013 and bear interest at an annual rate
of 12%. A portion of this interest, 9%, is payable in cash semiannually on May 1 and November 1 of each year commencing on November 1, 2008. The remaining portion, 3%, is paid in-kind at an annual rate of 3% which is also payable
semiannually. All accrued in-kind interest will be added to the unpaid principal balance of the Subordinated Notes on each May 1 and November 1, and thereafter the increased principal balance shall accrue interest at the annual rate of
12%. 
 In connection with the dissolution of CFG in connection with the Merger, each Class A stockholder of CFG will receive a new
promissory note (“New Holder Note”) evidencing Borrower’s obligation to pay to such holder its pro rata share of the original Unsecured Subordinated Promissory Note (plus any interest that is then accrued and unpaid) and which new
promissory note shall otherwise have substantially the same terms and provisions as contained in the original Unsecured Subordinated Promissory Note. Mr. Cohen and Mr. Ricciardi are Class A stockholders of CFG and will receive
their pro rata share of the original Unsecured Subordinated Promissory Note. 
 The Company externally manages AFN for an annual management and
incentive fee. The Company designates some of its employees to work exclusively on management of AFN while other employees’ responsibilities include both AFN and Company matters. The base management and incentive fee otherwise payable to the
Company is reduced by AFN’s proportionate share of the amount of any asset management fees that are paid to the Company in connection with any CDOs AFN invests in, based on the percentage of the most junior CDO Securities held by AFN in such
CDOs. 

 AFN reimburses the Company for certain general and administrative expenses (e.g., pro rata share of the
Company’s rent, telephone, utilities, and other office, internal and overhead expenses) related to AFN. 
 The Company’s bank deposits
held with The Bancorp, Inc. 
 The Company earns management and incentive fees on its management contract with Brigadier Entities. 

Under the fair value option of SFAS No. 159, the Company recognizes unrealized and realized gains and losses on its investment in Brigadier LP.

 The Company recognizes dividend income on its investment in Star Asia. 
 The Company recognizes unrealized and realized gains and losses on its investment in Star Asia. The unrealized gains and losses and realized gains and losses, if any, are recorded as a component of
principal transactions in the consolidated statements of operations. 
 The Company earns management and incentive fees on its management
contract with EuroDekania. 
 The Company recognizes dividend income on its investment in EuroDekania. 
 The Company recognizes unrealized and realized gains and losses on its investment in EuroDekania. 
 The Company recognizes its share of the income or loss of Star Asia Manager as income or loss from equity method affiliates in the consolidated statements
of operations. From time to time, the Company may advance Star Asia Manager funds for normal operating purposes; such advances are a component of due from related party in the consolidated balance sheets. 
 The Company recognizes dividend income on its investment in MFCA, as a component of principal transactions and other income in the consolidated statements
of operations. 
 Under the fair value option of SFAS No. 159, the Company recognizes unrealized and realized gains and losses on its
investment in MFCA. 
 Deep Value General Partner has been identified as a related party because (i) the Deep Value General Partner is an
equity method affiliate of the Company; and (ii) certain employees of the Company own 50% of the Deep Value General Partner. The Company recognizes its share of the income or loss of the general partner since it is accounted for under the
equity method. The income or loss is recorded as income or loss from equity method affiliates in the consolidated statements of operations. 

 The Company earns management and incentive fees on its management contract with Deep Value Offshore Fund

 The Company began reimbursing RAIT for certain costs incurred by RAIT for office space in New York that is occupied by the
Company’s chairman and principal of its majority member.Third Amendment to Loan and Security Agreement

 EXHIBIT 10.30 
 THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT 
 This
THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (“Amendment”) is dated as of December 30, 2009, by and among COHEN BROTHERS, LLC, a Delaware limited liability company (“Borrower”), each of
the Subsidiary Guarantors a party hereto (including Cohen Securities Funding LLC (“Cohen Securities Funding”), formerly known as Alesco Securities, LLC), TD BANK, N.A., a national banking association, in its capacity
as agent (“Agent”), TD BANK, N.A. in its capacity as issuing bank (“Issuing Bank”) and each of the financial institutions which are now or hereafter identified as Lenders on Exhibit A (as such Exhibit
may be amended, modified or replaced from time to time) attached to the Loan Agreement (as defined below), (such financial institutions, collectively the “Lenders” and each individually a “Lender”). 
 BACKGROUND 
 A.
Pursuant to the terms of that certain Amended and Restated Loan and Security Agreement dated June 1, 2009, by and among Borrower, Agent, Issuing Bank and Lenders (as the same has been or may be supplemented, restated, superseded, amended or
replaced from time to time, the “Loan Agreement”), Lenders made available to Borrower a revolving line of credit not to exceed Thirty Million Dollars ($30,000,000) (the “Loans”). All capitalized terms used herein without further
definition shall have the respective meaning set forth in the Loan Agreement. 
 B. To induce Agent and Lenders to enter into
the Loan Agreement and to continue to make the Loans available to Borrower, each of Borrower, Parent and each Subsidiary Guarantor granted to Agent, for the ratable benefit of Secured Parties, a security interest in the Collateral. 
 C. Borrower and Subsidiary Guarantors have requested that Agent and Lenders modify, in certain respects, the terms of the Loan Agreement,
and Agent and Lenders have agreed to such modifications in accordance with and subject to satisfaction of the conditions hereof. 
 NOW, THEREFORE, with the foregoing Background incorporated by reference and intending to be legally bound hereby, the parties agree as follows: 
 1. Amendment to Loan Documents. 
 (a) Section 1.1 of the Loan
Agreement shall be amended by adding the definitions of “Cohen Securities Funding LLC”, “Cohen Securities Funding Net Worth” and “Trading Assets” in the proper alphabetical order: 
 Cohen Securities Funding – Cohen Securities Funding LLC, a Delaware limited liability company (formerly known as Alesco
Securities, LLC). 
  

 - 1 - 

 Cohen Securities Funding Net Worth – At any time, the sum of the amount by which
all of Cohen Securities Funding’s (i) assets exceed all of (ii) Cohen Securities Funding’s total liabilities, all as would be shown on Cohen Securities Funding’s balance sheet prepared in accordance with GAAP. 
 Trading Assets – Collectively, investments owned by Cohen Securities Funding which Cohen Securities Funding intends to sell,
transfer or otherwise dispose of within six (6) months of the acquisition thereof; provided, however that Permanent Investments shall not constitute Trading Assets. 
 (b) Section 1.1 of the Loan Agreement shall be amended by deleting the definitions of “Consolidated Funded Debt”, “Fixed Charge Coverage Ratio”, “Permitted
Indebtedness” and “Subsidiary Guarantor” and replacing each as follows: 
 Consolidated Funded
Debt – At any time (without duplication), the aggregate principal amount of interest bearing Indebtedness of Borrower on a consolidated basis, as determined in accordance with GAAP; provided, however that such consolidation shall not
include the amount of (i) interest bearing Indebtedness (including, without limitation, Repurchase Obligations) of Non-Consolidation Entities and (ii) interest bearing Indebtedness (including, without limitation, Repurchase Obligations) of
the Broker Entity or Cohen Securities Funding to the extent (a) such Indebtedness of the Broker Entity is non-recourse to Borrower or any Subsidiary Guarantor and (b) such Indebtedness of Cohen Securities Funding is non-recourse to
Borrower or any other Subsidiary Guarantor. 
 Fixed Charge Coverage Ratio – For each period of four full fiscal
quarters ended on the last day of each fiscal quarter, the ratio of (i) Consolidated Cash Flow to (ii) scheduled principal payments on account of Borrower’s and Subsidiary Guarantors’ (other than Cohen Securities Funding’s)
long term Indebtedness for the preceding four fiscal quarter period plus Consolidated Interest Expense, plus unfunded Capital Expenditures all as determined in accordance with GAAP on the last day of each such fiscal quarter. 
 Permitted Indebtedness – (a) Indebtedness to Agent, Issuing Bank and Lenders in connection with the Revolving Credit and
Letters of Credit or otherwise pursuant to the Loan Documents; (b) trade payables incurred in the ordinary course of Borrower’s or any Subsidiary Guarantor’s business; (c) purchase money Indebtedness (including Capitalized Lease
Obligations) hereafter incurred by Borrower or any Subsidiary Guarantor to finance the purchase of fixed assets; provided that, (i) such Indebtedness incurred in any fiscal year shall not exceed $1,000,000 (ii) such Indebtedness shall not
exceed the purchase price of the assets funded and (iii) no such Indebtedness may be refinanced for a principal amount in excess of the principal amount outstanding at the time of such refinancing; (d) Indebtedness existing on the Closing
Date that is identified and described on Schedule “1.1(a)” attached hereto and made part hereof; (e) Subordinated Debt; (f) Indebtedness of a Fin 46 Entity which is non-recourse to Borrower or any Subsidiary Guarantor;
(g) guarantees by Borrower of Indebtedness of a Subsidiary Guarantor so long as such Indebtedness of such Subsidiary Guarantor constitutes Permitted Indebtedness; (h) Indebtedness under Hedging Agreements; (i) Indebtedness of the
Post-Merger Parent that is non-recourse to Borrower or any Subsidiary Guarantor, (j) Indebtedness of Cohen Securities Funding that is non-recourse to Borrower or any other Subsidiary Guarantor and (k) Indebtedness related to the Koch CDS.

  

 - 2 - 

 Subsidiary Guarantor – Alesco Collateral Holdings I, L.P., Alesco Funding, LLC,
Alesco Holdings, Ltd., Alesco Loan Holdings, LLC, Alesco Loan Holdings Trust, Alesco TPS Holdings, LLC, Alesco Warehouse Conduit, LLC, Brigadier Capital Management, LLC, Brigadier GP, LLC, CIRA ECM, LLC, Cohen & Compagnie, Cohen &
Company Funding, LLC, Cohen & Company Management, LLC, Cohen & Company Ventures, LLC, Cohen Asia Investments, Ltd., Cohen Bros. Acquisitions, Cohen Securities Funding LLC (formerly known as Alesco Securities, LLC), Dekania Capital
Management, LLC, Dekania Investors, LLC, EuroDekania Management Limited, Strategos Capital Management, LLC, Sunset Financial Holdings, LLC, Sunset Funding, LLC, Sunset Holdings, Ltd., Sunset Investment Vehicle, LLC, Sunset Loan Holdings Trust,
Sunset TPS Holdings, LLC, and any other Person who may hereafter guaranty, as surety, all of the Obligations. Notwithstanding inclusion of each of Cohen & Compagnie and EuroDekania Management Limited as a “Subsidiary Guarantor”
hereunder, neither of Cohen & Compagnie or EuroDekania Management Limited shall be required to execute the Surety and Guaranty Agreement or Guaranty Security Agreement. 
 (c) Section 2.9(d) of the Loan Agreement is hereby deleted in its entirety and replaced as follows: 
 “(d) Subject to any limitations under Section 7.1 hereof, upon any Asset Sale or series of Asset Sales (other than an Asset Sale or
series of Asset Sales consisting of Trading Assets), Borrower shall prepay the Obligations in an amount equal to one hundred percent (100%) of the net cash proceeds of such sale or disposition (i.e., the gross proceeds less the reasonable and
customary costs of such sale or other dispositions) (“Net Cash Proceeds”) upon Borrower’s or any Subsidiary Guarantor’s receipt thereof and the Maximum Revolving Credit Amount shall be automatically and permanently reduced by
such prepayment amount.” 
  

 - 3 - 

 (d) Section 4.8(e) of the Loan Agreement is hereby deleted in its entirety and
replaced as follows: 
 “(e) No Lien (other than a Permitted Lien or Liens securing Permitted Indebtedness incurred by Cohen
Securities Funding) has been imposed on Borrower or any Subsidiary Guarantor; and” 
 (e) Section 6.3 of the Loan
Agreement is hereby deleted in its entirety and replaced as follows: 
 “6.3 Business Conducted: Other than pursuant
to any Asset Sale or series of Asset Sales resulting in a prepayment of the Obligation in accordance with Section 2.9(d) of this Agreement (but subject to any limitation under Section 7.1) or any Asset Sale or series of Asset Sales
consisting of Trading Assets, Borrower shall continue, and shall cause each Subsidiary Guarantor to continue, in the business presently operated by it using its commercially reasonable efforts to maintain its customers and goodwill. Borrower shall
not engage, and shall not permit any Subsidiary Guarantor to engage, directly or indirectly, in any material respect in any line of business substantially different from the businesses conducted by Borrower or such Subsidiary Guarantor immediately
prior to the Closing Date.” 
 (f) Section 6.8(a) of the Loan Agreement is hereby deleted in its entirety and
replaced as follows: 
 “(a) Consolidated Net Worth - Borrower shall maintain at all times
Consolidated Net Worth of not less than $40,000,000, to be tested monthly at the end of each month.” 
 (g)
Section 6.9(i) of the Loan Agreement is hereby deleted in its entirety and replaced as follows: 
 “(i)
Certain Indebtedness - prior to the execution and delivery thereof, copies of any instrument, document or agreement related to, or in connection with, the incurrence of any Indebtedness by the Broker Entity or Cohen Securities Funding.”

  

 - 4 - 

 (h) Section 7.1(a) of the Loan Agreement is hereby deleted in its entirety and
replaced as follows: 
 “(a) Borrower shall not engage, and shall not permit any Subsidiary Guarantor to engage, in any
Asset Sale other than: (i) so long as no Default or Event of Default exists or would exist after giving effect to such Asset Sale and any proceeds are applied as required under Section 2.9, liquidation of its investments (other than
Trading Assets) in the ordinary course of Borrower’s or such Subsidiary Guarantor’s business and transfers, sales and dispositions of the Permanent Investments, (ii) so long as no Default or Event of Default exists or would exist
after giving effect to such Asset Sale, transfers, sales and dispositions of Trading Assets by Cohen Securities Funding in the ordinary course of Cohen Securities Funding’s business, (iii) equipment that is replaced by other equipment
comparable or superior quality and value within ninety (90) days of such Asset Sale; (iv) the sale of Capital Stock of any Subsidiary Guarantor so long as such sale does not result in a Change of Control; and (v) in accordance with
the Tricadia Agreement.” 
 (i) Section 7.2 of the Loan Agreement is hereby deleted in its entirety and replaced as
follows: 
 “7.2 Acquisitions: Borrower shall not acquire, and shall not permit any Subsidiary Guarantor to acquire,
all or a material portion of the Capital Stock or assets of any Person in any transaction or in any series of related transactions or enter into any sale and leaseback transaction, other than the acquisition of Trading Assets or any Capital Stock
that is a Permitted Investment.” 
 (j) Section 7.7 of the Loan Agreement is hereby deleted in its entirety and
replaced as follows: 
 “7.7. Other Indebtedness: Borrower shall not, and shall not permit any Subsidiary Guarantor
to (a) hereafter incur or become liable for any Indebtedness other than Permitted Indebtedness; (b) make any prepayments on any existing or future Indebtedness (other than the Obligations or Permitted Indebtedness of Cohen Securities
Funding); or (c) make any payments on Subordinated Debt in violation of the subordination provisions thereof. 
 (k)
Section 7.13 of the Loan Agreement is hereby deleted in its entirety and replaced as follows: 
 “7.13 Capital
Amount. Borrower and Subsidiary Guarantors shall not permit the sum of (i) the net capital of the Broker Entity, as determined pursuant to applicable laws and regulations of the Financial Industry Regulatory Authority, Inc., plus
(ii) Cohen Securities Funding Net Worth to exceed, at any time, the sum of Fifty Million Dollars ($50,000,000) on an aggregate basis.” 
  

 - 5 - 

 (l) Section 7.16 of the Loan Agreement is hereby deleted in its entirety and replaced
as follows: 
 “7.16 Credit Enhancements. Borrower and Subsidiary Guarantors shall not permit the Broker Entity or
Cohen Securities Funding to provide credit enhancements in any form (including, without limitation, in the form of guaranties, liens, cash, securities or Indebtedness) to exceed, at any time, the sum of Forty Five Million Dollars ($45,000,000) on an
aggregate basis.” 
 (m) Exhibit E to the Loan Agreement is hereby deleted in its entirety and replaced with
Exhibit E attached hereto as Schedule 1. 
 (n) Schedule E to the Loan Agreement is hereby deleted in its
entirety and replaced with Schedule E attached hereto as Schedule 2. 
 2. Representations and Warranties.
Borrower and Subsidiary Guarantors, including Cohen Securities Funding, warrant and represent to Agent and Lenders that: 
 (a)
By execution of this Amendment, all representations and warranties made to Agent, Issuing Bank and Lenders under the Loan Agreement and each of the other Loan Documents are true and correct as of the date hereof as though made on and as of the date
hereof, all of which shall be deemed continuing until all of the Obligations due to Secured Parties are indefeasibly paid and satisfied in full. 
 (b) The execution and delivery of this Amendment and the performance by Borrower and each Subsidiary Guarantor (including Cohen Securities Funding) of the transactions herein contemplated will not violate
any Requirement of Law, or Borrower’s or Subsidiary Guarantor’s (including Cohen Securities Funding’s) certificate of formation, operating agreement or any other organizational documents, or violate or result in a default (immediately
or with the passage of time) under any contract, agreement or instrument to which Borrower or such Subsidiary Guarantor (including Cohen Securities Funding), is a party, or by which Borrower or such Subsidiary Guarantor (including Cohen Securities
Funding) is bound. Neither Borrower nor any Subsidiary Guarantor (including Cohen Securities Funding) is in violation of any term of any agreement or instrument to which it is a party or by which it may be bound which violation has or could have a
Material Adverse Effect, or of its respective charter, minutes or bylaw provisions, or certificate of formation, operating agreement or any other organizational document. Borrower and each Subsidiary Guarantor (including Cohen Securities Funding)
has all requisite power and authority to enter into and perform this Amendment and the transactions herein contemplated, and to incur the obligations herein provided for, and has taken all proper and necessary action to authorize the execution,
delivery and performance of this Amendment and the transactions herein contemplated. 
 (c) This Amendment and any assignment
or other instrument, document or agreement executed and delivered in connection herewith, will be valid, binding and enforceable against Borrower and each Subsidiary Guarantor (including Cohen Securities Funding) in accordance with its respective
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles. 
  

 - 6 - 

 (d) No Default or Event of Default exists. 
 3. Ratification of Loan Documents. This Amendment is hereby incorporated into and made a part of the Loan Agreement and all other
Loan Documents respectively, the terms and provisions of which, except to the extent expressly modified by this Amendment are each ratified and confirmed and continue unchanged in full force and effect. Any reference to the Loan Agreement or other
Loan Documents respectively in this or any other instrument, document or agreement related thereto or executed in connection therewith shall mean the Loan Agreement and other Loan Documents respectively as amended by this Amendment. 
 4. Confirmation of Indebtedness. Borrower and each Subsidiary Guarantor, including Cohen Securities Funding, confirms and
acknowledges that as of the close of business on December 23, 2009, (i) it is indebted to Agent and Lenders under the Loan Documents in the aggregate principal amount of $9,950,000 and (ii) Issuing Bank has issued Letters of Credit in
the face amount of $1,292,000, in each case without any deduction, defense, setoff, claim or counterclaim, of any nature as of the date of this Amendment, plus all fees, costs and Expenses incurred to date in connection with the Loan Documents.

 5. Effectiveness Conditions. This Amendment shall become effective upon the satisfaction of the following conditions:

 (a) Borrower shall have delivered or caused to be delivered to Agent the following: 
 (i) this Amendment, executed by Borrower and each Subsidiary Guarantor, including Cohen Securities Funding, as applicable; 
 (b) payment to Agent of all of Agent’s Expenses. 
 (c) payment to Agent of a nonrefundable $25,000 amendment fee, which fee is fully earned on the date of this Amendment. 
 (d) such other items as Agent may reasonably require. 
 6. Governing Law.
THIS AMENDMENT, AND ALL RELATED AGREEMENTS AND DOCUMENTS, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA. THE PROVISIONS OF THIS AMENDMENT AND ALL OTHER AGREEMENTS AND DOCUMENTS
REFERRED TO HEREIN ARE TO BE DEEMED SEVERABLE, AND THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION SHALL NOT AFFECT OR IMPAIR THE REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND EFFECT. 
  

 - 7 - 

 7. Modification. No modification hereof or any agreement referred to herein shall be
binding or enforceable unless in writing and signed by Borrower, each Subsidiary Guarantor, including Cohen Securities Funding, and Agent or Lenders, as required under the Loan Agreement. 
 8. Duplicate Originals: Two or more duplicate originals of this Amendment may be signed by the parties, each of which shall be an
original but all of which together shall constitute one and the same instrument. 
 9. Waiver of Jury Trial: EACH
SUBSIDIARY GUARANTOR, INCLUDING COHEN SECURITIES FUNDING, BORROWER, AGENT AND EACH LENDER HEREBY WAIVE ANY AND ALL RIGHTS EACH MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION, PROCEEDING OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT TO ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED RENEWAL, EXTENSION, AMENDMENT, MODIFICATION, RESTRUCTURE,
FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS. 
  

 - 8 - 

 IN WITNESS WHEREOF, the undersigned parties have executed this Amendment the day and year
first above written. 
  

					
	BORROWER:	 	COHEN BROTHERS, LLC
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
			
	SUBSIDIARY GUARANTORS:	 		 	
		
		 	BRIGADIER CAPITAL MANAGEMENT LLC
		 	BRIGADIER GP LLC
		
		 	BY: COHEN BROTHERS, LLC, ITS MANAGING MEMBER
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
		
		 	CIRA ECM, LLC
		 	DEKANIA CAPITAL MANAGEMENT, LLC
		
		 	BY: DEKANIA INVESTORS, LLC, ITS SOLE MEMBER
		
		 	BY: COHEN BROTHERS, LLC, ITS SOLE MEMBER
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
		
		 	COHEN & COMPANY MANAGEMENT, LLC
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer

  

 S-1 

					
		 	COHEN & COMPANY FUNDING, LLC
		 	COHEN & COMPANY VENTURES, LLC
		 	 COHEN BROS. ACQUISITIONS, LLC
 DEKANIA INVESTORS, LLC

		 	STRATEGOS CAPITAL MANAGEMENT, LLC
		
		 	BY: COHEN BROTHERS, LLC, ITS SOLE MEMBER
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
		
		 	c/o Cohen Brothers, LLC
		 	2929 Arch Street
		 	Philadelphia, PA 19104
		 	Attention: President
		 	Telecopy No.: (215) 861-7878
		
		 	COHEN ASIA INVESTMENTS LTD.
			
		 	BY:	 	 /s/ Christopher Ricciardi

		 	Name:	 	Christopher Ricciardi.
		 	Title:	 	Director

  

 S-2 

					
		 	COHEN & COMPANY FINANCIAL MANAGEMENT, LLC
		
		 	BY: DEKANIA INVESTORS, LLC, ITS SOLE MEMBER
		
		 	BY: COHEN BROTHERS, LLC, ITS SOLE MEMBER
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
		
		 	ALESCO COLLATERAL HOLDINGS I, L.P.
		 	ALESCO FUNDING, LLC
		 	ALESCO HOLDINGS LTD.
		 	ALESCO LOAN HOLDINGS TRUST
		 	ALESCO LOAN HOLDINGS, LLC
		 	ALESCO TPS HOLDINGS, LLC
		 	ALESCO WAREHOUSE CONDUIT, LLC
		 	COHEN SECURITIES FUNDING LLC
		 	SUNSET FINANCIAL HOLDINGS, LLC
		 	SUNSET FUNDING, LLC
		 	SUNSET HOLDINGS LTD.
		 	SUNSET INVESTMENT VEHICLE LLC
		 	SUNSET LOAN HOLDINGS TRUST
		 	SUNSET TPS HOLDINGS, LLC
			
		 	BY:	 	 /s/ Joseph W. Pooler, Jr.

		 	Name:	 	Joseph W. Pooler, Jr.
		 	Title:	 	Chief Financial Officer
		
		 	c/o Cohen Brothers, LLC
		 	2929 Arch Street
		 	Philadelphia, PA 19104
		 	Attention: President
		 	Telecopy No.: (215) 861-7878

  

 S-3 

					
	AGENT:	 	TD BANK, N.A., as Agent, Lender and Issuing Bank
			
		 	BY::	 	 /s/ Richard Zimmerman

		 	Name:	 	Richard A. Zimmerman
		 	Title:	 	Vice President

  

 S-4 

 SCHEDULE 1 
 See Attached 

 EXHIBIT “E” 
 FORM OF BORROWING BASE CERTIFICATE 
 BORROWING
BASE CERTIFICATE #                     
 Dated:                                

 To induce Lenders, as defined in the Loan Agreement (as defined below), to make Advances under the Revolving Credit established pursuant to
an Amended and Restated Loan and Security Agreement, dated May     , 2009, among TD Bank, N.A., as agent and issuing bank, Borrower and Lenders, and any amendments thereto (herein called the “Agreement”), Borrower
hereby certifies, as of the date above, as follows (capitalized terms, used without further definition herein, shall have the meanings set forth in the Agreement): 
  

	(1)	The Borrowing Base, determined in accordance with the Agreement, is as follows: 

  

				
	 a.      Aggregate Senior Non-Callable Management Fees
	  	$	            
		
	 b.      90% of item (a)
	  	$	            
		
	 c.      Aggregate Senior Callable Management Fees (only bank and insurance trust preferred
securities)
	  	$	            
		
	 d.      30% of item (c)
	  	$	            
		
	 e.      Market value of the Pledged Securities (as determined by reference to applicable national
exchange)
	  	$	            
		
	 f.       70% of item (e)
	  	$	            
		
	 g.      Sum of items (b), (d), and (f)
	  	$	            
		
	 h.      Maximum Revolving Credit Amount
	  	$	            
		
	 i.       Borrowing Base - lesser of item (g) or (h)
	  	$	            
		
	 j.       Current outstanding amount of Advances (Prior to requested Advance)
	  	$	            
		
	 k.      Drawn but unreimbursed Letters of Credit plus undrawn outstanding Letters of
Credit
	  	$	            
		
	 l.       Plus: Advance Request
	  	$	            

				
	          Less: Repayment Request
	  		
		
	 m.     Sum of item (j) plus (k) plus (l)
	  	$	            
		
	 n.      Availability /(overadvance)*
          *Calculated by the Borrowing Base item (i) minus item
(m).
	  	$	            

  

	(2)	Borrower hereby certifies that there is no Default or Event of Default outstanding under the Agreement. 

  

	(3)	The following is a list setting forth the principal place of business of Borrower, each place where its business and financial records are kept, and each of its other
places of business. 

  

					
	  
	  	

  

	(4)	The Consolidated Net Worth of Borrower is
                            ; 

 The Liquidity of Borrower is
                            . 
 Attached as Schedule “A” are the details underlying such financial covenant calculations. 
  

	(5)	Borrower hereby certifies that the information contained herein is true and correct. 

  

			
	Cohen Brothers, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 SCHEDULE 2 
 Schedule E 
 Permanent Investments 
 Section 1 
  

												
	 Description
	  	# of Shares	  	Value as of
11-30-09	  	 Balance Sheet
Classification
	  	 Parent Company
	  	 Legal Entity

						
	 Rait Finance Trust
	  	510,434	  	$	791,172.70	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 Star Asia Finance, Ltd.
	  	468,000	  	 	12,418,010	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 Star Asia Finance, LLC
	  	15,000	  	 	398,013	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 Muni Funding Company of America, LLC
	  	1,000,200	  	 	2,380,476	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 EuroDekania Ltd
	  	525,002	  	 	464,503	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 Non-Profit Preferred Funding I Preferred Shares
	  	250	  	 	162,660	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 Alesco Financial Inc
	  	504,000	  	 	352,800	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 Alesco VI Preferred Shares
	  	100	  	 	—  	  	Other Investments	  	Cohen & Company	  	Cohen & Company Financial Management, LLC
	 Alesco VII Preferred Shares
	  	500	  	 	—  	  	Other Investments	  	Cohen & Company	  	Cohen & Company Financial Management, LLC
	 Alesco IX Preferred Shares
	  	2,655	  	 	—  	  	Other Investments	  	Cohen & Company	  	Cohen & Company Financial Management, LLC
	 Dekania I Preferred Shares
	  	800	  	 	—  	  	Other Investments	  	Cohen & Company	  	Dekania Capital Management, LLC

  

											
	 Description
	  	# of Shares	  	Value as of
11-30-09	  	 Balance Sheet
Classification
	  	 Parent Company
	  	 Legal Entity

	 Dekania II Preferred Shares
	  	400	  	8,000.00	  	Other Investments	  	Cohen & Company	  	Dekania Capital Management, LLC
	 Kleros I Preferred Shares
	  	1,500	  	—  	  	Other Investments	  	Cohen & Company	  	Cohen & Company Financial Management, LLC
	 Kleros II Preferred Shares
	  	600	  	—  	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
		  		  	 	  		  		  	
						
		  		  	16,975,634	  		  		  	
						
	 Description
	  	Notional Amount	  	Value as of
1-30-09	  	 Balance Sheet
Classification
	  	 Parent Company
	  	 Legal Entity

	 Parapet Class A Notes
	  	42,402,924	  	1,555,158	  	Other Investments	  	Cohen & Company	  	Strategos Capital Management, LLC
		  		  	 	  		  		  	
						
		  		  	1,555,158	  		  		  	
						
	 Description
	  	LP Units	  	Value as of
11-30-09	  	 Balance Sheet
Classification
	  	 Parent Company
	  	 Legal Entity

	 Brigadier Capital, LP
	  	3,299,520.00	  	3,299,520	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 Brigadier Capital, LP
	  	878,137	  	878,137	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 Strategos Deep Value Onshore Fund, LP
	  	5,000,000	  	6,382,181	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
	 Strategos Deep Value Offshore Fund, LP
	  	10,000,000	  	12,783,505	  	Other Investments	  	Cohen & Company	  	Cohen & Company, LLC
		  		  	 	  		  		  	
						
		  		  	23,343,344	  		  		  	

  

 Section 2 
  

												
	 Description - Structured Finance Investments
	  	# of Shares or
Notional Amount	  	Value as of
11-30-09	  	 Balance Sheet
Classification
	  	 Parent Company
	  	 Legal Entity

	 Alesco Preferred Funding X, Ltd. Preference Shares
	  	38,169	  	$	—  	  	Other Investments	  	AFN	  	AFN
	 Alesco Preferred Funding XI, Ltd. Preference Shares
	  	34,200	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Alesco Preferred Funding XII, Ltd. Preference Shares
	  	24,233	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Alesco Preferred Funding XIII, Ltd. Preference Shares
	  	22,950	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Alesco Preferred Funding XIV, Ltd. Preference Shares
	  	39,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Alesco Preferred Funding XV, Ltd. Preference Shares
	  	28,750	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Alesco Preferred Funding XVI, Ltd. Preference Shares
	  	19,500	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Alesco Preferred Funding XVII, Ltd. Preference Shares
	  	27,562	  	 	—  	  	Other Investments	  	AFN	  	AFN
						
	 Emporia Preferred Funding II, Ltd.
	  	21,476	  	 	1,073,800	  	Other Investments	  	AFN	  	AFN
						
	 Emporia Preferred Funding III, Ltd.
	  	31,000	  	 	1,550,000	  	Other Investments	  	AFN	  	AFN
	 Kleros Real Estate CDO I, Ltd. Preference Shares
	  	4,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Kleros Real Estate CDO I, Ltd. Class D Notes
	  	26,000,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Kleros Real Estate CDO II, Ltd. Preference Shares
	  	4,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Kleros Real Estate CDO II, Ltd. Class D Notes
	  	11,000,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Kleros Real Estate CDO II, Ltd. Class E Notes
	  	15,000,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Kleros Real Estate CDO IV, Ltd. Preference Shares
	  	12,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Kleros Real Estate CDO IV, Ltd. Class D Notes
	  	9,000,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Kleros Real Estate CDO IV, Ltd. Class E Notes
	  	9,000,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
						
	 Libertas Preferred Funding I, Ltd.
	  	2,000	  	 	—  	  	Other Investments	  	AFN	  	AFN
	 Libertas Preferred Funding IV, Ltd.
	  	4,750	  	 	—  	  	Other Investments	  	AFN	  	AFN

											
	 Description - Structured Finance Investments
	  	# of Shares or
Notional Amount	  	Value as of
11-30-09	  	 Balance Sheet
Classification
	  	 Parent Company
	  	 Legal Entity

	 Kleros Preferred Funding V
	  	3,000	  	—  	  	Other Investments	  	AFN	  	AFN
						
	 Kleros Preferred Funding VII
	  	3,200	  	—  	  	Other Investments	  	AFN	  	AFN
	 Bear Stearns Adjustable Rate Mortgage Trust 2007-02
	  	30,911,717	  	309,117	  	Other Investments	  	AFN	  	AFN
		  		  	 	  		  		  	
						
		  		  	2,932,917	  		  		  	
						
	 Description - TruPS Debt Securities
	  	Notional Amount	  	Value as of
11-30-09	  	 Balance Sheet
Classification
	  	 Parent Company
	  	 Legal Entity

						
	 Beal Financial Corporation
	  	3,000,000	  	1,550,350	  	Other Investments	  	AFN	  	AFN
						
	 Umpqua Holdings Corporation
	  	3,000,000	  	422,000	  	Other Investments	  	AFN	  	AFN
						
	 First Banks, Incorporated
	  	2,000,000	  	61,000	  	Other Investments	  	AFN	  	AFN
						
	 James River Group, Inc.
	  	6,593,000	  	4,108,000	  	Other Investments	  	AFN	  	AFN
		  		  	 	  		  		  	
						
		  		  	6,141,350	  		  		  	
						
	 Description - Other Investments
	  	Notional Amount	  	Value as of
11-30-09	  	 Balance Sheet
Classification
	  	 Parent Company
	  	 Legal Entity

						
	 Peerless Commercial Loan
	  	11,745,590	  	7,464,000	  	Other Investments	  	AFN	  	AFN
	 WDC Exploration & Wells Holding LLC
	  	500,000	  	—  	  	Other Investments	  	AFN	  	AFN
						
	 Yarhouse USA, Inc.
	  	500,000	  	400,000	  	Other Investments	  	AFN	  	AFN
	 On-Balance Sheet Residential Mortgage Loans
	  	1,480,000	  	1,043,000	  	Other Investments	  	AFN	  	AFN
	 REO Property
	  	80,143	  	80,143	  	Other Investments	  	AFN	  	AFN
		  		  	 	  		  		  	
						
		  		  	8,987,143	  		  		  	
					
	 Total Permament
 Investments
	  	59,935,546

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]