<SEC-DOCUMENT>0001042046-14-000033.txt : 20140813
<SEC-HEADER>0001042046-14-000033.hdr.sgml : 20140813
<ACCEPTANCE-DATETIME>20140813170229
ACCESSION NUMBER:		0001042046-14-000033
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140630
FILED AS OF DATE:		20140813
DATE AS OF CHANGE:		20140813
EFFECTIVENESS DATE:		20140813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0001042046
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				311544320
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-04389
		FILM NUMBER:		141038306

	BUSINESS ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5135792121

	MAIL ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN FINANCIAL GROUP HOLDINGS INC
		DATE OF NAME CHANGE:	19970709
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001042046</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2014</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2014</reportCalendarOrQuarter>
      <filingManager>
        <name>AMERICAN FINANCIAL GROUP INC</name>
        <address>
          <com:street1>GREAT AMERICAN INSURANCE GROUP TOWER</com:street1>
          <com:street2>301 E. 4TH STREET</com:street2>
          <com:city>CINCINNATI</com:city>
          <com:stateOrCountry>OH</com:stateOrCountry>
          <com:zipCode>45202</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-04389</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Brian S. Hertzman</name>
      <title>Vice President and Controller</title>
      <phone>513-579-2153</phone>
      <signature>/s/ Brian S. Hertzman</signature>
      <city>Cincinnati</city>
      <stateOrCountry>OH</stateOrCountry>
      <signatureDate>08-13-2014</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>2</otherIncludedManagersCount>
      <tableEntryTotal>249</tableEntryTotal>
      <tableValueTotal>1225993</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-498</form13FFileNumber>
            <name>Great American Insurance Company</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>2</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-1258</form13FFileNumber>
            <name>Great American Life Insurance Company</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
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<FILENAME>afg-201463013fxhr.xml
<DESCRIPTION>INFORMATION TABLE
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    <nameOfIssuer>ACE LTD</nameOfIssuer>
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    <nameOfIssuer>AT&amp;T INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    </votingAuthority>
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    <votingAuthority>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ARCELORMITTAL SA LUXEMBOURG</nameOfIssuer>
    <titleOfClass>NY REGISTRY SH</titleOfClass>
    <cusip>03938L104</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt>400000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ARCELORMITTAL SA LUXEMBOURG</nameOfIssuer>
    <titleOfClass>NY REGISTRY SH</titleOfClass>
    <cusip>03938L104</cusip>
    <value>5972</value>
    <shrsOrPrnAmt>
      <sshPrnamt>400000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>400000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARCH COAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>039380100</cusip>
    <value>2719</value>
    <shrsOrPrnAmt>
      <sshPrnamt>745000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>745000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ARCH COAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>039380100</cusip>
    <value>402</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>110000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BP PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>055622104</cusip>
    <value>4352</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <None>0</None>
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    <nameOfIssuer>BP PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>055622104</cusip>
    <value>2374</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>45000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BANK OF AMERICA CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>10192</value>
    <shrsOrPrnAmt>
      <sshPrnamt>663120</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>663120</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BANK OF AMERICA CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>1206</value>
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      <sshPrnamt>78480</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>78480</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BARCLAYS PLC</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>06738E204</cusip>
    <value>3002</value>
    <shrsOrPrnAmt>
      <sshPrnamt>205500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>205500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>BARCLAYS PLC</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>06738E204</cusip>
    <value>4880</value>
    <shrsOrPrnAmt>
      <sshPrnamt>334000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>334000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BARCLAYS PLC</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>06738E204</cusip>
    <value>3806</value>
    <shrsOrPrnAmt>
      <sshPrnamt>260500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>260500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BASIC ENERGY SVCS INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>06985P100</cusip>
    <value>294</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10052</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10052</Sole>
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      <None>0</None>
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    <nameOfIssuer>BBCN BANCORP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>073295107</cusip>
    <value>170</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10655</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10655</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>BERKLEY W R CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084423102</cusip>
    <value>5418</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>117000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BIG 5 SPORTING GOODS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>08915P101</cusip>
    <value>129</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10484</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>10484</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BLACKSTONE GROUP L P</nameOfIssuer>
    <titleOfClass>COM UNIT LTD</titleOfClass>
    <cusip>09253U108</cusip>
    <value>401</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>12000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>BLACKSTONE GROUP L P</nameOfIssuer>
    <titleOfClass>COM UNIT LTD</titleOfClass>
    <cusip>09253U108</cusip>
    <value>1605</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>48000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>BLDRS INDEX FDS TR</nameOfIssuer>
    <titleOfClass>EMER MK 50 ADR</titleOfClass>
    <cusip>09348R300</cusip>
    <value>412</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10529</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10529</Sole>
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      <None>0</None>
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    <nameOfIssuer>CAI INTERNATIONAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12477X106</cusip>
    <value>259</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11760</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>11760</Sole>
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      <None>0</None>
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    <nameOfIssuer>CYS INVTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12673A108</cusip>
    <value>9981</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1106500</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1106500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CYS INVTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12673A108</cusip>
    <value>10535</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1168000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <Sole>1168000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CYS INVTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12673A108</cusip>
    <value>10423</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1155500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CAPITAL BK FINL CORP</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>139794101</cusip>
    <value>347</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14715</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <Sole>14715</Sole>
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      <None>0</None>
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    <nameOfIssuer>CAPITOL FED FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14057J101</cusip>
    <value>438</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>36000</Sole>
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      <None>0</None>
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    <nameOfIssuer>CARLYLE GROUP L P</nameOfIssuer>
    <titleOfClass>COM UTS LTD PTN</titleOfClass>
    <cusip>14309L102</cusip>
    <value>560</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>16500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CARLYLE GROUP L P</nameOfIssuer>
    <titleOfClass>COM UTS LTD PTN</titleOfClass>
    <cusip>14309L102</cusip>
    <value>2472</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>72800</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CARRIAGE SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>143905107</cusip>
    <value>242</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14112</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>14112</Sole>
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      <None>0</None>
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    <nameOfIssuer>CEDAR REALTY TRUST INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>150602209</cusip>
    <value>292</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46654</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>46654</Sole>
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      <None>0</None>
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    <nameOfIssuer>CELGENE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
    <value>2576</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <Sole>30000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CELGENE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
    <value>2576</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>5065</value>
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      <sshPrnamt>38800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>38800</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHUBB CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>171232101</cusip>
    <value>6544</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CISCO SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>2734</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>110000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CISCO SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>6213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>250000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>172967424</cusip>
    <value>13706</value>
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      <sshPrnamt>291000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>291000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
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    <value>7724</value>
    <shrsOrPrnAmt>
      <sshPrnamt>164000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <Sole>164000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>COACH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>189754104</cusip>
    <value>6209</value>
    <shrsOrPrnAmt>
      <sshPrnamt>181600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>181600</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COACH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>189754104</cusip>
    <value>6954</value>
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      <sshPrnamt>203400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>203400</Sole>
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    <nameOfIssuer>MYR GROUP INC DEL</nameOfIssuer>
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    <nameOfIssuer>MANAGED HIGH YIELD PLUS FD I</nameOfIssuer>
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      <Sole>49750</Sole>
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  <infoTable>
    <nameOfIssuer>PNC FINL SVCS GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693475105</cusip>
    <value>5365</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>60250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PEABODY ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>704549104</cusip>
    <value>5886</value>
    <shrsOrPrnAmt>
      <sshPrnamt>360000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>360000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEABODY ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>704549104</cusip>
    <value>4415</value>
    <shrsOrPrnAmt>
      <sshPrnamt>270000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>270000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PEOPLES UNITED FINANCIAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>712704105</cusip>
    <value>9557</value>
    <shrsOrPrnAmt>
      <sshPrnamt>630000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>630000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PEPSICO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>713448108</cusip>
    <value>19213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>215050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>215050</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PETROQUEST ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>716748108</cusip>
    <value>393</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52308</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>52308</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>12406</value>
    <shrsOrPrnAmt>
      <sshPrnamt>418000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>418000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>594</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718172109</cusip>
    <value>548</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>6500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>POTBELLY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73754Y100</cusip>
    <value>479</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>POTBELLY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73754Y100</cusip>
    <value>638</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>POTBELLY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73754Y100</cusip>
    <value>160</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>POWERSHARES ETF TRUST</nameOfIssuer>
    <titleOfClass>DYNAMIC MKT PT</titleOfClass>
    <cusip>73935X104</cusip>
    <value>1924</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26391</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>26391</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>POWERSHARES ETF TRUST</nameOfIssuer>
    <titleOfClass>HI YLD EQ DVDN</titleOfClass>
    <cusip>73935X302</cusip>
    <value>384</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29947</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>29947</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PREMIERE GLOBAL SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>740585104</cusip>
    <value>279</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20924</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>20924</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742718109</cusip>
    <value>6239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79391</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>79391</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PROVIDENT FINL SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74386T105</cusip>
    <value>250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14439</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>14439</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PRUDENTIAL FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744320102</cusip>
    <value>7767</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>87500</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PRUDENTIAL FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744320102</cusip>
    <value>8107</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91323</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>91323</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>RF MICRODEVICES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>749941100</cusip>
    <value>219</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22837</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>22837</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RAMCO-GERSHENSON PPTYS TR</nameOfIssuer>
    <titleOfClass>COM SH BEN INT</titleOfClass>
    <cusip>751452202</cusip>
    <value>288</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17345</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>17345</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>REVENUESHARES ETF TR</nameOfIssuer>
    <titleOfClass>SMALL CAP FD</titleOfClass>
    <cusip>761396308</cusip>
    <value>250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4443</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>4443</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>REVOLUTION LIGHTING TECHNOLO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76155G107</cusip>
    <value>3950</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1717202</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1717202</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>REVOLUTION LIGHTING TECHNOLO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76155G107</cusip>
    <value>3950</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1717202</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1717202</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>REXFORD INDL RLTY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76169C100</cusip>
    <value>641</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>45000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>REXFORD INDL RLTY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76169C100</cusip>
    <value>1495</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>105000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RUDOLPH TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>781270103</cusip>
    <value>223</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22525</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>22525</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SIZMEK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83013P105</cusip>
    <value>270</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28305</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>28305</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STAPLES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855030102</cusip>
    <value>2710</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>250000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STARWOOD PPTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85571B105</cusip>
    <value>357</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STARWOOD PPTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85571B105</cusip>
    <value>357</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
    <value>12632</value>
    <shrsOrPrnAmt>
      <sshPrnamt>905555</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>905555</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
    <value>11369</value>
    <shrsOrPrnAmt>
      <sshPrnamt>815000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>815000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
    <value>1263</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90556</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>90556</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STONERIDGE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86183P102</cusip>
    <value>242</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>22550</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYKES ENTERPRISES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871237103</cusip>
    <value>260</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11970</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>11970</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SYNAPTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87157D109</cusip>
    <value>370</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4082</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>4082</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYSCO CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871829107</cusip>
    <value>712</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>19000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
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</SEC-DOCUMENT>
