<SEC-DOCUMENT>0001042046-15-000024.txt : 20150514
<SEC-HEADER>0001042046-15-000024.hdr.sgml : 20150514
<ACCEPTANCE-DATETIME>20150513174027
ACCESSION NUMBER:		0001042046-15-000024
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150331
FILED AS OF DATE:		20150514
DATE AS OF CHANGE:		20150513
EFFECTIVENESS DATE:		20150514

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:		15859548

	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>03-31-2015</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>03-31-2015</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>05-13-2015</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>2</otherIncludedManagersCount>
      <tableEntryTotal>258</tableEntryTotal>
      <tableValueTotal>1251910</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
<SEQUENCE>2
<FILENAME>afg-201533113fxhr.xml
<DESCRIPTION>INFORMATION TABLE
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    <nameOfIssuer>DEUTSCHE BANK AG</nameOfIssuer>
    <titleOfClass>NAMEN AKT</titleOfClass>
    <cusip>D18190898</cusip>
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    <shrsOrPrnAmt>
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    <nameOfIssuer>ARGO GROUP INTL HLDGS LTD</nameOfIssuer>
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    <cusip>G0464B107</cusip>
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    <nameOfIssuer>ENSCO PLC</nameOfIssuer>
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    <cusip>G3157S106</cusip>
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  <infoTable>
    <nameOfIssuer>MEDTRONIC PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G5960L103</cusip>
    <value>7799</value>
    <shrsOrPrnAmt>
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      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ACE LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>H0023R105</cusip>
    <value>7024</value>
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    <nameOfIssuer>LYONDELLBASELL INDUSTRIES N</nameOfIssuer>
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    <value>13170</value>
    <shrsOrPrnAmt>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>ALLIANCE RES PARTNER L P</nameOfIssuer>
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    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>APOLLO RESIDENTIAL MTG INC</nameOfIssuer>
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      <sshPrnamt>161000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>161000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>APPLE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>18030</value>
    <shrsOrPrnAmt>
      <sshPrnamt>144900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>144900</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>APPLE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>2003</value>
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      <sshPrnamt>16100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>16100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ARCELORMITTAL SA LUXEMBOURG</nameOfIssuer>
    <titleOfClass>NY REGISTRY SH</titleOfClass>
    <cusip>03938L104</cusip>
    <value>3768</value>
    <shrsOrPrnAmt>
      <sshPrnamt>400000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>400000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ARCELORMITTAL SA LUXEMBOURG</nameOfIssuer>
    <titleOfClass>NY REGISTRY SH</titleOfClass>
    <cusip>03938L104</cusip>
    <value>3768</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>745</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>110</value>
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      <sshPrnamt>110000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>110000</Sole>
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      <None>0</None>
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    <nameOfIssuer>BP PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>055622104</cusip>
    <value>3227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <Sole>82500</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BP PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>055622104</cusip>
    <value>1760</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>BAKER HUGHES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>057224107</cusip>
    <value>6358</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>100000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>057224107</cusip>
    <value>6358</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>100000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BANK AMER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>8666</value>
    <shrsOrPrnAmt>
      <sshPrnamt>563120</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>563120</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BANK AMER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>1208</value>
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      <sshPrnamt>78480</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>78480</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BARCLAYS PLC</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>06738E204</cusip>
    <value>2994</value>
    <shrsOrPrnAmt>
      <sshPrnamt>205500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <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>4866</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>3795</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>BBCN BANCORP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>073295107</cusip>
    <value>219</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15149</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15149</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BERKLEY W R CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084423102</cusip>
    <value>5910</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>BLACKSTONE GROUP L P</nameOfIssuer>
    <titleOfClass>COM UNIT LTD</titleOfClass>
    <cusip>09253U108</cusip>
    <value>1416</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>36400</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>5662</value>
    <shrsOrPrnAmt>
      <sshPrnamt>145600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>145600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAI INTERNATIONAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12477X106</cusip>
    <value>331</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13456</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>13456</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CYS INVTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12673A108</cusip>
    <value>9859</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1106500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1106500</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CYS INVTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12673A108</cusip>
    <value>10407</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1168000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1168000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CYS INVTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12673A108</cusip>
    <value>10296</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1155500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1155500</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CABOT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>127055101</cusip>
    <value>208</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4633</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>4633</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAPITOL FED FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14057J101</cusip>
    <value>450</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>36000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARLYLE GROUP L P</nameOfIssuer>
    <titleOfClass>COM UTS LTD PTN</titleOfClass>
    <cusip>14309L102</cusip>
    <value>1491</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>55000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARLYLE GROUP L P</nameOfIssuer>
    <titleOfClass>COM UTS LTD PTN</titleOfClass>
    <cusip>14309L102</cusip>
    <value>12236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>451505</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>451505</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARLYLE GROUP L P</nameOfIssuer>
    <titleOfClass>COM UTS LTD PTN</titleOfClass>
    <cusip>14309L102</cusip>
    <value>2683</value>
    <shrsOrPrnAmt>
      <sshPrnamt>99000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>99000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARRIAGE SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>143905107</cusip>
    <value>387</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16217</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>16217</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CEDAR REALTY TRUST INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>150602209</cusip>
    <value>349</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46654</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>46654</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CELGENE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
    <value>1153</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CELGENE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
    <value>1729</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>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CENTURY CMNTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>156504300</cusip>
    <value>8225</value>
    <shrsOrPrnAmt>
      <sshPrnamt>425500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>425500</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CENTURY CMNTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>156504300</cusip>
    <value>8225</value>
    <shrsOrPrnAmt>
      <sshPrnamt>425500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>425500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>4073</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>38800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHUBB CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>171232101</cusip>
    <value>7178</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CISCO SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>3028</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>110000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CISCO SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>6881</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
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      <None>0</None>
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      <sshPrnamt>460000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>PEOPLES UNITED FINANCIAL INC</nameOfIssuer>
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      <Sole>630000</Sole>
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      <None>0</None>
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    <value>314</value>
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      <None>0</None>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
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      <sshPrnamt>418000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>696</value>
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      <sshPrnamt>20000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>20000</Sole>
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      <None>0</None>
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    <nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
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    <cusip>718172109</cusip>
    <value>490</value>
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      <sshPrnamt>6500</sshPrnamt>
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      <Sole>6500</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>73754Y100</cusip>
    <value>411</value>
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      <sshPrnamt>30000</sshPrnamt>
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    <value>959</value>
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    <nameOfIssuer>PREMIERE GLOBAL SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>740585104</cusip>
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      <sshPrnamt>475000</sshPrnamt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>74386T105</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>744320102</cusip>
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    <nameOfIssuer>PRUDENTIAL FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744320102</cusip>
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    <nameOfIssuer>RAMCO-GERSHENSON PPTYS TR</nameOfIssuer>
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    <cusip>751452202</cusip>
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      <Sole>17345</Sole>
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    <nameOfIssuer>REVOLUTION LIGHTING TECHNOLO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76155G107</cusip>
    <value>1906</value>
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      <sshPrnamt>1717202</sshPrnamt>
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    <nameOfIssuer>REVOLUTION LIGHTING TECHNOLO</nameOfIssuer>
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    <value>1906</value>
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      <sshPrnamt>1717202</sshPrnamt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>76169C100</cusip>
    <value>711</value>
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    <nameOfIssuer>REXFORD INDL RLTY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76169C100</cusip>
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    <cusip>781270103</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>83421A104</cusip>
    <value>225</value>
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      <sshPrnamt>4360</sshPrnamt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>85571B105</cusip>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
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  <infoTable>
    <nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>8818</value>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
    <value>980</value>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>87157D109</cusip>
    <value>254</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3127</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>SYSCO CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871829107</cusip>
    <value>717</value>
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      <sshPrnamt>19000</sshPrnamt>
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    <nameOfIssuer>TARGET CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87612E106</cusip>
    <value>11490</value>
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      <None>0</None>
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    <nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>878742204</cusip>
    <value>1017</value>
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      <None>0</None>
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    <nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
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    <value>549</value>
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    <nameOfIssuer>THOMSON REUTERS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>884903105</cusip>
    <value>730</value>
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      <None>0</None>
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    <nameOfIssuer>TORTOISE ENERGY INFRSTRCTR C</nameOfIssuer>
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    <value>813</value>
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      <sshPrnamt>19336</sshPrnamt>
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      <Sole>19336</Sole>
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      <None>0</None>
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    <nameOfIssuer>TORTOISE ENERGY INFRSTRCTR C</nameOfIssuer>
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    <value>2706</value>
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      <sshPrnamt>64380</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>TRINITY INDS INC</nameOfIssuer>
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    <cusip>896522109</cusip>
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      <sshPrnamt>93500</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>TRINITY INDS INC</nameOfIssuer>
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    <nameOfIssuer>TWO HBRS INVT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90187B101</cusip>
    <value>4885</value>
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      <sshPrnamt>460000</sshPrnamt>
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    <otherManager>1</otherManager>
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      <None>0</None>
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    <nameOfIssuer>TWO HBRS INVT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90187B101</cusip>
    <value>16503</value>
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      <sshPrnamt>1554000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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    <nameOfIssuer>TWO HBRS INVT CORP</nameOfIssuer>
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    <cusip>90187B101</cusip>
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      <None>0</None>
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    <nameOfIssuer>USA COMPRESSION PARTNERS LP</nameOfIssuer>
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    <cusip>90290N109</cusip>
    <value>307</value>
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    <nameOfIssuer>USA COMPRESSION PARTNERS LP</nameOfIssuer>
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    <value>2966</value>
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    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
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    <cusip>922042718</cusip>
    <value>233</value>
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      <Sole>2351</Sole>
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    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
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    <cusip>922042775</cusip>
    <value>354</value>
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      <Sole>7265</Sole>
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    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
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    <cusip>922908363</cusip>
    <value>639</value>
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      <Sole>3375</Sole>
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    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
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    <cusip>922908553</cusip>
    <value>429</value>
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      <Sole>5089</Sole>
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    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
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    <cusip>922908652</cusip>
    <value>497</value>
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    <nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
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    <cusip>92343V104</cusip>
    <value>1669</value>
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    <titleOfClass>COM</titleOfClass>
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    <value>1209</value>
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      <sshPrnamt>24853</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <value>247</value>
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      <Sole>8882</Sole>
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      <Sole>70000</Sole>
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    <cusip>92857W308</cusip>
    <value>2326</value>
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    <cusip>92857W308</cusip>
    <value>1684</value>
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      <sshPrnamt>51545</sshPrnamt>
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    <titleOfClass>COM NEW</titleOfClass>
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    <value>6</value>
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    <titleOfClass>COM NEW</titleOfClass>
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    <value>9</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>929566107</cusip>
    <value>318</value>
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    <value>14797</value>
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    <titleOfClass>COM</titleOfClass>
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    <value>302</value>
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    <value>792</value>
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    <titleOfClass>COM</titleOfClass>
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    <value>269</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
