<SEC-DOCUMENT>0001042046-15-000053.txt : 20151110
<SEC-HEADER>0001042046-15-000053.hdr.sgml : 20151110
<ACCEPTANCE-DATETIME>20151106145419
ACCESSION NUMBER:		0001042046-15-000053
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150930
FILED AS OF DATE:		20151106
DATE AS OF CHANGE:		20151106
EFFECTIVENESS DATE:		20151106

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:		151204511

	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>
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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>09-30-2015</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2015</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>11-06-2015</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>2</otherIncludedManagersCount>
      <tableEntryTotal>291</tableEntryTotal>
      <tableValueTotal>1382268</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-201593013fxhr.xml
<DESCRIPTION>INFORMATION TABLE
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    <nameOfIssuer>MALLINCKRODT PUB LTD CO</nameOfIssuer>
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    <cusip>G5785G107</cusip>
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  <infoTable>
    <nameOfIssuer>MALLINCKRODT PUB LTD CO</nameOfIssuer>
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    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AMERICAN HOMES 4 RENT</nameOfIssuer>
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      <Sole>600000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN HOMES 4 RENT</nameOfIssuer>
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      <Sole>85000</Sole>
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    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>AMERICAN RESIDENTIAL PPTYS I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>ANWORTH MORTGAGE ASSET CP</nameOfIssuer>
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    <value>3549</value>
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      <sshPrnamt>718450</sshPrnamt>
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    <nameOfIssuer>ANWORTH MORTGAGE ASSET CP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>3758</value>
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    <nameOfIssuer>APOLLO RESIDENTIAL MTG INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>431437</sshPrnamt>
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      <sshPrnamt>273157</sshPrnamt>
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    <nameOfIssuer>APOLLO RESIDENTIAL MTG INC</nameOfIssuer>
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    <cusip>03763V102</cusip>
    <value>2456</value>
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      <Sole>194000</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>17758</value>
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      <sshPrnamt>161000</sshPrnamt>
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      <None>0</None>
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    <value>15983</value>
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      <sshPrnamt>144900</sshPrnamt>
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    <titleOfClass>COM</titleOfClass>
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    <value>1776</value>
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      <Sole>16100</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARCELORMITTAL SA LUXEMBOURG</nameOfIssuer>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <None>0</None>
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    <nameOfIssuer>ARCELORMITTAL SA LUXEMBOURG</nameOfIssuer>
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      <sshPrnamt>400000</sshPrnamt>
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    <value>246</value>
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      <sshPrnamt>74500</sshPrnamt>
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      <None>0</None>
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    <value>36</value>
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      <Sole>11000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARLINGTON ASSET INVT CORP</nameOfIssuer>
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    <cusip>041356205</cusip>
    <value>12761</value>
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      <sshPrnamt>908250</sshPrnamt>
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    <nameOfIssuer>ARLINGTON ASSET INVT CORP</nameOfIssuer>
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      <sshPrnamt>523106</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>BP PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>055622104</cusip>
    <value>1375</value>
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      <sshPrnamt>45000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>BP PLC</nameOfIssuer>
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      <None>0</None>
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    <nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
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      <sshPrnamt>210000</sshPrnamt>
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    <nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
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      <None>0</None>
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    <cusip>06738E204</cusip>
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      <sshPrnamt>334000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>260500</Sole>
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    <nameOfIssuer>BERKLEY W R CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084423102</cusip>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>117000</Sole>
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      <None>0</None>
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    <nameOfIssuer>BIOGEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09062X103</cusip>
    <value>1021</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <titleOfClass>COM</titleOfClass>
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      <None>0</None>
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    <nameOfIssuer>BLACKSTONE GROUP L P</nameOfIssuer>
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    <cusip>09253U108</cusip>
    <value>1406</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>BLACKSTONE GROUP L P</nameOfIssuer>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>347600</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>12673A108</cusip>
    <value>8033</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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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>8480</value>
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      <sshPrnamt>1168000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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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>8389</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>CAPITOL FED FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14057J101</cusip>
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      <sshPrnamt>36000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>36000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM UTS LTD PTN</titleOfClass>
    <cusip>14309L102</cusip>
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      <sshPrnamt>119000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>119000</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>
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      <sshPrnamt>84750</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>84750</Sole>
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  <infoTable>
    <nameOfIssuer>CARLYLE GROUP L P</nameOfIssuer>
    <titleOfClass>COM UTS LTD PTN</titleOfClass>
    <cusip>14309L102</cusip>
    <value>18978</value>
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      <sshPrnamt>1129664</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>1129664</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARRIAGE SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>143905107</cusip>
    <value>350</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16217</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <nameOfIssuer>CORPORATE OFFICE PPTYS TR</nameOfIssuer>
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    <nameOfIssuer>EMCOR GROUP INC</nameOfIssuer>
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    <nameOfIssuer>ENBRIDGE ENERGY PARTNERS L P</nameOfIssuer>
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  <infoTable>
    <nameOfIssuer>ENBRIDGE ENERGY PARTNERS L P</nameOfIssuer>
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      <Sole>63000</Sole>
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  <infoTable>
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    <titleOfClass>NOTE 6.250%12/1</titleOfClass>
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      <None>815000</None>
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  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>NOTE 4.750% 4/1</titleOfClass>
    <cusip>74348TAQ5</cusip>
    <value>7378</value>
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      <sshPrnamt>8200000</sshPrnamt>
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    <votingAuthority>
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      <Shared>0</Shared>
      <None>8200000</None>
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  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74348T102</cusip>
    <value>3565</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>500000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74348T102</cusip>
    <value>2852</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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  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74348T102</cusip>
    <value>713</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>100000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PROVIDENT FINL SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74386T105</cusip>
    <value>282</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14439</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <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>18100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>237500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>237500</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>9246</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121323</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>121323</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>RAMCO-GERSHENSON PPTYS TR</nameOfIssuer>
    <titleOfClass>COM SH BEN INT</titleOfClass>
    <cusip>751452202</cusip>
    <value>260</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17345</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>17345</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>REAL IND INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75601W104</cusip>
    <value>190</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21590</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>21590</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RESOLUTE FST PRODS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76117W109</cusip>
    <value>3515</value>
    <shrsOrPrnAmt>
      <sshPrnamt>422997</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>422997</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RESOLUTE FST PRODS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76117W109</cusip>
    <value>5771</value>
    <shrsOrPrnAmt>
      <sshPrnamt>694497</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>694497</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RESOLUTE FST PRODS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76117W109</cusip>
    <value>249</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>REVOLUTION LIGHTING TECHNOLO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76155G107</cusip>
    <value>5142</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5412854</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>5412854</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>REVOLUTION LIGHTING TECHNOLO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76155G107</cusip>
    <value>5142</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5412854</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>5412854</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>REXFORD INDL RLTY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76169C100</cusip>
    <value>621</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>45000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REXFORD INDL RLTY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76169C100</cusip>
    <value>1448</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>ROYAL DUTCH SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADR B</titleOfClass>
    <cusip>780259107</cusip>
    <value>380</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>8000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ROYAL DUTCH SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADR B</titleOfClass>
    <cusip>780259107</cusip>
    <value>7217</value>
    <shrsOrPrnAmt>
      <sshPrnamt>152000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>152000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ROYAL DUTCH SHELL PLC</nameOfIssuer>
    <titleOfClass>SPONS ADR A</titleOfClass>
    <cusip>780259206</cusip>
    <value>308</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>6500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ROYAL DUTCH SHELL PLC</nameOfIssuer>
    <titleOfClass>SPONS ADR A</titleOfClass>
    <cusip>780259206</cusip>
    <value>5853</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>123500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>RUDOLPH TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>781270103</cusip>
    <value>167</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13440</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>13440</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SCRIPPS NETWORKS INTERACT IN</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>811065101</cusip>
    <value>7477</value>
    <shrsOrPrnAmt>
      <sshPrnamt>152000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>152000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SCRIPPS NETWORKS INTERACT IN</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>811065101</cusip>
    <value>11215</value>
    <shrsOrPrnAmt>
      <sshPrnamt>228000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>228000</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>308</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15000</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>308</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
    <value>7525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1058330</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1058330</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
    <value>6777</value>
    <shrsOrPrnAmt>
      <sshPrnamt>953225</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>953225</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
    <value>644</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90556</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>90556</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>STONERIDGE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86183P102</cusip>
    <value>259</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21011</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>21011</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SUNEDISON INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86732Y109</cusip>
    <value>3490</value>
    <shrsOrPrnAmt>
      <sshPrnamt>486000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>486000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SUNEDISON INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86732Y109</cusip>
    <value>2326</value>
    <shrsOrPrnAmt>
      <sshPrnamt>324000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>324000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SYNAPTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87157D109</cusip>
    <value>339</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4108</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>4108</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SYNERGY RES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87164P103</cusip>
    <value>158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16161</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>16161</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SYSCO CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871829107</cusip>
    <value>740</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>
    <nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>878742204</cusip>
    <value>356</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>74100</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>878742204</cusip>
    <value>192</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THOMSON REUTERS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>884903105</cusip>
    <value>725</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>18000</Sole>
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      <None>0</None>
    </votingAuthority>
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</TEXT>
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</SEC-DOCUMENT>
