<SEC-DOCUMENT>0001042046-16-000114.txt : 20161104
<SEC-HEADER>0001042046-16-000114.hdr.sgml : 20161104
<ACCEPTANCE-DATETIME>20161104141730
ACCESSION NUMBER:		0001042046-16-000114
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20161104
DATE AS OF CHANGE:		20161104
EFFECTIVENESS DATE:		20161104

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:		161974699

	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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      <filer>
        <credentials>
          <cik>0001042046</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>09-30-2016</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>09-30-2016</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>11-04-2016</signatureDate>
    </signatureBlock>
    <summaryPage>
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      <tableEntryTotal>249</tableEntryTotal>
      <tableValueTotal>1396335</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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        <otherManager2>
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          <otherManager>
            <form13FFileNumber>28-498</form13FFileNumber>
            <name>Great American Insurance Company</name>
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        </otherManager2>
        <otherManager2>
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            <form13FFileNumber>28-1258</form13FFileNumber>
            <name>Great American Life Insurance Company</name>
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    <nameOfIssuer>BARCLAYS PLC</nameOfIssuer>
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    <nameOfIssuer>BERKLEY W R CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084423102</cusip>
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    <titleOfClass>COM</titleOfClass>
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    <cusip>156504300</cusip>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>189754104</cusip>
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    <nameOfIssuer>COLONY CAP INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>19624R106</cusip>
    <value>510</value>
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      <sshPrnamt>28000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>COLONY CAP INC</nameOfIssuer>
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    <value>638</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <Sole>35000</Sole>
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      <None>0</None>
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    <nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
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    <cusip>20030N101</cusip>
    <value>6866</value>
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    <otherManager>1</otherManager>
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      <Sole>103500</Sole>
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      <None>0</None>
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    <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20825C104</cusip>
    <value>304</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7000</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>7000</Sole>
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      <None>0</None>
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    <nameOfIssuer>CORPORATE OFFICE PPTYS TR</nameOfIssuer>
    <titleOfClass>SH BEN INT</titleOfClass>
    <cusip>22002T108</cusip>
    <value>362</value>
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      <sshPrnamt>12776</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>CUBIC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>229669106</cusip>
    <value>245</value>
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      <sshPrnamt>5226</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>5226</Sole>
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      <None>0</None>
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    <nameOfIssuer>CYRUSONE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23283R100</cusip>
    <value>375</value>
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      <sshPrnamt>7874</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>7874</Sole>
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      <None>0</None>
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    <nameOfIssuer>DELL TECHNOLOGIES INC</nameOfIssuer>
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    <value>1039</value>
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      <sshPrnamt>21734</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <otherManager>1</otherManager>
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      <Sole>21734</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DELL TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM CL V</titleOfClass>
    <cusip>24703L103</cusip>
    <value>1066</value>
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      <sshPrnamt>22292</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <Sole>22292</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DELL TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM CL V</titleOfClass>
    <cusip>24703L103</cusip>
    <value>293</value>
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      <sshPrnamt>6129</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>6129</Sole>
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      <None>0</None>
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    <nameOfIssuer>DELTA AIR LINES INC DEL</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>247361702</cusip>
    <value>3180</value>
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      <sshPrnamt>80804</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>80804</Sole>
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      <None>0</None>
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    <nameOfIssuer>DELTA AIR LINES INC DEL</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>247361702</cusip>
    <value>2765</value>
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      <sshPrnamt>70244</sshPrnamt>
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      <Sole>70244</Sole>
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      <None>0</None>
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    <nameOfIssuer>DUCOMMUN INC DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>264147109</cusip>
    <value>340</value>
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      <Sole>14886</Sole>
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      <None>0</None>
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    <nameOfIssuer>EBAY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>278642103</cusip>
    <value>1908</value>
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      <sshPrnamt>58000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>58000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ELLINGTON FINANCIAL LLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>288522303</cusip>
    <value>5213</value>
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      <sshPrnamt>312700</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>312700</Sole>
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      <None>0</None>
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    <nameOfIssuer>ELLINGTON FINANCIAL LLC</nameOfIssuer>
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    <cusip>288522303</cusip>
    <value>12288</value>
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      <sshPrnamt>737153</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>737153</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>EMCOR GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29084Q100</cusip>
    <value>355</value>
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      <sshPrnamt>5946</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>5946</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>EMPLOYERS HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>292218104</cusip>
    <value>240</value>
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      <sshPrnamt>8053</sshPrnamt>
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      <Sole>8053</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENBRIDGE ENERGY PARTNERS L P</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>127</value>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ENBRIDGE ENERGY PARTNERS L P</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>1144</value>
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      <None>0</None>
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    <nameOfIssuer>ENERGY TRANSFER PRTNRS L P</nameOfIssuer>
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    <cusip>29273R109</cusip>
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    <nameOfIssuer>ENERGY TRANSFER PRTNRS L P</nameOfIssuer>
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      <Sole>324000</Sole>
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    <nameOfIssuer>EVERI HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30034T103</cusip>
    <value>324</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>131286</Sole>
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      <None>0</None>
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    <nameOfIssuer>FIRST FINL BANCORP OH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>12636</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>12636</Sole>
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      <None>0</None>
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    <nameOfIssuer>FIRST MERCHANTS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>320817109</cusip>
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      <sshPrnamt>13042</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>13042</Sole>
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      <None>0</None>
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    <nameOfIssuer>FRANKLIN RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
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      <sshPrnamt>107050</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>107050</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>FRANKLIN RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>5721</value>
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  <infoTable>
    <nameOfIssuer>FRANKLIN RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
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      <Sole>62100</Sole>
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  <infoTable>
    <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>35671D857</cusip>
    <value>2281</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>210000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>35671D857</cusip>
    <value>977</value>
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      <sshPrnamt>90000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>FULL HOUSE RESORTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>359678109</cusip>
    <value>63</value>
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      <sshPrnamt>35331</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>35331</Sole>
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  <infoTable>
    <nameOfIssuer>FULL HOUSE RESORTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>359678109</cusip>
    <value>57</value>
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      <sshPrnamt>31617</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>31617</Sole>
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  <infoTable>
    <nameOfIssuer>GENERAC HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>368736104</cusip>
    <value>265</value>
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      <sshPrnamt>7312</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>7312</Sole>
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  <infoTable>
    <nameOfIssuer>GENERAL CABLE CORP DEL NEW</nameOfIssuer>
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      <sshPrnamt>1004350</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>1004350</Sole>
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  <infoTable>
    <nameOfIssuer>GENERAL CABLE CORP DEL NEW</nameOfIssuer>
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    <value>1225</value>
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      <sshPrnamt>81750</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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  <infoTable>
    <nameOfIssuer>GENERAL CABLE CORP DEL NEW</nameOfIssuer>
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      <sshPrnamt>831361</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>831361</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
    <value>21904</value>
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      <sshPrnamt>689450</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>689450</Sole>
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  <infoTable>
    <nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
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    <nameOfIssuer>LIVE OAK BANCSHARES INC</nameOfIssuer>
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    <nameOfIssuer>MEDLEY CAP CORP</nameOfIssuer>
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    <nameOfIssuer>MERCER INTL INC</nameOfIssuer>
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    <nameOfIssuer>METLIFE INC</nameOfIssuer>
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    <nameOfIssuer>NATIONAL INTERSTATE CORP</nameOfIssuer>
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    <nameOfIssuer>NEW YORK CMNTY BANCORP INC</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
    <cusip>682143102</cusip>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>PDVWIRELESS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69290R104</cusip>
    <value>9541</value>
    <shrsOrPrnAmt>
      <sshPrnamt>416640</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>416640</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PDVWIRELESS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69290R104</cusip>
    <value>15442</value>
    <shrsOrPrnAmt>
      <sshPrnamt>674329</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>674329</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PJT PARTNERS INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>69343T107</cusip>
    <value>30</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1110</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1110</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PJT PARTNERS INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>69343T107</cusip>
    <value>237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8690</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>8690</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAYPAL HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70450Y103</cusip>
    <value>2376</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>58000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEAK RESORTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70469L100</cusip>
    <value>6417</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1245986</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1245986</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENSKE AUTOMOTIVE GRP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70959W103</cusip>
    <value>964</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PERFICIENT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71375U101</cusip>
    <value>342</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16995</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>16995</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POTBELLY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73754Y100</cusip>
    <value>373</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>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POTBELLY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73754Y100</cusip>
    <value>1243</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POTBELLY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73754Y100</cusip>
    <value>870</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>3</otherManager>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>NOTE 5.875% 1/1</titleOfClass>
    <cusip>74348TAM4</cusip>
    <value>51</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>NOTE 5.875% 1/1</titleOfClass>
    <cusip>74348TAM4</cusip>
    <value>871</value>
    <shrsOrPrnAmt>
      <sshPrnamt>850000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>850000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>NOTE 5.875% 1/1</titleOfClass>
    <cusip>74348TAM4</cusip>
    <value>102</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>3</otherManager>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>NOTE 4.750% 4/1</titleOfClass>
    <cusip>74348TAQ5</cusip>
    <value>118</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>120000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>NOTE 4.750% 4/1</titleOfClass>
    <cusip>74348TAQ5</cusip>
    <value>11613</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11760000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>11760000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>NOTE 4.750% 4/1</titleOfClass>
    <cusip>74348TAQ5</cusip>
    <value>316</value>
    <shrsOrPrnAmt>
      <sshPrnamt>320000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>3</otherManager>
    <votingAuthority>
      <Sole>320000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74348T102</cusip>
    <value>4050</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSPECT CAPITAL CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74348T102</cusip>
    <value>4050</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROVIDENT FINL SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74386T105</cusip>
    <value>307</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14439</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>14439</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRUDENTIAL FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744320102</cusip>
    <value>19392</value>
    <shrsOrPrnAmt>
      <sshPrnamt>237500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>237500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRUDENTIAL FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744320102</cusip>
    <value>9906</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121323</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>3</otherManager>
    <votingAuthority>
      <Sole>121323</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAMCO-GERSHENSON PPTYS TR</nameOfIssuer>
    <titleOfClass>COM SH BEN INT</titleOfClass>
    <cusip>751452202</cusip>
    <value>325</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17345</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>17345</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESOLUTE FST PRODS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76117W109</cusip>
    <value>2242</value>
    <shrsOrPrnAmt>
      <sshPrnamt>474084</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>474084</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESOLUTE FST PRODS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76117W109</cusip>
    <value>3669</value>
    <shrsOrPrnAmt>
      <sshPrnamt>775627</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>775627</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESOLUTE FST PRODS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76117W109</cusip>
    <value>147</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>3</otherManager>
    <votingAuthority>
      <Sole>31125</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REVOLUTION LIGHTING TECHNOLO</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>76155G206</cusip>
    <value>5695</value>
    <shrsOrPrnAmt>
      <sshPrnamt>902535</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>902535</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REVOLUTION LIGHTING TECHNOLO</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>76155G206</cusip>
    <value>5695</value>
    <shrsOrPrnAmt>
      <sshPrnamt>902535</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>902535</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL BANK OF CANADA</nameOfIssuer>
    <titleOfClass>NOTE 4.650% 1/2</titleOfClass>
    <cusip>780082AD5</cusip>
    <value>32828</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>30000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL DUTCH SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADR B</titleOfClass>
    <cusip>780259107</cusip>
    <value>423</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>8000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL DUTCH SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADR B</titleOfClass>
    <cusip>780259107</cusip>
    <value>5389</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>102000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL DUTCH SHELL PLC</nameOfIssuer>
    <titleOfClass>SPONS ADR A</titleOfClass>
    <cusip>780259206</cusip>
    <value>325</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>6500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RUDOLPH TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>781270103</cusip>
    <value>280</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15808</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15808</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SVB FINL GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78486Q101</cusip>
    <value>279</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2525</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>2525</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STARWOOD PPTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85571B105</cusip>
    <value>338</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STARWOOD PPTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85571B105</cusip>
    <value>338</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
    <value>6049</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1320830</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1320830</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONEGATE MTG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86181Q300</cusip>
    <value>5868</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1281281</sshPrnamt>
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</TEXT>
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</SEC-DOCUMENT>
