<SEC-DOCUMENT>0001042046-23-000004.txt : 20230213
<SEC-HEADER>0001042046-23-000004.hdr.sgml : 20230213
<ACCEPTANCE-DATETIME>20230213144711
ACCESSION NUMBER:		0001042046-23-000004
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230213
DATE AS OF CHANGE:		20230213
EFFECTIVENESS DATE:		20230213

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:		23617256

	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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  <schemaVersion>X0202</schemaVersion>
  <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>12-31-2022</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2022</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>Robert A. Dee</name>
      <title>Assistant Vice President and Controller</title>
      <phone>513-579-2153</phone>
      <signature>/s/ Robert A. Dee</signature>
      <city>Cincinnati</city>
      <stateOrCountry>OH</stateOrCountry>
      <signatureDate>02-13-2023</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>124</tableEntryTotal>
      <tableValueTotal>299287</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <form13FFileNumber>028-00498</form13FFileNumber>
            <name>Great American Insurance Company</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>information_table.xml
<DESCRIPTION>INFORMATION TABLE
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    <nameOfIssuer>DEUTSCHE BANK A G</nameOfIssuer>
    <titleOfClass>NAMEN AKT</titleOfClass>
    <cusip>D18190898</cusip>
    <value>762</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66168</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>66168</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DEUTSCHE BANK A G</nameOfIssuer>
    <titleOfClass>NAMEN AKT</titleOfClass>
    <cusip>D18190898</cusip>
    <value>710</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61631</sshPrnamt>
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  <infoTable>
    <nameOfIssuer>INVESCO LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G491BT108</cusip>
    <value>4408</value>
    <shrsOrPrnAmt>
      <sshPrnamt>245000</sshPrnamt>
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    <nameOfIssuer>SIGNET JEWELERS LIMITED</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G81276100</cusip>
    <value>14960</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>220000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>LIBERTY LATIN AMERICA LTD</nameOfIssuer>
    <titleOfClass>COM CL C</titleOfClass>
    <cusip>G9001E128</cusip>
    <value>950</value>
    <shrsOrPrnAmt>
      <sshPrnamt>125000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>125000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>AST SPACEMOBILE INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>00217D100</cusip>
    <value>1315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>272727</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ACUTUS MED INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>005111109</cusip>
    <value>345</value>
    <shrsOrPrnAmt>
      <sshPrnamt>299995</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>299995</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ADEIA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00676P107</cusip>
    <value>4291</value>
    <shrsOrPrnAmt>
      <sshPrnamt>452677</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>452677</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>KINETIK HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM NEW CL A</titleOfClass>
    <cusip>02215L209</cusip>
    <value>265</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>
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  <infoTable>
    <nameOfIssuer>AMERICAN EAGLE OUTFITTERS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02553E106</cusip>
    <value>3769</value>
    <shrsOrPrnAmt>
      <sshPrnamt>270000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>270000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AMERICAN WOODMARK CORPORATIO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>030506109</cusip>
    <value>5224</value>
    <shrsOrPrnAmt>
      <sshPrnamt>106917</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>106917</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ANTERO MIDSTREAM CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03676B102</cusip>
    <value>227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>21000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>APOLLO COML REAL EST FIN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03762U105</cusip>
    <value>910</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84600</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>APOLLO COML REAL EST FIN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03762U105</cusip>
    <value>221</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20554</sshPrnamt>
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    <nameOfIssuer>ARCELORMITTAL SA LUXEMBOURG</nameOfIssuer>
    <titleOfClass>NY REGISTRY SH</titleOfClass>
    <cusip>03938L203</cusip>
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    <shrsOrPrnAmt>
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    <cusip>041356205</cusip>
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    <otherManager>1</otherManager>
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      <None>0</None>
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    <nameOfIssuer>ARLINGTON ASSET INVST CORP</nameOfIssuer>
    <titleOfClass>CL A NEW</titleOfClass>
    <cusip>041356205</cusip>
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      <None>0</None>
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    <nameOfIssuer>AUDACY INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>05070N103</cusip>
    <value>53</value>
    <shrsOrPrnAmt>
      <sshPrnamt>235834</sshPrnamt>
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    <otherManager>1</otherManager>
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      <None>0</None>
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    <nameOfIssuer>AUGMEDIX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05105P107</cusip>
    <value>780</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BM TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>05591L107</cusip>
    <value>267</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51262</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>51262</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>BARCLAYS PLC</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>06738E204</cusip>
    <value>1568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>201000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>201000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>ADR</titleOfClass>
    <cusip>06738E204</cusip>
    <value>1349</value>
    <shrsOrPrnAmt>
      <sshPrnamt>173000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>173000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BIOLIFE SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>09062W204</cusip>
    <value>479</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26316</sshPrnamt>
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      <Sole>26316</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>BLACKSTONE MORTGAGE TRUST IN</nameOfIssuer>
    <titleOfClass>NOTE 4.750% 3/1</titleOfClass>
    <cusip>09257WAC4</cusip>
    <value>1477</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1500000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>BLACKSTONE MORTGAGE TRUST IN</nameOfIssuer>
    <titleOfClass>NOTE 4.750% 3/1</titleOfClass>
    <cusip>09257WAC4</cusip>
    <value>492</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>500000</Sole>
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      <None>0</None>
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    <nameOfIssuer>BLUE WATER VACCINES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09610B108</cusip>
    <value>1035</value>
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      <sshPrnamt>940762</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>940762</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>BRIGHTHOUSE FINL INC</nameOfIssuer>
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    <shrsOrPrnAmt>
      <sshPrnamt>10363</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>10922N103</cusip>
    <value>51</value>
    <shrsOrPrnAmt>
      <sshPrnamt>999</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>999</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>110122108</cusip>
    <value>2159</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>110122108</cusip>
    <value>2159</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAPITOL FED FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14057J101</cusip>
    <value>311</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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    <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>172967424</cusip>
    <value>13931</value>
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      <sshPrnamt>308000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>308000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>172967424</cusip>
    <value>317</value>
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      <sshPrnamt>7000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>7000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CLIPPER RLTY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>18885T306</cusip>
    <value>2381</value>
    <shrsOrPrnAmt>
      <sshPrnamt>372044</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>372044</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>COGNITION THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>19243B102</cusip>
    <value>430</value>
    <shrsOrPrnAmt>
      <sshPrnamt>205000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>205000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>20030N101</cusip>
    <value>7239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>207000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>207000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20825C104</cusip>
    <value>826</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>7000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CONSOLIDATED COMM HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>209034107</cusip>
    <value>2122</value>
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      <sshPrnamt>592877</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>592877</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CRESTWOOD EQUITY PARTNERS LP</nameOfIssuer>
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    <cusip>226344208</cusip>
    <value>380</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>14500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CROSSAMERICA PARTNERS LP</nameOfIssuer>
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    <cusip>22758A105</cusip>
    <value>228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>11500</Sole>
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      <None>0</None>
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    <nameOfIssuer>CURIOSITYSTREAM INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>23130Q107</cusip>
    <value>32</value>
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      <sshPrnamt>27932</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>27932</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DCP MIDSTREAM LP</nameOfIssuer>
    <titleOfClass>COM UT LTD PTN</titleOfClass>
    <cusip>23311P100</cusip>
    <value>388</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DT MIDSTREAM INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>23345M107</cusip>
    <value>276</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>5000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DIGITALBRIDGE GROUP INC</nameOfIssuer>
    <titleOfClass>CL A NEW</titleOfClass>
    <cusip>25401T603</cusip>
    <value>652</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59628</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>59628</Sole>
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      <None>0</None>
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    <nameOfIssuer>DIGITALBRIDGE GROUP INC</nameOfIssuer>
    <titleOfClass>CL A NEW</titleOfClass>
    <cusip>25401T603</cusip>
    <value>47</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4308</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>4308</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DISH NETWORK CORPORATION</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>25470M109</cusip>
    <value>421</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>30000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ELLINGTON FINANCIAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>28852N109</cusip>
    <value>856</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69166</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>69166</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ELLINGTON FINANCIAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>28852N109</cusip>
    <value>381</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30834</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>30834</Sole>
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      <None>0</None>
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    <nameOfIssuer>ELOXX PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>29014R202</cusip>
    <value>67</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>37000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENERGY TRANSFER L P</nameOfIssuer>
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    <cusip>29273V100</cusip>
    <value>3900</value>
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      <sshPrnamt>328520</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>328520</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENERGY TRANSFER L P</nameOfIssuer>
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    <value>918</value>
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      <sshPrnamt>77376</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>77376</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
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    <cusip>293792107</cusip>
    <value>5982</value>
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      <sshPrnamt>248000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>248000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ENVIVA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29415B103</cusip>
    <value>530</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>10000</Sole>
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      <None>0</None>
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    <nameOfIssuer>EOS ENERGY ENTERPRISES INC</nameOfIssuer>
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    <cusip>29415C101</cusip>
    <value>888</value>
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      <sshPrnamt>599775</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>599775</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EQUITRANS MIDSTREAM CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294600101</cusip>
    <value>168</value>
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      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>25000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FRANCHISE GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>35180X105</cusip>
    <value>16343</value>
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      <sshPrnamt>686115</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>686115</Sole>
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      <None>0</None>
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    <nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>1676</value>
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      <sshPrnamt>63550</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>63550</Sole>
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      <None>0</None>
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    <nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>1467</value>
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      <sshPrnamt>55600</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>55600</Sole>
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    <nameOfIssuer>FULL HSE RESORTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>359678109</cusip>
    <value>266</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35331</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>35331</Sole>
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      <None>0</None>
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    <nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
    <value>4572</value>
    <shrsOrPrnAmt>
      <sshPrnamt>135920</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>135920</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>1819</value>
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      <sshPrnamt>54080</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>54080</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GRANITE PT MTG TR INC</nameOfIssuer>
    <titleOfClass>COM STK</titleOfClass>
    <cusip>38741L107</cusip>
    <value>210</value>
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      <sshPrnamt>39231</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>39231</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>GRANITE PT MTG TR INC</nameOfIssuer>
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    <cusip>38741L107</cusip>
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      <sshPrnamt>41790</sshPrnamt>
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      <Sole>41790</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GRAY TELEVISION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>389375106</cusip>
    <value>6365</value>
    <shrsOrPrnAmt>
      <sshPrnamt>568797</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>568797</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>GRAY TELEVISION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>389375106</cusip>
    <value>1919</value>
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      <sshPrnamt>171500</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>171500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HESS MIDSTREAM LP</nameOfIssuer>
    <titleOfClass>CL A SHS</titleOfClass>
    <cusip>428103105</cusip>
    <value>598</value>
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      <sshPrnamt>20000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>20000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IHEARTMEDIA INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>45174J509</cusip>
    <value>2986</value>
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      <sshPrnamt>487091</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>487091</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>JOURNEY MED CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48115J109</cusip>
    <value>346</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>180000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KAYNE ANDERSON ENERGY INFRST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>486606106</cusip>
    <value>4212</value>
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      <sshPrnamt>492098</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>492098</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KELLOGG CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>487836108</cusip>
    <value>2768</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>38850</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KEROS THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>492327101</cusip>
    <value>485</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10105</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10105</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KOHLS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500255104</cusip>
    <value>8333</value>
    <shrsOrPrnAmt>
      <sshPrnamt>330000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>330000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KRAFT HEINZ CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500754106</cusip>
    <value>4478</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>110000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LCNB CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50181P100</cusip>
    <value>1655</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91920</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>91920</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LCNB CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50181P100</cusip>
    <value>30</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1662</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1662</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIFEMD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>53216B104</cusip>
    <value>660</value>
    <shrsOrPrnAmt>
      <sshPrnamt>340000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>340000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MFA FINL INC</nameOfIssuer>
    <titleOfClass>NOTE 6.250% 6/1</titleOfClass>
    <cusip>55272XAA0</cusip>
    <value>8090</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8969000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>8969000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MFA FINL INC</nameOfIssuer>
    <titleOfClass>NOTE 6.250% 6/1</titleOfClass>
    <cusip>55272XAA0</cusip>
    <value>3608</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>4000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MPLX LP</nameOfIssuer>
    <titleOfClass>COM UNIT REP LTD</titleOfClass>
    <cusip>55336V100</cusip>
    <value>739</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>22500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MAGELLAN MIDSTREAM PRTNRS LP</nameOfIssuer>
    <titleOfClass>COM UNIT RP LP</titleOfClass>
    <cusip>559080106</cusip>
    <value>778</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOLSON COORS BEVERAGE CO</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>60871R209</cusip>
    <value>1288</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MONEYLION INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>60938K106</cusip>
    <value>688</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1109495</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1109495</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEW YORK CMNTY BANCORP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>649445103</cusip>
    <value>3010</value>
    <shrsOrPrnAmt>
      <sshPrnamt>350000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>350000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEXSTAR MEDIA GROUP INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>65336K103</cusip>
    <value>40236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>229882</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>229882</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEXSTAR MEDIA GROUP INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>65336K103</cusip>
    <value>2205</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>12600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEXTNAV INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>65345N106</cusip>
    <value>1465</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NUSTAR ENERGY LP</nameOfIssuer>
    <titleOfClass>UNIT COM</titleOfClass>
    <cusip>67058H102</cusip>
    <value>160</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OMEROS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682143102</cusip>
    <value>145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64113</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>64113</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ONEOK INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682680103</cusip>
    <value>920</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>14000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORAGENICS INC</nameOfIssuer>
    <titleOfClass>COM PAR</titleOfClass>
    <cusip>684023302</cusip>
    <value>1</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>13540</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENNYMAC CORP</nameOfIssuer>
    <titleOfClass>NOTE 5.500%11/0</titleOfClass>
    <cusip>70932AAD5</cusip>
    <value>6328</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>7000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHENIXFIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71742W103</cusip>
    <value>1677</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54003</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>54003</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHENIXFIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71742W103</cusip>
    <value>321</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10324</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>10324</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718546104</cusip>
    <value>651</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>6250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PLAINS ALL AMERN PIPELINE L</nameOfIssuer>
    <titleOfClass>UNIT LTD PARTN</titleOfClass>
    <cusip>726503105</cusip>
    <value>4851</value>
    <shrsOrPrnAmt>
      <sshPrnamt>412500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>412500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POTBELLY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73754Y100</cusip>
    <value>167</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>390</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRECIGEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74017N105</cusip>
    <value>100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66114</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>66114</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>READY CAPITAL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75574U101</cusip>
    <value>2764</value>
    <shrsOrPrnAmt>
      <sshPrnamt>248085</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>248085</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>READY CAPITAL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75574U101</cusip>
    <value>1538</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138035</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>138035</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADS</titleOfClass>
    <cusip>780259305</cusip>
    <value>826</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>14500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT ENERGY SVCS INC</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>81617J301</cusip>
    <value>2549</value>
    <shrsOrPrnAmt>
      <sshPrnamt>275899</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>275899</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SINCLAIR BROADCAST GROUP INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>829226109</cusip>
    <value>9063</value>
    <shrsOrPrnAmt>
      <sshPrnamt>584319</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>584319</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPECTRUM BRANDS HLDGS INC NE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84790A105</cusip>
    <value>4533</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74411</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>74411</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUNOCO LP/SUNOCO FIN CORP</nameOfIssuer>
    <titleOfClass>COM UT REP LP</titleOfClass>
    <cusip>86765K109</cusip>
    <value>668</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAPESTRY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>876030107</cusip>
    <value>11805</value>
    <shrsOrPrnAmt>
      <sshPrnamt>310000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>310000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAPESTRY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>876030107</cusip>
    <value>571</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEGNA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87901J105</cusip>
    <value>1483</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEGNA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87901J105</cusip>
    <value>636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELOS CORP MD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87969B101</cusip>
    <value>1082</value>
    <shrsOrPrnAmt>
      <sshPrnamt>212500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>212500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TORTOISE ENERGY INFRA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89147L886</cusip>
    <value>3551</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111774</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>111774</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TORTOISE ENERGY INFRA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89147L886</cusip>
    <value>366</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11529</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>11529</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TWO HARBORS INVENTMENT CORPO</nameOfIssuer>
    <titleOfClass>NOTE 6.250% 1/1</titleOfClass>
    <cusip>90187BAB7</cusip>
    <value>3386</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>4000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TWO HARBORS INVENTMENT CORPO</nameOfIssuer>
    <titleOfClass>NOTE 6.250% 1/1</titleOfClass>
    <cusip>90187BAB7</cusip>
    <value>1693</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TWO HBRS INVT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90187B804</cusip>
    <value>1544</value>
    <shrsOrPrnAmt>
      <sshPrnamt>97886</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>97886</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TWO HBRS INVT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90187B804</cusip>
    <value>693</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43956</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>43956</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>USA COMPRESSION PARTNERS LP</nameOfIssuer>
    <titleOfClass>COMUNIT LTDPAR</titleOfClass>
    <cusip>90290N109</cusip>
    <value>391</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>USA COMPRESSION PARTNERS LP</nameOfIssuer>
    <titleOfClass>COMUNIT LTDPAR</titleOfClass>
    <cusip>90290N109</cusip>
    <value>218</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>11150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VIATRIS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92556V106</cusip>
    <value>557</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VIATRIS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92556V106</cusip>
    <value>557</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WARNER BROS DISCOVERY INC</nameOfIssuer>
    <titleOfClass>COM SER A</titleOfClass>
    <cusip>934423104</cusip>
    <value>5988</value>
    <shrsOrPrnAmt>
      <sshPrnamt>631665</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>631665</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WARNER BROS DISCOVERY INC</nameOfIssuer>
    <titleOfClass>COM SER A</titleOfClass>
    <cusip>934423104</cusip>
    <value>284</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESTERN MIDSTREAM PARTNERS L</nameOfIssuer>
    <titleOfClass>COM UNIT LP INT</titleOfClass>
    <cusip>958669103</cusip>
    <value>550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>20500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XPERI INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>98423J101</cusip>
    <value>1559</value>
    <shrsOrPrnAmt>
      <sshPrnamt>181071</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>181071</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
