<SEC-DOCUMENT>0001042046-23-000016.txt : 20230505
<SEC-HEADER>0001042046-23-000016.hdr.sgml : 20230505
<ACCEPTANCE-DATETIME>20230505093900
ACCESSION NUMBER:		0001042046-23-000016
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230505
DATE AS OF CHANGE:		20230505
EFFECTIVENESS DATE:		20230505

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:		23891636

	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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          <cik>0001042046</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2023</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2023</reportCalendarOrQuarter>
      <filingManager>
        <name>AMERICAN FINANCIAL GROUP INC</name>
        <address>
          <com:street1>GREAT AMERICAN INSURANCE GROUP TOWER</com:street1>
          <com:city>CINCINNATI</com:city>
          <com:stateOrCountry>OH</com:stateOrCountry>
          <com:zipCode>45202</com:zipCode>
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    <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>05-05-2023</signatureDate>
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      <tableEntryTotal>119</tableEntryTotal>
      <tableValueTotal>321950</tableValueTotal>
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            <name>Great American Insurance Company</name>
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<DOCUMENT>
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<SEQUENCE>2
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<DESCRIPTION>INFORMATION TABLE
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INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>28852N109</cusip><value>845</value><shrsOrPrnAmt><sshPrnamt>69166</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>69166</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ELLINGTON FINANCIAL INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>28852N109</cusip><value>376</value><shrsOrPrnAmt><sshPrnamt>30834</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><votingAuthority><Sole>30834</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ELOXX PHARMACEUTICALS INC</nameOfIssuer><titleOfClass>COM NEW</titleOfClass><cusip>29014R202</cusip><value>93</value><shrsOrPrnAmt><sshPrnamt>37000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>37000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ENERGY TRANSFER L P</nameOfIssuer><titleOfClass>COM UT LTD PTN</titleOfClass><cusip>29273V100</cusip><value>4184</value><shrsOrPrnAmt><sshPrnamt>335520</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>335520</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ENERGY TRANSFER L P</nameOfIssuer><titleOfClass>COM UT LTD 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INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>29415B103</cusip><value>347</value><shrsOrPrnAmt><sshPrnamt>12000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>12000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>EOS ENERGY ENTERPRISES INC</nameOfIssuer><titleOfClass>COM CL A</titleOfClass><cusip>29415C101</cusip><value>1541</value><shrsOrPrnAmt><sshPrnamt>599775</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>599775</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>EQUITRANS MIDSTREAM 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INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>359678109</cusip><value>255</value><shrsOrPrnAmt><sshPrnamt>35331</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>35331</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>GENERAL MTRS CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>37045V100</cusip><value>4986</value><shrsOrPrnAmt><sshPrnamt>135920</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>135920</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>GENERAL MTRS CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>37045V100</cusip><value>1984</value><shrsOrPrnAmt><sshPrnamt>54080</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><votingAuthority><Sole>54080</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>GRANITE PT MTG TR INC</nameOfIssuer><titleOfClass>COM STK</titleOfClass><cusip>38741L107</cusip><value>195</value><shrsOrPrnAmt><sshPrnamt>39231</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>39231</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>GRANITE PT MTG TR INC</nameOfIssuer><titleOfClass>COM STK</titleOfClass><cusip>38741L107</cusip><value>207</value><shrsOrPrnAmt><sshPrnamt>41790</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><votingAuthority><Sole>41790</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>GRAY TELEVISION INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>389375106</cusip><value>4960</value><shrsOrPrnAmt><sshPrnamt>568797</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>568797</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>GRAY TELEVISION INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>389375106</cusip><value>1495</value><shrsOrPrnAmt><sshPrnamt>171500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><votingAuthority><Sole>171500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>HESS MIDSTREAM LP</nameOfIssuer><titleOfClass>CL A SHS</titleOfClass><cusip>428103105</cusip><value>579</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>IHEARTMEDIA INC</nameOfIssuer><titleOfClass>COM CL 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INFRST</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>486606106</cusip><value>4252</value><shrsOrPrnAmt><sshPrnamt>492098</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>492098</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>KELLOGG CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>487836108</cusip><value>2601</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>431</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>7768</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>4254</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>1502</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>27</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>578</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>8448</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>3768</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>792</value><shrsOrPrnAmt><sshPrnamt>23000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>23000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>MAGELLAN MIDSTREAM PRTNRS LP</nameOfIssuer><titleOfClass>COM UNIT RP LP</titleOfClass><cusip>559080106</cusip><value>868</value><shrsOrPrnAmt><sshPrnamt>16000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>16000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>MOLSON COORS BEVERAGE CO</nameOfIssuer><titleOfClass>CL B</titleOfClass><cusip>60871R209</cusip><value>1292</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>630</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>3164</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>37102</value><shrsOrPrnAmt><sshPrnamt>214882</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>214882</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>NEXSTAR MEDIA GROUP INC</nameOfIssuer><titleOfClass>COMMON STOCK</titleOfClass><cusip>65336K103</cusip><value>2176</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>1015</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>NUSTAR ENERGY LP</nameOfIssuer><titleOfClass>UNIT COM</titleOfClass><cusip>67058H102</cusip><value>156</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>298</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></infoTable><infoTable><nameOfIssuer>ONEOK INC NEW</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>682680103</cusip><value>921</value><shrsOrPrnAmt><sshPrnamt>14500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>14500</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>6509</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>1944</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>372</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>634</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></infoTable><infoTable><nameOfIssuer>PLAINS ALL AMERN PIPELINE L</nameOfIssuer><titleOfClass>UNIT LTD PARTN</titleOfClass><cusip>726503105</cusip><value>5144</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 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</SEC-DOCUMENT>
