<SEC-DOCUMENT>0001042046-23-000034.txt : 20231103
<SEC-HEADER>0001042046-23-000034.hdr.sgml : 20231103
<ACCEPTANCE-DATETIME>20231103111122
ACCESSION NUMBER:		0001042046-23-000034
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230930
FILED AS OF DATE:		20231103
DATE AS OF CHANGE:		20231103
EFFECTIVENESS DATE:		20231103

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:		231374961

	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
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      <periodOfReport>09-30-2023</periodOfReport>
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      <reportCalendarOrQuarter>09-30-2023</reportCalendarOrQuarter>
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      <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>
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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>11-03-2023</signatureDate>
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PTN</titleOfClass><cusip>29273V100</cusip><value>4721</value><shrsOrPrnAmt><sshPrnamt>336520</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>336520</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>1086</value><shrsOrPrnAmt><sshPrnamt>77376</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><votingAuthority><Sole>77376</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>293792107</cusip><value>6979</value><shrsOrPrnAmt><sshPrnamt>255000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>255000</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>1291</value><shrsOrPrnAmt><sshPrnamt>600310</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>600310</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>354613101</cusip><value>1562</value><shrsOrPrnAmt><sshPrnamt>63550</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>63550</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>354613101</cusip><value>1367</value><shrsOrPrnAmt><sshPrnamt>55600</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><votingAuthority><Sole>55600</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>FULL HSE RESORTS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>359678109</cusip><value>151</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>4481</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>1783</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>GLOBAL PARTNERS LP</nameOfIssuer><titleOfClass>COM UNITS</titleOfClass><cusip>37946R109</cusip><value>459</value><shrsOrPrnAmt><sshPrnamt>13000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>13000</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>191</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>204</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>3936</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>1187</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>612</value><shrsOrPrnAmt><sshPrnamt>21000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>21000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>IHEARTMEDIA INC</nameOfIssuer><titleOfClass>COM CL A</titleOfClass><cusip>45174J509</cusip><value>1539</value><shrsOrPrnAmt><sshPrnamt>487091</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>487091</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>JOURNEY MED CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>48115J109</cusip><value>493</value><shrsOrPrnAmt><sshPrnamt>180000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>180000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>KAYNE ANDERSON ENERGY INFRST</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>486606106</cusip><value>4139</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>KELLANOVA</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>487836108</cusip><value>2312</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>322</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>6917</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>3700</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>1312</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>24</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>2125</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>8797</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>3923</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>854</value><shrsOrPrnAmt><sshPrnamt>24000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>24000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>MOLSON COORS BEVERAGE CO</nameOfIssuer><titleOfClass>CL B</titleOfClass><cusip>60871R209</cusip><value>1590</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>NEXSTAR MEDIA GROUP INC</nameOfIssuer><titleOfClass>COMMON 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STOCK</titleOfClass><cusip>65345N106</cusip><value>2570</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>174</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>187</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>1597</value><shrsOrPrnAmt><sshPrnamt>25172</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>25172</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>6853</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>2047</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>391</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>751</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>6320</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>234</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>546</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>94</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>2508</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>1396</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 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INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>87484T108</cusip><value>24457</value><shrsOrPrnAmt><sshPrnamt>1487637</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>1487637</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>TEGNA INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>87901J105</cusip><value>1020</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 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INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>92556V106</cusip><value>493</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>493</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>6860</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>326</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>654</value><shrsOrPrnAmt><sshPrnamt>24000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>24000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>XPERI INC</nameOfIssuer><titleOfClass>COMMON STOCK</titleOfClass><cusip>98423J101</cusip><value>1785</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><!-- Other Managers: 1|Great American Insurance Company|028-00498||| --><!-- tableEntryCount=111 tableValueTotal=290982 -->
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</SEC-DOCUMENT>
