<SEC-DOCUMENT>0001042046-25-000016.txt : 20250508
<SEC-HEADER>0001042046-25-000016.hdr.sgml : 20250508
<ACCEPTANCE-DATETIME>20250508134306
ACCESSION NUMBER:		0001042046-25-000016
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250508
DATE AS OF CHANGE:		20250508
EFFECTIVENESS DATE:		20250508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0001042046
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		EIN:				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:		25925203

	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>03-31-2025</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2025</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <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>
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      <reportType>13F HOLDINGS REPORT</reportType>
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      <provideInfoForInstruction5>N</provideInfoForInstruction5>
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    <signatureBlock>
      <name>Robert A. Dee</name>
      <title>Vice President and Controller</title>
      <phone>513-579-2153</phone>
      <signature>/s/ Robert A. Dee</signature>
      <city>CINCINNATI</city>
      <stateOrCountry>OH</stateOrCountry>
      <signatureDate>05-08-2025</signatureDate>
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    <summaryPage>
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      <tableEntryTotal>80</tableEntryTotal>
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            <form13FFileNumber>028-00498</form13FFileNumber>
            <name>Great American Insurance Company</name>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>information_table.xml
<DESCRIPTION>INFORMATION TABLE
<TEXT>
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INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>492327101</cusip><value>102970</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>KRAFT HEINZ CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>500754106</cusip><value>3347300</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>1359497</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>24581</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>MPLX LP</nameOfIssuer><titleOfClass>COM UNIT REP 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STOCK</titleOfClass><cusip>65336K103</cusip><value>38511152</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>2258172</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>OMEROS 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NEW</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>682680103</cusip><value>2497566</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>PHENIXFIN CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>71742W103</cusip><value>2862159</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>547172</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>771750</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>8250000</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>PRECIGEN INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>74017N105</cusip><value>98510</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>1262753</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>702598</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>1062560</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>SINCLAIR INC</nameOfIssuer><titleOfClass>CL A</titleOfClass><cusip>829242106</cusip><value>10488631</value><shrsOrPrnAmt><sshPrnamt>658420</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>658420</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>1132170</value><shrsOrPrnAmt><sshPrnamt>19500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>19500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>TALOS ENERGY INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>87484T108</cusip><value>14459832</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>TORTOISE ENERGY INFRA CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>89147L886</cusip><value>4296691</value><shrsOrPrnAmt><sshPrnamt>99807</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>99807</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>TORTOISE ENERGY INFRA CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>89147L886</cusip><value>443200</value><shrsOrPrnAmt><sshPrnamt>10295</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><votingAuthority><Sole>10295</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>3979900</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>1989950</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>185667</value><shrsOrPrnAmt><sshPrnamt>13897</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><votingAuthority><Sole>13897</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>USA COMPRESSION PARTNERS LP</nameOfIssuer><titleOfClass>COMUNIT LTDPAR</titleOfClass><cusip>90290N109</cusip><value>647520</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>USA COMPRESSION PARTNERS LP</nameOfIssuer><titleOfClass>COMUNIT LTDPAR</titleOfClass><cusip>90290N109</cusip><value>300827</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>UBER TECHNOLOGIES INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>90353T100</cusip><value>6557400</value><shrsOrPrnAmt><sshPrnamt>90000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>90000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>VIATRIS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>92556V106</cusip><value>435500</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>435500</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>6777765</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>321900</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>1024000</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>XPERI INC</nameOfIssuer><titleOfClass>COMMON STOCK</titleOfClass><cusip>98423J101</cusip><value>625867</value><shrsOrPrnAmt><sshPrnamt>81071</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>1</otherManager><votingAuthority><Sole>81071</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable></informationTable><!-- Other Managers: 1|Great American Insurance Company|028-00498||| --><!-- tableEntryCount=80 tableValueTotal=234041413 -->
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</SEC-DOCUMENT>
