# EDGAR Filing Document

**Accession Number:** 0001042046
**File Stem:** 0001042046-25-000041
**Filing Date:** 2025-11
**Character Count:** 11945
**Document Hash:** cadf7ab94c88ff398c6d557fd68c39aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001042046-25-000041.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001042046-25-000041

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**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:** 251465399

**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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** AMERICAN FINANCIAL GROUP INC<br>**Address:** GREAT AMERICAN INSURANCE GROUP TOWER<br>301 E. 4TH STREET<br>CINCINNATI, OH 45202

**Form 13F File Number:** 028-04389

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Robert A. Dee<br>**Title:** Vice President and Controller<br>**Phone:** 513-579-2153

**Signature, Place, and Date of Signing:**

/s/ Robert A. Dee  Cincinnati, OH  11-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 77

**Form 13F Information Table Value Total:** $259474222

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                             | Form 13F File Number   |
|:---|:---|:---|
|  | Great American Insurance Company | 028-00498              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| FLEX LNG LTD | SHS | G35947202 |  | 390600 | 15500 | SH |  | DFND | 1 | 15500 | 0 | 0 |
| INVESCO LTD | SHS | G491BT108 |  | 5620300 | 245000 | SH |  | DFND | 1 | 245000 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COM CL C | G9001E128 |  | 1055000 | 125000 | SH |  | DFND | 1 | 125000 | 0 | 0 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 13776623 | 786786 | SH |  | DFND | 1 | 786786 | 0 | 0 |
| ALLIANCE RESOURCE PARTNERS L | UT LTD PART | 01877R108 |  | 644768 | 25500 | SH |  | DFND | 1 | 25500 | 0 | 0 |
| KINETIK HOLDINGS INC | COM NEW CL A | 02215L209 |  | 649648 | 15200 | SH |  | DFND | 1 | 15200 | 0 | 0 |
| AMERICAN WOODMARK CORPORATIO | COM | 030506109 |  | 1930966 | 28924 | SH |  | DFND | 1 | 28924 | 0 | 0 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 408240 | 21000 | SH |  | DFND | 1 | 21000 | 0 | 0 |
| APOLLO COML REAL EST FIN INC | COM | 03762U105 |  | 856998 | 84600 | SH |  | DFND | 1 | 84600 | 0 | 0 |
| APOLLO COML REAL EST FIN INC | COM | 03762U105 |  | 208212 | 20554 | SH |  | DFND |  | 20554 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 550068 | 10363 | SH |  | DFND | 1 | 10363 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 53027 | 999 | SH |  | DFND |  | 999 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1353000 | 30000 | SH |  | DFND | 1 | 30000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1353000 | 30000 | SH |  | DFND |  | 30000 | 0 | 0 |
| CAPITOL FED FINL INC | COM | 14057J101 |  | 228600 | 36000 | SH |  | DFND | 1 | 36000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 31262000 | 308000 | SH |  | DFND | 1 | 308000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 710500 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| CLIPPER RLTY INC | COM | 18885T306 |  | 1413767 | 372044 | SH |  | DFND | 1 | 372044 | 0 | 0 |
| COGNITION THERAPEUTICS INC | COM | 19243B102 |  | 276750 | 205000 | SH |  | DFND | 1 | 205000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 8389140 | 267000 | SH |  | DFND | 1 | 267000 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 662130 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| CROSSAMERICA PARTNERS LP | UT LTD PTN INT | 22758A105 |  | 315450 | 15000 | SH |  | DFND | 1 | 15000 | 0 | 0 |
| CURIOSITYSTREAM INC | COM CL A | 23130Q107 |  | 148040 | 27932 | SH |  | DFND | 1 | 27932 | 0 | 0 |
| DELEK LOGISTICS PARTNERS LP | COM UNT RP INT | 24664T103 |  | 751410 | 16500 | SH |  | DFND | 1 | 16500 | 0 | 0 |
| ELLINGTON FINANCIAL INC | COM | 28852N109 |  | 897775 | 69166 | SH |  | DFND | 1 | 69166 | 0 | 0 |
| ELLINGTON FINANCIAL INC | COM | 28852N109 |  | 400225 | 30834 | SH |  | DFND |  | 30834 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 6409603 | 373520 | SH |  | DFND | 1 | 373520 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 1327772 | 77376 | SH |  | DFND |  | 77376 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 7973850 | 255000 | SH |  | DFND | 1 | 255000 | 0 | 0 |
| EOS ENERGY ENTERPRISES INC | COM CL A | 29415C101 |  | 11180743 | 981628 | SH |  | DFND | 1 | 981628 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 |  | 1469912 | 63550 | SH |  | DFND | 1 | 63550 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 |  | 1286028 | 55600 | SH |  | DFND |  | 55600 | 0 | 0 |
| FULL HSE RESORTS INC | COM | 359678109 |  | 113413 | 35331 | SH |  | DFND | 1 | 35331 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 8287042 | 135920 | SH |  | DFND | 1 | 135920 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 3297258 | 54080 | SH |  | DFND |  | 54080 | 0 | 0 |
| GLOBAL PARTNERS LP | COM UNITS | 37946R109 |  | 840000 | 17500 | SH |  | DFND | 1 | 17500 | 0 | 0 |
| GRANITE PT MTG TR INC | COM STK | 38741L107 |  | 117693 | 39231 | SH |  | DFND | 1 | 39231 | 0 | 0 |
| GRANITE PT MTG TR INC | COM STK | 38741L107 |  | 125370 | 41790 | SH |  | DFND |  | 41790 | 0 | 0 |
| GRAY MEDIA INC | COM | 389375106 |  | 2948968 | 510202 | SH |  | DFND | 1 | 510202 | 0 | 0 |
| GRAY MEDIA INC | COM | 389375106 |  | 173400 | 30000 | SH |  | DFND |  | 30000 | 0 | 0 |
| HESS MIDSTREAM LP | CL A SHS | 428103105 |  | 760100 | 22000 | SH |  | DFND | 1 | 22000 | 0 | 0 |
| IHEARTMEDIA INC | COM CL A | 45174J509 |  | 465201 | 162091 | SH |  | DFND | 1 | 162091 | 0 | 0 |
| JOURNEY MED CORP | COM | 48115J109 |  | 1281600 | 180000 | SH |  | DFND | 1 | 180000 | 0 | 0 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 159861 | 10105 | SH |  | DFND | 1 | 10105 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 2864400 | 110000 | SH |  | DFND | 1 | 110000 | 0 | 0 |
| LCNB CORP | COM | 50181P100 |  | 1377881 | 91920 | SH |  | DFND | 1 | 91920 | 0 | 0 |
| LCNB CORP | COM | 50181P100 |  | 24913 | 1662 | SH |  | DFND |  | 1662 | 0 | 0 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 1248750 | 25000 | SH |  | DFND | 1 | 25000 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 1131250 | 25000 | SH |  | DFND | 1 | 25000 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 42490767 | 214882 | SH |  | DFND | 1 | 214882 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 2491524 | 12600 | SH |  | DFND |  | 12600 | 0 | 0 |
| OMEROS CORP | COM | 682143102 |  | 262863 | 64113 | SH |  | DFND | 1 | 64113 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 1836801 | 25172 | SH |  | DFND | 1 | 25172 | 0 | 0 |
| PHENIXFIN CORP | COM | 71742W103 |  | 2571893 | 54003 | SH |  | DFND | 1 | 54003 | 0 | 0 |
| PHENIXFIN CORP | COM | 71742W103 |  | 491681 | 10324 | SH |  | DFND |  | 10324 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 850125 | 6250 | SH |  | DFND | 1 | 6250 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 7037250 | 412500 | SH |  | DFND | 1 | 412500 | 0 | 0 |
| PRECIGEN INC | COM | 74017N105 |  | 217515 | 66114 | SH |  | DFND | 1 | 66114 | 0 | 0 |
| READY CAPITAL CORP | COM | 75574U101 |  | 960089 | 248085 | SH |  | DFND | 1 | 248085 | 0 | 0 |
| READY CAPITAL CORP | COM | 75574U101 |  | 534195 | 138035 | SH |  | DFND |  | 138035 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 1037185 | 14500 | SH |  | DFND |  | 14500 | 0 | 0 |
| SUNOCO LP/SUNOCO FIN CORP | COM UT REP LP | 86765K109 |  | 1000200 | 20000 | SH |  | DFND | 1 | 20000 | 0 | 0 |
| TALOS ENERGY INC | COM | 87484T108 |  | 14266439 | 1487637 | SH |  | DFND | 1 | 1487637 | 0 | 0 |
| TORTOISE ENERGY INFRA CORP | COM | 89147L886 |  | 4300684 | 99807 | SH |  | DFND | 1 | 99807 | 0 | 0 |
| TORTOISE ENERGY INFRA CORP | COM | 89147L886 |  | 443612 | 10295 | SH |  | DFND |  | 10295 | 0 | 0 |
| TWO HARBORS INVENTMENT CORPO | NOTE 6.250% 1/1 | 90187BAB7 |  | 3950584 | 4000000 | PRN |  | DFND | 1 | 4000000 | 0 | 0 |
| TWO HARBORS INVENTMENT CORPO | NOTE 6.250% 1/1 | 90187BAB7 |  | 1975292 | 2000000 | PRN |  | DFND |  | 2000000 | 0 | 0 |
| TWO HBRS INVT CORP | COM | 90187B804 |  | 137166 | 13897 | SH |  | DFND |  | 13897 | 0 | 0 |
| USA COMPRESSION PARTNERS LP | COMUNIT LTDPAR | 90290N109 |  | 576000 | 24000 | SH |  | DFND | 1 | 24000 | 0 | 0 |
| USA COMPRESSION PARTNERS LP | COMUNIT LTDPAR | 90290N109 |  | 267600 | 11150 | SH |  | DFND |  | 11150 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 8817300 | 90000 | SH |  | DFND | 1 | 90000 | 0 | 0 |
| VENTURE GLOBAL INC | COM CL A | 92333F101 |  | 170280 | 12000 | SH |  | DFND | 1 | 12000 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 495000 | 50000 | SH |  | DFND | 1 | 50000 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 495000 | 50000 | SH |  | DFND |  | 50000 | 0 | 0 |
| VOYAGER TECHNOLOGIES INC | COM CL A | 92892B103 |  | 31118343 | 1044941 | SH |  | DFND | 1 | 1044941 | 0 | 0 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 982250 | 25000 | SH |  | DFND | 1 | 25000 | 0 | 0 |
| XPERI INC | COMMON STOCK | 98423J101 |  | 525339 | 81071 | SH |  | DFND | 1 | 81071 | 0 | 0 |

---