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SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
Report for the Calendar Year or Quarter Ended: 06-30-2025
Check here if Amendment checkbox unchecked Amendment Number:
This Amendment (Check only one.): checkbox unchecked is a restatement.
checkbox unchecked adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: AMERICAN FINANCIAL GROUP INC
Address: GREAT AMERICAN INSURANCE GROUP TOWER
301 E. 4TH STREET
CINCINNATI, OH  45202
Form 13F File Number: 028-04389
CRD Number (if applicable):
SEC File Number (if applicable):

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
Title: Vice President and Controller
Phone: 513-579-2153
Signature, Place, and Date of Signing:
/s/ Robert A. Dee CINCINNATI,  OH 08-07-2025
[Signature] [City, State] [Date]
Report Type (Check only one.):
checkbox checked 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
checkbox unchecked 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
checkbox unchecked 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: 80
Form 13F Information Table Value Total: 266,629,173
(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 CRD No. (if applicable) SEC File No. (if applicable) CIK
1 Great American Insurance Company 028-00498      
SEC FORM 13-F Information Table

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
FLEX LNG LTD SHS G35947202   296,730 13,500 SH   DFND 1 13,500 0 0
INVESCO LTD SHS G491BT108   3,863,650 245,000 SH   DFND 1 245,000 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   777,500 125,000 SH   DFND 1 125,000 0 0
ALBERTSONS COS INC COMMON STOCK 013091103   16,923,767 786,786 SH   DFND 1 786,786 0 0
ALLIANCE RESOURCE PARTNERS L UT LTD PART 01877R108   666,570 25,500 SH   DFND 1 25,500 0 0
KINETIK HOLDINGS INC COM NEW CL A 02215L209   594,675 13,500 SH   DFND 1 13,500 0 0
AMERICAN WOODMARK CORPORATIO COM 030506109   1,543,674 28,924 SH   DFND 1 28,924 0 0
ANTERO MIDSTREAM CORP COM 03676B102   397,950 21,000 SH   DFND 1 21,000 0 0
APOLLO COML REAL EST FIN INC COM 03762U105   818,928 84,600 SH   DFND 1 84,600 0 0
APOLLO COML REAL EST FIN INC COM 03762U105   198,963 20,554 SH   DFND   20,554 0 0
BRIGHTHOUSE FINL INC COM 10922N103   557,219 10,363 SH   DFND 1 10,363 0 0
BRIGHTHOUSE FINL INC COM 10922N103   53,716 999 SH   DFND   999 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108   1,388,700 30,000 SH   DFND 1 30,000 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108   1,388,700 30,000 SH   DFND   30,000 0 0
CAPITOL FED FINL INC COM 14057J101   219,600 36,000 SH   DFND 1 36,000 0 0
CITIGROUP INC COM NEW 172967424   26,216,960 308,000 SH   DFND 1 308,000 0 0
CITIGROUP INC COM NEW 172967424   595,840 7,000 SH   DFND   7,000 0 0
CLIPPER RLTY INC COM 18885T306   1,365,401 372,044 SH   DFND 1 372,044 0 0
COGNITION THERAPEUTICS INC COM 19243B102   63,509 205,000 SH   DFND 1 205,000 0 0
COMCAST CORP NEW CL A 20030N101   9,529,230 267,000 SH   DFND 1 267,000 0 0
CONOCOPHILLIPS COM 20825C104   628,180 7,000 SH   DFND   7,000 0 0
CROSSAMERICA PARTNERS LP UT LTD PTN INT 22758A105   303,340 14,500 SH   DFND 1 14,500 0 0
CURIOSITYSTREAM INC COM CL A 23130Q107   157,257 27,932 SH   DFND 1 27,932 0 0
DELEK LOGISTICS PARTNERS LP COM UNT RP INT 24664T103   644,250 15,000 SH   DFND 1 15,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109   898,466 69,166 SH   DFND 1 69,166 0 0
ELLINGTON FINANCIAL INC COM 28852N109   400,534 30,834 SH   DFND   30,834 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   6,771,918 373,520 SH   DFND 1 373,520 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   1,402,827 77,376 SH   DFND   77,376 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   7,907,550 255,000 SH   DFND 1 255,000 0 0
EOS ENERGY ENTERPRISES INC COM CL A 29415C101   4,776,602 932,930 SH   DFND 1 932,930 0 0
FRANKLIN RESOURCES INC COM 354613101   1,515,668 63,550 SH   DFND 1 63,550 0 0
FRANKLIN RESOURCES INC COM 354613101   1,326,060 55,600 SH   DFND   55,600 0 0
FULL HSE RESORTS INC COM 359678109   129,311 35,331 SH   DFND 1 35,331 0 0
GENERAL MTRS CO COM 37045V100   6,688,623 135,920 SH   DFND 1 135,920 0 0
GENERAL MTRS CO COM 37045V100   2,661,277 54,080 SH   DFND   54,080 0 0
GLOBAL PARTNERS LP COM UNITS 37946R109   922,775 17,500 SH   DFND 1 17,500 0 0
GRANITE PT MTG TR INC COM STK 38741L107   96,901 39,231 SH   DFND 1 39,231 0 0
GRANITE PT MTG TR INC COM STK 38741L107   103,221 41,790 SH   DFND   41,790 0 0
GRAY MEDIA INC COM 389375106   2,311,215 510,202 SH   DFND 1 510,202 0 0
GRAY MEDIA INC COM 389375106   135,900 30,000 SH   DFND   30,000 0 0
HESS MIDSTREAM LP CL A SHS 428103105   847,220 22,000 SH   DFND 1 22,000 0 0
IHEARTMEDIA INC COM CL A 45174J509   285,280 162,091 SH   DFND 1 162,091 0 0
JOURNEY MED CORP COM 48115J109   1,292,400 180,000 SH   DFND 1 180,000 0 0
KEROS THERAPEUTICS INC COM 492327101   134,902 10,105 SH   DFND 1 10,105 0 0
KRAFT HEINZ CO COM 500754106   2,840,200 110,000 SH   DFND 1 110,000 0 0
LCNB CORP COM 50181P100   1,335,598 91,920 SH   DFND 1 91,920 0 0
LCNB CORP COM 50181P100   24,149 1,662 SH   DFND   1,662 0 0
MPLX LP COM UNIT REP LTD 55336V100   1,287,750 25,000 SH   DFND 1 25,000 0 0
MOLSON COORS BEVERAGE CO CL B 60871R209   1,202,250 25,000 SH   DFND 1 25,000 0 0
NEXSTAR MEDIA GROUP INC COMMON STOCK 65336K103   37,163,842 214,882 SH   DFND 1 214,882 0 0
NEXSTAR MEDIA GROUP INC COMMON STOCK 65336K103   2,179,170 12,600 SH   DFND   12,600 0 0
OMEROS CORP COM 682143102   192,339 64,113 SH   DFND 1 64,113 0 0
ONEOK INC NEW COM 682680103   2,054,790 25,172 SH   DFND 1 25,172 0 0
PHENIXFIN CORP COM 71742W103   2,735,252 54,003 SH   DFND 1 54,003 0 0
PHENIXFIN CORP COM 71742W103   522,911 10,324 SH   DFND   10,324 0 0
PHILLIPS 66 COM 718546104   745,625 6,250 SH   DFND 1 6,250 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105   7,557,000 412,500 SH   DFND 1 412,500 0 0
PRECIGEN INC COM 74017N105   93,882 66,114 SH   DFND 1 66,114 0 0
READY CAPITAL CORP COM 75574U101   1,084,131 248,085 SH   DFND 1 248,085 0 0
READY CAPITAL CORP COM 75574U101   603,213 138,035 SH   DFND   138,035 0 0
SHELL PLC SPON ADS 780259305   1,020,945 14,500 SH   DFND   14,500 0 0
SINCLAIR INC CL A 829242106   9,099,364 658,420 SH   DFND 1 658,420 0 0
SUNOCO LP/SUNOCO FIN CORP COM UT REP LP 86765K109   1,045,005 19,500 SH   DFND 1 19,500 0 0
TALOS ENERGY INC COM 87484T108   12,615,162 1,487,637 SH   DFND 1 1,487,637 0 0
TORTOISE ENERGY INFRA CORP COM 89147L886   4,380,529 99,807 SH   DFND 1 99,807 0 0
TORTOISE ENERGY INFRA CORP COM 89147L886   451,848 10,295 SH   DFND   10,295 0 0
TWO HARBORS INVENTMENT CORPO NOTE 6.250% 1/1 90187BAB7   3,952,076 4,000,000 PRN   DFND 1 4,000,000 0 0
TWO HARBORS INVENTMENT CORPO NOTE 6.250% 1/1 90187BAB7   1,976,038 2,000,000 PRN   DFND   2,000,000 0 0
TWO HBRS INVT CORP COM 90187B804   149,673 13,897 SH   DFND   13,897 0 0
USA COMPRESSION PARTNERS LP COMUNIT LTDPAR 90290N109   583,440 24,000 SH   DFND 1 24,000 0 0
USA COMPRESSION PARTNERS LP COMUNIT LTDPAR 90290N109   271,057 11,150 SH   DFND   11,150 0 0
UBER TECHNOLOGIES INC COM 90353T100   8,397,000 90,000 SH   DFND 1 90,000 0 0
VENTURE GLOBAL INC COM CL A 92333F101   163,590 10,500 SH   DFND 1 10,500 0 0
VIATRIS INC COM 92556V106   446,500 50,000 SH   DFND 1 50,000 0 0
VIATRIS INC COM 92556V106   446,500 50,000 SH   DFND   50,000 0 0
VOYAGER TECHNOLOGIES INC COM CL A 92892B103   41,013,934 1,044,941 SH   DFND 1 1,044,941 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   7,238,881 631,665 SH   DFND 1 631,665 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   343,800 30,000 SH   DFND   30,000 0 0
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103   967,500 25,000 SH   DFND 1 25,000 0 0
XPERI INC COMMON STOCK 98423J101   641,270 81,071 SH   DFND 1 81,071 0 0