American Financial Group Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), American Financial Group Inc. reported 63 stock positions worth $269.8 million. Its top holding was Nexstar Media (NXST) at 17.1% of the portfolio, followed by Citigroup (C, 13.6%) and Voyager Technologies Class A (VOYG, 8.7%). Compared with Q3 2025, it opened 7 new positions, sold out of 2, added to 4 and reduced 3. The biggest buy was a new position in Blue Owl Capital (OWL) and the biggest sale an exit from General Motors (GM).

Most Recent 13F
Q2 2026
Location
CINCINNATI, OH
CIK
0001042046
Portfolio Value
$269.8M (Q4 2025)
SEC Filing
0001042046-26-000004 ↗ filed Feb 12, 2026

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $232.6M Q1 2024 Q2 2024: $220.1M Q2 2024 Q3 2024: $220.6M Q3 2024 Q4 2024: $213.7M Q4 2024 Q1 2025: $228.1M Q1 2025 Q2 2025: $260.7M Q2 2025 Q3 2025: $253.5M Q3 2025 Q4 2025: $269.8M $269.8M Q4 2025 Q1 2026: $269.7M Q1 2026 Q2 2026: $283.6M Q2 2026

Holdings 63 stocks · $269.8M
NXST Nexstar Media Group Inc. 17.12% 227,482 $46.2M No change
C Citigroup Inc. 13.62% 315,000 $36.8M No change
VOYG Voyager Technologies Inc. Class A 8.67% 894,941 $23.4M Reduce -14.3%
TALO Talos Energy Inc. 6.08% 1,487,637 $16.4M No change
ACI Albertsons Cos Inc. Class A 5.01% 786,786 $13.5M No change
EOSE Eos Energy Enterprises Inc. 4.13% 971,928 $11.1M Reduce -1.0%
OWL Blue Owl Capital Inc. 3.32% 600,000 $9.0M New
MSDL Morgan Stanley Direct Lendin 3.25% 531,500 $8.8M New
EPD Enterprise Products Partners 3.03% 255,000 $8.2M No change
KMB Kimberly-Clark Corp. 2.99% 80,000 $8.1M New
CMCSA Comcast Corp. Class A 2.96% 267,000 $8.0M No change
ET Energy Transfer LP 2.76% 450,896 $7.4M No change
PAA Plains All Amer Pipeline LP 2.75% 412,500 $7.4M No change
UBER Uber Technologies Inc. 2.73% 90,000 $7.4M No change
GSBD Goldman Sachs BDC Inc. 1.74% 506,562 $4.7M New
TYG Tortoise Energy Infrastruct 1.67% 110,102 $4.5M No change
BMY Bristol-Myers Squibb Co. 1.20% 60,000 $3.2M No change
BEN Franklin Templeton Inc. 1.05% 119,150 $2.8M No change
PFX Phenixfin Corp. 1.05% 64,327 $2.8M No change
KHC The Kraft Heinz Co. 0.99% 110,000 $2.7M No change
GTN Gray Media Inc. 0.97% 540,202 $2.6M No change
IVZ Invesco Ltd. 0.92% 95,000 $2.5M Reduce -61.2%
OKE Oneok Inc. 0.69% 25,172 $1.9M No change
AMWD American Woodmark Corp. 0.58% 28,924 $1.6M No change
LCNB LCNB Corporation 0.57% 93,582 $1.5M No change
CLPR Clipper Realty Inc. 0.53% 372,044 $1.4M No change
DERM Journey Medical Corp. 0.51% 180,000 $1.4M No change
EFC Ellington Financial Inc. 0.50% 100,000 $1.4M No change
MPLX MPLX LP 0.49% 25,000 $1.3M No change
VTRS Viatris Inc. 0.46% 100,000 $1.2M No change
TAP Molson Coors Beverage Co. Class B 0.43% 25,000 $1.2M No change
OMER Omeros Corp. 0.41% 64,113 $1.1M No change
SHEL Shell PLC-ADR 0.39% 14,500 $1.1M No change
SUN Sunoco LP 0.39% 20,000 $1.0M No change
KVUE Kenvue Inc. 0.38% 60,000 $1.0M New
ARI Apollo Commercial Real Estat 0.38% 105,154 $1.0M No change
WES Western Midstream Partners L 0.37% 25,500 $1.0M Add +2.0%
TVRD Tvardi Therapeutics Inc. 0.36% 223,659 $962K New
LILAK Liberty Latin Americ Class C 0.35% 125,000 $933K No change
RC Ready Capital Corp. 0.31% 386,120 $842K No change
USAC USA Compression Partners LP 0.30% 35,150 $808K No change
PSX Phillips 66 0.30% 6,250 $807K No change
HESM Hess Midstream LP Class A 0.28% 22,000 $759K No change
DKL Delek Logistics Partners LP 0.28% 17,000 $759K Add +3.0%
BHF Brighthouse Financial Inc. 0.27% 11,362 $736K No change
GLP Global Partners LP 0.27% 17,500 $732K No change
IHRT Iheartmedia Inc. Class A 0.25% 162,091 $674K No change
COP Conocophillips 0.24% 7,000 $655K No change
ARLP Alliance Resource Partners 0.22% 25,500 $592K No change
KNTK Kinetik Holdings Inc. 0.21% 16,000 $577K Add +5.3%
XPER Xperi Inc. 0.18% 81,071 $475K No change
FLNG Flex LNG Ltd. 0.15% 16,500 $412K Add +6.5%
AM Antero Midstream Corp. 0.14% 21,000 $374K No change
CAPL Crossamerica Partners LP 0.11% 15,000 $309K No change
WMB Williams Cos Inc. 0.11% 5,000 $301K New
CGTX Cognition Therapeutics Inc. 0.10% 205,000 $277K No change
PGEN Precigen Inc. 0.10% 66,114 $276K No change
CFFN Capitol Federal Financial Inc. 0.09% 36,000 $245K No change
KROS Keros Therapeutics Inc. 0.08% 10,105 $206K No change
GPMT Granite Point Mortgage Trust 0.07% 81,021 $194K No change
TWO Two Harbors Investment Corp. filed as TWO HBRS INVT CORP 0.05% 13,897 $146K No change
CURI Curiositystream Inc. 0.04% 27,932 $106K No change
FLL Full House Resorts Inc. filed as FULL HSE RESORTS INC 0.03% 35,331 $92K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $6.0M (not counted above)
SecurityClassShares / PrincipalValueChange
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 6,000,000$6.0MNo change

Total filed on the 13F, all lines: $275.8M.

Portfolio Sells Q3 2025 → Q4 2025
GM General Motors Co. Sold out 0.00% −4.57
VOYG Voyager Technologies Inc. Class A Reduce -14.3% 8.67% −3.60
IVZ Invesco Ltd. Reduce -61.2% 0.92% −1.29
EOSE Eos Energy Enterprises Inc. Reduce -1.0% 4.13% −0.28
VG Venture Global Inc. Class A Sold out 0.00% −0.07

Portfolio Buys Q3 2025 → Q4 2025
OWL Blue Owl Capital Inc. New 3.32% +3.32
MSDL Morgan Stanley Direct Lendin New 3.25% +3.25
KMB Kimberly-Clark Corp. New 2.99% +2.99
GSBD Goldman Sachs BDC Inc. New 1.74% +1.74
KVUE Kenvue Inc. New 0.38% +0.38
TVRD Tvardi Therapeutics Inc. New 0.36% +0.36
WMB Williams Cos Inc. New 0.11% +0.11
FLNG Flex LNG Ltd. Add +6.5% 0.15% −0.00
WES Western Midstream Partners L Add +2.0% 0.37% −0.01
DKL Delek Logistics Partners LP Add +3.0% 0.28% −0.02
KNTK Kinetik Holdings Inc. Add +5.3% 0.21% −0.04

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 73$283.6MC, NXST, KMB, ACI, OWL
Q1 2026 71$269.7MNXST, C, VOYG, ACI, OWL
Q4 2025 63$269.8MNXST, C, VOYG, TALO, ACI
Q3 2025 58$253.5MNXST, C, VOYG, TALO, ACI
Q2 2025 60$260.7MVOYG, NXST, C, ACI, TALO
Q1 2025 60$228.1MNXST, C, ACI, TALO, SBGI
Q4 2024 61$213.7MNXST, C, ACI, TALO, SBGI
Q3 2024 64$220.6MNXST, C, TALO, ACI, SBGI
Q2 2024 66$220.1MNXST, C, TALO, ACI, GM
Q1 2024 67$232.6MNXST, TALO, C, ACI, CMCSA