v3.25.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following (in millions):
June 30, 2025December 31, 2024
PrincipalDiscount and Issue CostsCarrying ValuePrincipalDiscount and Issue CostsCarrying Value
Direct Senior Obligations of AFG:
4.50% Senior Notes due June 2047
$567 $(1)$566 $567 $(1)$566 
5.25% Senior Notes due April 2030
253 (3)250 253 (4)249 
Other3 — 3 3 — 3 
823 (4)819 823 (5)818 
Direct Subordinated Obligations of AFG:
4.50% Subordinated Debentures due September 2060
200 (5)195 200 (5)195 
5.125% Subordinated Debentures due December 2059
200 (5)195 200 (5)195 
5.625% Subordinated Debentures due June 2060
150 (4)146 150 (4)146 
5.875% Subordinated Debentures due March 2059
125 (4)121 125 (4)121 
675 (18)657 675 (18)657 
$1,498 $(22)$1,476 $1,498 $(23)$1,475 

Scheduled principal payments on debt for the balance of 2025, the subsequent five years and thereafter are as follows: 2025 — none; 2026 — none; 2027 — none; 2028 — none; 2029 — none; 2030 — $253 million and thereafter — $1.25 billion.

AFG can borrow up to $450 million under its revolving credit facility, which expires in June 2028. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.75% (currently 1.25%) over a SOFR-based floating rate. No amounts were borrowed under this facility at June 30, 2025 or December 31, 2024.