v3.26.1
Long-Term Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following (in millions):
June 30, 2026December 31, 2025
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 
5.00% Senior Notes due September 2035
350 (6)344 350 (6)344 
5.25% Senior Notes due April 2030
253 (2)251 253 (3)250 
Other3 — 3 3 — 3 
1,173 (9)1,164 1,173 (10)1,163 
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 
$1,848 $(27)$1,821 $1,848 $(28)$1,820 

Scheduled principal payments on debt for the balance of 2026, the subsequent five years and thereafter are as follows: 2026 — none; 2027 — none; 2028 — none; 2029 — none; 2030 — $253 million; 2031 — none and thereafter — $1.60 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, 2026 or December 31, 2025.