SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* COOPERMAN LEON G (Last) (First) (Middle) 2700 NORTH MILITARY TRAIL SUITE 230 (Street) BOCA RATON FL 33301 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol KKR Financial Holdings LLC [ KFN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 11/28/2012
	4. If Amendment, Date of Original Filed (Month/Day/Year) 01/07/2013	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/28/2012		G(1)		1,000,000(1)	D	$0	1,500,000	D
Common Stock	12/20/2012		G(1)		1,500,000(1)	D	$0	0	D
Common Stock	11/28/2012		G(1)		1,000,000(1)	A	$0	1,200,000	I	Cooperman Foundation(2)
Common Stock	12/28/2012		G(1)		1,500,000(1)	A	$0	2,700,000	I	Cooperman Foundation(2)
Common Stock	01/03/2013		S		243,500	D	$10.83(3)	5,675,869	I	Managed Accounts(4)
Common Stock	01/04/2013		S		251,000	D	$10.82(3)	5,424,869	I	Managed Accounts(4)
Common Stock								7,963,954	I	Investment Entities(5)
Common Stock								10,360	I	JCF Metrowest Foundation(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
$1,000,000 7.5% convertible note due 2017	$7.05							(7)	01/15/2017	Common Stock	141,286		141,286	I	Son(8)
$4,000,000 7.5% convertible note due 2017	$7.05							(7)	01/15/2017	Common Stock	567,302		567,302	I	Trust FBO Michael S. Cooperman(9)
$6,000,000 7.5% convertible note due 2017	$7.05							(7)	01/15/2017	Common Stock	850,924		850,924	D
$400,000 7.5% convertible note due 2017	$7.05							(7)	01/15/2017	Common Stock	56,730		56,730	I	NJ Performing Arts Foundation(10)
$600,000 7.5% convertible notes due 2017	$7.05							(7)	01/15/2017	Common Stock	85,095		85,095	I	Omega Charitable Partnership, LP(11)

Explanation of Responses:

1. Charitable Gift by Leon Cooperman to the Leon & Toby Cooperman Foundation.

2. The securities are held in the account of the Leon & Toby Cooperman Foundation over which the reporting person has investment discretion. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

3. Represents weighted average purchase price. Full information regarding the number of shares purchased at each separate price will be provided by the reporting person upon request to the staff of the SEC, the Issuer, or a security holder of the Issuer.

4. The securities are held in managed accounts over which the reporting person has investment discretion. The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

5. The securities are held in the accounts of private investment entities over which the reporting person has investment discretion. The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

6. The securities are held in the account of the JCF Metrowest Foundation over which the reporting person has investment discretion. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

7. The Notes are convertible at any time prior to the close of business on the business day preceding (i) any redemption of the notes; to the extent such notes are called for redemption, (ii) any termination of conversion rights or (iii) the stated maturity date, January 15, 2017.

8. The securities are held in the account of Michael S. Cooperman over which the reporting person has investment discretion. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

9. The securities are held in the trust account for the benefit of Michael S. Cooperman over which the reporting person has investment discretion. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

10. The securities are held in the account of the NJ Performing Arts Foundation over which the reporting person has investment discretion. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

11. The securities are held in the account of the Omega Charitable Partnership LP over which the reporting person has investment discretion. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

	Alan M. Stark POA on file	01/23/2013
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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