SEC FORM 4

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

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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^*

HAZEN PAUL

(Last)

(First)

(Middle)

C/O KKR FINANCIAL HOLDINGS LLC

555 CALIFORNIA STREET, 50TH FLOOR

(Street)

SAN FRANCISCO

94104

(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)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/17/2010

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	08/17/2010		A		6,000⁽¹⁾	A	$8.3899	396,819	D
Common Shares	08/18/2010		A		11,700⁽²⁾	A	$8.481	408,519	D
Common Shares	08/18/2010		A		4,650⁽³⁾	A	$8.481	413,169⁽⁴⁾	D⁽⁴⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Consists of 6,000 common shares (the "Brandt Shares") acquired by the Brandt Hazen Gift Trust 2005 (the "Brandt Trust"). Mr. Hazen is an investment advisor to the Brandt Trust and therefore may be deemed to have beneficial ownership of such common shares. Mr. Hazen disclaims any beneficial ownership in all common shares held in the Brandt Trust.

2. Consists of 11,700 common shares (the "Brook Shares") acquired by the Brook Hazen 2005 Gift Trust (the "Brook Trust"). Mr. Hazen is an investment advisor to the Brook Trust and therefore may be deemed to have beneficial ownership of such common shares. Mr. Hazen disclaims any beneficial ownership in all common shares held in the Brook Trust.

3. Consists of 4,650 common shares (the "Duron Shares," and together with the Brandt Shares and the Brook Shares, the "Trust Shares") acquired by the David Duron 2005 Gift Trust (the "Duron Trust"). Mr. Hazen is an investment advisor to the Duron Trust and therefore may be deemed to have beneficial ownership of such common shares. Mr. Hazen disclaims any beneficial ownership in all common shares held in the Duron Trust.

4. Consists of 390,819 common shares held directly and 22,350 Trust Shares held indirectly by Mr. Hazen. Mr. Hazen disclaims any beneficial ownership in the Trust Shares.

	Paul M. Hazen	08/19/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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