POWER OF ATTORNEY
July 6, 2005

Each of the undersigned hereby appoints each of BARBARA J. S.
MCKEE, SATURNINO S. FANLO, DAVID A. NETJES, and each of them
severally with the power to act with or without the other, his or
her true and lawful attorney-in-fact to:

(1)	execute for and on behalf of the undersigned, with respect
to the undersigned's holdings of and transactions in securities
of KKR Financial Corp. (the "Company"), Forms 3, 4 or 5 pursuant
to Section 16(a) of the Securities Exchange Act, as amended, and
the rules thereunder (the "Exchange Act");

(2) 	do and perform any and all acts for and on behalf of the
undersigned which  may be necessary or desirable to complete and
execute any such Form 3, 4 or 5 and timely file such form with
the United States Securities and Exchange Commission, any stock
exchange or quotation system or other self-regulatory authority;
and

(3) 	take any other action of any type whatsoever in connection
with the foregoing which, in the opinion of such attorney-in-
fact, may be of benefit to, in the best interest of, or legally
required by, the undersigned, it being understood that the
documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such
attorney-in-fact may approve in her/his discretion.

The undersigned hereby grants to such attorney-in-fact full power
and authority to do and perform all and every act and thing
whatsoever requisite, necessary and proper to be done in the
exercise of any of the rights and powers herein granted, as fully
to all intents and purposes as such attorney-in-fact might or
could do if personally present, with full power of substitution,
resubstitution or revocation, hereby ratifying and confirming all
that such attorney-in-fact, or his or her substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this Power of Attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorney-in-fact,
in serving in such capacity at the request of the undersigned, is
not assuming any of the undersigned's responsibilities to comply
with Section 16 of the Exchange Act.  This Power of Attorney
shall remain in full force and effect until the undersigned is no
longer required to file Forms 3, 4 and 5 with respect to the
undersigned's holdings of and transactions in Company securities,
unless earlier revoked by the undersigned.

IN WITNESS WHEREOF, each of the undersigned has caused this Power
of Attorney to be executed as of the date first set forth above.


/s/ Paul M. Hazen
Paul M. Hazen


/s/ William F. Aldinger
William F. Aldinger


/s/ Patrick Cowell
Patrick Cowell


/s/ Kenneth M. deRegt
Kenneth M. deRegt


/s/ R. Glenn Hubbard
R. Glenn Hubbard


/s/ Ross J. Kari
Ross J. Kari


/s/ Ely L. Licht
Ely L. Licht


/s/ Deborah H. McAneny
Deborah H. McAneny