SEC FORM 4/A

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

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

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)
04/12/2012

4. If Amendment, Date of Original Filed (Month/Day/Year)
05/21/2010

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 Stock	04/12/2012		J⁽¹⁾		768,700	D	$0	6,698,213	I	Managed Accounts⁽²⁾
Common Stock	06/29/2012		J⁽¹⁾		557,800	D	$0⁽³⁾	6,140,413	I	Managed Accounts⁽²⁾
Common Stock	09/26/2012		S		36,688	D	$9.95	6,103,725	I	Managed Accounts⁽²⁾
Common Stock	09/28/2012		J⁽¹⁾		184,356	D	$0	5,919,369	I	Managed Accounts⁽⁴⁾
Common Stock								7,963,954	I	Investment Entities⁽⁴⁾
Common Stock								2,500,000	D
Common Stock								200,000	I	Cooperman Foundation⁽⁶⁾
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)
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)
$5,000,000 7% Convertible Notes due 7/15/12	$31	07/15/2012		D⁽⁷⁾			$5,000,000	07/15/2012	07/15/2012	Common Stock	161,291	$5,000,000	0	D
$1,000,000 7.5% Convertible Note due 2017	$7.1634⁽⁸⁾							⁽⁹⁾	01/15/2017	Common Stock	139,599		$1,000,000	I	Son⁽¹⁰⁾
$4,000,000 7.5% Convertible Notes due 2017	$7.1634⁽⁸⁾							⁽⁹⁾	01/15/2017	Common Stock	558,395		$4,000,000	I	Trust F/B/O Michael S. Cooperman⁽¹¹⁾
$6,000,000 7% Convertible notes due 2017	$7.1634⁽⁸⁾							⁽⁹⁾	01/15/2017	Common Stock	837,592		$6,000,000	D
$400,000 Convertible Note due 2017	$7.1634⁽⁸⁾							⁽⁹⁾	01/15/2017	Common Stock	55,839		$400,000	I	NJ Performing Art Foundation⁽¹²⁾
$600,000 7% Convertible Notes due 2017	$7.1634⁽⁸⁾	05/01/2012		G⁽¹³⁾		$600,000		⁽⁹⁾	01/15/2017	Common Stock	83,759	$600,000	0	I	Cooperman Foundation⁽⁵⁾
$600,000 7% Convertible Notes due 2017	$7.1634⁽⁸⁾	05/01/2012		G⁽¹³⁾		$600,000		⁽⁹⁾	01/15/2017	Common Stock	83,759	$600,000	$600,000	I	Omega Charitable Partnership LP⁽¹⁴⁾

Explanation of Responses:

1. The Managed accounts liquidated securities in-kind to its underlying beneficial owner.

2. 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.

3. This transaction was executed in multiple trades, and the price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected.

4. 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.

5. The securities are held in the account of the Leon & Toby Cooperman Family 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.

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 matured on July 15,2012 and were paid by Issuer.

8. Subject to adjustment.

9. 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.

10. 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.

11. The securities are held in the Trust Account F/B/O 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.

12. The securities are held in the account of the NJ Performing Art 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.

13. This is a gift to Omega Charitable Partnership LP (a Cayman Island limited partnership).

14. 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	10/01/2012
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.