FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Fanlo Saturnino Sixto 		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
__ X __ Officer (give title below)      _____ Other (specify below)
President and CEO
(Last)          (First)          (Middle)

C/O KKR FINANCIAL HOLDINGS LLC, 555 CALIFORNIA STREET, 50TH FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

9/24/2007
(Street)

SAN FRANCISCO, CA 94104
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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 Shares   9/24/2007     X    40000   A $14.40   1082630   (1) D    
Common Shares   9/24/2007     X    12665   A $14.40   77800   I   See Note   (2)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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
Subscription Rights (right to buy)   (3) $14.40   9/24/2007     X        40000    8/31/2007   9/19/2007   Common Shares   40000   $14.40   0   D    
Subscription Rights (right to buy)   (3) $14.40   9/24/2007     X        12665    8/31/2007   9/19/2007   Common Shares   12665   $14.40   0   I   See Note   (2)

Explanation of Responses:
( 1)  Includes 803,630 restricted common shares.
( 2)  The interests in stock of the issuer are held by KKR Financial Advisors LLC (the "Manager"). The Reporting Person has an ownership interest in KKR Financial LLC, the sole member of the Manager, and may be deemed to be the beneficial owner of such interest held by the Manager. However, the Reporting Person disclaims that he is the beneficial owner of such interests, except to the extent of his pecuniary interest in such interests. The filing of this statement shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Person is the beneficial owner of all such interests covered by this statement.
( 3)  These are pro rata subscription rights acquired pursuant to the issuer's rights offering, which the reporting person exercised to acquire the securities which are reported in Column 4 of Table I. The issuer issued 0.19430 non-transferable subscription rights for each common share representing limited liability company interests in the issuer owned on August 30, 2007, the record date for the rights offering, and each subscription right entitled the holder to subscribe for 1 common share at a subscription price of $14.40 per share.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Fanlo Saturnino Sixto
C/O KKR FINANCIAL HOLDINGS LLC
555 CALIFORNIA STREET, 50TH FLOOR
SAN FRANCISCO, CA 94104 		X
President and CEO

Signatures
Saturnino S. Fanlo 9/26/2007
** 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 control number.
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