FORM 4
[ X ] 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 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

COOPERMAN LEON G 		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)
(Last)          (First)          (Middle)

2700 NORTH MILITARY TRAIL, SUITE 230 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/28/2012
(Street)

BOCA RATON, FL 33301
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

1/7/2013 
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. 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 Stock   11/28/2012     G (1)    1000000   (1) D $0   1500000   D    
Common Stock   12/20/2012     G (1)    1500000   (1) D $0   0   D    
Common Stock   11/28/2012     G (1)    1000000   (1) A $0   1200000   I   Cooperman Foundation   (2)
Common Stock   12/28/2012     G (1)    1500000   (1) A $0   2700000   I   Cooperman Foundation   (2)
Common Stock   1/3/2013     S    243500   D $10.83   (3) 5675869   I   Managed Accounts   (4)
Common Stock   1/4/2013     S    251000   D $10.82   (3) 5424869   I   Managed Accounts   (4)
Common Stock                  7963954   I   Investment Entities   (5)
Common Stock                  10360   I   JCF Metrowest Foundation   (6)

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
$1,000,000 7.5% convertible note due 2017   $7.05                      (7) 1/15/2017   Common Stock   141286     141286   I   Son   (8)
$4,000,000 7.5% convertible note due 2017   $7.05                      (7) 1/15/2017   Common Stock   567302     567302   I   Trust FBO Michael S. Cooperman   (9)
$6,000,000 7.5% convertible note due 2017   $7.05                      (7) 1/15/2017   Common Stock   850924     850924   D    
$400,000 7.5% convertible note due 2017   $7.05                      (7) 1/15/2017   Common Stock   56730     56730   I   NJ Performing Arts Foundation   (10)
$600,000 7.5% convertible notes due 2017   $7.05                      (7) 1/15/2017   Common Stock   85095     85095   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.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
COOPERMAN LEON G
2700 NORTH MILITARY TRAIL
SUITE 230
BOCA RATON, FL 33301
X


Signatures
Alan M. Stark POA on file 1/23/2013
** 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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