SecProbe.io

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       							September 2, 2005

Mail Stop 4561

Barbara J.S. McKee, Esq.
General Counsel and Secretary
KKR Financial Corp.
Four Embarcadero Center, Suite 250
San Francisco, CA 94111

Re: 	KKR Financial Corp.
  	Amendments to Registration Statement on Form S-11
  	Filed August 24, 2005 and August 26, 2005
  	File No. 333-124135

Dear Ms. McKee:

      We have reviewed your filing and have the following comment.
Where indicated, we think you should revise your document in
response
to this comment.  If you disagree, we will consider your
explanation
as to why our comment is inapplicable or a revision is
unnecessary.  Please be as detailed as necessary in your
explanation.
After reviewing this information, we may or may not raise
additional
comments.

      Please understand that the purpose of our review process is
to
assist you in your compliance with the applicable disclosure
requirements and to enhance the overall disclosure in your filing.
We
look forward to working with you in these respects.  We welcome
any
questions you may have about our comment or any other aspect of
our
review.  Feel free to call us at the telephone numbers listed at
the
end of this letter.

      All page numbers refer to the marked courtesy copy that you
provided to us.

Selling Stockholders, page 136

1. We note your disclosure that you intend to identify the "Other
Selling Stockholders" through a prospectus supplement.  Please
revise
to state that a post-effective amendment will be filed to identify
these selling stockholders prior to the sale of their shares.

      As appropriate, please amend your registration statement in
response to our comment.  You may wish to provide us with marked
copies of the amendment to expedite our review.  Please furnish a
cover letter with your amendments that keys your response to our
comment. Detailed cover letters greatly facilitate our review.
Please understand that we may have additional comments after
reviewing your amendment and response to our comment.

      We direct your attention to Rules 460 and 461 regarding
requesting acceleration of a registration statement.  Please allow
adequate time after the filing of any amendment for further review
before submitting a request for acceleration.  Please provide this
request at least two business days in advance of the requested
effective date.

     Please contact Geoffrey Ossias at 202-551-3404 or the
undersigned at 202-551-3495 with any other questions.

Sincerely,

Elaine Wolff
           Legal Branch Chief

cc: Joseph Kaufman (via facsimile)

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