Sec Form 4 Filing - Kari Ross Jay @ KKR Financial Holdings LLC - 2014-04-30

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 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(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Kari Ross Jay 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 _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O KKR FINANCIAL HOLDINGS LLC, 555 CALIFORNIA STREET, 50TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 04/30/2014 (Street) SAN FRANCISCO, CA94104 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price Common Shares 04/30/2014 D 57,766 ( 1 ) D 0 D

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Kari Ross Jay C/O KKR FINANCIAL HOLDINGS LLC 555 CALIFORNI A STREET, 50TH FLOOR SAN FRANCISCO, CA94104 X Signatures /s/ Ross J. Kari 05/02/2014 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Includes 14,538 restricted common shares. ( 2 )Pursuant to the terms of the Agreement and Plan of Merger, made and entered into as of December 16, 2013, by and among KKR & Co. L.P., KKR Fund Holdings L.P., Copal Merger Sub LLC and the Issuer, Copal Merger Sub LLC was merged with and into the Issuer. Upon the consummation of the merger, each outstanding common share held by the reporting person was automatically converted into the right to receive 0.51 common units of KKR & Co. L.P. ( 3 )Upon the consummation of the merger, each outstanding restricted common share held by the reporting person was automatically converted into 0.51 restricted common units of KKR & Co. L.P. having the same terms and conditions, including with respect to vesting, as applied immediately prior to the consummation of the merger. Pursuant to the terms of the Issuer's 2007 Share Incentive Plan and the associated share award agreement, upon the reporting person's resignation as a director of the Issuer, which became effective upon the consummation of the merger, each restricted common unit of KKR & Co. L.P. received by the reporting person in the merger was automatically canceled and forfeited for no value.

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).

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