QuickLinks -- Click here to rapidly navigate through this document

Exhibit 10.15

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

        THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
(this "Amendment") dated as of August 14, 2007, by and among (i) KKR FINANCIAL
HOLDINGS LLC, a Delaware limited liability company ("KKR Financial"), KKR
FINANCIAL CORP., a Maryland corporation ("KKR Financial Corp.") KKR TRS
HOLDINGS, INC., a Delaware corporation ("KKR TRS"), KKR TRS HOLDINGS, LTD., a
Cayman Islands company ("KKR TRS LTD"), KKR FINANCIAL HOLDINGS II, LLC, a
Delaware limited liability company ("KKR Holdings II"), KKR FINANCIAL HOLDINGS
III, LLC, a Delaware limited liability company ("KKR Holdings III"), KKR
FINANCIAL HOLDINGS, INC., a Delaware corporation ("KKR Holdings"), and KKR
FINANCIAL HOLDINGS, LTD., a Cayman Islands company ("KKR Holdings LTD," and
collectively with KKR Financial, KKR Financial Corp., KKR TRS, KKR TRS LTD, KKR
Holdings II, KKR Holdings III and KKR Holdings, the "Borrowers" and each,
individually, a "Borrower"), (ii) each lender party hereto (collectively, the
"Lenders" and individually, a "Lender"), and (iii) BANK OF AMERICA, N.A., as
Administrative Agent and Swingline Lender.

        WHEREAS, the Borrowers, the Lenders and the Administrative Agent have
entered into that certain Second Amended and Restated Credit Agreement, dated as
of May 4, 2007 (as amended prior to the date hereof, the "Credit Agreement;"
capitalized terms used herein and not defined to have the meanings ascribed to
such terms in the Credit Agreement); and

        WHEREAS, the Borrowers, the Lenders and the Administrative Agent desire
to amend certain provisions of the Credit Agreement on the terms and conditions
contained herein.

        NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto hereby agree as follows:

        Section 1.    Amendments to Credit Agreement.    The parties hereto
agree that, effective as of the date hereof, the Credit Agreement shall be
amended as follows:

        1.1   The definition of "Change of Control" in Section 1.01 of the
Credit Agreement is amended to insert the words "(other than KKR Financial
Corp.)" immediately after the words "any Borrower" in clause (c) of such
definition.

        1.2   The definition of "Consolidated Total Liabilities" in Section 1.01
of the Credit Agreement is amended to insert the following as the last sentence
thereof:

"Notwithstanding the foregoing, Consolidated Total Liabilities shall not include
liabilities arising out of any Disposition by KKR Financial Corp. of all of its
residential real estate assets as contemplated by Section 7.05(b) (i) that are
nonrecourse to the Borrowers and (ii) are recorded by KKR Financial based on
required application of FAS 140 or FIN-46(R)."

        1.3   Section 6.05 of the Credit Agreement shall be amended to delete
the last sentence thereof in its entirety.

        1.4   Section 7.05 of the Credit Agreement shall be amended to (i) in
Section 7.05(b), insert the phrase "(without recourse or indemnification for
credit losses, provided that ordinary and customary indemnification is permitted
in accordance with prevailing market practices)" immediately after the first
usage of the term "Dispositions" (ii) delete the word "and" at the end of
Section 7.05(f), (iii) delete the "." at the end of Section 7.05(g) and insert
"; and" in its place and (iv) insert a new Section 7.05(h) to read as follows:

        "(h) the Disposition (without recourse or indemnification for credit
losses, provided that ordinary and customary indemnification is permitted in
accordance with prevailing market practices) by KKR Financial of all of the
common stock of KKR Financial Corp."

        1.5   Section 7.09 of the Credit Agreement shall be amended to read as
follows:

--------------------------------------------------------------------------------

        "(b)     Leverage Ratio.    Permit the ratio of Consolidated Total
Liabilities to Consolidated Tangible Net Worth, at any time, to exceed the ratio
of 12.50 to 1.00; provided, that effective upon the consummation of any
Disposition by KKR Financial Corp. of all of its residential real estate assets
as contemplated by Section 7.05(b) (provided that up to $1.0 billion of
residential real estate assets may remain on the balance sheet of KKR Financial
Corp. and KKR Financial and its Affiliates after giving effect to such
Disposition), the foregoing reference to 12.50 shall be a reference to 7.00."

        Section 2.    Release.    Effective upon the consummation of any
Disposition by KKR Financial of all of the common stock of KKR Financial Corp.,
the Administrative Agent and the Lenders hereby release KKR Financial Corp. as a
Borrower and Loan Party under the Credit Agreement and the other Loan Documents.
The Borrowers consent to the release of KKR Financial Corp. effected hereby, and
ratify and reaffirm all of their joint and several obligations under the Credit
Agreement and the other Loan Documents, as modified hereby. The parties
acknowledge and agree that, upon the consummation of such Disposition, KKR
Financial Corp. shall no longer be a Subsidiary of KKR Financial.

        Section 3.    Conditions Precedent.    The effectiveness of this
Amendment is subject to receipt by the Administrative Agent of an original
counterpart of this Amendment duly executed by each of the Borrowers, Required
Lenders and the Administrative Agent.

        Section 4.    Effect of Amendment.    

        (a)   Each of the Borrowers agrees that there is no Default nor Event of
Default in existence, nor would a Default nor an Event of Default be caused by
this Amendment or the implementation of the matters reflected herein.

        (b)   Except as specifically modified by this Amendment, the terms and
provisions of the Credit Agreement are ratified and confirmed by the parties
hereto and remain in full force and effect.

        (c)   Each of the Borrowers, the Administrative Agent and each Lender
agrees that this Amendment shall constitute a Loan Document and, upon the
effectiveness of this Amendment, each reference in the Credit Agreement to "this
Agreement", "hereunder", "hereof", "herein" or words of like import referring to
the Credit Agreement, and each reference in the other Loan Documents to the
"Credit Agreement", "thereunder", "thereof", "therein" or words of like import
referring to the Credit Agreement shall mean and be a reference to the Credit
Agreement as amended by this Amendment.

        Section 5.    Fee; Expenses.    The Borrowers agree to pay to the
Administrative Agent for the ratable benefit of each of the Lenders executing
and delivering this Amendment a non-refundable amendment fee of 0.05% of the
aggregate Commitments of such Lenders. The Borrowers shall reimburse the
Administrative Agent upon demand for all reasonable out-of-pocket costs and
expenses incurred by the Administrative Agent and its Affiliates (including the
reasonable fees, charges and disbursements of counsel for the Administrative
Agent) in connection with the preparation, negotiation, execution, delivery and
administration of this Amendment and any other agreements and documents executed
and delivered in connection herewith.

        Section 6.    Successors and Assigns.    The provisions of this
Amendment shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

        Section 7.    GOVERNING LAW.    THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CHOICE OF LAW PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.

2

--------------------------------------------------------------------------------

        Section 8.    Effect.    Except as expressly herein amended, the terms
and conditions of the Credit Agreement and the other Loan Documents remain in
full force and effect. The amendments contained herein shall be deemed to have
prospective application only, unless otherwise specifically stated herein.

        Section 9.    Counterparts; Integration.    This Amendment may be
executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract.

3

--------------------------------------------------------------------------------

        IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to Second Amended and Restated Credit Agreement to be executed as of the date
first above written.

    KKR FINANCIAL HOLDINGS LLC
 
 
By:
 
/s/ Andrew J. Sossen

--------------------------------------------------------------------------------

Name: Andrew J. Sossen
Title: Authorized Signatory
 
 
KKR FINANCIAL HOLDINGS II, LLC
 
 
By:
 
/s/ Andrew J. Sossen

--------------------------------------------------------------------------------

Name: Andrew J. Sossen
Title: Authorized Signatory
 
 
KKR FINANCIAL HOLDINGS III, LLC
 
 
By:
 
/s/ Andrew J. Sossen

--------------------------------------------------------------------------------

Name: Andrew J. Sossen
Title: Authorized Signatory
 
 
KKR FINANCIAL HOLDINGS, INC.
 
 
By:
 
/s/ Andrew J. Sossen

--------------------------------------------------------------------------------

Name: Andrew J. Sossen
Title: Authorized Signatory
 
 
KKR FINANCIAL HOLDINGS, LTD.
 
 
By:
 
/s/ Geoffrey M. Jones

--------------------------------------------------------------------------------

Name: Geoffrey M. Jones
Title: Authorized Signatory
 
 
KKR FINANCIAL CORP.
 
 
By:
 
/s/ Geoffrey M. Jones

--------------------------------------------------------------------------------

Name: Geoffrey M. Jones
Title: Authorized Signatory

--------------------------------------------------------------------------------

    KKR TRS HOLDINGS, INC.
 
 
By:
 
/s/ Geoffrey M. Jones

--------------------------------------------------------------------------------

Name: Geoffrey M. Jones
Title: Authorized Signatory
 
 
KKR TRS HOLDINGS, LTD.
 
 
By:
 
/s/ Geoffrey M. Jones

--------------------------------------------------------------------------------

Name: Geoffrey M. Jones
Title: Authorized Signatory

--------------------------------------------------------------------------------

    BANK OF AMERICA, N.A., as
Administrative Agent
 
 
By:
 
/s/ Paula Laesch

--------------------------------------------------------------------------------

Name: Paula Laesch
Title: Vice President

--------------------------------------------------------------------------------

    BANK OF AMERICA, N.A., as a Lender,
and Swingline Lender
 
 
By:
 
/s/ Paula Laesch

--------------------------------------------------------------------------------

Name: Paula Laesch
Title: Vice President

--------------------------------------------------------------------------------

    CITIGROUP GLOBAL MARKETS INC., as
a Syndication Agent
 
 
By:
 
/s/ Paul A. DeCarlo

--------------------------------------------------------------------------------

Name: Paul A. DeCarlo
Title: SVP/SCO, as proxy for Alex Duka

--------------------------------------------------------------------------------

    CITICORP NORTH AMERICA, INC., as a
Lender
 
 
By:
 
/s/ Paul A. DeCarlo

--------------------------------------------------------------------------------

Name: Paul A. DeCarlo
Title: SVP/SCO, as proxy for Alex Duka

--------------------------------------------------------------------------------

    JPMORGAN CHASE BANK, N.A., as a
Syndication Agent and a Lender
 
 
By:
 
/s/ Richard J. Poworoznek

--------------------------------------------------------------------------------

Name: Richard J. Poworoznek
Title: Executive Director

--------------------------------------------------------------------------------

    BANK OF NOVA SCOTIA, as a Lender
 
 
By:
 
/s/ Todd Meller

--------------------------------------------------------------------------------

Name: Todd Meller
Title: Managing Director

--------------------------------------------------------------------------------

    CREDIT SUISSE, CAYMAN ISLANDS
BRANCH, as a Lender
 
 
By:
 
/s/ Jay Chall

--------------------------------------------------------------------------------

Name: Jay Chall
Title: Director
 
 
By:
 
/s/ James Neira

--------------------------------------------------------------------------------

Name: James Neira
Title: Associate

--------------------------------------------------------------------------------

    ROYAL BANK OF CANADA, as a Lender
 
 
By:
 
/s/ Howard Lee

--------------------------------------------------------------------------------

Name: Howard Lee
Title: Authorized Signatory

--------------------------------------------------------------------------------

    FORTIS CAPITAL CORP., as a Lender
 
 
By:
 
/s/ Barry Chung

--------------------------------------------------------------------------------

Name: Barry Chung
Title: Senior Vice President
 
 
By:
 
/s/ Alan Krouk

--------------------------------------------------------------------------------

Name: Alan Krouk
Title: Managing Director

--------------------------------------------------------------------------------

    MIZUHO CORPORATE BANK, LTD., as a
Lender
 
 
By:
 
/s/ James R. Fayen

--------------------------------------------------------------------------------

Name: James R. Fayen
Title: Deputy General Manager

--------------------------------------------------------------------------------

    WACHOVIA BANK, NATIONAL
ASSOCIATION, as a Lender
 
 
By:
 
/s/ Karen Hanke

--------------------------------------------------------------------------------

Name: Karen Hanke
Title: Director

--------------------------------------------------------------------------------

    FIRST COMMERCIAL BANK, LOS
ANGELES BRANCH, as a Lender
 
 
By:
 
/s/ Milton Ming-Der Shine

--------------------------------------------------------------------------------

Name: Milton Ming-Der Shine
Title: Vice President & General Manager

--------------------------------------------------------------------------------

QuickLinks

Exhibit 10.15

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT