**Exhibit 31.2**

**Certification**

**I,**David A. Netjes,**certify that:

1.                I have reviewedthis Annual Report on Form 10-K of KKR Financial Corp. (the “Corporation”);

2.                Based on myknowledge, this report does not contain any untrue statement of a material factor omit to state a material fact necessary to make the statements made, inlight of the circumstances under which such statements were made, notmisleading with respect to the period covered by this report;

3.                Based on myknowledge, the financial statements, and other financial information includedin this report, fairly present in all material respects the financialcondition, results of operations and cash flows of the Corporation as of, andfor, the periods presented in this report;

4.                The Corporation’sother certifying officer and I are responsible for establishing and maintainingdisclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and15d-15(e)) for the Corporation and have:

(a)           Designed suchdisclosure controls and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure that materialinformation relating to the Corporation, including its consolidatedsubsidiaries, is made known to us by others within those entities, particularlyduring the period in which this report is being prepared;

(b)          Evaluated theeffectiveness of the Corporation’s disclosure controls and procedures andpresented in this report our conclusions about the effectiveness of thedisclosure controls and procedures, as of the end of the period covered by thisreport based on such evaluation; and

(c)           Disclosed in thisreport any change in the Corporation’s internal control over financialreporting that occurred during the Corporation’s most recent fiscal quarter thathas materially affected, or is reasonably likely to materially affect, theCorporation’s internal control over financial reporting; and

5.                The Corporation’sother certifying officer and I have disclosed, based on our most recentevaluation of internal control over financial reporting, to the Corporation’sauditors and the audit committee of the Corporation’s board of directors:

(a)           All significantdeficiencies and material weaknesses in the design or operation of internalcontrol over financial reporting which are reasonably likely to adverselyaffect the Corporation’s ability to record, process, summarize and reportfinancial information; and

(b)          Anyfraud, whether or not material, that involves management or other employees whohave a significant role in the Corporation’s internal controls over financialreporting.
| Date: March 29, 2006 |                                                                                                                    |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------|
|                      | /s/ DAVID A. NETJES                                                                                                     |
| ** **                | **David A. Netjes*Chief Financial Officer and Chief Operating  Officer  (Principal Financial and Accounting Officer)*** |

 

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