KKR Financial Corp., San Francisco, an affiliate of the leveraged buyout firm Kohlberg Kravis Roberts, is making an initial public offering of 29.167 million shares of its common stock.The shares, including approximately 2.909 million shares being sold by current stockholders, are expected to be priced between $23 and $25 per share and trade on the New York Stock Exchange, according to KKR Financial's offering prospectus. The company, which is opting for real estate investment trust status, said it plans to invest in four areas: residential mortgage loans and mortgage-backed securities; corporate loans and debt securities; commercial real estate loans and debt securities; and asset-backed securities. In addition, KKR Financial said it intends to "invest opportunistically in other types of investments from time to time." The company plans to use additional debt financing to maximize its investment potential. KKR Financial's principal executives are Saturnino S. Fanlo and David A. Netjes.

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