13F-HR 1 scc13f033107.txt SECOND CURVE CAPITAL 13F FILING FOR PERIOD ENDING 3/31/2007 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR Form 13F COVER PAGE Report for the Calendar Year of Quarter Ended: March 31, 2007 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.):[ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Second Curve Capital, LLC Address: 405 Lexington Ave 52nd Floor New York, NY 10174 Form 13F File Number: 028-06413 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this submission. Person Signing this Report on Behalf of Reporting Manager: Name: Stephen Krug Title: Chief Operating Officer Phone: 646-563-7610 Signature, Place, and Date of Signing: Stephen Krug New York, NY May 14, 2007 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total:17 Form 13F Information Table Value Total: $667,591 (thousands) List of Other Included Managers: None FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ACCREDITED HOME LENDERS COM 00437P107 23,407 2525000 SH SOLE 2525000 BANKATLANTIC BANCORP INC-CL A COM 065908501 438 40000 SH SOLE 40000 CAPITAL ONE FINANCIAL CORP COM 14040H105 80,229 1063200 SH SOLE 1063200 COMPUCREDIT CORP COM 20478N100 161,595 5176010 SH SOLE 5176010 ENCORE CAPITAL GROUP INC COM 292554102 38,929 3916400 SH SOLE 3916400 FIRST ACCEPTANCE CORP COM 318457108 22,706 2168700 SH SOLE 2168700 FIRST MARBLEHEAD CORP COM 320771108 146,694 3267849 SH SOLE 3267849 HIGHBURY FINANCIAL INC COM 42982Y109 2,288 400000 SH SOLE 400000 MONTPELIER RE HLDGS LTD COM G62185106 26,515 1529100 SH SOLE 1529100 NETBANK INC COM 640933107 10,237 4632090 SH SOLE 4632090 OCWEN FINANCIAL CORP COM 675746309 6,435 500000 SH SOLE 500000 PORTFOLIO RECOVERY ASSOCIATESCOM 73640Q105 20,220 452849 SH SOLE 452849 PRIMUS GUARANTY LTD COM G72457107 29,880 2429300 SH SOLE 2429300 RENAISSANCERE HOLDINGS LTD COM G7496G103 88,297 1761000 SH SOLE 1761000 SUN AMERICAN BANCORP COM 86664A103 6,250 1250000 SH SOLE 1250000 TENNESSEE COMMERCE BANCORP COM 88043P108 1,707 63486 SH SOLE 63486 WTS HIGHBURY FINANCIAL INC WTS 42982Y117 690 600000 SH SOLE 600000