13F-HR 1 scc13f123105.txt SECOND CURVE CAPITAL 13F FILING FOR PERIOD ENDING 12/31/05 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: December 31, 2005 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 February 14, 2006 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: 18 Form 13F Information Table Value Total: $586,800 (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 2,479 50000 SH SOLE 50000 AFFILIATED MANAGERS GROUP INC COM 008252108 40,968 510500 SH SOLE 510500 AMERICAS CAR MART INC COM 03062T105 973 58900 SH SOLE 58900 AMERICREDIT CORP COM 03060R101 19,868 775202 SH SOLE 775202 ASSET ACCEPTANCE CAPITAL CORP COM 04543P100 6,738 300000 SH SOLE 300000 CAPITAL ONE FINANCIAL CORP COM 14040H105 88,534 1024700 SH SOLE 1024700 COMPUCREDIT CORP COM 20478N100 97,204 2527410 SH SOLE 2527410 ENCORE CAPITAL GROUP INC COM 292554102 12,910 744100 SH SOLE 744100 FIRST ACCEPTANCE CORP COM 318457108 22,542 2190700 SH SOLE 2190700 FIRST MARBLEHEAD CORP COM 320771108 128,1743900600 SH SOLE 3900600 INTERCONTINENTALEXCHANGE INC COM 45865V100 73 2000 SH SOLE 2000 MONTPELIER RE HLDGS LTD COM G62185106 46,778 2475000 SH SOLE 2475000 NETBANK INC COM 640933107 9,900 1371190 SH SOLE 1371190 PORTFOLIO RECOVERY ASSOCIATES COM 73640Q105 66,098 1423294 SH SOLE 1423294 PRIMUS GUARANTY LTD COM G72457107 20,132 1542700 SH SOLE 1542700 QC HOLDINGS INC COM 74729T101 8,644 749662 SH SOLE 749662 SIGNATURE BANK COM 82669G104 6,582 234501 SH SOLE 234501 SVB FINANCIAL GROUP COM 78486Q101 2,141 45700 SH SOLE 45700