13F-HR 1 scc13f123108.txt SCC 12-31-08 13F 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, 2008 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: 237 Park Ave 9th Floor New York, NY 10017 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 13, 2008 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: $ 95,858 (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 AMCORE FINANCIAL COM 023912108 4,140 1143732 SH SOLE 1143732 ASSURED GUARANTY LTD COM G0585R106 5,808 509500 SH SOLE 509500 BOSTON PRIVATE FINANCIAL HOLDINGS INC. COM 101119105 14,952 2185989 SH SOLE 2185989 COMPUCREDIT CORP COM 20478N100 5,161 933200 SH SOLE 933200 FIDELITY NATIONAL FINANCIAL COM 31620R105 13,340 751540 SH SOLE 751540 FIRST HORIZON NATIONAL CORP COM 320517105 6,637 627926 SH SOLE 627926 FIFTH THIRD BANCORP COM 316773100 320 38700 SH SOLE 38700 HIGHBURY FINANCIAL INC COM 42982Y109 784 402000 SH SOLE 402000 HUNTINGTON BANCSHARES INC COM 446150104 1,517 198100 SH SOLE 198100 LEGG MASON INC COM 524901105 2,410 110000 SH SOLE 110000 MBIA INC COM 55262C100 6,911 1698000 SH SOLE 1698000 MBIA INC COM 55262C100 4 129000 SH CALL SOLE 129000 MORGAN STANLEY COM 617446448 9,168 571600 SH SOLE 571600 OCWEN FINANCIAL CORP COM 675746309 16,025 1745600 SH SOLE 1745600 PRIMUS GUARANTY LTD COM G72457107 7,617 6681566 SH SOLE 6681566 SUN AMERICAN BANCORP COM 86664A103 185 500000 SH SOLE 500000 TREE COM INC COM 894675107 879 337908 SH SOLE 337908 WTS HIGHBURY FINANCIAL INC WTS 42982Y117 - 600000 SH SOLE 600000