13F-HR 1 scc13f93009.txt SCC SEPTEMBER 2009 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: September 30, 2009 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 September 13, 2009 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:23 Form 13F Information Table Value Total: $ 205,978 (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 ALTISOURCE PORTFOLIO SOL COM 044540827 1,882 130331 SH SOLE 130331 BOSTON PRIVATE FINANCIAL HOLDINGS INC. COM 101119105 22,589 3491366 SH SOLE 3491366 COBIZ FINANCIAL INC COM 190897108 1,514 304000 SH SOLE 304000 COMPUCREDIT CORP COM 20478N100 5,151 1093550 SH SOLE 1093550 ENCORE CAPITAL GROUP INC COM 292554102 13,269 986518 SH SOLE 986518 FIFTH THIRD BANCORP COM 316773100 9,292 917295 SH SOLE 917295 HIGHBURY FINANCIAL INC COM 42982Y109 2,171 402000 SH SOLE 402000 HIGHBURY FINANCIAL INC WARRANTS WTS 42982Y117 90 600000 SH SOLE 600000 LEGG MASON INC COM 524901105 5,715 184189 SH SOLE 184189 MARSHALL & ILSLEY CORP COM 571837103 5,851 725000 SH SOLE 725000 MBIA INC COM 55262C100 3,358 432800 SH SOLE 432800 NARA BANCORP INC COM 63080P105 6,035 868358 SH SOLE 868358 OCWEN FINANCIAL CORP COM 675746309 12,949 1143864 SH SOLE 1143864 PACWEST BANCORP COM 695263103 1,173 61586 SH SOLE 61586 PINNACLE FINANCIAL PARTNERS COM 72346Q104 318 25000 SH SOLE 25000 PORTFOLIO RECOVERY ASSOCIATES INC COM 73640Q105 5,096 112414 SH SOLE 112414 PRIMUS GUARANTY LTD COM G72457107 29,107 6816566 SH SOLE 6816566 REGIONS FINANCIAL CORP COM 7591EP100 16,753 2697800 SH SOLE 2697800 SYNOVUS FINANCIAL CORP COM 87161C105 22,982 6128400 SH SOLE 6128400 TAYLOR CAPITAL GROUP INC COM 876851106 3,928 595187 SH SOLE 595187 TREE COM INC COM 894675107 5,140 680840 SH SOLE 680840 WINTRUST FINANCIAL CORP COM 97650W108 13,001 465000 SH SOLE 465000 ZIONS BANCORP COM 989701107 18,614 1035841 SH SOLE 1035841