13F-HR 1 scc13f123106.txt SCC 13F FILING AS OF 12.31.06 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, 2006 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 12, 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: $852,742 (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 BANKATLANTIC BANCORP INC-CL A COM 065908501 2,969 46148 SH SOLE 46148 CAPITAL ONE FINANCIAL CORP COM 14040H105 73,781 1271200 SH SOLE 1271200 COMPUCREDIT CORP COM 20478N100 196,065 4925010 SH SOLE 4925010 ENCORE CAPITAL GROUP INC COM 292554102 49,347 3916400 SH SOLE 3916400 FIRST ACCEPTANCE CORP COM 318457108 23,886 2228200 SH SOLE 2228200 FIRST MARBLEHEAD CORP COM 320771108 193,835 3546849 SH SOLE 3546849 HIGHBURY FINANCIAL INC COM 42982Y109 2,332 400000 SH SOLE 400000 IRWIN FINANCIAL CORP COM 464119106 1,245 55000 SH SOLE 55000 MONTPELIER RE HLDGS LTD COM G62185106 83,047 4462500 SH SOLE 4462500 MRU HOLDINGS INC COM 55348A102 259 41500 SH SOLE 41500 NETBANK INC COM 640933107 10,682 2302090 SH SOLE 2302090 PORTFOLIO RECOVERY ASSOCIATESCOM 73640Q105 42,154 902849 SH SOLE 902849 PRIMUS GUARANTY LTD COM G72457107 28,867 2499300 SH SOLE 2499300 RENAISSANCERE HOLDINGS LTD COM G7496G103 131,820 2197000 SH SOLE 2197000 SUN AMERICAN BANCORP COM 86664A103 6,525 1250000 SH SOLE 1250000 TENNESSEE COMMERCE BANCORP INCCOM 88043P108 4,938 158031 SH SOLE 158031 WTS HIGHBURY FINANCIAL INC WTS 42982Y117 990 600000 SH SOLE 600000