13F-HR 1 scc13f033106.txt QUARTERLY 13F FILING AS OF 3/31/06 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: March 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 May 12, 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: 14 Form 13F Information Table Value Total: $595,471 (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 53,529 1045900 SH SOLE 1045900 AFFILIATED MANAGERS GROUP INC COM 008252108 19,941 187050 SH SOLE 187050 CAPITAL ONE FINANCIAL CORP COM 14040H105 65,994 819600 SH SOLE 819600 COMPUCREDIT CORP COM 20478N100 106,8302902210 SH SOLE 2902210 ENCORE CAPITAL GROUP INC COM 292554102 14,277 967900 SH SOLE 967900 FIRST ACCEPTANCE CORP COM 318457108 29,708 2233700 SH SOLE 2233700 FIRST MARBLEHEAD CORP COM 320771108 135,1353124500 SH SOLE 3124500 MONTPELIER RE HLDGS LTD COM G62185106 70,043 4297100 SH SOLE 4297100 MRU HLDG INC COM 55348A102 1,088 201500 SH SOLE 201500 NETBANK INC COM 640933107 8,847 1221990 SH SOLE 1221990 NOVASTAR FINANCIAL INC COM 669947400 10,032 300000 SH SOLE 300000 PORTFOLIO RECOVERY ASSOCIATES COM 73640Q105 54,768 1169506 SH SOLE 1169506 PRIMUS GUARANTY LTD COM G72457107 20,149 1807100 SH SOLE 1807100 SIGNATURE BANK COM 82669G104 5,129 157390 SH SOLE 157390