13F-HR 1 scc13f033105.txt SECOND CURVE CAPITAL 13F FILING AS OF 3/31/05 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: March 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: 200 Park Avenue Suite 3300 New York, NY 10166 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: 212-808-3546 Signature, Place, and Date of Signing: Stephen Krug New York, NY May 11, 2005 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: 30 Form 13F Information Table Value Total: $540,991 (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 2,898 80000 SH SOLE 80000 AFFILIATED MANAGERS GROUP INC COM 008252108 32,113 517700 SH SOLE 517700 AMERICAN INTERNATIONAL GROUP COM 026874107 11,082 200000 SH SOLE 200000 AMERICAS CAR MART INC COM 03062T105 2,580 73600 SH SOLE 73600 AMERICREDIT CORP COM 03060R101 27,582 1176702 SH SOLE 1176702 AMERITRADE HOLDING CORP COM 03074K100 14,069 1378000 SH SOLE 1378000 BAY VIEW CAPITAL CORP - DEL COM 07262L309 1,410 88050 SH SOLE 88050 BOSTON PRIVATE FINANCIAL HLDGS COM 101119105 6,861 288900 SH SOLE 288900 BRISTOL WEST HOLDINGS INC COM 11037M105 2,566 165550 SH SOLE 165550 CAPITAL ONE FINANCIAL CORP COM 14040H105 84,617 1131700 SH SOLE 1131700 COMMERCE BANCORP INC - N.J. COM 200519106 39,311 1210700 SH SOLE 1210700 COMPUCREDIT CORP COM 20478N100 19,508 732850 SH SOLE 732850 CORUS BANKSHARES INC COM 220873103 5,060 106100 SH SOLE 106100 E-LOAN INC COM 26861P107 12,597 4753550 SH SOLE 4753550 FIRST ACCEPTANCE CORP COM 318457108 9,556 901500 SH SOLE 901500 FIRST MARBLEHEAD CORP COM 320771108 14,066 244500 SH SOLE 244500 INVESTORS FINANCIAL SERVICES COM 461915100 78,197 1598800 SH SOLE 1598800 LEGG MASON INC COM 524901105 5,861 75000 SH SOLE 75000 METRIS COMPANIES INC COM 591598107 56,298 4857475 SH SOLE 4857475 NETBANK INC COM 640933107 14,993 1768100 SH SOLE 1768100 NOVASTAR FINANCIAL INC COM 669947400 27,152 754000 SH SOLE 754000 PINNACLE FINL PARTNERS INC COM 72346Q104 1,059 51100 SH SOLE 51100 PORTFOLIO RECOVERY ASSOCIATES COM 73640Q105 25,756 756865 SH SOLE 756865 PRIMUS GUARANTY LTD COM G72457107 700 53700 SH SOLE 53700 PRIVATEBANCORP INC COM 742962103 2,122 67550 SH SOLE 67550 PROVIDIAN FINANCIAL CORP COM 74406A102 9,722 566565 SH SOLE 566565 QC HOLDINGS INC COM 74729T101 4,742 315500 SH SOLE 315500 SIGNATURE BANK COM 82669G104 10,167 383501 SH SOLE 383501 UCBH HOLDINGS INC COM 90262T308 10,049 251850 SH SOLE 251850 WILLIS GROUP HOLDINGS LTD COM G96655108 8,296 225000 SH SOLE 225000