13F-HR 1 scc13f093007.txt 13F FILING FOR PERIOD ENDING 09/30/2007 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, 2007 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 November 14, 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:16 Form 13F Information Table Value Total: $615,289 (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 AMERICREDIT CORP COM 03060R101 45,421 2583670 SH SOLE 2583670 BANKATLANTIC BANCORP INC-CL A COM 065908501 347 40000 SH SOLE 40000 CAPITAL ONE FINANCIAL CORP COM 14040H105 22,227 334600 SH SOLE 334600 COMPUCREDIT CORP COM 20478N100 106,570 4908791 SH SOLE 4908791 ENCORE CAPITAL GROUP INC COM 292554102 26,025 2205480 SH SOLE 2205480 FIRST ACCEPTANCE CORP COM 318457108 11,005 2179200 SH SOLE 2179200 FIRST MARBLEHEAD CORP COM 320771108 160,751 4238109 SH SOLE 4238109 HIGHBURY FINANCIAL INC COM 42982Y109 1,796 400000 SH SOLE 400000 INDYMAC BANCORP INC COM 456607100 87,038 3686480 SH SOLE 3686480 MGIC INVESTMENT CORP-WIS COM 552848103 69,725 2158000 SH SOLE 2158000 OCWEN FINANCIAL CORP COM 675746309 21,560 2286300 SH SOLE 2286300 PRIMUS GUARANTY LTD COM G72457107 47,130 4480040 SH SOLE 4480040 RENAISSANCERE HOLDINGS LTD COM G7496G103 12,168 186029 SH SOLE 186029 SUN AMERICAN BANCORP COM 86664A202 3,115 500000 SH SOLE 500000 SUN AMERICAN BANCORP WARRANTSWTS SAMBWTS1 75 1250000 SH SOLE 1250000 WTS HIGHBURY FINANCIAL INC WTS 42982Y117 336 600000 SH SOLE 600000