13F-HR 1 scc13f123107.txt SECOND CURVE CAPITAL'S 13F FILING FOR PERIOD ENDING 12/31/2007 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: December 31, 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 February 14, 2008 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: $ 231,281 (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 AMBAC FINANCIAL GROUP INC COM 023139108 9,020 350000 SH SOLE 350000 AMERICREDIT CORP COM 03060R101 29,272 2288670 SH SOLE 2288670 COMPUCREDIT CORP COM 20478N100 36,943 3701741 SH SOLE 3701741 ENCORE CAPITAL GROUP INC COM 292554102 19,849 2050480 SH SOLE 2050480 FIRST ACCEPTANCE CORP COM 318457108 5,222 1237452 SH SOLE 1237452 FIRST MARBLEHEAD CORP COM 320771108 47,790 3123510 SH SOLE 3123510 HIGHBURY FINANCIAL INC COM 42982Y109 1,800 400000 SH SOLE 400000 INDYMAC BANCORP INC COM 456607100 19,832 3333180 SH SOLE 3333180 OCWEN FINANCIAL CORP COM 675746309 9,698 1750600 SH SOLE 1750600 PMI GROUP INC COM 69344M101 5,910 445000 SH SOLE 445000 PORTFOLIO RECOVERY ASSOCIATESCOM 73640Q105 13,064 329316 SH SOLE 329316 PRIMUS GUARANTY LTD COM G72457107 30,746 4386040 SH SOLE 4386040 SUN AMERICAN BANCORP COM 86664A103 1,865 500000 SH SOLE 500000 WTS HIGHBURY FINANCIAL INC WTS 42982Y117 270 600000 SH SOLE 600000