13F-HR 1 scc13f063006.txt SECOND CURVE CAPITAL 13F FILING AS OF JUNE 30, 2006 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: June 30, 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 August 14, 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: 16 Form 13F Information Table Value Total: $700,845 (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 27,534 575900 SH SOLE 575900 CAPITAL ONE FINANCIAL CORP COM 14040H105 76,871 899600 SH SOLE 899600 COMPUCREDIT CORP COM 20478N100 124,4383237210 SH SOLE 3237210 ENCORE CAPITAL GROUP INC COM 292554102 40,117 3269500 SH SOLE 3269500 FIRST ACCEPTANCE CORP COM 318457108 25,895 2198200 SH SOLE 2198200 FIRST MARBLEHEAD CORP COM 320771108 152,3542675700 SH SOLE 2675700 HIGHBURY FINANCIAL INC COM 42982Y109 1,650 300000 SH SOLE 300000 MONTPELIER RE HLDGS LTD COM G62185106 103,0815961900 SH SOLE 5961900 MRU HLDG INC COM 55348A102 1,189 201500 SH SOLE 201500 NETBANK INC COM 640933107 7,008 1056990 SH SOLE 1056990 NEW CENTURY FINANCIAL COM 6435EV108 6,863 150000 SH SOLE 150000 PORTFOLIO RECOVERY ASSOCIATES COM 73640Q105 26,366 576947 SH SOLE 576947 PRIMUS GUARANTY LTD COM G72457107 30,095 2711300 SH SOLE 2711300 RENAISSANCERE HOLDINGS LTD COM G7496G103 74,144 1530000 SH SOLE 1530000 TENNESSEE COMMERCE BANCORP INC COM 88043P108 2,700 150000 SH SOLE 150000 WTS HIGHBURY FINANCIAL INC COM 42982Y117 540 600000 SH SOLE 600000