13F-HR 1 scc13f093006.txt 13F FILING AS OF SEPTEMBER 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: September 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 November 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: 15 Form 13F Information Table Value Total: $771520 (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 BANKATLANTIC BANCORP INC-CL A COM 065908501 3,057 215000 SH SOLE 215000 CAPITAL ONE FINANCIAL CORP COM 14040H105 84,575 1075200 SH SOLE 1075200 COMPUCREDIT CORP COM 20478N100 148,927 4929710 SH SOLE 4929710 ENCORE CAPITAL GROUP INC COM 292554102 50,835 3916400 SH SOLE 3916400 FIRST ACCEPTANCE CORP COM 318457108 25,028 2178200 SH SOLE 2178200 FIRST MARBLEHEAD CORP COM 320771108 144,310 2083600 SH SOLE 2083600 HIGHBURY FINANCIAL INC COM 42982Y109 1,680 300000 SH SOLE 300000 MONTPELIER RE HLDGS LTD COM G62185106 91,170 4701900 SH SOLE 4701900 MRU HLDG INC COM 55348A102 218 41500 SH SOLE 41500 NETBANK INC COM 640933107 14,986 2477090 SH SOLE 2477090 PORTFOLIO RECOVERY ASSOCIATESCOM 73640Q105 43,337 987849 SH SOLE 987849 PRIMUS GUARANTY LTD COM G72457107 35,789 2955300 SH SOLE 2955300 RENAISSANCERE HOLDINGS LTD COM G7496G103 117,594 2115000 SH SOLE 2115000 SUN AMERICAN BANCORP COM 86664A103 6,700 1250000 SH SOLE 1250000 TENNESSEE COMMERCE BANCORP INCCOM 88043P108 3,315 150000 SH SOLE 150000