NEWCASTLE PARTNERS L P [Rocket]

Holdings

NEWCASTLE PARTNERS L P

Changes: All | New | Increased | Decreased | Sold Out

Portfolio as of:

Name	Ticker	Class	Shares	Change	Value	Change	% Port	% OS	Hist	Date
HALLMARK FINANCIAL SERVICES INC	HALL	Common	3,539,077	-4,168,643	24,738,000	-32,068,000	21.54	18.37	Hist	12/31/2011
Wilhelmina International, Inc.	WHLM	COMM	2,430,725	2,430,725	12,627,616	12,627,616			Hist	04/01/2021
MEDQUIST INC	MEDQ	Common	1,111,708	-41,460	10,695,000	1,977,000	9.31		Hist	12/31/2011
Wilhelmina International, Inc.	WHLM	Common	34,064,466	0	6,813,000	-341,000	5.93		Hist	12/31/2011
Viacom Inc.	VIA.B	Common	132,369	-73,623	6,011,000	-1,969,000	5.23		Hist	12/31/2011
MICROSOFT CORP	MSFT	Common	222,399	-121,062	5,773,000	-2,776,000	5.03	0.00	Hist	12/31/2011
Qurate Retail, Inc.	QRTEA	Common	341,380	-133,365	5,535,000	-1,477,000	4.82		Hist	12/31/2011
RAVE RESTAURANT GROUP, INC.	PZZI	COM	3,631,544	1,901,771	5,483,631	-4,030,369			Hist	09/14/2017
CVS HEALTH Corp	CVS	Call	200,000	0	4,656,000	1,406,000	4.05		Hist	12/31/2011
CVS HEALTH Corp	CVS	Common	111,953	-66,103	4,565,000	-1,415,000	3.97	0.01	Hist	12/31/2011
LiveRamp Holdings, Inc.	ACXM	Common	337,541	-115,932	4,121,000	-704,000	3.59		Hist	12/31/2011
MICROSOFT CORP	MSFT	Call	434,200	0	4,048,000	327,000	3.52		Hist	12/31/2011
BELO CORP	BLC	COM SER A	590,941	-13,000	3,723,000	770,000	3.24		Hist	12/31/2011
GameStop Corp.	GME	Cl A	146,953	-61,448	3,546,000	-1,268,000	3.09		Hist	12/31/2011
ARGONAUT GROUP INC	AGII	Common	117,540	-49,856	3,404,000	-1,345,000	2.96		Hist	12/31/2011
BERKSHIRE HATHAWAY INC	BRK/B	Common	25,663	-37,245	1,958,000	-2,511,000	1.70		Hist	12/31/2011
Unum Group	UNM	Common	90,328	-16,000	1,903,000	-326,000	1.66		Hist	12/31/2011
JPMORGAN CHASE & CO	JPM	Common	50,000	0	1,663,000	157,000	1.45		Hist	12/31/2011
XEROX CORP	XRX	Common	200,000	0	1,592,000	198,000	1.39		Hist	12/31/2011
CENVEO, INC	CVO	Common	461,483	-4,545	1,569,000	166,000	1.37	0.73	Hist	12/31/2011
HP INC	HPQ	Common	60,000	0	1,546,000	199,000	1.35	0.00	Hist	12/31/2011
JOHNSON & JOHNSON	JNJ	Call	89,800	0	1,200,000	118,000	1.04		Hist	12/31/2011
GILAT SATELLITE NETWORKS LTD	GILT	Common	264,135	0	1,043,000	195,000	0.91		Hist	12/31/2011
NUTRI SYSTEM INC /DE/	NTRI	Common	68,210	0	882,000	56,000	0.77	0.24	Hist	12/31/2011
DallasNews Corp	AHC	COM CL A	174,464	-8,543	829,000	56,000	0.72		Hist	12/31/2011
Hilltop Holdings Inc.	HTH	Common	77,486	-45,000	655,000	-228,000	0.57		Hist	12/31/2011
Flagstone Reinsurance Holdings, S.A.	FSR	Common	69,335	0	575,000	38,000	0.50		Hist	12/31/2011
CRAWFORD & CO	CRD.A	Common	97,180	0	396,000	30,000	0.34		Hist	12/31/2011
JOHNSON & JOHNSON	JNJ	Common	200	-40,000	13,000	-2,548,000	0.01		Hist	12/31/2011
M & F WORLDWIDE CORP	MFW	Common	0	-323,066	0	-7,954,000	0.00	0.00	Hist	12/31/2011
Walmart Inc.	WMT	Common	0	-50,000	0	-2,595,000	0.00	0.00	Hist	12/31/2011
EVERI GAMES HOLDING INC.	MGAM	Common	0	-113,449	0	-458,000	0.00	0.00	Hist	12/31/2011
AMERICAN SAFETY INSURANCE HOLDINGS LTD	ASI	Common	0	-472,700	0	-8,698,000	0.00	0.00	Hist	12/31/2011