Elm Ridge Management, LLC

Q4 2015 13F Holdings Report, Stock Holdings

Signature - Title: Samuel Tedawes - Chief Compliance Officer
Location: Briarcliff Manor, NY
Holdings as of: December 31, 2015
Value $: $443M
Num holdings: 29
Date filed: 2/16/2016, 01:48 PM
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included MBI, RRD, AGO, APA, and PTEN.
Previous filing: Q3 2015 - Nov 16, 2015
Next filing: Q1 2016 - May 16, 2016
SEC: View on sec.gov
Options Holdings: Showing stock holdings, see here for options holdings

Sym	Weight	Trade Impact	Company	Class	Shares Change	Activity	Value Change $	Value $	* Price $	Shares	Principal

Filing 2015 Q4 compared to 2015 Q3 by default.

Compare Q4 2015 to

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Samuel Tedawes	Chief Compliance Officer	Irvington, New York	2/16/2016

Other Included Managers (1):

Num	Name	Location	File Number
1	Elm Ridge Offshore Master Fund Ltd	Camana Bay, Grand Cayman, Cayman Islands	028-11797