Fellow Partners,

GrizzlyRock Institutional Value Partners, LP and GrizzlyRock Value Partners, LP (together “GrizzlyRock” or the “Fund”) increased 8.84% net of expenses during the third quarter of 2017 and has returned 1.15% year to date through 9/30/17. Since inception in January 2012, the Fund has compounded at 10.2% net of expenses per year. (1) Since inception, Fund investors have earned 75.1% net with a 72.7% return from long positions and 2.4% from short positions.

With the highly applicable caveat that one quarter is insufficient time to assess performance, it was nice to . . .

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