UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________

FORM 10-Q



☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the Quarter Ended June 30, 2017

☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 814-00897

______________________

SPECIAL VALUE CONTINUATION

PARTNERS, LP

(Exact Name of Registrant as Specified in Charter)

______________________



Delaware	68-0631675
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)

2951 28^th Street, Suite 1000
Santa Monica, California	90405
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (310) 566-1000

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act:

Common Limited Partner Interests

(Title of class)

______________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):



Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller Reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the Registrant’s common limited partner interests outstanding as of June 30, 2017 was $1,125,926,346.

SPECIAL VALUE CONTINUATION PARTNERS, LP

FORM 10-Q

FOR THE SIX MONTHS ENDED JUNE 30, 2017

TABLE OF CONTENTS



Part I.	Financial Information

Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2017 (unaudited) and December 31, 2016	2
	Consolidated Schedule of Investments as of June 30, 2017 (unaudited) and December 31, 2016	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2017 (unaudited) and June 30, 2016 (unaudited)	19
	Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2017 (unaudited) and year ended December 31, 2016	20
	Consolidated Statements of Cash Flows for the six months ended June 30, 2017 (unaudited) and June 30, 2016 (unaudited)	21
	Notes to Consolidated Financial Statements (unaudited)	22
	Consolidated Schedule of Changes in Investments in Affiliates for the six months ended June 30, 2017 (unaudited) and year ended December 31, 2016	42
	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of June 30, 2017 (unaudited) and December 31, 2016	44

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59

Item 4.	Controls and Procedures	60

Part II.	Other Information

Item 1.	Legal Proceedings	61

Item 1A.	Risk Factors	61

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61

Item 3.	Defaults upon Senior Securities	61

Item 4.	Mine Safety Disclosures	61

Item 5.	Other Information	61

Item 6.	Exhibits	61

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Statements of Assets and Liabilities



	June 30, 2017			December 31, 2016
	(unaudited)
Assets
Investments, at fair value:
Companies less than 5% owned (cost of $1,279,331,045 and $1,174,421,611, respectively)	$	1,288,356,263		$	1,175,097,468
Companies 5% to 25% owned (cost of $88,515,653 and $75,508,585, respectively)	79,630,291			69,355,808
Companies more than 25% owned (cost of $107,221,632 and $96,135,623, respectively)	77,961,302			70,516,594
Total investments (cost of $1,475,068,330 and $1,346,065,819, respectively)	1,445,947,856			1,314,969,870

Cash and cash equivalents	41,573,835			53,579,868
Accrued interest income:
Companies less than 5% owned	13,636,626			12,713,025
Companies 5% to 25% owned	1,504,322			953,561
Companies more than 25% owned	20,580			25,608
Receivable for investments sold	14,142,637			—
Deferred debt issuance costs	4,094,377			3,828,784
Prepaid expenses and other assets	4,633,566			1,156,279
Total assets	1,525,553,799			1,387,226,995

Liabilities
Debt, net of unamortized issuance costs	347,643,220			333,787,426
Payable for investments purchased	40,429,682			12,348,925
Incentive allocation payable	6,207,263			4,716,834
Interest payable	2,995,392			2,715,380
Payable to the Advisor	518,764			325,790
Unrealized depreciation on swaps	171,006			—
Accrued expenses and other liabilities	1,662,126			1,623,003
Total liabilities	399,627,453			355,517,358

Commitments and contingencies (Note 5)

Net assets applicable to common limited and general partners	$	1,125,926,346		$	1,031,709,637

Composition of net assets applicable to common limited and general partners
Paid-in capital in excess of par	$	1,273,621,817		$	1,180,024,317
Accumulated net investment income	23,455,363			17,764,674
Accumulated net realized losses	(141,839,193		)	(134,962,632		)
Accumulated net unrealized depreciation	(29,311,641		)	(31,116,722		)
Net assets applicable to common limited and general partners	$	1,125,926,346		$	1,031,709,637

See accompanying notes to the consolidated financial statements.

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited)

June 30, 2017



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments		Notes
Debt Investments ^(A)
Advertising, Public Relations and Marketing
Foursquare Labs, Inc.	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	LIBOR (M)	—		8.81	%	10.06	%	6/1/2020	$	18,750,000	$	18,357,457		$	18,525,000		1.25	%	L
InMobi, Inc. (Singapore)	First Lien Delayed Draw Tranche 1 Term Loan (2.25% Exit Fee)	LIBOR (M)	0.33	%	10.17	%	11.36	%	12/31/2018	$	15,000,000	14,780,901			15,153,750			1.02	%	H/L
												33,138,358			33,678,750			2.27	%
Air Transportation
Mesa Air Group, Inc.	Acquisition Loan	LIBOR (M)	—		7.25	%	8.44	%	7/15/2022	$	13,009,929	12,840,544			13,270,127			0.89	%
Mesa Airlines, Inc.	Engine Acquisition Delayed Draw Term Loan A	LIBOR (M)	—		7.25	%	8.50	%	12/14/2021	$	15,441,370	15,201,748			15,392,739			1.03	%
Mesa Airlines, Inc.	Engine Acquisition Delayed Draw Term Loan B	LIBOR (M)	—		7.25	%	8.50	%	2/28/2022	$	8,931,637	8,789,436			8,854,379			0.60	%
Mesa Airlines, Inc.	Engine Acquisition Delayed Draw Term Loan C	LIBOR (M)	—		7.25	%	N/A		12/31/2022	$	—	—			—			—
												36,831,728			37,517,245			2.52	%
Amusement and Recreation
VSS-Southern Holdings, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	6.50% Cash +2.00% PIK		9.80	%	11/3/2020	$	24,342,738	23,947,429			24,738,308			1.66	%
VSS-Southern Holdings, LLC	Sr Secured Revolver	LIBOR (Q)	1.00	%	6.50% Cash +2.00% PIK		N/A		11/3/2020	$	—	(14,296		)	13,913			—		K
												23,933,133			24,752,221			1.66	%
Apparel Manufacturing
Broder Bros., Co.	First Lien Term Loan (First Out)	LIBOR (Q)	1.25	%	5.75	%	7.00	%	6/3/2021	$	9,017,976	8,889,066			9,108,155			0.61	%
Broder Bros., Co.	First Lien Term Loan B (Last Out)	LIBOR (Q)	1.25	%	12.25	%	13.50	%	6/3/2021	$	9,345,317	9,223,363			9,504,187			0.64	%
												18,112,429			18,612,342			1.25	%
Building Equipment Contractors
Hylan Datacom & Electrical, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	7.50	%	8.73	%	7/25/2021	$	13,984,735	13,807,502			14,082,629			0.95	%

Business Support Services
Enerwise Global Technologies, Inc.	Sr Secured Revolving Loan	LIBOR (Q)	0.23	%	8.52	%	N/A		11/30/2018	$	—	(8,153		)	(10,600		)	—		K
Enerwise Global Technologies, Inc.	Sr Secured Term Loan (3.77% Exit Fee)	LIBOR (Q)	0.23	%	9.27	%	10.58	%	11/30/2019	$	23,000,000	22,761,767			22,939,050			1.54	%	L
STG-Fairway Acquisitions, Inc. (First Advantage)	Second Lien Term Loan	LIBOR (Q)	1.00	%	9.25	%	10.45	%	6/30/2023	$	31,000,000	30,618,212			28,306,100			1.90	%
												53,371,826			51,234,550			3.44	%
Chemicals
Anuvia Plant Nutrients Holdings, LLC	Sr Secured Term Loan (8.0% Exit Fee)	LIBOR (M)	—		10.63	%	11.88	%	2/1/2018	$	4,450,665	4,440,793			4,450,665			0.30	%	L
Green Biologics, Inc.	Sr Secured Delayed Draw Term Loan (12.4% Exit Fee)	Prime Rate	—		7.75	%	12.00	%	6/30/2019	$	15,000,000	14,664,494			12,624,000			0.85	%	L
iGM RFE1 B.V. (Netherlands)	First Lien Delayed Draw Term Loan	LIBOR (Q)	—		8.00	%	9.30	%	10/12/2021	$	883,020	877,540			924,522			0.06	%	H
iGM RFE1 B.V. (Netherlands)	First Lien Term Loan	LIBOR (Q)	—		8.00	%	9.30	%	10/12/2021	$	3,816,276	3,791,996			3,995,641			0.27	%	H
iGM RFE1 B.V. (Netherlands)	First Lien Term Loan	EURIBOR (Q)	—		8.00	%	8.00	%	10/12/2021	€	6,459,119	7,055,942			7,727,059			0.52	%	D/H
Nanosys, Inc.	First Lien Delayed Draw Term Loan (3.5% Exit Fee)	LIBOR (Q)	—		9.81	%	11.06	%	4/1/2019	$	10,000,000	9,551,633			9,759,000			0.66	%	L
												40,382,398			39,480,887			2.66	%
Communications Equipment Manufacturing
Globecomm Systems, Inc.	First Lien Term Loan	LIBOR (Q)	1.25	%	7.63	%	8.88	%	12/11/2018	$	14,442,682	14,298,255			13,365,258			0.90	%	B

Credit Related Activities
Pacific Union Financials, LLC	First Lien Term Loan	LIBOR (M)	1.00	%	7.50	%	8.55	%	4/21/2022	$	25,000,000	24,757,835			24,750,000			1.66	%
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Term Loan	LIBOR (Q)	1.00	%	6.75	%	8.05	%	12/20/2021	$	14,695,972	14,565,255			14,654,823			0.99	%
Pegasus Business Intelligence, LP (Onyx Centersource)	Revolver	LIBOR (Q)	1.00	%	6.75	%	8.05	%	12/20/2021	$	286,445	280,393			284,565			0.02	%
												39,603,483			39,689,388			2.67	%

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2017



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments		Notes

Debt Investments (continued)
Computer Systems Design and Related Services
Aptos Inc. (Canada)	First Lien Term Loan	LIBOR (Q)	1.00	%	6.75	%	8.05	%	9/1/2022	$	9,925,000	$	9,750,050		$	9,825,750		0.66	%	H
Bracket Intermediate Holding Corp.	Second Lien Term Loan	LIBOR (Q)	1.00	%	9.00	%	10.20	%	3/14/2024	$	10,925,551	10,605,342			10,597,785			0.71	%
Dealersocket, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	10.00	%	11.13	%	2/10/2021	$	16,625,000	16,109,136			16,593,413			1.12	%
Fidelis Acquisitionco, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	6.00% Cash +2.00% PIK		9.31	%	11/4/2019	$	43,214,417	42,740,865			40,718,785			2.74	%
Fidelis Acquisitionco, LLC	Sr Secured Revolver	LIBOR (Q)	1.00	%	8.00	%	9.31	%	11/4/2019	$	3,182,143	3,182,143			2,998,374			0.20	%
Marketo, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	9.50	%	10.80	%	8/16/2021	$	23,295,455	22,698,196			23,178,977			1.56	%
Marketo, Inc.	Senior Secured Revolver	LIBOR (Q)	1.00	%	9.50	%	N/A		8/16/2021	$	—	(42,300		)	(8,523		)	—		K
OnX Enterprise Solutions, Ltd. (Canada)	First Lien Term Loan B	LIBOR (Q)	—		8.00	%	9.20	%	9/3/2018	$	2,302,133	2,302,133			2,302,133			0.15	%	H
OnX Enterprise Solutions, Ltd. (Canada)	First Lien Term Loan	LIBOR (Q)	—		8.00	%	9.20	%	9/3/2018	$	10,266,667	10,230,295			10,266,667			0.69	%	H
OnX USA, LLC	First Lien Term Loan B	LIBOR (Q)	—		8.00	%	9.20	%	9/3/2018	$	3,714,267	3,714,267			3,714,267			0.25	%
OnX USA, LLC	First Lien Term Loan	LIBOR (Q)	—		8.00	%	9.20	%	9/3/2018	$	3,133,333	3,131,703			3,133,333			0.21	%
Waterfall International, Inc.	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	LIBOR (Q)	—		11.67	%	12.86	%	9/1/2018	$	4,800,000	4,737,352			5,397,360			0.36	%	L
												129,159,182			128,718,321			8.65	%
Credit (Nondepository)
Auto Trakk SPV, LLC	First Lien Delayed Draw Term Loan	LIBOR (M)	0.50	%	9.50	%	10.66	%	12/21/2021	$	32,392,942	31,940,424			32,483,492			2.18	%
Caliber Home Loans, Inc.	First Lien Delayed Draw Term Loan	LIBOR (M)	1.00	%	6.50	%	7.73	%	6/30/2020	$	15,555,556	15,388,977			15,915,556			1.07	%
Caribbean Financial Group (Cayman Islands)	Sr Secured Notes	Fixed	—		11.50	%	11.50	%	11/15/2019	$	28,678,000	28,584,707			29,251,558			1.97	%	E/G/H
Trade Finance Funding I, Ltd. (Cayman Islands)	Secured Class B Notes	Fixed	—		10.75	%	10.75	%	11/13/2018	$	14,907,138	14,907,138			14,907,138			1.00	%	E/H
												90,821,246			92,557,744			6.22	%
Data Processing and Hosting Services
Internap Corporation	First Lien Term Loan	LIBOR (M)	1.00	%	7.00	%	8.09	%	4/3/2022	$	8,204,836	8,086,429			8,317,653			0.56	%	J
IO Data Centers, USA, LLC	First Lien Term Loan	Fixed	—		9.00	%	9.00	%	1/15/2020	$	15,000,000	15,000,000			15,000,000			1.01	%
Pulse Secure, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	7.00	%	8.06	%	5/1/2022	$	12,082,640	11,905,258			11,901,400			0.80	%
Pulse Secure, LLC	Revolver	LIBOR (Q)	1.00	%	7.00	%	N/A		5/1/2022	$	—	(19,492		)	(20,138		)	—		K
TierPoint, LLC	Second Lien Term Loan	LIBOR (M)	1.00	%	7.25	%	8.48	%	5/5/2025	$	9,675,000	9,608,682			9,789,891			0.66	%
												44,580,877			44,988,806			3.03	%
Educational Support Services
Edmentum, Inc.	Jr Revolving Facility	Fixed	—		5.00	%	5.00	%	6/9/2020	$	3,368,586	3,368,586			3,368,589			0.23	%	B
Edmentum Ultimate Holdings, LLC	Sr PIK Notes	Fixed	—		8.50	%	8.50	%	6/9/2020	$	2,967,806	2,967,806			2,967,806			0.20	%	B
Edmentum Ultimate Holdings, LLC	Jr PIK Notes	Fixed	—		10.00	%	10.00	%	6/9/2020	$	13,696,842	13,257,966			12,710,670			0.85	%	B
												19,594,358			19,047,065			1.28	%
Electronic Component Manufacturing
Soraa, Inc.	Tranche A Term Loan (3.0% Exit Fee)	LIBOR (M)	0.44	%	9.33	%	10.52	%	3/1/2018	$	9,646,876	9,488,130			9,534,008			0.64	%	L
Soraa, Inc.	Tranche B Term Loan	LIBOR (M)	0.44	%	9.33	%	10.52	%	9/1/2017	$	1,603,779	1,591,962			1,593,034			0.11	%
												11,080,092			11,127,042			0.75	%
Equipment Leasing
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed	—		12.00	%	12.00	%	11/1/2020	$	35,592,282	35,592,282			35,592,282			2.39	%	E/F
Essex Ocean, LLC (Solexel)	Sr Secured Term Loan	Fixed	—		8.00	%	8.00	%	8/15/2018	$	1,696,898	1,696,898			1,148,121			0.08	%	C
												37,289,180			36,740,403			2.47	%
Facilities Support Services
NANA Development Corp.	First Lien Term Loan B	LIBOR (Q)	1.25	%	6.75	%	8.03	%	3/15/2018	$	1,109,000	1,089,361			1,097,910			0.07	%

Grocery Stores
Bashas, Inc.	First Lien FILO Term Loan	LIBOR (M)	1.50	%	8.80	%	10.30	%	10/8/2019	$	7,728,367	7,698,801			7,805,651			0.52	%

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2017



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value		% of Total Cash and Investments		Notes
Debt Investments (continued)
Hospitals
KPC Healthcare, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	9.00	%	10.33	%	2/6/2020	$	14,792,003	$	14,701,305		$	14,939,923	1.00	%
Pacific Coast Holdings Investment, LLC (KPC Healthcare)	First Lien Term Loan	LIBOR (M)	1.00	%	7.50	%	8.73	%	2/14/2021	$	29,288,064	28,892,367			29,539,941		1.99	%
												43,593,672			44,479,864		2.99	%
Insurance
Alera Group Intermediate Holdings, Inc.	First Lien Delayed Draw Term Loan	LIBOR (Q)	1.00	%	5.50	%	6.71	%	12/30/2022	$	83,333	75,006			83,750		0.01	%
Alera Group Intermediate Holdings, Inc.	First Lien Revolver	LIBOR (Q)	1.00	%	5.50	%	6.58	%	12/30/2021	$	123,103	115,541			123,103		0.01	%
Alera Group Intermediate Holdings, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	5.50	%	6.55	%	12/30/2022	$	3,398,603	3,368,092			3,400,303		0.23	%
Association Member Benefits Advisors, LLC	Second Lien Term Loan	LIBOR (M)	1.00	%	8.75	%	9.84	%	6/8/2023	$	8,277,983	8,127,178			8,215,898		0.55	%
US Apple Holdco, LLC (Ventiv Technology)	First Lien FILO Term Loan	LIBOR (Q)	0.50	%	13.62	%	14.91	%	8/29/2019	$	20,060,606	19,656,808			20,060,606		1.35	%
												31,342,625			31,883,660		2.15	%
Lessors of Nonfinancial Licenses
ABG Intermediate Holdings 2, LLC	Second Lien Term Loan	LIBOR (Q)	1.00	%	8.50	%	9.80	%	5/27/2022	$	16,416,144	16,287,047			16,621,346		1.12	%
ABG Intermediate Holdings 2, LLC	Second Lien Incremental Term Loan	LIBOR (Q)	1.00	%	8.50	%	9.80	%	5/27/2022	$	3,393,862	3,368,190			3,436,285		0.23	%
ABG Intermediate Holdings 2, LLC	Second Lien Incremental Term Loan	LIBOR (Q)	1.00	%	8.50	%	9.80	%	5/27/2022	$	2,057,154	2,052,311			2,082,868		0.14	%
Kenneth Cole Productions, Inc.	First Lien FILO Term Loan	LIBOR (M)	1.00	%	9.65	%	10.95	%	3/21/2022	$	34,427,465	34,098,301			34,045,320		2.29	%
												55,805,849			56,185,819		3.78	%
Management, Scientific, and Technical Consulting Services
Asentinel, LLC (Tangoe)	First Lien Last Out Term Loan	LIBOR (M)	1.00	%	10.77%Cash +0.50%PIK		12.45	%	6/16/2022	$	24,262,102	23,313,021			23,315,880		1.57	%
Dodge Data & Analytics, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	8.75	%	10.06	%	10/31/2019	$	23,297,434	22,998,815			23,297,434		1.57	%
												46,311,836			46,613,314		3.14	%
Motion Picture and Video Industries
NEG Holdings, LLC (CORE Entertainment)	First Lien Term Loan	LIBOR (Q)	1.00	%	8.00% PIK		9.30	%	10/17/2022	$	1,512,664	1,512,664			1,512,664		0.10	%

Other Information Services
Asset International, Inc.	Delayed Draw Term Loan	LIBOR (Q)	1.00	%	8.50	%	9.80	%	7/31/2020	$	1,251,626	1,230,728			1,257,884		0.08	%
Asset International, Inc.	Revolver Loan	LIBOR (Q)	1.00	%	8.50	%	9.80	%	7/31/2020	$	491,303	481,527			494,251		0.03	%
Asset International, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	8.50	%	9.80	%	7/31/2020	$	15,213,518	15,036,366			15,259,158		1.03	%
Simmons Research, LLC	First Lien Term Loan	LIBOR (Q)	0.50	%	10.50	%	11.81	%	12/11/2020	$	2,970,509	2,926,492			3,022,492		0.20	%
												19,675,113			20,033,785		1.34	%
Other Manufacturing
AGY Holding Corp.	Sr Secured Term Loan	Fixed	—		12.00	%	12.00	%	9/15/2018	$	4,869,577	4,869,577			4,869,577		0.33	%	B
AGY Holding Corp.	Second Lien Notes	Fixed	—		11.00	%	11.00	%	11/15/2018	$	9,268,000	7,586,317			9,268,000		0.62	%	B/E
AGY Holding Corp.	Delayed Draw Term Loan	Fixed	—		12.00	%	12.00	%	9/15/2018	$	1,049,146	1,049,146			1,049,146		0.07	%	B
												13,505,040			15,186,723		1.02	%
Other Publishing
Bisnow, LLC	First Lien Revolver	LIBOR (Q)	—		9.00	%	N/A		4/29/2021	$	—	(24,000		)	—		—		K
Bisnow, LLC	First Lien Term Loan	LIBOR (Q)	—		9.00	%	10.31	%	4/29/2021	$	8,247,890	8,115,773			8,301,503		0.56	%
Contextmedia Health, LLC	First Lien Term Loan B	LIBOR (M)	1.00	%	6.50	%	7.75	%	12/23/2021	$	13,295,455	12,060,867			13,428,409		0.90	%
												20,152,640			21,729,912		1.46	%
Other Real Estate Activities
Associations, Inc.	First Lien FILO Term Loan	LIBOR (Q)	1.00	%	8.96	%	10.26	%	12/23/2019	$	12,827,062	12,729,000			12,955,332		0.87	%
Greystone Select Holdings, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	8.00	%	9.24	%	4/17/2024	$	25,202,549	24,953,154			24,950,523		1.68	%
												37,682,154			37,905,855		2.55	%

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2017



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost		Fair Value		% of Total Cash and Investments		Notes
Debt Investments (continued)
Other Telecommunications
Securus Technologies, Inc.	Second Lien Term Loan	LIBOR (Q)	1.25	%	7.75	%	9.00	%	4/30/2021	$	4,516,129	$	4,470,968	$	4,546,252	0.31	%
Securus Technologies, Inc.	Second Lien Term Loan	LIBOR (Q)	1.00	%	8.25	%	9.25	%	6/20/2025	$	24,000,000	23,760,000		24,165,000		1.62	%
												28,230,968		28,711,252		1.93	%
Plastics Manufacturing
Iracore International, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	9.00	%	10.25	%	4/13/2021	$	1,900,733	1,900,733		1,900,733		0.13	%	B

Radio and Television Broadcasting
Fuse, LLC	Sr Secured Notes	Fixed	—		10.38	%	10.38	%	7/1/2019	$	5,740,000	5,740,000		4,061,050		0.27	%	E/G
NEP/NCP Holdco, Inc.	Second Lien Term Loan	LIBOR (Q)	1.25	%	8.75	%	10.04	%	7/22/2020	$	15,981,496	15,760,804		16,091,368		1.08	%	G
NEP/NCP Holdco, Inc.	Second Lien Term Loan	LIBOR (M)	1.00	%	7.00	%	8.22	%	1/23/2023	$	11,536,391	11,507,550		11,615,704		0.78	%
												33,008,354		31,768,122		2.13	%
Real Estate Leasing
Daymark Financial Acceptance, LLC	First Lien Delayed Draw Term Loan	LIBOR (Q)	—		9.50	%	10.67	%	1/12/2020	$	15,000,000	14,856,914		14,703,000		0.99	%
Home Partners of America, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	7.00	%	8.16	%	10/13/2022	$	5,000,000	4,910,899		5,050,000		0.34	%
												19,767,813		19,753,000		1.33	%
Restaurants
RM OpCo, LLC (Real Mex)	Convertible Second Lien Term Loan Tranche B-1	Fixed	—		8.50	%	8.50	%	3/30/2018	$	2,028,390	2,028,390		2,028,390		0.14	%	B
RM OpCo, LLC (Real Mex)	First Lien Term Loan Tranche A	Fixed	—		7.00	%	7.00	%	3/30/2018	$	4,884,985	4,601,599		4,884,985		0.33	%	B
RM OpCo, LLC (Real Mex)	Second Lien Term Loan Tranche B	Fixed	—		8.50	%	8.50	%	3/30/2018	$	10,106,771	10,106,771		909,609		0.06	%	B
RM OpCo, LLC (Real Mex)	Second Lien Term Loan Tranche B-1	Fixed	—		8.50	%	8.50	%	3/30/2018	$	3,182,967	3,167,544		3,182,967		0.21	%	B
RM OpCo, LLC (Real Mex)	Sr Convertible Second Lien Term Loan B	Fixed	—		8.50	%	8.50	%	3/30/2018	$	6,353,050	6,353,050		6,353,050		0.43	%	B
												26,257,354		17,359,001		1.17	%
Retail
Bon-Ton, Inc.	First Lien Tranche A-1 Revolver	LIBOR (Q)	1.00	%	9.50	%	10.68	%	3/15/2021	$	4,432,934	4,358,255		4,376,636		0.29	%
The Gymboree Corporation	Super Priority Debtor-in-Possession	LIBOR (M)	1.00	%	11.00	%	12.20	%	12/11/2017	$	12,778,227	12,583,815		12,778,227		0.86	%
												16,942,070		17,154,863		1.15	%
Satellite Telecommunications
Avanti Communications Group, PLC (United Kingdom)	Sr New Money Initial Note	Fixed	—		10.00	%	10.00	%	10/1/2021	$	1,273,204	1,238,381		1,126,786		0.08	%	E/G/H
Avanti Communications Group, PLC (United Kingdom)	Sr Second-Priority PIK Toggle Note	Fixed	—		10.00	%	10.00	%	10/1/2021	$	3,248,857	3,162,750		2,875,239		0.19	%	E/G/H
Avanti Communications Group, PLC (United Kingdom)	Sr Secured Third-Priority Note	Fixed	—		12.00	%	12.00	%	10/1/2023	$	6,729,804	3,381,991		2,624,624		0.18	%	E/G/H
												7,783,122		6,626,649		0.45	%
Scientific Research and Development Services
BPA Laboratories, Inc.	Second Lien Term Loan	LIBOR (Q)	—		2.50	%	3.67	%	4/29/2020	$	3,081,346	1,878,682		2,649,957		0.18	%
Envigo Holdings, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	8.50	%	9.54	%	11/3/2021	$	36,915,301	36,319,490		36,961,445		2.48	%	G
												38,198,172		39,611,402		2.66	%
Textile Furnishings Mills
Lexmark Carpet Mills, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	10.00	%	11.15	%	12/19/2019	$	22,337,104	22,337,104		22,560,475		1.52	%
Lexmark Carpet Mills, Inc.	First Lien Term Loan B	LIBOR (Q)	1.00	%	10.00	%	11.15	%	12/19/2019	$	7,662,146	7,545,749		7,738,767		0.52	%
												29,882,853		30,299,242		2.04	%
Traveler Arrangement
CIBT Solutions, Inc.	Second Lien Term Loan	LIBOR (Q)	1.00	%	7.75	%	9.05	%	6/1/2025	$	7,611,914	7,535,841		7,726,092		0.52	%

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2017



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal or Shares		Cost		Fair Value		% of Total Cash and Investments		Notes
Debt Investments (continued)
Software Publishing
Acronis International GmbH (Switzerland)	First Lien Term Loan	LIBOR (Q)	1.00	%	13.50	%	14.81	%	7/15/2017	$	22,464,983	$	22,471,612	$	22,464,983	1.51	%	H
Actifio, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	7.50% Cash +1.00% PIK		9.75	%	11/1/2020	$	35,114,689	34,594,446		34,574,625		2.32	%
ArcServe (USA), LLC	Second Lien Term Loan	LIBOR (Q)	0.50	%	8.50% Cash +1.25% PIK		11.05	%	1/31/2020	$	30,427,390	30,108,475		29,963,373		2.01	%
Autoalert, LLC	First Lien Term Loan	LIBOR (Q)	0.25	%	5.75% Cash +3.00% PIK		10.06	%	3/31/2019	$	36,505,910	36,226,717		36,861,842		2.48	%
Bond International Software, Inc. (United Kingdom)	First Lien Term Loan	LIBOR (Q)	1.00	%	10.00	%	11.24	%	11/4/2021	$	26,358,696	25,802,067		25,798,573		1.73	%	H
Fishbowl, Inc.	First Lien Term Loan	LIBOR (Q)	—		2.80% Cash +8.45% PIK		12.56	%	1/26/2022	$	18,866,692	18,287,336		18,506,338		1.24	%
Mapp Digital US, LLC	First Lien Term Loan	LIBOR (Q)	—		9.50	%	10.81	%	12/31/2017	$	5,621,605	5,587,194		5,624,416		0.38	%
Newscycle Solutions, Inc.	Second Lien Term Loan	LIBOR (Q)	—		13.00	%	14.22	%	9/10/2021	$	11,513,362	11,223,852		11,729,238		0.79	%
Newscycle Solutions AB (Sweden)	Second Lien Term Loan B	LIBOR (Q)	—		13.00	%	14.22	%	9/10/2021	$	11,513,362	11,223,852		11,729,238		0.79	%	H
Tradeshift Holdings, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR (M)	—		8.88	%	10.13	%	9/1/2020	$	11,470,517	10,714,811		10,882,003		0.73	%	L
Utilidata, Inc.	First Lien Delayed Draw Term Loan (1.0% Exit Fee)	LIBOR (M)	0.62	%	9.88	%	11.06	%	1/1/2019	$	2,498,180	2,440,308		2,461,582		0.17	%	L
												208,680,670		210,596,211		14.15	%
Utility System Construction
GlassPoint Solar, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR (M)	—		11.44	%	12.69	%	8/1/2020	$	4,000,000	3,645,405		3,776,416		0.25	%	L
GlassPoint Solar, Inc.	First Lien Delay Draw Term Loan A	LIBOR (M)	—		11.44	%	N/A		8/1/2020	$	—	—		—		—
GlassPoint Solar, Inc.	First Lien Delay Draw Term Loan B	LIBOR (M)	—		11.44	%	N/A		8/1/2020	$	—	—		—		—
Holocene Renewable Energy Fund 3, LLC (Conergy)	First Lien Term Loan	Fixed	—		9.00% Cash +1.00% PIK		10.00	%	9/10/2017	$	7,575,330	7,568,814		7,574,572		0.51	%
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Bank Guarantee Credit Facility	Fixed	—		8.20% Cash +3.50% PIK		11.70	%	7/2/2018	$	17,561,530	17,561,530		17,561,530		1.18	%	F/H
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Revolving Credit Facility	LIBOR (Q)	—		8.20	%	9.50	%	7/2/2018	$	11,405,774	11,405,774		6,593,108		0.44	%	F/H
												40,181,523		35,505,626		2.38	%
Wholesalers
NILCO, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	9.50	%	10.80	%	9/1/2021	$	20,490,879	19,960,556		20,900,696		1.40	%

Wired Telecommunications Carriers
Alpheus Communications, LLC	First Lien Delayed Draw FILO Term Loan	LIBOR (M)	1.00	%	7.42	%	8.77	%	5/31/2018	$	327,646	324,389		324,206		0.02	%
Alpheus Communications, LLC	First Lien Delayed Draw FILO Term Loan	LIBOR (M)	1.00	%	7.42	%	8.67	%	5/31/2018	$	1,329,988	1,323,203		1,312,270		0.09	%
Alpheus Communications, LLC	First Lien FILO Term Loan	LIBOR (M)	1.00	%	7.42	%	8.74	%	5/31/2018	$	7,158,978	7,087,808		7,083,809		0.48	%
												8,735,400		8,720,285		0.59	%
Wireless Telecommunications Carriers
Gogo, LLC	Sr Secured Notes	Fixed	—		12.50	%	12.50	%	7/1/2022	$	10,000,000	10,000,000		11,393,750		0.77	%	E/G

Total Debt Investments												1,381,439,231		1,378,054,732		92.64	%

Equity Securities
Advertising, Public Relations and Marketing
Foursquare Labs, Inc.	Warrants to Purchase Series E Preferred Stock									1,125,000		185,450		185,400		0.01	%	C/E
InMobi, Inc. (Singapore)	Warrants to Purchase Stock									1,049,996		276,492		483,103		0.03	%	C/E/H
												461,942		668,503		0.04	%

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2017



Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Shares	Cost		Fair Value		% of Total Cash and Investments		Notes
Equity Securities (continued)
Air Transportation
Aircraft Leased to United Airlines, Inc.
United N659UA-767, LLC (N659UA)	Trust Beneficial Interests						683	$	3,070,035	$	3,058,078	0.21	%	E/F
United N661UA-767, LLC (N661UA)	Trust Beneficial Interests						688	3,184,436		3,131,498		0.21	%	E/F
Epic Aero, Inc. (One Sky)	Warrants to Purchase Common Stock						1,843	855,313		3,524,111		0.24	%	C/E
								7,109,784		9,713,687		0.66	%
Business Support Services
Findly Talent, LLC	Membership Units						708,229	230,938		143,133		0.01	%	C/E
STG-Fairway Holdings, LLC (First Advantage)	Class A Units						841,479	325,432		501,185		0.03	%	C/E
								556,370		644,318		0.04	%
Chemicals
Green Biologics, Inc.	Warrants to Purchase Stock						909,300	272,807		1,455		—		C/E
Nanosys, Inc.	Warrants to Purchase Common Stock

Special Value Continuation Partners, LP 10-Q