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 September 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 September 30, 2017 was $1,243,969,860.

SPECIAL VALUE CONTINUATION PARTNERS, LP

FORM 10-Q

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017

TABLE OF CONTENTS



Part I.	Financial Information

Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of September 30, 2017 (unaudited) and December 31, 2016	2
	Consolidated Schedule of Investments as of September 30, 2017 (unaudited) and December 31, 2016	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2017 (unaudited) and September 30, 2016 (unaudited)	19
	Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 2017 (unaudited) and year ended December 31, 2016	20
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 (unaudited) and September 30, 2016 (unaudited)	21
	Notes to Consolidated Financial Statements (unaudited)	22
	Consolidated Schedule of Changes in Investments in Affiliates for the nine months ended September 30, 2017 (unaudited) and year ended December 31, 2016	41
	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2017 (unaudited) and December 31, 2016	43

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58

Item 4.	Controls and Procedures	59

Part II.	Other Information

Item 1.	Legal Proceedings	60

Item 1A.	Risk Factors	60

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60

Item 3.	Defaults upon Senior Securities	60

Item 4.	Mine Safety Disclosures	60

Item 5.	Other Information	60

Item 6.	Exhibits	60

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Statements of Assets and Liabilities



	September 30, 2017			December 31, 2016
	(unaudited)
Assets
Investments, at fair value:
Companies less than 5% owned (cost of $1,378,833,997 and $1,174,421,611, respectively)	$	1,389,967,667		$	1,175,097,468
Companies 5% to 25% owned (cost of $86,080,592 and $75,508,585, respectively)	74,735,725			69,355,808
Companies more than 25% owned (cost of $95,435,060 and $96,135,623, respectively)	64,047,095			70,516,594
Total investments (cost of $1,560,349,649 and $1,346,065,819, respectively)	1,528,750,487			1,314,969,870

Cash and cash equivalents	71,929,885			53,579,868
Accrued interest income:
Companies less than 5% owned	17,600,493			12,713,025
Companies 5% to 25% owned	2,237,834			953,561
Companies more than 25% owned	11,763			25,608
Receivable for investments sold	13,414,257			—
Deferred debt issuance costs	3,664,315			3,828,784
Prepaid expenses and other assets	3,993,300			1,156,279
Total assets	1,641,602,334			1,387,226,995

Liabilities
Debt, net of unamortized issuance costs of $2,750,014 and $2,712,574, respectively	302,249,986			333,787,426
Payable for investments purchased	85,545,089			12,348,925
Incentive allocation payable	5,513,546			4,716,834
Interest payable	1,605,509			2,715,380
Payable to the Advisor	669,307			325,790
Unrealized depreciation on swaps	470,202			—
Accrued expenses and other liabilities	1,578,835			1,623,003
Total liabilities	397,632,474			355,517,358

Commitments and contingencies (Note 5)

Net assets applicable to common limited and general partners	$	1,243,969,860		$	1,031,709,637

Composition of net assets applicable to common limited and general partners
Paid-in capital in excess of par	$	1,397,310,567		$	1,180,024,317
Accumulated net investment income	25,246,361			17,764,674
Accumulated net realized losses	(146,503,089		)	(134,962,632		)
Accumulated net unrealized depreciation	(32,083,979		)	(31,116,722		)
Net assets applicable to common limited and general partners	$	1,243,969,860		$	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)

September 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	%	10.19	%	6/1/2020	$	18,750,000	$	18,383,852		$	18,334,875		1.15	%	L/N
InMobi, Inc. (Singapore)	First Lien Delayed Draw Tranche 1 Term Loan (4.00% Exit Fee)	LIBOR (M)	1.37	%	8.13	%	9.50	%	12/31/2019	$	24,897,542	24,372,226			24,353,215			1.52	%	H/L/N
Videology Media Technologies, LLC	First Lien UK Revolver (2.0% Exit Fee)	LIBOR (M)	1.00	%	10.00	%	11.32	%	1/10/2020	$	8,170,996	8,170,996			8,170,996			0.51	%	L/N
Videology Media Technologies, LLC	First Lien US Revolver (2.0% Exit Fee)	LIBOR (M)	1.00	%	8.50	%	9.82	%	1/10/2020	$	2,647,385	2,647,385			2,647,385			0.17	%	L/N
												53,574,459			53,506,471			3.35	%
Air Transportation
Mesa Air Group, Inc.	Acquisition Loan	LIBOR (M)	—		7.25	%	8.63	%	7/15/2022	$	12,478,783	12,326,601			12,728,359			0.80	%	N
Mesa Airlines, Inc.	Engine Acquisition Delayed Draw Term Loan A	LIBOR (M)	—		7.25	%	8.50	%	12/14/2021	$	15,025,436	14,800,541			15,029,944			0.94	%	N
Mesa Airlines, Inc.	Engine Acquisition Delayed Draw Term Loan B	LIBOR (M)	—		7.25	%	8.50	%	2/28/2022	$	8,723,671	8,589,297			8,680,488			0.54	%	N
Mesa Airlines, Inc.	Engine Acquisition Delayed Draw Term Loan C	LIBOR (M)	—		7.25	%	8.50	%	7/31/2022	$	3,621,731	3,566,306			3,578,814			0.22	%	N
Mesa Airlines, Inc.	Engine Acquisition Delayed Draw Term Loan C-1	LIBOR (M)	—		7.25	%	8.50	%	9/30/2022	$	5,560,909	5,463,631			5,466,652			0.34	%	N
												44,746,376			45,484,257			2.84	%
Amusement and Recreation
VSS-Southern Holdings, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	6.50% Cash+2.00% PIK		9.83	%	11/3/2020	$	24,342,738	23,968,373			24,707,879			1.54	%	N
VSS-Southern Holdings, LLC	Sr Secured Revolver	LIBOR (Q)	1.00	%	6.50% Cash+2.00% PIK		N/A		11/3/2020	$	—	(13,214		)	12,842			—		K/N
												23,955,159			24,720,721			1.54	%
Apparel Manufacturing
Broder Bros., Co.	First Lien Term Loan (First Out)	LIBOR (Q)	1.25	%	5.75	%	7.05	%	6/3/2021	$	8,957,976	8,836,152			9,047,555			0.57	%	N
Broder Bros., Co.	First Lien Term Loan B (Last Out)	LIBOR (Q)	1.25	%	12.25	%	13.55	%	6/3/2021	$	9,305,317	9,190,600			9,463,507			0.59	%	N
												18,026,752			18,511,062			1.16	%
Building Equipment Contractors
Hylan Datacom & Electrical, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	7.50	%	8.74	%	7/25/2021	$	13,805,441	13,635,230			13,915,884			0.87	%	N

Business Support Services
Enerwise Global Technologies, Inc.	Sr Secured Revolving Loan	LIBOR (Q)	0.23	%	8.52	%	N/A		11/30/2018	$	—	(3,251		)	(18,600		)	—		K/N
Enerwise Global Technologies, Inc.	Sr Secured Term Loan (3.77% Exit Fee)	LIBOR (Q)	0.23	%	9.27	%	10.57	%	11/30/2019	$	23,000,000	22,776,712			22,893,050			1.43	%	L/N
STG-Fairway Acquisitions, Inc. (First Advantage)	Second Lien Term Loan	LIBOR (Q)	1.00	%	9.25	%	10.57	%	6/30/2023	$	31,000,000	30,624,810			29,267,100			1.83	%	N
												53,398,271			52,141,550			3.26	%
Chemicals
Anuvia Plant Nutrients Holdings, LLC	Sr Secured Term Loan (8.0% Exit Fee)	LIBOR (M)	—		10.63	%	12.00	%	2/1/2018	$	2,824,919	2,829,948			2,824,919			0.18	%	L/N
Green Biologics, Inc.	Convertible Note	Fixed	—		10.00% PIK		10.00	%	6/30/2019	$	7,500,000	7,355,902			5,853,750			0.37	%	E/N
Green Biologics, Inc.	Sr Secured Term Loan (12.4 % Exit Fee)	Fixed	—		10.00% PIK		10.00	%	12/31/2020	$	8,106,004	7,940,893			6,376,993			0.40	%	L/N
iGM RFE1 B.V. (Netherlands)	First Lien Delayed Draw Term Loan	LIBOR (Q)	—		8.00	%	9.33	%	10/12/2021	$	877,431	872,110			927,444			0.06	%	H/N
iGM RFE1 B.V. (Netherlands)	First Lien Term Loan	LIBOR (Q)	—		8.00	%	9.33	%	10/12/2021	$	3,792,122	3,768,558			4,008,273			0.25	%	H/N
iGM RFE1 B.V. (Netherlands)	First Lien Term Loan	EURIBOR (Q)	—		8.00	%	8.00	%	10/12/2021	€	6,418,239	7,011,284			8,014,710			0.50	%	D/H/N
Nanosys, Inc.	First Lien Delayed Draw Term Loan (3.5% Exit Fee)	LIBOR (Q)	—		9.81	%	11.19	%	4/1/2019	$	10,000,000	9,604,298			9,828,000			0.61	%	L/N
												39,382,993			37,834,089			2.37	%
Communications Equipment Manufacturing
Globecomm Systems, Inc.	First Lien Term Loan	LIBOR (Q)	1.25	%	7.63	%	9.05	%	12/11/2018	$	14,442,682	14,298,255			13,409,308			0.84	%	B/N

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

September 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 Incremental Term Loan	LIBOR (Q)	1.00	%	6.75	%	8.08	%	9/1/2022	$	7,969,241	$	7,849,702		$	7,849,702		0.49	%	H/N
Aptos Inc. (Canada)	First Lien Term Loan	LIBOR (Q)	1.00	%	6.75	%	8.08	%	9/1/2022	$	9,900,000	9,731,240			9,751,500			0.61	%	H/N
Bracket Intermediate Holding Corp.	Second Lien Term Loan	LIBOR (Q)	1.00	%	9.00	%	10.32	%	3/14/2024	$	10,925,551	10,612,225			10,696,115			0.67	%	N
Dealersocket, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	10.00	%	11.37	%	2/10/2021	$	15,750,000	15,285,565			15,750,000			0.98	%	N
Fidelis Acquisitionco, LLC	First Lien Bridge Term Loan	LIBOR (M)	1.00	%	6.00% Cash+2.00% PIK		9.38	%	10/13/2017	$	3,182,143	3,163,821			3,182,143			0.20	%	N
Fidelis Acquisitionco, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	6.00% Cash+2.00% PIK		9.32	%	11/4/2019	$	43,214,417	42,779,942			39,178,191			2.45	%	N
Fidelis Acquisitionco, LLC	Sr Secured Revolver	LIBOR (Q)	1.00	%	8.00	%	9.32	%	11/4/2019	$	3,182,143	3,182,143			2,884,931			0.18	%	N
Marketo, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	9.50	%	10.83	%	8/16/2021	$	23,295,455	22,722,018			23,295,455			1.46	%	N
Marketo, Inc.	Senior Secured Revolver	LIBOR (Q)	1.00	%	9.50	%	N/A		8/16/2021	$	—	(39,766		)	—			—		K/N
OnX Enterprise Solutions, Ltd. (Canada)	First Lien Term Loan B	LIBOR (Q)	—		8.00	%	9.32	%	9/3/2018	$	2,296,200	2,296,200			2,296,200			0.14	%	H/N
OnX Enterprise Solutions, Ltd. (Canada)	First Lien Term Loan	LIBOR (Q)	—		8.00	%	9.32	%	9/3/2018	$	10,240,000	10,210,950			10,240,000			0.64	%	H/N
OnX USA, LLC	First Lien Term Loan B	LIBOR (Q)	—		8.00	%	9.32	%	9/3/2018	$	3,702,400	3,702,400			3,702,400			0.23	%	N
OnX USA, LLC	First Lien Term Loan	LIBOR (Q)	—		8.00	%	9.32	%	9/3/2018	$	3,120,000	3,121,990			3,120,000			0.19	%	N
												134,618,430			131,946,637			8.24	%
Credit (Nondepository)
Auto Trakk SPV, LLC	First Lien Delayed Draw Term Loan	LIBOR (M)	0.50	%	9.50	%	10.73	%	12/21/2021	$	32,392,942	31,954,106			32,602,257			2.04	%	N
Caliber Home Loans, Inc.	First Lien Delayed Draw Term Loan	LIBOR (M)	1.00	%	6.50	%	7.74	%	6/30/2020	$	15,555,556	15,399,451			15,735,556			0.98	%	N
Caribbean Financial Group (Cayman Islands)	Sr Secured Notes	Fixed	—		11.50	%	11.50	%	11/15/2019	$	28,678,000	28,593,384			29,538,340			1.85	%	E/G/H/N
												75,946,941			77,876,153			4.87	%
Credit Related Activities
Pacific Union Financials, LLC	First Lien Term Loan	LIBOR (M)	1.00	%	7.50	%	8.74	%	4/21/2022	$	25,000,000	24,765,887			25,108,750			1.57	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Term Loan	LIBOR (Q)	1.00	%	6.75	%	8.09	%	12/20/2021	$	14,659,047	14,532,703			14,644,388			0.91	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	Revolver	LIBOR (Q)	1.00	%	6.75	%	8.09	%	12/20/2021	$	89,514	83,765			88,843			0.01	%	N
												39,382,355			39,841,981			2.49	%
Data Processing and Hosting Services
Applause App Quality, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	6.50	%	7.74	%	9/20/2022	$	22,647,306	22,197,368			22,194,361			1.39	%	N
Applause App Quality, Inc.	First Revolver	LIBOR (M)	1.00	%	6.50	%	N/A		9/20/2022	$	—	(30,014		)	—			—		K/N
DigiCert Holdings, Inc.	Second Lien Term Loan	LIBOR (Q)	1.00	%	8.00	%	9.00	%	9/20/2025	$	10,578,112	10,525,221			10,694,947			0.67	%
Internap Corporation	First Lien Term Loan	LIBOR (M)	1.00	%	7.00	%	8.24	%	4/3/2022	$	8,184,324	8,069,799			8,286,628			0.52	%	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			0.94	%	N
Pulse Secure, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	7.00	%	8.30	%	5/1/2022	$	12,022,227	11,852,990			11,895,993			0.74	%	N
Pulse Secure, LLC	Revolver	LIBOR (Q)	1.00	%	7.00	%	N/A		5/1/2022	$	—	(18,491		)	(14,096		)	—		K/N
TierPoint, LLC	Second Lien Term Loan	LIBOR (M)	1.00	%	7.25	%	8.49	%	5/5/2025	$	9,675,000	9,608,020			9,872,564			0.62	%
												77,204,893			77,930,397			4.88	%
Educational Support Services
Edmentum, Inc.	Jr Revolving Facility	Fixed	—		5.00	%	5.00	%	6/9/2020	$	—	—			—			—		B/N
Edmentum Ultimate Holdings, LLC	Sr PIK Notes	Fixed	—		8.50	%	8.50	%	6/9/2020	$	3,033,675	3,033,675			3,033,675			0.19	%	B/N
Edmentum Ultimate Holdings, LLC	Jr PIK Notes	Fixed	—		10.00	%	10.00	%	6/9/2020	$	14,054,482	13,646,311			11,173,317			0.70	%	B/N
												16,679,986			14,206,992			0.89	%
Electronic Component Manufacturing
Soraa, Inc.	Tranche A Term Loan (3.0% Exit Fee)	LIBOR (M)	0.44	%	9.33	%	10.71	%	3/1/2018	$	7,570,571	7,488,052			7,394,555			0.46	%	L/N
Soraa, Inc.	Tranche B Term Loan	LIBOR (M)	0.44	%	9.33	%	10.71	%	3/1/2018	$	1,603,779	1,579,327			1,567,373			0.10	%	N
												9,067,379			8,961,928			0.56	%
Equipment Leasing
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed	—		12.00	%	12.00	%	11/1/2020	$	21,696,871	21,696,871			21,696,871			1.36	%	E/F/N
Essex Ocean, LLC (Solexel)	Sr Secured Term Loan	Fixed	—		8.00	%	8.00	%	8/15/2018	$	1,696,898	1,696,898			—			—		C/N
												23,393,769			21,696,871			1.36	%

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2017



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments		Notes
Debt Investments (continued)
Facilities Support Services
NANA Development Corp.	First Lien Term Loan B	LIBOR (Q)	1.25	%	6.75	%	8.08	%	3/15/2018	$	233,324	$	230,588		$	230,990		0.01	%	N

Grocery Stores
Bashas, Inc.	First Lien FILO Term Loan	LIBOR (M)	1.50	%	8.80	%	10.30	%	10/8/2019	$	5,727,386	5,705,475			5,727,386			0.36	%	N

Hospitals
KPC Healthcare, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	9.00	%	10.45	%	2/6/2020	$	14,792,003	14,707,122			14,939,923			0.93	%	N
Pacific Coast Holdings Investment, LLC (KPC Healthcare)	First Lien Term Loan	LIBOR (M)	1.00	%	7.50	%	8.74	%	2/14/2021	$	29,288,064	28,909,527			29,280,742			1.83	%	N
												43,616,649			44,220,665			2.76	%
Insurance
Alera Group Intermediate Holdings, Inc.	First Lien Delayed Draw Term Loan	LIBOR (Q)	1.00	%	5.50	%	6.74	%	12/30/2022	$	124,583	116,283			126,249			0.01	%	N
Alera Group Intermediate Holdings, Inc.	First Lien Revolver	LIBOR (Q)	1.00	%	5.50	%	N/A		12/30/2021	$	—	(7,558		)	—			—		K/N
Alera Group Intermediate Holdings, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	5.50	%	6.74	%	12/30/2022	$	3,390,085	3,360,563			3,396,866			0.21	%	N
Association Member Benefits Advisors, LLC	Second Lien Term Loan	LIBOR (M)	1.00	%	8.75	%	9.99	%	6/8/2023	$	8,277,983	8,130,115			8,257,288			0.52	%	N
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	19,698,428			20,060,606			1.25	%	N
US Apple Holdco, LLC (Ventiv Technology)	First Lien Incremental Tranche B FILO Term Loan	LIBOR (Q)	0.50	%	13.62	%	14.97	%	8/29/2019	$	4,320,000	4,245,257			4,320,000			0.27	%	N
												35,543,088			36,161,009			2.26	%
Lessors of Nonfinancial Licenses
ABG Intermediate Holdings 2, LLC	Second Lien Term Loan	LIBOR (M)	1.00	%	7.75	%	8.99	%	9/29/2025	$	15,000,000	14,887,500			15,150,000			0.95	%
Kenneth Cole Productions, Inc.	First Lien FILO Term Loan	LIBOR (M)	1.00	%	9.65	%	10.90	%	3/21/2022	$	33,544,709	33,232,910			33,199,199			2.07	%	N
												48,120,410			48,349,199			3.02	%
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		12.60	%	6/16/2022	$	24,259,932	23,339,619			23,495,744			1.47	%	N
Dodge Data & Analytics, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	8.75	%	10.06	%	10/31/2019	$	23,297,434	23,037,915			23,297,434			1.45	%	N
												46,377,534			46,793,178			2.92	%
Motion Picture and Video Industries
NEG Holdings, LLC (CORE Entertainment)	First Lien Term Loan	LIBOR (Q)	1.00	%	8.00% PIK		9.33	%	10/17/2022	$	1,548,210	1,548,210			1,548,210			0.10	%	N

Other Information Services
Asset International, Inc.	Delayed Draw Term Loan	LIBOR (Q)	1.00	%	8.50	%	9.84	%	7/31/2020	$	1,251,626	1,231,645			1,246,933			0.08	%	N
Asset International, Inc.	Revolver Loan	LIBOR (Q)	1.00	%	8.50	%	9.84	%	7/31/2020	$	491,303	482,070			489,092			0.03	%	N
Asset International, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	8.50	%	9.83	%	7/31/2020	$	15,213,518	15,042,452			15,179,287			0.95	%	N
Discoverorg, LLC	Second Lien Term Loan	LIBOR (M)	1.00	%	8.50	%	9.74	%	2/26/2024	$	12,839,252	12,712,038			12,710,859			0.79	%	N
												29,468,205			29,626,171			1.85	%
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			0.30	%	B/N
AGY Holding Corp.	Second Lien Notes	Fixed	—		11.00	%	11.00	%	11/15/2018	$	9,268,000	7,586,317			9,268,000			0.58	%	B/E/N
AGY Holding Corp.	Delayed Draw Term Loan	Fixed	—		12.00	%	12.00	%	9/15/2018	$	1,049,146	1,049,146			1,049,146			0.06	%	B/N
												13,505,040			15,186,723			0.94	%
Other Publishing
Bisnow, LLC	First Lien Revolver	LIBOR (Q)	—		9.00	%	N/A		4/29/2021	$	—	(24,000		)	—			—		K/N
Bisnow, LLC	First Lien Term Loan	LIBOR (Q)	—		9.00	%	10.31	%	4/29/2021	$	8,247,890	8,121,791			8,313,875			0.52	%	N
Contextmedia Health, LLC	First Lien Term Loan B	LIBOR (M)	1.00	%	6.50	%	7.75	%	12/23/2021	$	13,125,000	11,957,589			13,075,781			0.82	%
Patient Point Network Solutions, LLC	First Lien Second Out Term Loan	LIBOR (M)	1.00	%	7.50	%	8.74	%	6/26/2022	$	7,003,544	6,916,582			6,916,000			0.43	%	N
Patient Point Network Solutions, LLC	Revolver	LIBOR (M)	1.00	%	7.50	%	N/A		6/26/2022	$	—	(5,366		)	(5,506		)	—		K/N
												26,966,596			28,300,150			1.77	%

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2017



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost		Fair Value		% of Total Cash and Investments		Notes
Debt Investments (continued)
Pharmaceuticals
Nephron Pharmaceuticals Corporation	First Lien FILO Term Loan	LIBOR (M)	1.00	%	8.75	%	9.99	%	8/7/2019	$	44,047,447	$	42,913,836	$	43,122,451	2.69	%	N

Other Real Estate Activities
Associations, Inc.	First Lien FILO Term Loan	LIBOR (Q)	1.00	%	8.96	%	10.29	%	12/23/2019	$	12,794,670	12,703,330		12,794,670		0.80	%	N
Greystone Select Holdings, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	8.00	%	9.26	%	4/17/2024	$	25,202,549	24,954,120		25,782,207		1.61	%	N
												37,657,450		38,576,877		2.41	%
Other Telecommunications
Securus Technologies, Inc.	Second Lien Term Loan	LIBOR (M)	1.25	%	7.75	%	9.00	%	4/30/2021	$	4,516,129	4,470,968		4,542,458		0.28	%
Securus Technologies, Inc.	Second Lien Term Loan	LIBOR (Q)	1.00	%	8.25	%	9.25	%	6/20/2025	$	25,846,154	25,620,000		26,120,769		1.63	%
												30,090,968		30,663,227		1.91	%
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		0.12	%	B/N

Radio and Television Broadcasting
NEP/NCP Holdco, Inc.	Second Lien Term Loan	LIBOR (M)	1.00	%	7.00	%	8.23	%	1/23/2023	$	11,536,391	11,508,154		11,644,545		0.73	%	G

Real Estate Leasing
Daymark Financial Acceptance, LLC	First Lien Delayed Draw Term Loan	LIBOR (Q)	—		9.50	%	10.74	%	1/12/2020	$	14,000,000	13,879,590		13,748,000		0.86	%	N
Home Partners of America, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	7.00	%	8.23	%	10/13/2022	$	5,000,000	4,913,427		5,100,000		0.32	%	N
												18,793,017		18,848,000		1.18	%
Restaurants
RM OpCo, LLC (Real Mex)	Convertible Second Lien Term Loan Tranche B-1	Fixed	—		8.50	%	8.50	%	3/30/2018	$	2,072,771	2,072,771		1,705,683		0.11	%	B/N
RM OpCo, LLC (Real Mex)	First Lien Term Loan Tranche A	Fixed	—		7.00	%	7.00	%	3/30/2018	$	4,892,097	4,608,710		4,892,097		0.30	%	B/N
RM OpCo, LLC (Real Mex)	Second Lien Term Loan Tranche B	Fixed	—		8.50	%	8.50	%	3/30/2018	$	10,327,904	10,327,904		—		—		B/C/N
RM OpCo, LLC (Real Mex)	Second Lien Term Loan Tranche B-1	Fixed	—		8.50	%	8.50	%	3/30/2018	$	3,252,610	3,237,187		2,676,572		0.17	%	B/N
RM OpCo, LLC (Real Mex)	Sr Convertible Second Lien Term Loan B	Fixed	—		8.50	%	8.50	%	3/30/2018	$	6,490,093	6,490,093		6,490,103		0.40	%	B/N
												26,736,665		15,764,455		0.98	%
Retail
Bon-Ton, Inc.	First Lien Tranche A-1 Revolver	LIBOR (Q)	1.00	%	9.50	%	10.81	%	3/15/2021	$	4,432,934	4,361,693		4,399,687		0.27	%	N
USR Parent, Inc. (Staples)	First Lien FILO Term Loan	LIBOR (M)	1.00	%	8.84	%	10.07	%	9/12/2022	$	11,149,443	10,871,171		10,870,707		0.68	%	N
												15,232,864		15,270,394		0.95	%
Satellite Telecommunications
Avanti Communications Group, PLC (United Kingdom)	Sr New Money Initial Note	Fixed	—		10.00	%	10.00	%	10/1/2021	$	1,273,204	1,240,014		1,062,330		0.07	%	E/G/H/N
Avanti Communications Group, PLC (United Kingdom)	Sr Second-Priority PIK Toggle Note	Fixed	—		10.00	%	10.00	%	10/1/2021	$	3,248,857	3,166,787		2,710,765		0.17	%	E/G/H/N
Avanti Communications Group, PLC (United Kingdom)	Sr Secured Third-Priority Note	Fixed	—		12.00	%	12.00	%	10/1/2023	$	6,729,804	3,428,151		1,716,100		0.11	%	E/G/H/N
												7,834,952		5,489,195		0.35	%
Scientific Research and Development Services
Envigo Holdings, Inc. (BPA Laboratories, Inc.)	First Lien Term Loan	LIBOR (Q)	—		2.50	%	3.81	%	4/29/2020	$	1,857,267	1,671,540		1,798,456		0.11	%
Envigo Holdings, Inc. (BPA Laboratories, Inc.)	Second Lien Term Loan	LIBOR (Q)	—		2.50	%	3.81	%	4/29/2020	$	4,189,589	2,787,440		4,084,849		0.25	%
Envigo Holdings, Inc. (BPA Laboratories, Inc.)	First Lien Term Loan	LIBOR (Q)	1.00	%	8.50	%	9.80	%	11/3/2021	$	34,930,560	34,339,828		35,017,889		2.19	%	G
												38,798,808		40,901,194		2.55	%
Textile Furnishings Mills
Lexmark Carpet Mills, Inc.	First Lien Term Loan (1.5% Exit Fee)	LIBOR (Q)	1.00	%	10.00%Cash+1.00% PIK		12.3	%	12/19/2019	$	21,061,727	21,061,727		20,988,011		1.31	%	L/N
Lexmark Carpet Mills, Inc.	First Lien Term Loan B (1.5% Exit Fee)	LIBOR (Q)	1.00	%	10.00%Cash+1.00% PIK		12.3	%	12/19/2019	$	7,224,662	7,124,139		7,199,375		0.45	%	L/N
												28,185,866		28,187,386		1.76	%

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

September 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)
Traveler Arrangement
CIBT Solutions, Inc.	Second Lien Term Loan	LIBOR (Q)	1.00	%	7.75	%	9.08	%	6/1/2025	$	7,611,914	$	7,536,412		$	7,726,092		0.48	%	N

Software Publishing
Acronis International GmbH (Switzerland)	First Lien Term Loan	LIBOR (Q)	1.00	%	13.00%Cash+2.00%PIK		16.31	%	7/16/2018	$	17,446,997	17,452,145			17,446,997			1.09	%	H/N
Actifio, Inc.	First Lien Term Loan (2.0% Exit Fee)	LIBOR (M)	1.00	%	7.50% Cash+1.00% PIK		9.88	%	11/1/2020	$	35,204,503	34,711,491			34,708,120			2.17	%	L/N
ArcServe (USA), LLC	Second Lien Term Loan	LIBOR (Q)	0.50	%	8.50% Cash+1.25% PIK		11.00	%	1/31/2020	$	30,534,114	30,242,898			30,089,843			1.88	%	N
Autoalert, LLC	First Lien Term Loan	LIBOR (Q)	0.25	%	5.75% Cash+3.00% PIK		10.06	%	3/31/2019	$	36,505,910	36,256,859			36,816,210			2.30	%	N
Bond International Software, Inc. (United Kingdom)	First Lien Term Loan	LIBOR (M)	1.00	%	10.00	%	11.24	%	11/4/2021	$	26,358,696	25,825,375			25,939,592			1.62	%	H/N
ECI Macola/Max Holding, LLC	Second Lien Term Loan	LIBOR (Q)	1.00	%	8.00	%	9.33	%	9/19/2025	$	24,325,623	24,082,367			24,386,437			1.52	%	N
Fishbowl, Inc.	First Lien Term Loan	LIBOR (Q)	—		2.80% Cash+8.45% PIK		12.63	%	1/26/2022	$	19,316,029	18,756,824			18,947,092			1.18	%	N
Mapp Digital US, LLC	First Lien Term Loan	LIBOR (Q)	—		9.50	%	10.80	%	12/31/2017	$	5,621,605	5,607,200			5,613,173			0.35	%	N
Newscycle Solutions, Inc.	Second Lien Term Loan	LIBOR (Q)	—		13.00	%	14.32	%	9/10/2021	$	11,513,362	11,235,273			11,789,683			0.74	%	N
Newscycle Solutions AB (Sweden)	Second Lien Term Loan B	LIBOR (Q)	—		13.00	%	14.32	%	9/10/2021	$	11,513,362	11,235,273			11,789,683			0.74	%	H/N
Tradeshift Holdings, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR (M)	—		8.88	%	10.25	%	9/1/2020	$	14,529,322	13,826,524			13,876,940			0.87	%	L/N
Utilidata, Inc.	First Lien Delayed Draw Term Loan (1.0% Exit Fee)	LIBOR (M)	0.62	%	9.88	%	11.25	%	1/1/2019	$	2,255,976	2,210,023			2,224,505			0.14	%	L/N
Xactly Corporation	First Lien Term Loan	LIBOR (M)	1.00	%	7.25	%	8.49	%	7/31/2022	$	16,397,517	16,077,665			16,069,567			1.00	%	N
Xactly Corporation	Revolver	LIBOR (M)	1.00	%	7.25	%	N/A		7/31/2022	$	—	(27,167		)	(28,110		)	—		K/N
												247,492,750			249,669,732			15.6	%
Utility System Construction
GlassPoint Solar, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR (M)	—		11.44	%	12.81	%	8/1/2020	$	3,912,604	3,585,789			3,804,828			0.24	%	L/N
GlassPoint Solar, Inc.	First Lien Delay Draw Term Loan A	LIBOR (M)	—		11.44	%	N/A		8/1/2020	$	—	—			—			—		N
GlassPoint Solar, Inc.	First Lien Delay Draw Term Loan B	LIBOR (M)	—		11.44	%	N/A		8/1/2020	$	—	—			—			—		N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Bank Guarantee Credit Facility	Fixed	—		8.00% PIK		9.34	%	7/2/2018	$	17,471,897	17,471,897			16,700,513			1.04	%	F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Revolving Credit Facility	LIBOR (Q)	—		—		—		7/2/2018	$	6,072,441	6,072,441			6,072,441			0.38	%	C/F/H/N
												27,130,127			26,577,782			1.66	%
Wholesalers
NILCO, LLC	First Lien Term Loan	LIBOR (Q)	1.00	%	9.5	%	10.74	%	9/1/2021	$	20,224,763	19,723,119			20,629,259			1.29	%	N

Wired Telecommunications Carriers
Alpheus Communications, LLC	First Lien Delayed Draw FILO Term Loan	LIBOR (M)	1.00	%	7.42	%	8.73	%	5/31/2018	$	325,447	322,212			325,252			0.02	%	N
Alpheus Communications, LLC	First Lien Delayed Draw FILO Term Loan	LIBOR (M)	1.00	%	7.42	%	8.51	%	5/31/2018	$	1,321,328	1,315,866			1,320,321			0.08	%	N
Alpheus Communications, LLC	First Lien FILO Term Loan	LIBOR (M)	1.00	%	7.42	%	8.72	%	5/31/2018	$	7,110,607	7,039,918			7,106,340			0.44	%	N
												8,677,996			8,751,913			0.54	%
Wireless Telecommunications Carriers
Gogo, LLC	Sr Secured Notes	Fixed	—		12.50	%	12.50	%	7/1/2022	$	10,000,000	10,000,000			11,443,750			0.71	%	E/G

Total Debt Investments												1,468,606,760			1,463,294,967			91.42	%

Equity Securities
Advertising, Public Relations and Marketing
Foursquare Labs, Inc.	Warrants to Purchase Series E Preferred Stock									1,125,000		185,450			177,750			0.01	%	C/E/N
InMobi, Inc. (Singapore)	Warrants to Purchase Common Stock									995,902		159,270			159,245			0.01	%	C/E/H/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred Stock									1,049,996		276,492			486,148			0.03	%	C/E/H/N
												621,212			823,143			0.05	%

Special Value Continuation Partners, LP

(A Delaware Limited Partnership)

Consolidated Schedule of Investments (Unaudited) (Continued)

September 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	$	2,979,575	$	2,983,358	0.19	%	E/F/N
United N661UA-767, LLC (N661UA)	Trust Beneficial Interests						688	3,088,529		3,057,259		0.19	%	E/F/N
Epic Aero, Inc. (One Sky)	Warrants to Purchase Common Stock						1,843	855,313		3,451,916		0.22	%	C/E/N
								6,923,417		9,492,533		0.60	%
Business Support Services

Special Value Continuation Partners, LP 10-Q