<SEC-DOCUMENT>0000905148-25-003138.txt : 20250826
<SEC-HEADER>0000905148-25-003138.hdr.sgml : 20250826
<ACCEPTANCE-DATETIME>20250826162036
ACCESSION NUMBER:		0000905148-25-003138
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250826
DATE AS OF CHANGE:		20250826

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KVH INDUSTRIES INC \DE\
		CENTRAL INDEX KEY:			0001007587
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				050420589
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-48005
		FILM NUMBER:		251257905

	BUSINESS ADDRESS:	
		STREET 1:		75 ENTERPRISE CENTER
		CITY:			MIDDLETOWN
		STATE:			RI
		ZIP:			02842
		BUSINESS PHONE:		4018473327

	MAIL ADDRESS:	
		STREET 1:		75 ENTERPRISE CENTER
		CITY:			MIDDLETOWN
		STATE:			RI
		ZIP:			02842

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BDCM CT, L.L.C.
		CENTRAL INDEX KEY:			0001282197
		ORGANIZATION NAME:           	
		EIN:				364054516
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		2187 ATLANTIC STREET
		STREET 2:		9TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		203-552-0888

	MAIL ADDRESS:	
		STREET 1:		2187 ATLANTIC STREET
		STREET 2:		9TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACK DIAMOND CAPITAL MANAGEMENT, L.L.C.
		DATE OF NAME CHANGE:	20140211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACK DIAMOND CAPITAL MANAGEMENT LLC
		DATE OF NAME CHANGE:	20040301
</SEC-HEADER>
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<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
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<amendmentNo>2</amendmentNo>
<securitiesClassTitle>Common Stock, par value $0.01 per share</securitiesClassTitle>
<dateOfEvent>08/22/2025</dateOfEvent>
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<issuerCIK>0001007587</issuerCIK>
<issuerCUSIP>482738101</issuerCUSIP>
<issuerName>KVH Industries, Inc.</issuerName>
<address>
<com:street1>75 Enterprise Center</com:street1>
<com:city>Middletown</com:city>
<com:stateOrCountry>RI</com:stateOrCountry>
<com:zipCode>02842</com:zipCode>
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<authorizedPersons>
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<personName>Matthew Kane</personName>
<personPhoneNum>(203) 552-0888</personPhoneNum>
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<com:street1>2187 Atlantic Street</com:street1>
<com:street2>9th Floor</com:street2>
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<com:stateOrCountry>CT</com:stateOrCountry>
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<reportingPersonCIK>0001282197</reportingPersonCIK>
<reportingPersonName>BDCM CT, L.L.C.</reportingPersonName>
<fundType>OO</fundType>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<soleVotingPower>0</soleVotingPower>
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<reportingPersonCIK>0001486844</reportingPersonCIK>
<reportingPersonName>Deckoff Stephen H</reportingPersonName>
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<securityTitle>Common Stock, par value $0.01 per share</securityTitle>
<issuerName>KVH Industries, Inc.</issuerName>
<issuerPrincipalAddress>
<com:street1>75 Enterprise Center</com:street1>
<com:city>Middletown</com:city>
<com:stateOrCountry>RI</com:stateOrCountry>
<com:zipCode>02842</com:zipCode>
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<commentText>This Amendment No. 2 to Schedule 13D ("Amendment No. 2") is being filed by the undersigned, pursuant to Section 240.13d-2(a), to amend and supplement the Schedule 13D filed with the U.S. Securities and Exchange Commission (the "SEC") on August 26, 2022 (the "Original Schedule 13D"), as amended by Amendment No. 1 filed with the SEC on February 7, 2023 (collectively, the "Schedule 13D"), with respect to the Common Stock, par value $0.01 per share (the "Shares"), of KVH Industries, Inc. (the "Company"), whose principal executive offices are located at 75 Enterprise Center, Middletown, RI 02842.  All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.  Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Schedule 13D.</commentText>
</item1>
<item2>
<filingPersonName>Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows:&#13;
&#13;
This statement is filed by BDCM CT, L.L.C. ("BDCM CT" and formerly Black Diamond Capital Management, L.L.C.), Black Diamond Holdings, LLLP ("Black Diamond"), and Stephen H. Deckoff ("Mr. Deckoff").  BDCM CT, Black Diamond, and Mr. Deckoff are each referred to as a "Reporting Person" and collectively as the "Reporting Persons."  The agreement among the Reporting Persons to file this statement jointly in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, is attached as Exhibit D to this Schedule 13D.</filingPersonName>
<principalBusinessAddress>The principal business address of BDCM CT is 2187 Atlantic Street, 9th Floor, Stamford, CT 06902.  The principal business address of Black Diamond and Mr. Deckoff is 5330 Yacht Haven Grande, Suite 100, Box 35, St. Thomas, U.S. Virgin Islands 00802.</principalBusinessAddress>
<principalJob>This Amendment No. 2 is being filed because, effective August 22, 2025, Black Diamond replaced BDCM CT as the primary registered investment adviser that exercises investment discretion on behalf of investment advisory affiliates that serve as investment advisers to Black Diamond investment vehicles for whose accounts the Shares reported herein are held.  Mr. Deckoff is the Managing Principal of Black Diamond.  Black Diamond and Mr. Deckoff (collectively, the "Continuing Reporting Persons") accordingly may be deemed to be the beneficial owners of all of the Shares reported herein.  Upon filing of this Amendment No. 2, BDCM CT will no longer be a Reporting Person on this Schedule 13D.</principalJob>
<hasBeenConvicted>None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
<convictionDescription>None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</convictionDescription>
<citizenship>BDCM CT is a Delaware limited liability company.  Black Diamond is a U.S. Virgin Islands limited liability limited partnership.  Mr. Deckoff is a citizen of the United States of America.</citizenship>
</item2>
<item5>
<percentageOfClassSecurities>Item 5 of the Schedule 13D is hereby amended and supplemented as follows:&#13;
&#13;
As of the date hereof, the Continuing Reporting Persons may be deemed to beneficially own 3,410,164 Shares, or approximately 17.6% of the Shares outstanding.  This figure is based upon information received from the Company on August 26, 2025, indicating that, as of August 26, 2025, there were 19,356,559 Shares outstanding.</percentageOfClassSecurities>
<numberOfShares>The Continuing Reporting Persons may be deemed to share the power to vote or direct the voting of, and the power to dispose or direct the disposition of, the 3,410,164 Shares.</numberOfShares>
<transactionDesc>On August 21, 2025, the Company issued 13,637 shares of restricted stock to Mr. Deckoff as consideration for his service on the Board.  The restricted stock will vest in four installments on each of November 21, 2025, February 21, 2026, May 21, 2026, and August 21, 2026, provided Mr. Deckoff is still a member of the Board on each vesting date.</transactionDesc>
</item5>
<item6>
<contractDescription>Item 6 of the Schedule 13D is hereby amended and supplemented as follows:&#13;
&#13;
The response to Item 2(a) of this Amendment No. 2 is incorporated by reference herein.</contractDescription>
</item6>
<item7>
<filedExhibits>Item 7 of the Schedule 13D is hereby amended and supplemented as follows:&#13;
&#13;
Exhibit Description&#13;
&#13;
Exhibit D:	Joint Filing Agreement, dated August 26, 2025</filedExhibits>
</item7>
</items1To7>
<signatureInfo>
<signaturePerson>
<signatureReportingPerson>BDCM CT, L.L.C.</signatureReportingPerson>
<signatureDetails>
<signature>/s/ Stephen H. Deckoff</signature>
<title>Stephen H. Deckoff, Managing Principal</title>
<date>08/26/2025</date>
</signatureDetails>
</signaturePerson>
<signaturePerson>
<signatureReportingPerson>Black Diamond Holdings, LLLP</signatureReportingPerson>
<signatureDetails>
<signature>/s/ Stephen H. Deckoff</signature>
<title>Stephen H. Deckoff, Managing Principal</title>
<date>08/26/2025</date>
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<signaturePerson>
<signatureReportingPerson>Deckoff Stephen H</signatureReportingPerson>
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<signature>/s/ Stephen H. Deckoff</signature>
<title>Stephen H. Deckoff, Managing Principal</title>
<date>08/26/2025</date>
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    <div style="text-align: right; font-weight: bold;">EXHIBIT D</div>
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    <div style="text-align: center; font-weight: bold;">JOINT FILING AGREEMENT</div>
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    <div style="text-indent: 36pt;">The undersigned hereby agree that the statement on Schedule 13D with respect to the Common Stock of KVH Industries, Inc. dated as of August
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