[SCHEDULE 13D/A] KVH INDUSTRIES INC \DE\ SEC Filing

Rhea-AI Filing Summary

Amendment No. 2 to a Schedule 13D updates who reports beneficial ownership of KVH Industries common stock. Black Diamond Holdings, LLLP and Stephen H. Deckoff replace BDCM CT, L.L.C. as the primary reporting advisers exercising investment discretion for the accounts holding the reported shares. The continuing reporting persons report beneficial ownership of 3,410,164 shares, representing approximately 17.6% of the outstanding shares based on 19,356,559 shares outstanding as of August 26, 2025.

As disclosed, the company issued 13,637 restricted shares to Mr. Deckoff on August 21, 2025 for board service, vesting in four installments through August 21, 2026. A joint filing agreement among the reporting persons is attached as Exhibit D. Other previously reported Schedule 13D information remains unchanged unless amended here.

Positive

• Continued transparency regarding beneficial ownership with an updated reporting adviser
• Substantial disclosed stake of 3,410,164 shares (approximately 17.6%) provides clear investor visibility
• Director compensation granted as restricted stock with staggered vesting, aligning interests with shareholders

Negative

• No change in potential control—17.6% is significant but does not constitute majority ownership
• Adviser substitution could signal internal reorganization of investment management (limited detail provided)

Insights

Securities Analyst

TL;DR: Reporting adviser change; continued 17.6% stake and issuance of restricted shares to the director, likely governance-related, not a transaction altering control.

The amendment records a change in the named investment adviser exercising discretion over the reported holdings from BDCM CT to Black Diamond Holdings, with Stephen H. Deckoff identified as Managing Principal. The disclosed position of 3,410,164 shares equals 17.6% of the company's outstanding shares, a sizeable minority stake that confers meaningful influence but not outright control. The grant of 13,637 restricted shares to Mr. Deckoff as board compensation is disclosed with standard multi-date vesting through August 21, 2026. The filing attaches a joint filing agreement, preserving coordinated reporting. Materiality is primarily governance and ownership transparency.

Corporate Governance Expert

TL;DR: Adviser substitution formalizes who exercises voting/dispositive power; restricted stock grant aligns director incentives with shareholders.

The amendment clarifies that Black Diamond Holdings and Mr. Deckoff are the continuing reporting persons with shared voting and dispositive power over the reported shares. This formal substitution is procedural but important for proxy and governance clarity. The restricted stock award to Mr. Deckoff is disclosed including vesting schedule, indicating alignment incentives for board service. No civil or criminal disclosures were reported for the reporting persons. Overall, the filing reinforces transparency around substantial ownership and director compensation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

KVH Industries, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

482738101

(CUSIP Number)

Matthew Kane
2187 Atlantic Street, 9th Floor
Stamford, CT, 06902
(203) 552-0888

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/22/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 482738101

1

Name of reporting person

BDCM CT, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,410,164.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,410,164.00

11

Aggregate amount beneficially owned by each reporting person

3,410,164.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.6 %

14

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13D

CUSIP No. 482738101

1

Name of reporting person

Black Diamond Holdings, LLLP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, U.S.

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,410,164.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,410,164.00

11

Aggregate amount beneficially owned by each reporting person

3,410,164.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.6 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP No. 482738101

1

Name of reporting person

Deckoff Stephen H

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,410,164.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,410,164.00

11

Aggregate amount beneficially owned by each reporting person

3,410,164.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.6 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: KVH Industries, Inc.
(c)	Address of Issuer's Principal Executive Offices: 75 Enterprise Center, Middletown, RHODE ISLAND , 02842.
Item 1 Comment: 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.
Item 2.	Identity and Background
(a)	Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows: 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.
(b)	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.
(c)	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.
(d)	None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	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.
(f)	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.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and supplemented as follows: 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.
(b)	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.
(c)	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.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby amended and supplemented as follows: The response to Item 2(a) of this Amendment No. 2 is incorporated by reference herein.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit Description Exhibit D: Joint Filing Agreement, dated August 26, 2025

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BDCM CT, L.L.C.

Signature:	/s/ Stephen H. Deckoff
Name/Title:	Stephen H. Deckoff, Managing Principal
Date:	08/26/2025

Black Diamond Holdings, LLLP

Signature:	/s/ Stephen H. Deckoff
Name/Title:	Stephen H. Deckoff, Managing Principal
Date:	08/26/2025

Deckoff Stephen H

Signature:	/s/ Stephen H. Deckoff
Name/Title:	Stephen H. Deckoff, Managing Principal
Date:	08/26/2025

FAQ

Who are the reporting persons in the KVHI Schedule 13D/A?

The filing is made by Black Diamond Holdings, LLLP and Stephen H. Deckoff as the continuing reporting persons; BDCM CT, L.L.C. is being replaced.

How many KVH (KVHI) shares are reported and what percentage do they represent?

The continuing reporting persons may be deemed to beneficially own 3,410,164 shares, representing approximately 17.6% of 19,356,559 shares outstanding as of August 26, 2025.

Did the filing disclose any securities granted to insiders?

Yes. The company issued 13,637 restricted shares to Stephen H. Deckoff on August 21, 2025, vesting in four installments through August 21, 2026.

Why was Amendment No. 2 filed for KVH Industries?

Amendment No. 2 was filed to reflect that Black Diamond replaced BDCM CT as the primary registered investment adviser exercising investment discretion for the accounts holding the reported shares.

Are there any legal or criminal disclosures for the reporting persons?

No. The filing states that none of the reporting persons has been convicted in a criminal proceeding or subject to certain civil orders in the last five years.