<SUBMISSION>
<ACCESSION-NUMBER>0001193125-23-036086
<TYPE>SC 13G/A
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20230213
<DATE-OF-FILING-DATE-CHANGE>20230213
<GROUP-MEMBERS>NORTH RUN ADVISORS, LLC
<GROUP-MEMBERS>THOMAS B. ELLIS
<GROUP-MEMBERS>TODD B. HAMMER
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>SAFEGUARD SCIENTIFICS INC
<CIK>0000086115
<ASSIGNED-SIC>6799
<IRS-NUMBER>231609753
<STATE-OF-INCORPORATION>PA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G/A
<ACT>34
<FILE-NUMBER>005-19574
<FILM-NUMBER>23619919
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>150 NORTH RADNOR-CHESTER ROAD
<STREET2>SUITE F-200
<CITY>RADNOR
<STATE>PA
<ZIP>19087
<PHONE>610 293 0600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>150 NORTH RADNOR-CHESTER ROAD
<STREET2>SUITE F-200
<CITY>RADNOR
<STATE>PA
<ZIP>19087
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>SAFEGUARD INDUSTRIES INC
<DATE-CHANGED>19810525
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>SAFEGUARD CORP
<DATE-CHANGED>19690521
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>NORTH RUN CAPITAL, LP
<CIK>0001212897
<IRS-NUMBER>364504416
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>867 BOYLSTON STREET
<STREET2>5TH FLOOR, #1361
<CITY>BOSTON
<STATE>MA
<ZIP>02116
<PHONE>617.310.6130
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>867 BOYLSTON STREET
<STREET2>5TH FLOOR, #1361
<CITY>BOSTON
<STATE>MA
<ZIP>02116
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>NORTH RUN CAPITAL, L P
<DATE-CHANGED>20070110
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>NORTH RUN CAPITAL L P
<DATE-CHANGED>20030106
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>d467769dsc13ga.htm
<DESCRIPTION>SC 13G/A
<TEXT>



                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549



                                  SCHEDULE 13G
                                 (Rule 13d-102)

                               (Amendment No. 1)

           INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
            RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
                             PURSUANT TO RULE 13d-2

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934

                          Safeguard Scientifics, Inc.
                                (Name of Issuer)

                         Common Stock, $0.10 par value
                         (Title of Class of Securities)

                                   786449207
                                 (CUSIP Number)

                               December 31, 2022
            (Date of Event Which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

? Rule 13d-1(b)

? Rule 13d-1(c)

? Rule 13d-1(d)




--------------------------------------------------------------------------------
CUSIP No. 786449207

 1     NAME OF REPORTING PERSONS

       North Run Capital, LP
 2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
       (a) ?    (b) ?

 3     SEC USE ONLY

 4     CITIZENSHIP OR PLACE OF ORGANIZATION

       Delaware


                    5     SOLE VOTING POWER

    NUMBER OF             0
     SHARES         6     SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY              252,728*
      EACH          7     SOLE DISPOSITIVE POWER
    REPORTING
     PERSON               0
      WITH          8     SHARED DISPOSITIVE POWER

                          252,728**


 9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       252,728**
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

       ?
11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       1.5%**
12     TYPE OF REPORTING PERSON*

       PN



* SEE INSTRUCTIONS BEFORE FILLING OUT


** SEE ITEM 4.


--------------------------------------------------------------------------------
CUSIP No. 786449207

 1     NAME OF REPORTING PERSONS

       North Run Advisors, LLC
 2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
       (a) ?    (b) ?

 3     SEC USE ONLY

 4     CITIZENSHIP OR PLACE OF ORGANIZATION

       Delaware


                    5     SOLE VOTING POWER

    NUMBER OF             0
     SHARES         6     SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY              252,728**
      EACH          7     SOLE DISPOSITIVE POWER
    REPORTING
     PERSON               0
      WITH          8     SHARED DISPOSITIVE POWER

                          252,728**


 9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       252,728**
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

       ?
11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       1.5%**
12     TYPE OF REPORTING PERSON*

       OO



* SEE INSTRUCTIONS BEFORE FILLING OUT


** SEE ITEM 4.


--------------------------------------------------------------------------------
CUSIP No. 786449207

 1     NAME OF REPORTING PERSONS

       Todd B. Hammer
 2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
       (a) ?    (b) ?

 3     SEC USE ONLY

 4     CITIZENSHIP OR PLACE OF ORGANIZATION

       United States


                    5     SOLE VOTING POWER

    NUMBER OF             0
     SHARES         6     SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY              252,728**
      EACH          7     SOLE DISPOSITIVE POWER
    REPORTING
     PERSON               0
      WITH          8     SHARED DISPOSITIVE POWER

                          252,728**


 9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       252,728**
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

       ?
11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       1.5%**
12     TYPE OF REPORTING PERSON*

       IN



* SEE INSTRUCTIONS BEFORE FILLING OUT


** SEE ITEM 4.


--------------------------------------------------------------------------------
CUSIP No. 786449207

 1     NAME OF REPORTING PERSONS

       Thomas B. Ellis
 2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
       (a) ?    (b) ?

 3     SEC USE ONLY

 4     CITIZENSHIP OR PLACE OF ORGANIZATION

       United States


                    5     SOLE VOTING POWER

    NUMBER OF             0
     SHARES         6     SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY              252,728**
      EACH          7     SOLE DISPOSITIVE POWER
    REPORTING
     PERSON               0
      WITH          8     SHARED DISPOSITIVE POWER

                          252,728**


 9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       252,728**
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

       ?
11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       1.5%**
12     TYPE OF REPORTING PERSON*

       IN



* SEE INSTRUCTIONS BEFORE FILLING OUT


** SEE ITEM 4.


--------------------------------------------------------------------------------
                        AMENDMENT NO. 1 TO SCHEDULE 13G

This Amendment No. 1 to Schedule 13G (this “Amendment”) is being filed on behalf
of North Run Capital, LP, a Delaware limited partnership (the “Investment
Manager”), North Run Advisors, LLC, a Delaware limited liability company (“North
Run”), Todd B. Hammer and Thomas B. Ellis (collectively, the “Reporting
Persons”). Todd B. Hammer and Thomas B. Ellis are the principals and sole
members of North Run. North Run is the general partner of the Investment
Manager. The Investment Manager is the investment manager of certain private
pooled investment vehicles (collectively, the “Funds”). This Amendment relates
to shares of Common Stock, $0.10 par value (the “Common Stock”), of Safeguard
Scientifics, Inc., a Pennsylvania corporation (the “Issuer”), held by the Funds.

Item 1 (a) Name of Issuer.


Safeguard Scientifics, Inc.

Item 1 (b) Address of Issuer’s Principal Executive Offices.


150 N. Radnor Chester Road, Suite F-200
Radnor, PA 19087

Item 2 (a) Name of Person Filing.



  (1) North Run Capital, LP



  (2) North Run Advisors, LLC



  (3) Todd B. Hammer



  (4) Thomas B. Ellis



Item 2 (b) Address of Principal Business Office, or, if none, Residence.


For all Filers:
867 Bolyston St.
5th Floor #1361
Boston, MA 02116

Item 2 (c) Citizenship or Place of Organization.



  (1) North Run Capital, LP is a Delaware limited partnership.



  (2) North Run Advisors, LLC is a Delaware limited liability company.



  (3) Todd B. Hammer is a U.S. citizen.



  (4) Thomas B. Ellis is a U.S. citizen.



Item 2 (d) Title of Class of Securities.


Common Stock, $0.10 par value.

--------------------------------------------------------------------------------
Item 2 (e) CUSIP Number.


786449207

Item 3 Reporting Person.


Inapplicable

Item 4 Ownership.



        (a) The Investment Manager, North Run, Todd B. Hammer and Thomas B. Ellis
            may be deemed the beneficial owners of 252,728 shares of Common Stock.



        (b) The Investment Manager, North Run, Todd B. Hammer and Thomas B. Ellis
            may be deemed the beneficial owners of 1.5% of the outstanding shares
            of Common Stock. This percentage was determined by dividing 252,728 by
            16,322,214, which is the number of shares of Common Stock outstanding
            as of October 31, 2022, according to the Issuer’s Form 10-Q filed on
            November 14, 2022 with the Securities and Exchange Commission.



        (c) The Investment Manager, Todd B. Hammer and Thomas B. Ellis have the
            shared power to vote and dispose of the 252,728 shares of Common Stock
            beneficially owned.



Item 5 Ownership of Five Percent or Less of a Class.


If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following ?.

Item 6 Ownership of More Than Five Percent on Behalf of Another Person.


Inapplicable.

Item 7  Identification and Classification of the Subsidiary which Acquired the
        Security Being Reported On by the Parent Holding Company.


Inapplicable

Item 8 Identification and Classification of Members of the Group.


Inapplicable

Item 9 Notice of Dissolution of Group.


Inapplicable

Item 10 Certification.


By signing below, I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.

--------------------------------------------------------------------------------
                                   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.

Date: February 13, 2023

                                                     NORTH RUN CAPITAL, LP

                                                     By:   North Run Advisors, LLC
                                                           its general partner


                                                         By:   /s/ Thomas B. Ellis*
                                                               Name: Thomas B. Ellis
                                                               Title: Member

                                                         and

                                                         By:   /s/ Todd B. Hammer*
                                                               Name: Todd B. Hammer
                                                               Title: Member

                                                   NORTH RUN ADVISORS, LLC


By:       /s/ Thomas B. Ellis*
          Name: Thomas B. Ellis
          Title: Member

and

By:       /s/ Todd B. Hammer*
          Name: Todd B. Hammer
          Title: Member

/s/ Thomas B. Ellis*
Thomas B. Ellis

/s/ Todd B. Hammer*
Todd B. Hammer

* By      /s/ MICHAEL FISHER
          Michael Fisher, Attorney-in-Fact Pursuant to Powers of Attorney filed as
          exhibits hereto
</TEXT>
</DOCUMENT>
</SUBMISSION>