Whitefort Capital Management, with David Salanic and Joseph Kaplan, filed Amendment No. 1 to Schedule 13G reporting 7.8% beneficial ownership of INNOVATE Corp. (VATE), totaling 1,059,897 shares as of September 30, 2025.
The position comprises 743,000 shares plus $13,409,255 principal amount of the issuer’s 9.5% convertible senior notes due 2027, currently convertible into 316,897 shares. The percentage is based on 13,336,149 shares outstanding as of August 1, 2025. The reporting persons disclose shared voting and dispositive power over the reported shares and certify the securities were not acquired to change or influence control.
Positive
None.
Negative
None.
Insights
Passive 13G/A discloses a 7.8% stake built via shares and convertibles.
Whitefort Capital Management and its co-managing partners report beneficial ownership of 7.8% in INNOVATE Corp. The aggregate 1,059,897 shares reflect 743,000 shares plus the as‑converted component from $13,409,255 of 9.5% notes due 2027, currently convertible into 316,897 shares.
The ownership percentage uses 13,336,149 shares outstanding (as of August 1, 2025). The filing lists shared voting and dispositive power across the reported securities. The certification states the holdings were not acquired for the purpose of changing or influencing control.
Actual market impact depends on portfolio choices and any note conversions. Subsequent filings may provide updates if ownership crosses new thresholds or if conversion activity alters the share count.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
INNOVATE Corp.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
45784J303
(CUSIP Number)
09/30/2025
(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)
SCHEDULE 13G
CUSIP No.
45784J303
1
Names of Reporting Persons
Whitefort Capital Management, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,059,897.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,059,897.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,059,897.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.8 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP No.
45784J303
1
Names of Reporting Persons
David Salanic
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
FRANCE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,059,897.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,059,897.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,059,897.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.8 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
CUSIP No.
45784J303
1
Names of Reporting Persons
Joseph Kaplan
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,059,897.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,059,897.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,059,897.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.8 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
INNOVATE Corp.
(b)
Address of issuer's principal executive offices:
295 MADISON AVENUE, 12TH FLOOR, NEW YORK, New York, 10017
Item 2.
(a)
Name of person filing:
The names of the persons filing this statement on Schedule 13G are (collectively, the "Reporting Persons"):
- Whitefort Capital Management, LP, a Delaware limited partnership ("Whitefort Management");
- David Salanic, a French citizen ("Mr. Salanic"); and
- Joseph Kaplan, a United States citizen ("Mr. Kaplan").
Whitefort Management acts as the investment manager of certain client accounts. Each of Mr. Salanic and Mr. Kaplan is a Co-Managing Partner of Whitefort Management.
By virtue of these relationships, each of Whitefort Management, Mr. Salanic and Mr. Kaplan may be deemed to have voting and dispositive power with respect to shares of Common Stock (as defined below) held in client accounts managed by Whitefort Management.
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is 12 East 49th Street, 40th Floor, New York, New York 10017.
(c)
Citizenship:
Mr. Salanic is a citizen of France.
Mr. Kaplan is a citizen of the United States.
Whitefort Management is a limited partnership formed under the laws of the State of Delaware.
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
45784J303
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of the close of business on September 30, 2025,
(i) Whitefort Management, as the investment manager of certain client accounts, may be deemed to beneficially own the 1,059,897 Shares held in such accounts, consisting of 743,000 Shares held outright and $13,409,255 in principal amount of the Issuer's 9.5% convertible senior notes due 2027 (the "2027 Convertible Notes") that are currently convertible into 316,897 Shares;
(ii) Mr. Salanic, as a Co-Managing Partner of Whitefort Management, may be deemed to beneficially own the 1,059,897 Shares held in the client accounts managed by Whitefort Management, consisting of 743,000 Shares held outright and $13,409,255 in principal amount of 2027 Convertible Notes that are currently convertible into 316,897 Shares.
(iii) Mr. Kaplan, as a Co-Managing Partner of Whitefort Management, may be deemed to beneficially own the 1,059,897 Shares held in the client accounts managed by Whitefort Management, consisting of 743,000 Shares held outright and $13,409,255 in principal amount of 2027 Convertible Notes that are currently convertible into 316,897 Shares.
(b)
Percent of class:
The percentage of Shares reported owned by each person named herein is based upon 13,336,149 Shares outstanding as of August 1, 2025, as reported on the Issuer's Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025. As of the close of business on September 30, 2025, each of the Reporting Persons may be deemed to beneficially own 7.8% of the outstanding Shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-8.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-8.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-8.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-8.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit A on the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on January 24, 2025.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
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, other than activities solely in connection with a nomination under ?? 240.14a-11.
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.
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