<SEC-DOCUMENT>0001013594-25-001429.txt : 20251114
<SEC-HEADER>0001013594-25-001429.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114161201
ACCESSION NUMBER:		0001013594-25-001429
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNOVATE Corp.
		CENTRAL INDEX KEY:			0001006837
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				541708481
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-47735
		FILM NUMBER:		251486254

	BUSINESS ADDRESS:	
		STREET 1:		295 MADISON AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		19546631147

	MAIL ADDRESS:	
		STREET 1:		295 MADISON AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HC2 HOLDINGS, INC.
		DATE OF NAME CHANGE:	20160809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HC2 Holdings, Inc.
		DATE OF NAME CHANGE:	20140415

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PTGi HOLDING, INC.
		DATE OF NAME CHANGE:	20131108

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Whitefort Capital Management, LP
		CENTRAL INDEX KEY:			0001884931
		ORGANIZATION NAME:           	
		EIN:				820808818
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		12 E. 49TH STREET
		STREET 2:		40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2122594370

	MAIL ADDRESS:	
		STREET 1:		12 E. 49TH STREET
		STREET 2:		40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G/A</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001884931</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>1</amendmentNo>
<securitiesClassTitle>Common Stock, par value $0.001 per share</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001006837</issuerCik>
<issuerName>INNOVATE Corp.</issuerName>
<issuerCusip>45784J303</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>295 MADISON AVENUE</com:street1>
<com:street2>12TH FLOOR</com:street2>
<com:city>NEW YORK</com:city>
<com:stateOrCountry>NY</com:stateOrCountry>
<com:zipCode>10017</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Whitefort Capital Management, LP</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>1059897</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>1059897</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1059897</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>7.8</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>David Salanic</reportingPersonName>
<citizenshipOrOrganization>I0</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>1059897</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>1059897</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1059897</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>7.8</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Joseph Kaplan</reportingPersonName>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>1059897</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>1059897</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1059897</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>7.8</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>INNOVATE Corp.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>295 MADISON AVENUE, 12TH FLOOR, NEW YORK, New York, 10017</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>The names of the persons filing this statement on Schedule 13G are (collectively, the "Reporting Persons"):&#13;
&#13;
- Whitefort Capital Management, LP, a Delaware limited partnership ("Whitefort Management");&#13;
- David Salanic, a French citizen ("Mr. Salanic"); and&#13;
- Joseph Kaplan, a United States citizen ("Mr. Kaplan").&#13;
&#13;
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.&#13;
&#13;
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.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>The principal business address of each of the Reporting Persons is 12 East 49th Street, 40th Floor, New York, New York 10017.</principalBusinessOfficeOrResidenceAddress>
<citizenship>Mr. Salanic is a citizen of France.&#13;
Mr. Kaplan is a citizen of the United States.&#13;
Whitefort Management is a limited partnership formed under the laws of the State of Delaware.</citizenship>
</item2>
<item3>
<notApplicableFlag>Y</notApplicableFlag>
</item3>
<item4>
<amountBeneficiallyOwned>As of the close of business on September 30, 2025,&#13;
(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;&#13;
&#13;
(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.&#13;
&#13;
(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.</amountBeneficiallyOwned>
<classPercent>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.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>See Cover Pages Items 5-8.</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>See Cover Pages Items 5-8.</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>See Cover Pages Items 5-8.</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>See Cover Pages Items 5-8.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>Y</notApplicableFlag>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>N</notApplicableFlag>
<identificationAndClassificationOfGroupMembers>See Exhibit A on the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on January 24, 2025.</identificationAndClassificationOfGroupMembers>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<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.</certifications>
</item10>
</items>
<signatureInformation>
<reportingPersonName>Whitefort Capital Management, LP</reportingPersonName>
<signatureDetails>
<signature>/s/ David Salanic</signature>
<title>David Salanic, Co-Managing Partner</title>
<date>11/14/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Joseph Kaplan</signature>
<title>Joseph Kaplan, Co-Managing Partner</title>
<date>11/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>David Salanic</reportingPersonName>
<signatureDetails>
<signature>/s/ David Salanic</signature>
<title>DAVID SALANIC</title>
<date>11/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Joseph Kaplan</reportingPersonName>
<signatureDetails>
<signature>/s/ Joseph Kaplan</signature>
<title>JOSEPH KAPLAN</title>
<date>11/14/2025</date>
</signatureDetails>
</signatureInformation>
</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
