# EDGAR Filing Document

**Accession Number:** 0001821075
**File Stem:** 0001213900-23-006155
**Filing Date:** 2023-1
**Character Count:** 33653
**Document Hash:** b006d48dc2e3d2bf882367b5e0f292cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-006155.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001213900-23-006155

**CONFORMED SUBMISSION TYPE**: SC 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230130

**GROUP MEMBERS**: CANTOR FITZGERALD SECURITIES

**GROUP MEMBERS**: CANTOR FITZGERALD, L.P.

**GROUP MEMBERS**: CF GROUP MANAGEMENT, INC.

**GROUP MEMBERS**: CF PRINCIPAL INVESTMENTS, LLC

**GROUP MEMBERS**: HOWARD W. LUTNICK

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Appreciate Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001821075
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **IRS NUMBER:** 852426917
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91891
- **FILM NUMBER:** 23569973

**BUSINESS ADDRESS:**
- **STREET 1:** 6101 BAKER ROAD, SUITE 200
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55345
- **BUSINESS PHONE:** 9524708888

**MAIL ADDRESS:**
- **STREET 1:** 6101 BAKER ROAD, SUITE 200
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55345

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROPTECH INVESTMENT CORP. II
- **DATE OF NAME CHANGE:** 20200813
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANTOR FITZGERALD & CO.
- **CENTRAL INDEX KEY:** 0000017018
- **IRS NUMBER:** 133680184
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET, 4TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-829-4828

**MAIL ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET, 4TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANTOR FITZGERALD & CO                                  /BD
- **DATE OF NAME CHANGE:** 20020318

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANTOR FITZGERALD & CO                             /BD
- **DATE OF NAME CHANGE:** 19991006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANTOR FITZGERALD & CO INC                              /BD
- **DATE OF NAME CHANGE:** 19921029

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**SCHEDULE 13G**

**Under the Securities Exchange Act of 1934**

---

| |
|:---|
| **Appreciate Holdings, Inc.** |
| (Name of Issuer) |
| **Class A Common Stock** |
| (Titles of Class of Securities) |
| **03832J106** |
| (CUSIP Number) |
| **January 13, 2023** |
| (Date of Event Which Requires Filing of this Statement)<br>|

---

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)

\* The remainder of this cover page shall be filled out of a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required in 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, as amended (the "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*).

---

| | | |
|:---|:---|:---|
| **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 2 of 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Cantor Fitzgerald & Co. | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Cantor Fitzgerald & Co. | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Cantor Fitzgerald & Co. |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐<br> (b) ☐ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER<br>0 | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER<br>394,500 (1) | SHARED VOTING POWER<br>394,500 (1) |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>0 | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>394,500 (1) | SHARED DISPOSITIVE POWER<br>394,500 (1) |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>394,500 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>394,500 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>394,500 (1) |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>2.3% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>2.3% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>2.3% (2) |  |
| 12 | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN |  |

---

(1) Includes
Class A Common Stock issued pursuant to a Common Stock Purchase Agreement dated May 17, 2022, between the Issuer and CF Principal Investments,
LLC, a Delaware limited liability company ("CFPI"), related to a committed equity facility ("CEF").

(2) The
percentage of the Common Stock held by the Reporting Persons is based on 17,057,226 shares of Class A Common Stock outstanding as of
January 23, 2023 as reported in the Issuer's Form S-1/A registration statement, filed with the Securities and Exchange Commission
on January 30, 2023 and assumes no exercise of warrants, if any, held by the Reporting Persons.

---

| | | |
|:---|:---|:---|
| <br> **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 3 of 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>CF Principal Investments, LLC | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>CF Principal Investments, LLC | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>CF Principal Investments, LLC |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐<br> (b) ☐ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER<br>0 | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER<br>1,052,632 (1) | SHARED VOTING POWER<br>1,052,632 (1) |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>0 | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>1,052,632 (1) | SHARED DISPOSITIVE POWER<br>1,052,632 (1) |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,052,632 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,052,632 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,052,632 (1) |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>6.2% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>6.2% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>6.2% (2) |  |
| 12 | TYPE OF REPORTING PERSON<br>OO | TYPE OF REPORTING PERSON<br>OO | TYPE OF REPORTING PERSON<br>OO |  |

---

(1) Includes
Class A Common Stock issued pursuant to a Common Stock Purchase Agreement dated May 17, 2022, between the Issuer and CFPI, related to
a CEF.

(2) The
percentage of the Common Stock held by the Reporting Persons is based on 17,057,226 shares of Class A Common Stock outstanding as of
January 23, 2023 as reported in the Issuer's Form S-1/A registration statement, filed with the Securities and Exchange Commission
on January 30, 2023 and assumes no exercise of warrants, if any, held by the Reporting Persons.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 4 of 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Cantor Fitzgerald Securities | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Cantor Fitzgerald Securities | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Cantor Fitzgerald Securities |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐<br> (b) ☐ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER<br>0 | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER<br>1,052,632 (1) | SHARED VOTING POWER<br>1,052,632 (1) |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>0 | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>1,052,632 (1) | SHARED DISPOSITIVE POWER<br>1,052,632 (1) |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,052,632 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,052,632 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,052,632 (1) |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>6.2% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>6.2% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>6.2% (2) |  |
| 12 | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN |  |

---

(1) Includes
Class A Common Stock issued pursuant to a Common Stock Purchase Agreement dated May 17, 2022, between the Issuer and CFPI, related to
a CEF.

(2) The
percentage of the Common Stock held by the Reporting Persons is based on 17,057,226 shares of Class A Common Stock outstanding as of
January 23, 2023 as reported in the Issuer's Form S-1/A registration statement, filed with the Securities and Exchange Commission
on January 30, 2023 and assumes no exercise of warrants, if any, held by the Reporting Persons.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 5 of 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Cantor Fitzgerald, L.P. | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Cantor Fitzgerald, L.P. | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Cantor Fitzgerald, L.P. |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐<br> (b) ☐ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>Delaware | CITIZENSHIP OR PLACE OF ORGANIZATION<br>Delaware | CITIZENSHIP OR PLACE OF ORGANIZATION<br>Delaware |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER<br>0 | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER<br>1,447,132 (1) | SHARED VOTING POWER<br>1,447,132 (1) |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>0 | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>1,447,132 (1) | SHARED DISPOSITIVE POWER<br>1,447,132 (1) |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,447,132 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,447,132 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,447,132 (1) |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>8.5% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>8.5% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>8.5% (2) |  |
| 12 | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN |  |

---

(1) Includes
Class A Common Stock issued pursuant to a Common Stock Purchase Agreement dated May 17, 2022, between the Issuer and CFPI, related to
a CEF.

(2) The
percentage of the Common Stock held by the Reporting Persons is based on 17,057,226 shares of Class A Common Stock outstanding as of
January 23, 2023 as reported in the Issuer's Form S-1/A registration statement, filed with the Securities and Exchange Commission
on January 30, 2023 and assumes no exercise of warrants, if any, held by the Reporting Persons.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 6 of 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>CF Group Management, Inc. | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>CF Group Management, Inc. | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>CF Group Management, Inc. |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐<br> (b) ☐ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York | CITIZENSHIP OR PLACE OF ORGANIZATION<br>New York |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER<br>0 | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER<br>1,447,132 (1) | SHARED VOTING POWER<br>1,447,132 (1) |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>0 | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>1,447,132 (1) | SHARED DISPOSITIVE POWER<br>1,447,132 (1) |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,447,132 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,447,132 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,447,132 (1) |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>8.5% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>8.5% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>8.5% (2) |  |
| 12 | TYPE OF REPORTING PERSON<br>CO | TYPE OF REPORTING PERSON<br>CO | TYPE OF REPORTING PERSON<br>CO |  |

---

(1) Includes
Class A Common Stock issued pursuant to a Common Stock Purchase Agreement dated May 17, 2022, between the Issuer and CFPI, related to
a CEF.

(2) The
percentage of the Common Stock held by the Reporting Persons is based on 17,057,226 shares of Class A Common Stock outstanding as of
January 23, 2023 as reported in the Issuer's Form S-1/A registration statement, filed with the Securities and Exchange Commission
on January 30, 2023 and assumes no exercise of warrants, if any, held by the Reporting Persons.

---

| | | |
|:---|:---|:---|
| **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 7 of 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Howard W. Lutnick | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Howard W. Lutnick | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Howard W. Lutnick |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐<br> (b) ☐ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United States | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United States | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United States |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER<br>0 | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER<br>1,447,132 (1) | SHARED VOTING POWER<br>1,447,132 (1) |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>0 | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED<br> BY EACH<br> REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>1,447,132 (1) | SHARED DISPOSITIVE POWER<br>1,447,132 (1) |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,447,132 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,447,132 (1) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>1,447,132 (1) |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>8.5% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>8.5% (2) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>8.5% (2) |  |
| 12 | TYPE OF REPORTING PERSON<br>IN | TYPE OF REPORTING PERSON<br>IN | TYPE OF REPORTING PERSON<br>IN |  |

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(1) Includes
Class A Common Stock issued pursuant to a Common Stock Purchase Agreement dated May 17, 2022, between the Issuer and CFPI, related to
a CEF.

(2) The
percentage of the Common Stock held by the Reporting Persons is based on 17,057,226 shares of Class A Common Stock outstanding as of
January 23, 2023 as reported in the Issuer's Form S-1/A registration statement, filed with the Securities and Exchange Commission
on January 30, 2023 and assumes no exercise of warrants, if any, held by the Reporting Persons.

---

| | | |
|:---|:---|:---|
| <br> **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 8 of 12 |

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| | |
|:---|:---|
| **Item 1(a).** | **Name of Issuer:** |
|  | Appreciate Holdings, Inc. |
| **Item 1(b).** | **Address of Issuer's Principal Executive Offices:** |
|  | 6101 BAKER ROAD, SUITE 200<br> MINNETONKA MN 55345 |
| **Item 2(a).** | **Name of Person Filing:** |
|  | Cantor Fitzgerald & Co., CF Principal Investments, LLC, Cantor Fitzgerald Securities, Cantor Fitzgerald, L.P., CF Group Management, Inc. and Howard W. Lutnick (collectively, the "Reporting Persons").<br>|
| **Item 2(b).** | **Address of Principal Business Office or, if none, Residence:** |
|  | 110 East 59th Street<br> New York, New York 10022<br>|
| **Item 2(c).** | **Citizenship:** |
|  | Cantor Fitzgerald & Co. and Cantor Fitzgerald Securities are each a general partnership formed in New York, CF Principal Investments, LLC is a Delaware limited liability company, Cantor Fitzgerald, L.P. is a Delaware limited partnership, CF Group Management, Inc. is a New York corporation and Mr. Lutnick is a citizen of the United States of America. |
| **Item 2(d).** | **Titles of Classes of Securities:** |
|  | Class A Common Stock, par value $0.0001 per share. |
| **Item 2(e).** | **CUSIP Number:** |
|  | 03832J106 |

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**Item 3.** **If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c),**<br> **Check Whether the Person Filing is a(n):**<br>

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| | | |
|:---|:---|:---|
| (a) | ☐ | Broker or dealer registered under Section 15 of the Exchange Act (15 U.S.C. 78o). |
| (b) | ☐ | Bank as defined in Section 3(a)(6) of the Exchange Act (15 U.S.C. 78c). |
| (c) | ☐ | Insurance company as defined in Section 3(a)(19) of the Exchange 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) | ☐ | Investment adviser in accordance with §240.13d-1(b)(1)(ii)(E). |
| (f) | ☐ | Employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F). |
| (g) | ☐ | Parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G). |
| (h) | ☐ | Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). |
| (i) | ☐ | 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) | ☐ | Non-U.S. institution, in accordance with § 240.13d-1(b)(1)(ii)(J). |
| (k) | ☐ | Group in accordance with §240.13d-1(b)(1)(ii)(K). |
| If filing as a non-U.S. institution in accordance with §240. 13d-1(b)(1)(ii)(J), please specify the type of institution: __________ | If filing as a non-U.S. institution in accordance with §240. 13d-1(b)(1)(ii)(J), please specify the type of institution: __________ | If filing as a non-U.S. institution in accordance with §240. 13d-1(b)(1)(ii)(J), please specify the type of institution: __________ |

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| | | |
|:---|:---|:---|
| **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 9 of 12 |

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| | |
|:---|:---|
| **Item 4.** | **Ownership** |
|  | <br> The responses to Items 5-11 of the cover pages of this Schedule 13G are incorporated herein by reference.<br>As of January 13, 2023, the Reporting Persons may be deemed to beneficially own an aggregate of 1,447,132 shares of Class A Common Stock, par value $0.0001 per share ("Common Stock") of Appreciate Holdings, Inc. (the "Issuer"), representing 8.5% of the Issuer's outstanding Common Stock.<br>The percentage of the Common Stock held by the Reporting Persons is based on 17,057,226 shares of Class A Common Stock outstanding as of January 23, 2023 as reported in the Issuer's Form S-1/A registration statement, filed with the Securities and Exchange Commission on January 30, 2023 and assumes no exercise of warrants, if any, held by the Reporting Persons.<br>Cantor Fitzgerald & Co. ("CF&CO") is the record holder of 394,500 shares of Class A Common Stock as of January 23, 2023, and CF Principal Investments, LLC ("CFPI") is the record holder of 1,052,632 shares of Class A Common Stock as of January 23, 2023.<br>CF Group Management, Inc. ("CFGM") is the managing general partner of Cantor Fitzgerald, L.P. ("Cantor") and directly or indirectly controls the managing general partners of CF&CO and Cantor Fitzgerald Securities ("CFS"). CFS is the managing member of CFPI. Mr. Lutnick is Chairman and Chief Executive of CFGM and trustee of CFGM's sole stockholder. Cantor, indirectly, holds a majority of the ownership interests of CFS. As such, each of Cantor, CFS, CFGM and Mr. Lutnick may be deemed to have beneficial ownership of the securities directly held by CFPI, and each of Cantor, CFGM and Mr. Lutnick may be needed to have beneficial ownership of the securities directly held by CF&CO. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly. |

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| | | |
|:---|:---|:---|
| <br> **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 10 of 12 |

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| | |
|:---|:---|
| **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.** |
|  | Not Applicable. |
| **Item 7.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding**<br> **Company.** |
|  | Not Applicable. |
| **Item 8.** | **Identification and Classification of Members of the Group.** |
|  | Not Applicable. |
| **Item 9.** | **Notice of Dissolution of Group.** |
|  | Not Applicable. |
| **Item 10.** | **Certification.** |

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By signing below the undersigned certifies that, to the best of his or its 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.

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| | | |
|:---|:---|:---|
| **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 11 of 12 |

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**SIGNATURE**

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

Dated: January 30, 2023

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| | | |
|:---|:---|:---|
| CANTOR FITZGERALD & CO. | CANTOR FITZGERALD & CO. | CANTOR FITZGERALD & CO. |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
| Name: | Howard W. Lutnick | Howard W. Lutnick |
| Title: | Chief Executive Officer | Chief Executive Officer |
| CF Principal Investments, LLC | CF Principal Investments, LLC | CF Principal Investments, LLC |
| By: | /s/ Mark Kaplan | /s/ Mark Kaplan |
| Name: | Mark Kaplan | Mark Kaplan |
| Title: | Chief Operating Officer | Chief Operating Officer |
| CANTOR FITRZGERALD SECURITIES | CANTOR FITRZGERALD SECURITIES | CANTOR FITRZGERALD SECURITIES |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Chief Executive Officer |
| CANTOR FITZGERALD, L.P. | CANTOR FITZGERALD, L.P. | CANTOR FITZGERALD, L.P. |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Chief Executive Officer |
| CF GROUP MANAGEMENT, INC. | CF GROUP MANAGEMENT, INC. | CF GROUP MANAGEMENT, INC. |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Chief Executive Officer |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Howard W. Lutnick | Howard W. Lutnick |

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| | | |
|:---|:---|:---|
| **CUSIP No. 03832J106** | **SCHEDULE 13G** | Page 12 of 12 |

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**<u>Exhibit Index</u>**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Joint Filing Agreement, dated as of January 30, 2023, by and among the Reporting Persons](ea172430ex99-1_appreciate.htm) |

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## Exhibit 99.1

**Exhibit 99.1**

JOINT FILING AGREEMENT

Appreciate Holdings, Inc.

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby confirm the agreement by and among them to the joint filing on behalf of them of the Statement on Schedule 13G and any and all further amendments thereto, with respect to the securities of the above referenced issuer, and that this Agreement be included as an Exhibit to such filing. This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original and all of which together shall be deemed to constitute one and the same Agreement.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of January 30, 2023.

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| | | |
|:---|:---|:---|
| CANTOR FITZGERALD & CO. | CANTOR FITZGERALD & CO. | CANTOR FITZGERALD & CO. |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
| Name: | Howard W. Lutnick | Howard W. Lutnick |
| Title: | Chief Executive Officer | Chief Executive Officer |
| CF Principal Investments, LLC | CF Principal Investments, LLC | CF Principal Investments, LLC |
| By: | /s/ Mark Kaplan | /s/ Mark Kaplan |
| Name: | Mark Kaplan | Mark Kaplan |
| Title: | Chief Operating Officer | Chief Operating Officer |
| CANTOR FITRZGERALD SECURITIES | CANTOR FITRZGERALD SECURITIES | CANTOR FITRZGERALD SECURITIES |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: Howard W. Lutnick | Name: Howard W. Lutnick |
|  | Title: Chief Executive Officer | Title: Chief Executive Officer |
| CANTOR FITZGERALD, L.P. | CANTOR FITZGERALD, L.P. | CANTOR FITZGERALD, L.P. |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: | Howard W. Lutnick |
|  | Title: | Chief Executive Officer |
| <br> CF GROUP MANAGEMENT, INC. | <br> CF GROUP MANAGEMENT, INC. | <br> CF GROUP MANAGEMENT, INC. |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Name: Howard W. Lutnick | Name: Howard W. Lutnick |
|  | Title: Chief Executive Officer | Title: Chief Executive Officer |
| By: | /s/ Howard W. Lutnick | /s/ Howard W. Lutnick |
|  | Howard W. Lutnick | Howard W. Lutnick |

---