CREF Discloses Shared Voting Power Over 296,574 Arcos Dorados Shares

Rhea-AI Filing Summary

College Retirement Equities Fund - Stock Account (CREF SA) filed an amended Schedule 13G reporting ownership in Arcos Dorados Holdings Inc. CREF SA discloses beneficial ownership of 349,948 shares, representing 0.27% of the class. The filer states it has shared voting power and shared dispositive power over 296,574 shares and no sole voting or dispositive power. The filing notes certain affiliated advisers (TCIM, TAL, NAM) may be deemed beneficial owners of smaller amounts and confirms the shares were acquired in the ordinary course of business and not to influence control.

Positive

• Transparent disclosure of aggregate beneficial ownership and voting/dispositive power
• Position confirmed to be acquired and held in the ordinary course, not to influence control

Negative

• Holding is small (0.27%), making it unlikely to materially influence company strategy
• Shared voting power rather than sole control limits decision-making influence

Insights

Financial Analyst

TL;DR CREF SA holds a small, passive stake (0.27%), with shared voting control over 296,574 shares; this is a routine disclosure, not a control play.

The filing shows an aggregate beneficial position of 349,948 shares (0.27%) and specifically attributes 296,574 shares where CREF has shared voting and dispositive power. For investors, this is a transparent, regulatory disclosure of a modest passive holding acquired in the ordinary course. The position size is well below the 5% threshold that typically triggers heightened investor scrutiny or change-of-control considerations.

Corporate Governance Expert

TL;DR Disclosure is consistent with passive ownership; no indication of coordination or intent to influence management or control.

The statement explicitly affirms the holdings were not acquired to exert control and lists related advisers that may be deemed beneficial owners of portions of the position. The separation of shared versus sole voting/dispositive power is clearly reported (0 sole; 296,574 shared), which is important for governance transparency. There is no indication of group formation or plans to change board composition.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 11)

Arcos Dorados Holdings Inc.-A

(Name of Issuer)

Common Stock

(Title of Class of Securities)

G0457F107

(CUSIP Number)

08/29/2025

(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. G0457F107

1

Names of Reporting Persons

College Retirement Equities Fund- Stock Account

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 296,574.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 296,574.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

296,574.00

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)

0.23 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Arcos Dorados Holdings Inc.-A
(b)	Address of issuer's principal executive offices: Rio Negro 1338, First Floor, Montevideo, Uruguay, 11100
Item 2.
(a)	Name of person filing: College Retirement Equities Fund-Stock Account ("CREF SA")
(b)	Address or principal business office or, if none, residence: 730 Third Avenue New York, NY 10017-3206
(c)	Citizenship: New York
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: G0457F107
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: 349,948 (See Exhibit A attached)
(b)	Percent of class: 0.27%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 296,574
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 296,574
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Nuveen Asset Management, LLC ("NAM"), is a registered investment adviser affiliated with TCIM and TAL. NAM may be deemed to be a beneficial owner of 718 shares of Issuer's common stock. TIAA-CREF Investment Management, LLC ("TCIM") is the investment adviser to the College Retirement Equities Fund ("CREF"), a registered investment company, and may be deemed to be a beneficial owner of 296,574 shares of Issuer's common stock owned by CREF. Teachers Advisors, LLC ("TAL") is the investment adviser to three registered investment companies, TIAA-CREF Funds ("Funds"), TIAA-CREF Life Funds ("Life Funds"), and TIAA Separate Account VA-1 ("VA-1"), as well as one or more separately managed accounts of Advisors (collectively, the "Separate Accounts"), and may be deemed to be a beneficial owner of 52,656 shares of Issuer's common stock owned separately by Funds, Life Funds, VA-1, and/or the Separate Accounts.. These shares were acquired in the ordinary course of business, and not with the purpose or effect of changing or influencing control of the Issuer.
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.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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.

College Retirement Equities Fund- Stock Account

Signature:	/s/ Stuart R. Brunet
Name/Title:	Stuart Brunet, Managing Director, Chief Compliance Officer
Date:	09/04/2025

FAQ

How many Arcos Dorados (ARCO) shares does CREF SA report owning?

CREF SA reports beneficial ownership of 349,948 shares of Arcos Dorados common stock.

What percentage of ARCO does the filing represent?

The filing states the position represents 0.27% of the class.

How much voting power does CREF SA have over ARCO shares?

CREF SA reports 0 sole voting power and 296,574 shares of shared voting power.

Was the position acquired to influence control of Arcos Dorados?

No; the filing certifies the shares were acquired and are held in the ordinary course of business and not to change or influence control.

Are any affiliated advisers noted in the filing?

Yes; the filing names Nuveen Asset Management (NAM), TIAA-CREF Investment Management (TCIM), and Teachers Advisors (TAL) as advisers that may be deemed beneficial owners of smaller amounts.