TCIM Reports 349,948 ARCO Shares; 296,574 with Sole Voting Power

Rhea-AI Filing Summary

TIAA-CREF Investment Management, LLC reports beneficial ownership in Arcos Dorados Holdings Inc.-A common stock totaling 349,948 shares (0.27% of the class). The filing also shows 296,574 shares over which TCIM has sole voting and dispositive power. A related affiliate, Teachers Advisors, LLC, may be deemed beneficial owner of 52,656 shares, and Nuveen Asset Management may be deemed owner of 718 shares. The filing states these shares were acquired in the ordinary course of business and not to influence control of the issuer.

Positive

• Full disclosure of beneficial ownership including separate identification of sole voting/dispositive power (296,574 shares)
• Statement that shares were acquired in the ordinary course of business, indicating passive intent

Negative

• None.

Insights

Financial Analyst

TL;DR: TCIM's position is modest at 0.27% and appears passive, limiting near-term market impact.

The reported beneficial ownership of 349,948 shares (0.27%) is small relative to a typical market float and is unlikely to affect Arcos Dorados' governance or share price materially. The filing clarifies that 296,574 shares are under TCIM's sole voting and dispositive power, indicating control of voting for that parcel but not a controlling stake overall. The declaration that holdings were acquired in the ordinary course suggests these are investment positions rather than strategic attempts at influence.

Corporate Governance Expert

TL;DR: Disclosure is standard for an investment adviser and shows no sign of coordinated control activity.

The Schedule 13G/A classification and the statement that shares were not acquired to change control align with passive investor treatment under SEC rules. Related entities (Teachers Advisors, LLC and Nuveen Asset Management) are identified with small additional holdings (52,656 and 718 shares respectively), which is appropriate disclosure practice. No group affiliation or parent control is claimed, and no governance changes are indicated by the filing.

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

TIAA-CREF Investment Management, LLC

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

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)

IA

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: TIAA-CREF Investment Management, LLC ("TCIM")
(b)	Address or principal business office or, if none, residence: 730 Third Avenue New York, NY 10017-3206
(c)	Citizenship: Delaware
(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
(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: 296,574
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 296,574
	(iv) Shared power to dispose or to direct the disposition of: 0
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.

TIAA-CREF Investment Management, LLC

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 TIAA-CREF Investment Management beneficially own?

TIAA-CREF Investment Management beneficially owns 349,948 shares of Arcos Dorados common stock, representing 0.27% of the class.

How many shares does TCIM have sole voting power over for ARCO?

The filing reports TCIM has sole voting and dispositive power over 296,574 shares.

Do any affiliated advisers hold additional ARCO shares?

Yes. Teachers Advisors, LLC may be deemed to beneficially own 52,656 shares, and Nuveen Asset Management may be deemed to beneficially own 718 shares.

Was the ARCO stake acquired to influence control of the company?

No. The filing states the shares were acquired in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

What type of filing is this and what does it indicate about intent?

This is a Schedule 13G/A filing by an investment adviser, which indicates a passive disclosure rather than an active attempt to exert control.