Schedule 13G/A: Nuveen and Affiliates Disclose ARCO Holdings

Rhea-AI Filing Summary

Nuveen Asset Management, LLC filed an Amendment No. 11 to a Schedule 13G/A reporting its holdings in Arcos Dorados Holdings Inc.-A (ticker ARCO). The filing states NAM beneficially owns 349,948 shares, representing 0.27% of the class, while NAM itself directly has sole voting and dispositive power over 718 shares. The filing discloses related advisory affiliates: TIAA-CREF Investment Management, LLC may be deemed beneficial owner of 296,574 shares held by CREF, and Teachers Advisors, LLC may be deemed beneficial owner of 52,656 shares held by certain funds and accounts. The filing affirms the shares were acquired in the ordinary course of business and not for the purpose of changing control.

Positive

• Transparent disclosure of beneficial ownership by NAM and affiliated advisers
• Certification and authorized signature indicate compliance with Schedule 13G requirements
• Clarifies voting and dispositive power with exact share counts (718 sole power)

Negative

• Low economic significance: reported ownership is only 0.27% of the class
• No material change or indication of influence on issuer control

Insights

Securities Analyst

TL;DR: Ownership is small (0.27%) and the filing is routine disclosure by an investment adviser and its affiliates.

The filing documents beneficial ownership breakdown across NAM and affiliated advisers, with NAM reporting direct control of 718 shares and aggregate beneficial ownership of 349,948 shares (0.27%). For investors this is a routine regulatory disclosure showing passive, non-control holdings acquired in the ordinary course. The affiliation disclosures clarify which registered funds and accounts may be deemed beneficial owners, improving transparency around institutional holdings.

Compliance Officer

TL;DR: Amendment demonstrates compliance with Schedule 13G reporting requirements and affiliate aggregation rules.

The signature by an authorized NAM compliance officer and the statement that holdings were not acquired to influence control indicate adherence to reporting and certification standards. The filing specifies voting and dispositive powers and cites aggregate amounts by affiliated advisers, aligning with required disclosures for investment advisers and related entities.

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

Nuveen Asset 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 718.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 718.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

718.00

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)

0.00 %

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: Nuveen Asset Management, LLC ("NAM")
(b)	Address or principal business office or, if none, residence: 333 W. Wacker Drive Chicago, IL 60606
(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 (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: 718
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 718
	(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.

Nuveen Asset Management, LLC

Signature:	/s/ Erik Mogavero
Name/Title:	Erik Mogavero Managing Director Head of Affiliate Compliance
Date:	09/04/2025

FAQ

What stake does Nuveen Asset Management (ARCO) report in this filing?

The filing reports aggregate beneficial ownership of 349,948 shares, equal to 0.27% of the class.

How many ARCO shares does NAM directly control?

NAM reports sole voting power and sole dispositive power over 718 shares.

Do affiliated advisers hold additional ARCO shares?

Yes. TCIM may be deemed beneficial owner of 296,574 shares held by CREF, and Teachers Advisors, LLC may be deemed beneficial owner of 52,656 shares held by funds/accounts.

Was the stake acquired to change or influence control of ARCO?

No. The filing states the shares were acquired in the ordinary course of business and not to change or influence control.

Who signed the Schedule 13G/A for Nuveen Asset Management?

The filing is signed by Erik Mogavero, Managing Director Head of Affiliate Compliance, dated 09/04/2025.