[SCHEDULE 13G/A] ARCOS DORADOS HOLDINGS INC. SEC Filing

Rhea-AI Filing Summary

Teachers Advisors, LLC filed Amendment No. 11 to Schedule 13G/A reporting holdings in Arcos Dorados Holdings Inc.-A (CUSIP G0457F107). The filing lists two reported holdings figures: a table showing 52,656 shares (stated as 0.04% of the class) for which TAL has sole voting and dispositive power, and Item 4(a) reporting an aggregate beneficial ownership of 349,948 shares (stated as 0.27% of the class) with a cross-reference to Exhibit A. The filing states these shares were acquired in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

The filing provides TAL's address in New York and its Delaware organization, identifies related entities (NAM and TCIM) that may be deemed beneficial owners of small amounts, and is signed by Stuart R. Brunet, Managing Director and Chief Compliance Officer, dated 09/04/2025.

Positive

• Disclosure filed by a regulated investment adviser showing transparency about share ownership
• Firm certifies shares were acquired in the ordinary course of business and not to influence control
• Signed by Chief Compliance Officer, indicating formal compliance review

Negative

• Inconsistent reported totals appear in the filing (52,656 shares versus 349,948 shares), requiring reconciliation
• Holdings are small (0.04% and 0.27% reported), indicating limited influence on issuer governance

Insights

Securities Analyst

TL;DR: Passive disclosure of minority holdings with no intent to influence control; holdings are immaterial to corporate control.

The filing documents that Teachers Advisors, LLC holds minority positions in Arcos Dorados with sole voting control over 52,656 shares and an aggregate beneficial ownership figure of 349,948 shares (0.27%). TAL asserts the positions were acquired in the ordinary course of business and are not intended to affect control. For investors, these holdings are small relative to a typical public float and unlikely to drive corporate actions or prompt regulatory scrutiny. The coexistence of two reported amounts suggests investors should consult Exhibit A or the filing history for allocation among managed funds.

Compliance / Risk Analyst

TL;DR: Filing appears compliant but contains multiple reported totals that warrant reconciliation.

The Schedule 13G/A is executed by the firm’s CCO and includes the required certification that the securities are held in the ordinary course of business. The document also identifies affiliated advisers (NAM and TCIM) that may be deemed beneficial owners of small share amounts. The presence of both 52,656 shares and 349,948 shares in the filing is unusual and should be reconciled via Exhibit A or prior amendments to confirm accounting among Funds, Life Funds, VA-1, and separate accounts. No statements in the filing indicate an intent to change control, reducing regulatory risk.

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

TEACHERS ADVISORS, 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 52,656.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 52,656.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

52,656.00

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)

0.04 %

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: Teachers Advisors, LLC ("TAL")
(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 (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: 52,656
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 52,656
	(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.

TEACHERS ADVISORS, LLC

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

FAQ

What does the Schedule 13G/A filed by Teachers Advisors, LLC disclose about ARCO ownership?

The filing discloses TAL has sole voting and dispositive power over 52,656 shares and an aggregate beneficial ownership of 349,948 shares (reported as 0.27% of the class).

Does Teachers Advisors intend to influence control of Arcos Dorados (ARCO)?

No. The filing explicitly states the shares "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer."

Who signed the Schedule 13G/A for Teachers Advisors, LLC and when?

The filing is signed by Stuart R. Brunet, Managing Director and Chief Compliance Officer, dated 09/04/2025.

Are any affiliated advisers mentioned as potential beneficial owners in the filing?

Yes. The filing notes that Nuveen Asset Management, LLC (NAM) may be deemed owner of 718 shares and TIAA-CREF Investment Management, LLC (TCIM) may be deemed owner of 296,574 shares owned by CREF.

What should investors check given the filing details?

Review Exhibit A and prior amendments to reconcile the differing reported totals and to see how shares are allocated among Funds, Life Funds, VA-1, and separate accounts.