[Form 4] Restaurant Brands International Inc. Insider Trading Activity

Rhea-AI Filing Summary

Eagle Point Credit Company Inc. (NYSE: ECC) has filed an 8-K disclosing preliminary, unaudited estimates for the quarter ended 30 June 2025.

• Net Asset Value (NAV): Management estimates NAV per common share between $7.27 – $7.37 as of 30 June 2025.
• Net Investment Income (NII): Estimated at $0.21 – $0.25 per share for the quarter.
• Realized Gains/(Losses): Management projects a loss of ($0.09) – ($0.05) per share.
• Foreign-Currency Hedging Impact: An additional realized loss of ($0.08) per share is expected.

The disclosure provides investors with an early look at key performance indicators ahead of the formal earnings release. While positive NII suggests continuing income generation from the CLO equity portfolio, the quarter also includes realized losses, particularly from foreign-currency hedges, that partially offset operating income. No new financing, dividend, or strategic transactions were announced in this filing.

Positive

• Positive net investment income of $0.21–$0.25 per share indicates the core CLO portfolio continues to generate cash flows.

Negative

• Realized losses of up to ($0.09) per share and foreign-currency hedging losses of ($0.08) per share reduce overall return for the quarter.

Insights

Financial Analyst

TL;DR Early estimates show solid NII but realized losses and hedging drag keep overall quarter mixed; impact likely neutral.

The mid-range NAV estimate of roughly $7.32 provides a snapshot of book value after market volatility in Q2. Annualizing the midpoint NII ($0.23) implies a double-digit yield on current share price if distributions stay intact, underscoring income stability. However, realized losses of up to $0.09 plus $0.08 from hedging suggest mark-to-market or position exits that erode total return. Net, the data does not materially shift debt covenants or liquidity metrics and therefore has limited immediate valuation impact.

Portfolio Manager

TL;DR Preliminary figures steady; income intact, but sequential performance unknown—waiting for full report.

From a portfolio allocation perspective, the filing is informative but not decisive. The company re-affirms its capacity to generate cash flow through NII, a critical factor for preferred share and debt coverage. Still, the realized loss profile raises questions about asset sales or credit impairment trends. Without comparative historical metrics, I view the disclosure as informational rather than actionable and maintain a hold stance pending final numbers and dividend guidance.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SCHWAN AXEL MR

(Last) (First) (Middle)

C/O RESTAURANT BRANDS INTERNATIONAL INC.

130 KING STREET WEST; SUITE 300

(Street)

TORONTO A6 M5X 1E1

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Restaurant Brands International Inc. [ QSR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Pres., Tim Hortons Americas

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares								157,760.389	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (Right to Buy)	$58.44							(1)	02/22/2028	Common Shares	40,000		40,000	D
Option (Right to Buy)	$64.75							(1)	02/21/2029	Common Shares	30,000		30,000	D
Option (Right to Buy)	$66.31							(1)	02/20/2030	Common Shares	56,000		56,000	D
Restricted Share Units	(2)	07/08/2025		A		35.4919(3)		(4)	(4)	Common Shares	35.4919	$0	3,920.1356	D
Restricted Share Units	(2)	07/08/2025		A		77.0848(3)		(5)	(5)	Common Shares	77.0848	$0	8,514.1427	D
Performance Share Units	(6)	07/08/2025		A		725.3423(7)		02/22/2026	02/22/2026	Common Shares	725.3423	$0	80,115.2274	D
Restricted Share Units	(2)	07/08/2025		A		95.4691(3)		(8)	(8)	Common Shares	95.4691	$0	10,544.721	D
Performance Share Units	(9)	07/08/2025		A		505.5358(7)		03/15/2027	03/15/2027	Common Shares	505.5358	$0	55,837.2496	D
Restricted Share Units	(2)	07/08/2025		A		111.3958(3)		(10)	(10)	Common Shares	111.3958	$0	12,303.8476	D
Performance Share Units	(11)	07/08/2025		A		565.7288(7)		03/15/2028	03/15/2028	Common Shares	565.7288	$0	62,485.6634	D

Explanation of Responses:

1. These options are fully vested and exercisable.

2. Each restricted share unit represents a contingent right to receive one common share.

3. Represents dividend equivalent rights that accrued on the underlying award of restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate.

4. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 31, 2025.

5. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2025 and December 15, 2026.

6. The shares reported represent an award of performance based restricted share units ("2023 PBRSUs") granted to the Reporting Person. The 2023 PBRSUs will have a performance period beginning January 1, 2023 and ending December 31, 2025 and to the extent earned will vest on February 22, 2026, the number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.

7. Represents dividend equivalent rights that accrued on the underlying award of performance based restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable performance based restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate.

8. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2025, December 15, 2026 and December 15, 2027.

9. The shares reported represent an award of performance based share units ("2024 PSUs") granted to the Reporting Person. The 2024 PSUs will have a performance period beginning February 23, 2024 and ending February 23, 2027 and to the extent earned will vest on March 15, 2027. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.

10. These restricted share units vest in equal annual installments. The vestings will occur on December 15, 2025, December 15, 2026, December 15, 2027 and December 15, 2028.

11. The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs will have a performance period beginning February 28, 2025 and ending February 28, 2028 and to the extent earned will vest on March 15, 2028. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.

Remarks:

	/s/ Deul Lim, as Attorney-in-Fact for Axel Schwan	07/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is Eagle Point Credit's estimated NAV per share for Q2 2025?

Management estimates NAV between $7.27 and $7.37 as of 30 June 2025.

How much net investment income did ECC generate in Q2 2025?

Estimated NII is $0.21 – $0.25 per common share.

Did ECC report realized gains or losses for the quarter?

Yes, management expects realized losses of ($0.09) – ($0.05) per share.

What was the impact of foreign-currency hedging on results?

Hedging activities added a realized loss of ($0.08) per share.

Was any new financing or dividend announced in this 8-K?

No, the filing only provides preliminary performance estimates; no financing or dividend details were disclosed.