SCHEDULE 13G/A 0000930413-20-000388 0000777535 XXXXXXXX LIVE 10 Common Stock 03/31/2025 0001508478 Arcos Dorados Holdings, Inc.-A G0457F107 Rio Negro 1338 First Floor Montevideo X3 11100 Rule 13d-1(b) College Retirement Equities Fund-Stock Account DE 0.00 6545321.00 0.00 6545321.00 6545321.00 N 5.01 IV Arcos Dorados Holdings, Inc.-A Rio Negro 1338, First Floor, Montevideo, Uruguay, 11100 College Retirement Equities Fund-Stock Account ("CREF SA") 730 Third Avenue New York, NY 10017-3206 New York N IV 9,873,761 7.56 0 6,545,321 0 6,545,321 Y N 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 642 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 6,545,321 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 3,327,798 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. Y Y Y N 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. College Retirement Equities Fund-Stock Account /s/ Stuart R. Brunet 05/07/2025