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SCHEDULE Filed 2025-12-03 Event 2025-12-03 SEC 0000950142-25-003109 →

3G Restaurant Brands Holdings General Partner Ltd. → Restaurant Brands International Inc. QSR

Stake: 23.22% Shares: 99,157,902 CUSIP: 76131D103 Class: Common Shares, without par value
Composite Decision Signal · PASS (LOW BASE-RATE EDGE) Conviction Score: 37/100 · Filer 90d Win Rate: 0% · Hist. 90d Edge: +0.0%
  • Passive Schedule 13G filer baseline
  • High conviction ownership stake (23.2%)
  • Held by 3 tracked 13F institutional managers
  • 12 NPORT-P mutual funds holding CUSIP
  • Elevated short days-to-cover (5.7 DTC)

Item 4 — Purpose of Transaction

Item 4 of Schedule 13D is hereby amended to add the following language: As previously disclosed, 3G RBH delivered to RBI LP an exchange notice to exchange 17,626,570 Exchangeable Units held by 3G RBH. The exchange notice became irrevocable on November 13, 2025 with respect to 17,626,570 Exchangeable Units. As announced by the Issuer on November 13, 2025, upon receipt of the exchange notice, the Issuer, in its capacity as general partner of RBI LP, elected to have RBI LP satisfy the November 2025 Exchange by issuing 17,626,570 Common Shares in exchange for 17,626,570 Exchangeable Units. The November 2025 Exchange was effected on December 3, 2025. On December 3, 2025, HL1 delivered 17,626,570 Common Shares to BofA Securities, Inc. pursuant to the Forward Contract in exchange for a cash payment. The Reporting Persons continue to hold 99,157,902 Exchangeable Units, for which they have not submitted any exchange notice. Except as set forth in this Schedule 13D and in connection with the November 2025 Exchange, the Forward Contract and the other transactions discussed herein, the Reporting Persons have no plan or proposals that relates to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Cross-References

Insider Activity (last 365d)
82 transactions
75 buys · 0 sales · 0 awards/exercises
Issuer Cluster
13 13D/G filings on this issuer
12 other filings besides this one
Filer Track Record
15 filings by this filer
14 other filings in the data moat
Short Interest · settle 2026-10-15
DTC 5.74
17,052,158 shares short · -7.0% vs prior

Institutional Consensus · 2026-06-30

Held by elite portfolio managers
3 holders · $1.68B
Baupost GroupPershing SquarePoint72 Asset Mgmt

Post-Filing Returns · since 2025-12-03 on QSR

+1 day
0.0%
+5 days
0.0%
+30 days
0.0%
+60 days
0.0%
+90 days
0.0%
+180 days
0.0%

Anchor price 73.94 on closest trading day on/after 2025-12-03. Source: Yahoo Finance daily adj_close (split + dividend adjusted).

Form 4 Insider Transactions · last 365d

DateInsiderRoleTypeSharesPriceValue
2026-07-07 Fulton Duncan officer Award 21.979 — —
2026-07-07 Fulton Duncan officer Award 46.063 — —
2026-07-07 Fulton Duncan officer Award 190.168 — —
2026-07-07 Fulton Duncan officer Award 43.632 — —
2026-07-07 Fulton Duncan officer Award 213.503 — —
2026-07-07 Fulton Duncan officer Award 62.013 — —
2026-07-07 Fulton Duncan officer Award 194.968 — —
2026-07-07 CURTIS THOMAS BENJAMIN officer Award 22.472 — —
2026-07-07 CURTIS THOMAS BENJAMIN officer Award 69.643 — —
2026-07-07 CURTIS THOMAS BENJAMIN officer Award 572.575 — —
2026-07-07 CURTIS THOMAS BENJAMIN officer Award 65.329 — —
2026-07-07 CURTIS THOMAS BENJAMIN officer Award 569.556 — —
2026-07-07 CURTIS THOMAS BENJAMIN officer Award 69 — —
2026-07-07 CURTIS THOMAS BENJAMIN officer Award 520.303 — —
2026-07-07 Housman Jeffrey officer Award 23.095 — —
2026-07-07 Housman Jeffrey officer Award 47.64 — —
2026-07-07 Housman Jeffrey officer Award 254.478 — —
2026-07-07 Housman Jeffrey officer Award 50.719 — —
2026-07-07 Housman Jeffrey officer Award 306.132 — —
2026-07-07 Housman Jeffrey officer Award 71.014 — —
2026-07-07 Housman Jeffrey officer Award 325.182 — —
2026-07-07 DOYLE J PATRICK director, officer Award 1,995.563 — —
2026-07-07 DOYLE J PATRICK director, officer Award 7,483.362 — —
2026-07-07 Kobza Joshua officer Award 64.11 — —
2026-07-07 Kobza Joshua officer Award 2,968.492 — —
Showing 25 of 82

Other 13D/G Filings on Restaurant Brands International Inc.

FiledFormFilerStakeShares
2026-08-12 SCHEDULE 13D/A 3G Restaurant Brands Holdings General Partner Ltd. 21.30% 94,373,170 view →
2026-08-10 SCHEDULE 13D/A 3G Restaurant Brands Holdings General Partner Ltd. 22.10% 99,157,902 view →
2023-09-06 SC 3G Restaurant Brands Holdings General Partner Ltd. — — view →
2023-03-17 SC 3G Restaurant Brands Holdings General Partner Ltd. — — view →
2023-02-28 SC 3G Restaurant Brands Holdings General Partner Ltd. — — view →
2021-08-25 SC 3G Restaurant Brands Holdings General Partner Ltd. — — view →
2021-08-06 SC 3G Restaurant Brands Holdings General Partner Ltd. — — view →
2020-09-14 SC 3G Restaurant Brands Holdings General Partner Ltd. — — view →
2020-06-02 SC Pershing Square Capital Management, L.P. — — view →
2019-09-26 SC 3G Restaurant Brands Holdings General Partner Ltd. — — view →
2019-09-03 SC 3G Restaurant Brands Holdings General Partner Ltd. — — view →
2019-08-13 SC 3G Restaurant Brands Holdings General Partner Ltd. — — view →

Other Filings by 3G Restaurant Brands Holdings General Partner Ltd.

FiledFormIssuerStakeShares
2026-08-12 SCHEDULE 13D/A Restaurant Brands International Inc. 21.30% 94,373,170 view →
2026-08-10 SCHEDULE 13D/A Restaurant Brands International Inc. 22.10% 99,157,902 view →
2023-09-06 SC Restaurant Brands International Inc. QSR — — view →
2023-03-17 SC Restaurant Brands International Inc. QSR — — view →
2023-02-28 SC Restaurant Brands International Inc. QSR — — view →
2021-08-25 SC Restaurant Brands International Inc. QSR — — view →
2021-08-06 SC Restaurant Brands International Inc. QSR — — view →
2021-08-06 SC Restaurant Brands International Limited Partnership RSTRF — — view →
2020-09-14 SC Restaurant Brands International Limited Partnership RSTRF — — view →
2020-09-14 SC Restaurant Brands International Inc. QSR — — view →
2019-09-26 SC Restaurant Brands International Inc. QSR — — view →
2019-09-03 SC Restaurant Brands International Inc. QSR — — view →
2019-08-13 SC Restaurant Brands International Inc. QSR — — view →
2019-08-13 SC Restaurant Brands International Limited Partnership RSTRF — — view →

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