Restaurant Brands (QSR) 10% Owner Converts Exchangeable Units

What Happened

• 3G Restaurant Brands Holdings General Partner Ltd., reported as a 10% owner of Restaurant Brands International Inc. (QSR), disclosed on Aug 10, 2026 that it converted/transferred a total of 4,784,732 exchangeable units.
• The Form 4 shows a conversion entry of 2,784,549 exchangeable units (code C) and an additional acquisition/transfer entry of 2,000,183 exchangeable units (code J). As announced by RBI, RBI LP elected to repurchase 2,784,549 of those exchangeable units for cash; that repurchase will be settled in cash as of the close of business on Aug 31, 2026.
• No per-share price for common shares is reported on the Form 4 (these are derivative/exchangeable unit transactions rather than open-market stock trades).

Key Details

• Transaction date: Aug 10, 2026; Form 4 filed Aug 12, 2026 (appears timely).
• Reported amounts: 2,784,549 exchangeable units converted (code C); 2,000,183 exchangeable units transferred/treated as an acquisition/disposition (code J); total 4,784,732 exchangeable units.
• Price: N/A on Form 4 for the derivative entries; RBI LP elected to repurchase 2,784,549 units for cash (cash settlement to occur Aug 31, 2026).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 explains each exchangeable unit can be converted into common shares or cash (conversion right has no expiration). F2 notes the reporting entity is the general partner of related partnerships and disclaims beneficial ownership except to the extent of its pecuniary interest. F3 describes the transfers and RBI LP’s cash repurchase election.
• Filing timeliness: filed two days after the transaction date (no late filing indicated).

Context

• These were derivative/exchangeable-unit transactions (not routine open-market buys or sales of common stock). Exchangeable units can be converted into RBI common shares or cashed out per the partnership terms.
• As a reported 10% owner and general partner entity, this is institutional/entity-level activity, not an individual executive’s open-market trade — treat accordingly when interpreting insider signals.