Fine Capital (LAWIL) trims Light & Wonder stake with 5,694-share sale

Rhea-AI Filing Summary

Entities associated with Fine Capital reported selling 5,694 shares of Light & Wonder, Inc. common stock on January 22, 2026. The sale was executed at a weighted average price of $116.2875 per share, with individual trade prices ranging from $116.2783 to $116.4219. After this transaction, the reporting parties had an indirect pecuniary interest in 8,160,992 shares, held through investments in private funds. The reporting persons state that they disclaim beneficial ownership of these securities except to the extent of their pecuniary interest.

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

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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^*

Fine Capital Partners, L.P.

(Last) (First) (Middle)

3 COLUMBUS CIRCLE

15TH FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Light & Wonder, Inc. [ LNWO ]

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

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/22/2026

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

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

	Form filed by One Reporting Person
X	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 Stock, $.001 par value	01/22/2026		S		5,694	D	$116.2875(1)	8,160,992	I	See footnote(2)

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

1. Name and Address of Reporting Person^*

Fine Capital Partners, L.P.

(Last) (First) (Middle)

3 COLUMBUS CIRCLE

15TH FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Fine Capital Advisors, LLC

(Last) (First) (Middle)

3 COLUMBUS CIRCLE

15TH FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Fine Debra

(Last) (First) (Middle)

3 COLUMBUS CIRCLE

15TH FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This reported price is a weighted average price. These shares were sold in multiple transactions within the range of $116.2783 to $116.4219. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. The amount reported represents the Reporting Persons' pecuniary interest held through an investment in private funds. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

	FINE CAPITAL PARTNERS, L.P., By: Fine Capital Advisors, LLC, its general partner, By: /s/ Debra Fine, Debra Fine	01/26/2026
	FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager	01/26/2026
	DEBRA FINE /s/ Debra Fine	01/26/2026
	** 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).
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FAQ

Who reported the insider transaction related to Light & Wonder for LAWIL?

The transaction was reported jointly by Fine Capital Partners, L.P., Fine Capital Advisors, LLC, and Debra Fine, reflecting their pecuniary interests held through private funds.

What type of transaction was reported in this Form 4 for LAWIL?

The filing reports an open market sale (code S) of Light & Wonder, Inc. common stock by entities associated with Fine Capital.

How many Light & Wonder (LAWIL) shares were sold in the reported transaction?

The reporting entities sold 5,694 shares of Light & Wonder, Inc. common stock in the transaction dated January 22, 2026.

At what price were the Light & Wonder shares sold in this Form 4?

The shares were sold at a weighted average price of $116.2875 per share, with individual trades executed between $116.2783 and $116.4219.

How many Light & Wonder shares do the reporting persons hold after the sale?

Following the sale, the reporting persons had an indirect pecuniary interest in 8,160,992 shares of Light & Wonder, Inc. common stock through private funds.

Do the reporting persons claim full beneficial ownership of the reported Light & Wonder shares?

No. The filing states that each reporting person disclaims beneficial ownership of the reported securities except to the extent of its or his pecuniary interest.

How is the ownership of the Light & Wonder shares structured for this LAWIL-related filing?

The ownership reflects indirect holdings through private funds, with Fine Capital Partners, L.P. and Fine Capital Advisors, LLC listed as reporting persons and the transaction marked as indirect.