Light & Wonder SEC Filings

Fine Capital Partners, L.P., Fine Capital Advisors, LLC and Debra Fine report significant ownership in Light & Wonder, Inc. The filing shows indirect beneficial ownership of 8,245,687 shares of common stock held in private funds for which Fine Capital Partners, L.P. serves as investment manager and Fine Capital Advisors, LLC serves as general partner. Ms. Debra Fine may be deemed a beneficial owner of these fund-held shares through her role as manager of Fine Capital Advisors, LLC. In addition, she directly owns 13,000 shares of Light & Wonder common stock for her personal account and sole benefit, which are not beneficially owned by Fine Capital Partners, L.P. or Fine Capital Advisors, LLC.

The Vanguard Group reports beneficial ownership of 3,777,780 shares of Light & Wonder, Inc. common stock, representing 4.7% of the class as of the event date. Vanguard has no sole voting power over these shares but has shared voting power over 1,295,922 shares. It holds sole dispositive power over 2,360,596 shares and shared dispositive power over 1,417,184 shares. The position is held for clients in the ordinary course of business and is not intended to change or influence control of Light & Wonder. The holdings are reported as depository receipts, using the CUSIP assigned to the issuer’s ordinary shares.

Light & Wonder, Inc. (LNW) executive Oliver Chow, EVP, CFO & Treasurer, reported equity transactions on 11/14/2025. He acquired 2,008 shares of common stock at $0 upon vesting of restricted stock units, reflected as CHESS Depositary Interests traded on the ASX. To satisfy tax withholding on the vesting, 791 shares of common stock were disposed of at a price of $88.97 per share, converted from Australian dollars. Following these transactions, he directly owns 6,982 shares of common stock. Two tranches of restricted stock units, for 1,133 and 875 units, fully vested on this date on a one-for-one basis into common stock, leaving no remaining RSUs from those grants.

Light & Wonder, Inc. (LNW) received a Form 3 reporting initial beneficial ownership from entities associated with Debra Fine, a director of the company. The filing reports 8,245,687 shares of common stock held indirectly through private funds managed by Fine Capital Partners, L.P., for which Fine Capital Advisors, LLC is the general partner and Ms. Fine is the manager. It also reports 13,000 shares of common stock owned directly by Ms. Fine for her personal account. The reporting persons state that, except for their pecuniary interest, they disclaim beneficial ownership of the indirectly held shares.

Light & Wonder, Inc. (LNW) announced bylaw changes tied to its transition from a dual Nasdaq/ASX listing to a sole standard listing on the ASX. The Board approved the Fourth Amended and Restated Bylaws, effective November 13, 2025, to align with ASX rules, change the voting standard for non‑director matters to a majority of votes cast, update exclusive forum provisions to reflect Nevada law, shift the default from certificated to uncertificated shares, and make other administrative updates.

The company filed Form 25 on November 3, 2025, and its common stock was delisted from Nasdaq on November 13, 2025. The stock is expected to become deregistered under Section 12(b) of the Exchange Act 90 days after the Form 25 filing.

Caledonia filed a Schedule 13G/A (Amendment No. 12) reporting beneficial ownership of 7,847,596 shares of Light & Wonder, Inc. (LNW) common stock, representing 9.63% of the class as of 09/30/2025.

The reporting persons—Caledonia (Private) Investments Pty Limited and Caledonia US, LP—each report 0 sole voting/dispositive power and 7,847,596 shared voting and shared dispositive power. They are classified as investment advisers and certify the securities were acquired and are held in the ordinary course, not for the purpose of changing or influencing control.

Fine Capital Partners, Fine Capital Advisors, Adom Partners, and Debra Fine filed an amended Schedule 13G disclosing beneficial ownership in Light & Wonder, Inc. (LNW) as of 11/05/2025. Fine Capital Partners, L.P. and Fine Capital Advisors, LLC each report 8,245,687 shares, representing 10.1% of the common stock. Adom Partners, L.P. reports 5,327,639 shares, or 6.5%. Debra Fine reports 8,258,687 shares in total, including 13,000 shares over which she has sole voting and dispositive power.

The filing indicates shared voting and dispositive power over most reported shares, which are directly owned by advisory clients of Fine Capital Partners, L.P., with the exception of the 13,000 shares held solely by Debra Fine. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Light & Wonder, Inc. furnished an Item 7.01 Regulation FD update, noting it provided the Australian Securities Exchange a Statement of CHESS Depositary Interests on Issue (Appendix 4A). The same Appendix 4A is included as Exhibit 99.1 to this report.

The company states this information is furnished, not filed under the Exchange Act and is not incorporated by reference into Securities Act or Exchange Act filings. Light & Wonder’s common stock trades on Nasdaq under the symbol LNW.

Light & Wonder (LNW) reported stronger Q3 results. Total revenue was $841 million versus $817 million a year ago, driven by higher services and iGaming. Operating income rose to $229 million from $159 million. Net income was $114 million with diluted EPS of $1.34, up from $0.71.

Gaming delivered $558 million of revenue, with gaming operations up and machine sales lower year over year. SciPlay posted $197 million, reflecting a shift toward direct‑to‑consumer platforms, and iGaming reached $86 million. Year‑to‑date operating cash flow was $475 million.

The company completed the Grover Charitable Gaming acquisition on May 16, 2025 for upfront consideration of $850 million and recognized preliminary intangible assets of $464 million and goodwill of $392 million. To optimize its capital structure, LNW issued $1.0 billion of 6.250% senior unsecured notes due 2033 and redeemed $700 million of 2028 notes, and drew a new Term Loan A of $800 million. Long‑term debt (book value) was $4.94 billion. The company repurchased approximately 4.3 million shares for $380 million year to date.