Fine Capital Partners, L.P. and related reporting persons disclosed a disposition of 12,000 shares of Light & Wonder, Inc. common stock on December 12, 2025. The shares were transacted at a weighted average price of $100.778 per share, with individual trades occurring between $100.28 and $101.12.
After this transaction, the reporting persons had indirect beneficial ownership of 8,232,187 shares held through investments in private funds and state that they disclaim beneficial ownership beyond their pecuniary interest. The filers are identified as directors of Light & Wonder and submitted this report jointly.
Fine Capital entities and related reporting persons filed an amended ownership report for Light & Wonder, Inc. covering indirect holdings of common stock. They reported four non-derivative transactions in December 2025: 7,500 shares on 12/08/2025 at a weighted average price of $99.9103, and 3,116, 1,058 and 867 shares on 12/09/2025 at weighted average prices of $100.9505, $102.0462 and $102.9479. Following these dispositions, they indirectly held 8,244,187 shares through private funds based on pecuniary interest. The amendment was filed to show all dollar amounts in U.S. dollars rather than Australian dollars.
Light & Wonder, Inc. had an amended Form 4 filed by Fine Capital Partners, L.P., Fine Capital Advisors, LLC, and Debra Fine, who is listed as a director and more than 10% owner. The amendment updates the address of the reporting persons.
The filing reports multiple transactions in Light & Wonder common stock on December 8–9, 2025 at weighted average prices of $150.8338, $151.9219, $152.5706, $153.8229, $155.0209, and $155.5018 per share. After these trades, the reporting persons indirectly held 8,244,187 shares of common stock.
The positions are held through private funds, and each reporting person states that they disclaim beneficial ownership beyond their pecuniary interest in these securities.
Light & Wonder, Inc. insider Debra Fine and affiliated investment entities reported their beneficial ownership in the company, with an event date of 11/05/2025. The filing shows private funds managed by Fine Capital Partners, L.P. indirectly holding 8,245,687 shares of Light & Wonder common stock, while 13,000 shares are owned directly by Debra Fine for her personal account. The amendment states it was filed to correct the address of the reporting persons and clarifies that each reporting person disclaims beneficial ownership beyond its or her economic interest.
Light & Wonder, Inc. reported insider equity transactions by a major shareholder group and director-affiliated entities. The reporting persons, filing jointly, disclosed several market transactions in Common Stock, $.001 par value dated 12/08/2025 and 12/09/2025, each coded as transaction type "S". One transaction on 12/08/2025 covered 7,500 shares at a weighted average price of $150.8338, with additional transactions on 12/09/2025 involving 2,496, 811, 867, 2,068 and 758 shares at weighted average prices between $151.9219 and $155.5018, all reported as indirect holdings.
Following these transactions, the filing shows 8,244,187 shares of Light & Wonder common stock beneficially owned indirectly. The footnotes explain that the reported prices are weighted averages across multiple trades within specified price ranges and that the reporting persons’ interest is held through private funds, with beneficial ownership disclaimed beyond each party’s pecuniary interest.
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.