Light & Wonder insider Debra Fine reports 8.26M-share beneficial stake

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.

Rhea-AI Filing Summary

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.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Fine Capital Partners, L.P., Fine Capital Advisors, LLC, Fine Debra

Role 10% Owner | 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
holding	Common Stock, $.001 par value	--	--	--
holding	Common Stock, $.001 par value	--	--	--

Holdings After Transaction: Common Stock, $.001 par value — 8,245,687 shares (Indirect, See footnote); Common Stock, $.001 par value — 13,000 shares (Direct)

Footnotes (2)

1. F1. The securities reported herein are held in the accounts of private funds. Fine Capital Partners, L.P. may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such private fund. Fine Capital Advisors, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the general partner of Fine Capital Partners, L.P. Ms. Debra Fine may be deemed to be a beneficial owner of such securities by virtue of her role as the manager of Fine Capital Advisors, LLC. Except as otherwise stated herein, each Reporting Person disclaims beneficial ownership in the securities reported on this Form 3 except to the extent of its or her 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.
2. F2. These 13,000 shares are owned directly by Debra Fine for her personal account and for her sole benefit. These shares are not beneficially owned by Fine Capital Partners, L.P. or Fine Capital Advisors, LLC.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider ownership did Fine Capital report in Light & Wonder (LNW)?

The reporting group disclosed that private funds managed by Fine Capital Partners, L.P. indirectly hold 8,245,687 shares of Light & Wonder common stock, and Debra Fine directly owns an additional 13,000 shares for her personal account.

Who are the reporting persons in this Light & Wonder (LNW) insider filing?

The reporting persons are Fine Capital Partners, L.P., Fine Capital Advisors, LLC, and Debra Fine, who is a director of Light & Wonder, Inc.

What does this amendment to the Form 3 for Light & Wonder (LNW) change?

The amendment states that it was filed to reflect the correct address of the reporting persons, without changing the reported ownership amounts.

How is beneficial ownership attributed among the Fine Capital entities and Debra Fine?

The securities are held in private funds’ accounts. Fine Capital Partners, L.P. may be deemed a beneficial owner as investment manager, Fine Capital Advisors, LLC as its general partner, and Debra Fine as manager of Fine Capital Advisors, LLC, subject to each party’s pecuniary interest.

Do Fine Capital Partners, L.P. or Fine Capital Advisors, LLC own Debra Fine’s 13,000 personal shares of LNW?

No. The filing states the 13,000 shares are owned directly by Debra Fine for her personal account and are not beneficially owned by Fine Capital Partners, L.P. or Fine Capital Advisors, LLC.

Does the filing state whether the reporting persons admit full beneficial ownership of all LNW shares reported?

No. The filing explains that, except as otherwise stated, each reporting person disclaims beneficial ownership of the securities beyond its or her pecuniary interest, and the report is not an admission of beneficial ownership for Section 16 or other purposes.

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Accepted by SEC EDGAR 12/12/2025 - 04:18 PM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

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. Date of Event Requiring Statement (Month/Day/Year)
11/05/2025

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

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

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

5. If Amendment, Date of Original Filed (Month/Day/Year)
12/09/2025

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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $.001 par value	8,245,687	I	See footnote(1)
Common Stock, $.001 par value	13,000	D(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	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. The securities reported herein are held in the accounts of private funds. Fine Capital Partners, L.P. may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such private fund. Fine Capital Advisors, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the general partner of Fine Capital Partners, L.P. Ms. Debra Fine may be deemed to be a beneficial owner of such securities by virtue of her role as the manager of Fine Capital Advisors, LLC. Except as otherwise stated herein, each Reporting Person disclaims beneficial ownership in the securities reported on this Form 3 except to the extent of its or her 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.

2. These 13,000 shares are owned directly by Debra Fine for her personal account and for her sole benefit. These shares are not beneficially owned by Fine Capital Partners, L.P. or Fine Capital Advisors, LLC.

Remarks:

This is an amendment to the filing made on December 9, 2025 in order to reflect the correct address of the Reporting Persons.

	FINE CAPITAL PARTNERS, L.P., By: Fine Capital Advisors, LLC, its general partner, By: /s/ Debra Fine, Debra Fine	12/12/2025
	FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager	12/12/2025
	DEBRA FINE /s/ Debra Fine	12/12/2025
	** 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 5 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.