Light & Wonder (LNW) director and funds disclose 8,245,687 indirect shares

Rhea-AI Filing Summary

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.

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

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1. Name and Address of Reporting Person^*

Fine Capital Partners, L.P.

(Last) (First) (Middle)

1350 AVENUE OF THE AMERICAS

SUITE 2910

(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)

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)

1350 AVENUE OF THE AMERICAS

SUITE 2910

(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)

1350 AVENUE OF THE AMERICAS

SUITE 2910

(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)

1350 AVENUE OF THE AMERICAS

SUITE 2910

(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:

As previously disclosed in Fine Capital Partners, L.P.'s Form 3 with respect to the Issuer filed on November 14, 2025, the 8,245,687 shares reported herein are also indirectly beneficially owned by Fine Capital Advisors, LLC.

	FINE CAPITAL PARTNERS, L.P., By: Fine Capital Advisors, LLC, its general partner, /s/ Debra Fine	12/09/2025
	FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager	12/09/2025
	DEBRA FINE /s/ Debra Fine	12/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many Light & Wonder (LNW) shares are indirectly beneficially owned by the reporting group?

The reporting group discloses indirect beneficial ownership of 8,245,687 shares of Light & Wonder common stock held in the accounts of private funds.

What Light & Wonder (LNW) shares does Debra Fine own directly?

Debra Fine owns 13,000 shares of Light & Wonder common stock directly for her personal account and sole benefit.

How are Fine Capital Partners, L.P. and Fine Capital Advisors, LLC related to the Light & Wonder (LNW) share holdings?

Fine Capital Partners, L.P. is the investment manager of the private funds holding the shares, and Fine Capital Advisors, LLC is the general partner of Fine Capital Partners, L.P., so each may be deemed a beneficial owner of those fund-held shares.

What is Debra Fine’s role in relation to the Light & Wonder (LNW) share holdings?

Ms. Debra Fine is the manager of Fine Capital Advisors, LLC and may be deemed a beneficial owner of the fund-held Light & Wonder shares, and she also directly owns 13,000 shares personally.

Are the 13,000 directly owned Light & Wonder (LNW) shares attributed to Fine Capital Partners or Fine Capital Advisors?

No. The filing states that the 13,000 directly owned shares are not beneficially owned by Fine Capital Partners, L.P. or Fine Capital Advisors, LLC.

Do the reporting persons admit beneficial ownership of all reported Light & Wonder (LNW) shares?

The reporting persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest, and state that the report is not an admission of beneficial ownership for Section 16 or any other purpose.