[Form 3] Light & Wonder, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

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.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

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

Role 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 (1)

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. 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.

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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. [ LNW ]

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 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:

A subsequent Form 3 will be filed for Fine Capital Advisors, LLC, once CIK codes are received.

	FINE CAPITAL PARTNERS, L.P., By: Fine Capital Advisors, LLC, its general partner, /s/ Debra Fine	11/14/2025
	DEBRA FINE /s/ Debra Fine	11/14/2025
	** 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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