Light & Wonder, Inc. (LNW) stake updated in Fine Capital amended filing

Rhea-AI Filing Summary

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.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
12/10/2025

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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $.001 par value	12/08/2025		S		7,500	D	$99.9103(1)	8,251,187	I	See footnote(5)
Common Stock, $.001 par value	12/09/2025		S		3,116	D	$100.9505(2)	8,248,071	I	See footnote(5)
Common Stock, $.001 par value	12/09/2025		S		1,058	D	$102.0462(3)	8,247,013	I	See footnote(5)
Common Stock, $.001 par value	12/09/2025		S		867	D	$102.9479(4)	8,244,187	I	See footnote(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	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. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $99.66 to $100.10. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the range set forth in this footnote.

2. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $100.46 to $101.45. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the range set forth in this footnote.

3. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $101.46 to $102.46. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the range set forth in this footnote.

4. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $102.50 to $103.30. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the range set forth in this footnote.

5. The amount reported represents the Reporting Persons' pecuniary interest held through an investment in private funds. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his 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.

Remarks:

This is an amendment to the filing made on December 10, 2025 in order to display the dollar amounts in USD rather than in AUD.

	FINE CAPITAL PARTNERS, L.P., By: Fine Capital Advisors, LLC, its general partner, By: /s/ Debra Fine, Debra Fine	12/16/2025
	FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager	12/16/2025
	DEBRA FINE /s/ Debra Fine	12/16/2025
	** Signature of Reporting Person	Date
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FAQ

What insider activity involving Light & Wonder, Inc. (LNW) is disclosed here?

The report shows Fine Capital-related reporting persons recorded four transactions in Light & Wonder, Inc. common stock in December 2025, reflected as dispositions of non-derivative shares at specified weighted average prices.

How many Light & Wonder shares did the reporting persons hold after these transactions?

After the reported December 2025 transactions, the reporting persons indirectly held 8,244,187 shares of Light & Wonder common stock through private funds based on their pecuniary interest.

On what dates did the reported Light & Wonder (LNW) transactions occur?

The transactions occurred on December 8, 2025 and December 9, 2025, as shown in the non-derivative securities table.

What prices were reported for the Light & Wonder share transactions?

The filing reports weighted average prices of $99.9103 on December 8, 2025 and $100.9505, $102.0462 and $102.9479 on December 9, 2025, each accompanied by price ranges in the footnotes.

Why was this insider report for Light & Wonder amended?

The report states it is an amendment to the filing made on December 10, 2025 in order to display the dollar amounts in USD rather than in AUD.

How is beneficial ownership of Light & Wonder shares held by the reporting persons?

According to the footnotes, the amount reported reflects the reporting persons' pecuniary interest held through investments in private funds, and they disclaim beneficial ownership beyond that pecuniary interest.