Fine Capital funds trim Light & Wonder (LNW) stake in January sales

Rhea-AI Filing Summary

Fine Capital Partners, L.P., Fine Capital Advisors, LLC and related reporting persons disclosed open-market sales of Light & Wonder, Inc. common stock in mid‑January 2026. Across transactions on January 19–21, 2026, private funds in which they hold a pecuniary interest sold a combined 30,501 shares at weighted average prices ranging from about $115.01 to $121.35 per share. Following these sales, the filing shows 8,166,686 shares of Light & Wonder common stock indirectly beneficially owned through private funds. The reporting persons state that this amount reflects only their pecuniary interest via these funds and they disclaim beneficial ownership beyond that interest.

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)
01/19/2026

4. 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 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	01/19/2026		S		19,666	D	$120.7514(1)	8,177,521	I	See footnote(6)
Common Stock, $.001 par value	01/19/2026		S		63	D	$121.3502(2)	8,177,458	I	See footnote(6)
Common Stock, $.001 par value	01/20/2026		S		9,260	D	$120.4586(3)	8,168,198	I	See footnote(6)
Common Stock, $.001 par value	01/20/2026		S		39	D	$121.1655(4)	8,168,159	I	See footnote(6)
Common Stock, $.001 par value	01/21/2026		S		1,473	D	$115.0128(5)	8,166,686	I	See footnote(6)

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 $120.2948 to $121.2148. 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 $121.2954 to $121.4028. 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 $120.1383 to $121.0135. 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 $121.1482 to $121.1953. 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. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $114.9880 to $115.0759. 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.

6. 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.

	FINE CAPITAL PARTNERS, L.P., By: Fine Capital Advisors, LLC, its general partner, By: /s/ Debra Fine, Debra Fine	01/21/2026
	FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager	01/21/2026
	DEBRA FINE /s/ Debra Fine	01/21/2026
	** Signature of Reporting Person	Date
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FAQ

What insider activity did Fine Capital report for LNW in this Form 4?

The filing shows that private funds associated with Fine Capital Partners, L.P., Fine Capital Advisors, LLC and related reporting persons sold Light & Wonder, Inc. common stock in several open‑market transactions over January 19–21, 2026.

How many Light & Wonder (LNW) shares were sold by the Fine Capital funds?

Across all reported transactions, the private funds in which the reporting persons have a pecuniary interest sold a total of 30,501 shares of Light & Wonder, Inc. common stock.

On what dates and at what prices were Light & Wonder (LNW) shares sold?

Sales occurred on January 19, 20, and 21, 2026, at weighted average prices of $120.7514, $121.3502, $120.4586, $121.1655, and $115.0128 per share, each representing multiple trades within narrow intraday price ranges.

How many Light & Wonder (LNW) shares do the reporting persons hold after these sales?

After the final reported transaction on January 21, 2026, the filing shows 8,166,686 shares of Light & Wonder, Inc. common stock indirectly beneficially owned through private funds.

Who are the reporting persons in this Light & Wonder (LNW) Form 4?

The reporting persons are Fine Capital Partners, L.P., Fine Capital Advisors, LLC, and Debra Fine, each identified as a 10% owner with indirect ownership reported through private funds.

Do the Fine Capital reporting persons claim full beneficial ownership of the LNW shares?

No. A footnote explains that the amount reported reflects the reporting persons’ pecuniary interest held through investments in private funds, and they disclaim beneficial ownership of the securities beyond that pecuniary interest.