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Fine Capital trims Light & Wonder (LNW) stake with January 27 share sales

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Light & Wonder, Inc. received a Form 4 filing from investment entities affiliated with Fine Capital regarding sales of common stock. On January 27, 2026, these reporting persons sold 2,225, 2,426, and 4,386 shares of common stock in three separate transactions.

The weighted average sale prices were $112.2933, $113.2784, and $113.9387, respectively. After the final transaction, the reporting persons had an indirect pecuniary interest in 8,151,955 shares. The filing explains this interest is held through investments in private funds, and each reporting person disclaims beneficial ownership beyond their pecuniary interest.

Positive

  • None.

Negative

  • None.
Insider Fine Capital Partners, L.P., Fine Capital Advisors, LLC, Fine Debra
Role 10% Owner | 10% Owner | 10% Owner
Sold 9,037 shs ($1.02M)
Type Security Shares Price Value
Sale Common Stock, $.001 par value 2,225 $112.2933 $250K
Sale Common Stock, $.001 par value 2,426 $113.2784 $275K
Sale Common Stock, $.001 par value 4,386 $113.9387 $500K
Holdings After Transaction: Common Stock, $.001 par value — 8,158,767 shares (Indirect, See footnote)
Footnotes (1)
  1. This reported price is a weighted average price. These shares were sold in multiple transactions within the range of $111.7123 to $112.7034. 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 sold at each separate price within the range set forth in this footnote. This reported price is a weighted average price. These shares were sold in multiple transactions within the range of $112.7871 to $113.5758. 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 sold at each separate price within the range set forth in this footnote. 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.
Form 4 Insider Transactions: What Each Field Means →
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
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
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)
01/27/2026
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 01/27/2026 S 2,225 D $112.2933(1) 8,158,767 I See footnote(3)
Common Stock, $.001 par value 01/27/2026 S 2,426 D $113.2784(2) 8,156,341 I See footnote(3)
Common Stock, $.001 par value 01/27/2026 S 4,386 D $113.9387 8,151,955 I See footnote(3)
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 sold in multiple transactions within the range of $111.7123 to $112.7034. 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 sold at each separate price within the range set forth in this footnote.
2. This reported price is a weighted average price. These shares were sold in multiple transactions within the range of $112.7871 to $113.5758. 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 sold at each separate price within the range set forth in this footnote.
3. 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 01/29/2026
FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager 01/29/2026
DEBRA FINE /s/ Debra Fine 01/29/2026
** 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 4 (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.

Source: View Original Filing on SEC EDGAR

FAQ

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

Fine Capital–affiliated reporting persons disclosed three sales of Light & Wonder common stock on January 27, 2026. They sold 2,225, 2,426, and 4,386 shares at weighted average prices between $112.2933 and $113.9387, as part of indirect holdings reported on the Form 4.

How many Light & Wonder shares remain after Fine Capital’s January 27, 2026 sales?

After the reported sales, the filing shows reporting persons with an indirect pecuniary interest in 8,151,955 Light & Wonder shares. This interest is held through investments in private funds, and each reporting person disclaims beneficial ownership beyond their pecuniary stake in those securities.

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

The reporting persons are Fine Capital Partners, L.P., Fine Capital Advisors, LLC, and Debra Fine. The Form 4 states their reported holdings represent pecuniary interests through private funds, and each reporting person disclaims beneficial ownership except to the extent of such pecuniary interest.

What prices were received in Fine Capital’s Light & Wonder stock sales?

The Form 4 reports weighted average sale prices of $112.2933, $113.2784, and $113.9387 per Light & Wonder share. Each weighted price reflects multiple individual transactions within specified price ranges, as detailed in the filing’s explanatory footnotes for the January 27, 2026 trades.

Are Fine Capital’s Light & Wonder holdings direct or indirect?

The reported Light & Wonder holdings are indirect, reflecting pecuniary interests held through investments in private funds. The filing notes each reporting person disclaims beneficial ownership of the securities, except to the extent of its or her pecuniary interest in those fund-held shares.