Fine Capital funds trim Light & Wonder (LNW) stake with 15,000-share sale

Rhea-AI Filing Summary

Fine Capital Partners, L.P. and related entities reported indirect sales of a total of 15,000 shares of Light & Wonder, Inc. common stock on January 9, 2026. The filing lists one sale of 14,188 shares at a weighted average price of $103.4532 per share and a second sale of 812 shares at a weighted average price of $103.9993 per share. After these transactions, the reporting persons had an indirect pecuniary interest in 8,197,187 shares of common stock held through private investment funds. The reporting persons state that their interest reflects only their pecuniary stake in these funds and disclaim beneficial ownership beyond that interest.

Insights

Insider transactions analyst

Private funds linked to Fine Capital reported indirect sales totaling 15,000 shares.

The filing shows entities associated with Fine Capital Partners, L.P., including Fine Capital Advisors, LLC and Debra Fine, reporting indirect sales of Light & Wonder common stock. The transactions on January 9, 2026 are coded as sales, with 14,188 shares at a weighted average of $103.4532 and 812 shares at a weighted average of $103.9993 per share.

These holdings are described as a pecuniary interest through private funds, and each reporting person disclaims beneficial ownership beyond that economic interest. Following the trades, their reported indirect pecuniary interest covers 8,197,187 shares, indicating a continuing, sizeable exposure to Light & Wonder despite the sale.

Because the activity is indirect and tied to investment funds, and the filing includes standard ownership disclaimers, this appears as routine portfolio management rather than a clearly thesis-changing shift. The net impact on long-term investors depends on how these funds adjust their positions in future filings.

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

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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)
01/09/2026

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	01/09/2026		S		14,188	D	$103.4532(1)	8,197,999	I	See footnote(3)
Common Stock, $.001 par value	01/09/2026		S		812	D	$103.9993(2)	8,197,187	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 bought in multiple transactions within the range of $102.8846 to $103.881. 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 $103.8877 to $104.1552. 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. 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	01/13/2026
	FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager	01/13/2026
	DEBRA FINE /s/ Debra Fine	01/13/2026
	** Signature of Reporting Person	Date
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FAQ

What insider activity did Light & Wonder (LNW) report in this Form 4?

The Form 4 reports that entities associated with Fine Capital Partners, L.P. indirectly sold a total of 15,000 shares of Light & Wonder, Inc. common stock on January 9, 2026, through private investment funds.

At what prices were the Fine Capital-related sales of LNW shares executed?

One transaction involved 14,188 shares at a weighted average price of $103.4532 per share, and another involved 812 shares at a weighted average price of $103.9993 per share. The prices are reported as weighted averages over multiple trades within specified ranges.

How many Light & Wonder (LNW) shares did the Fine Capital entities report holding after the transactions?

After the January 9, 2026 transactions, the reporting persons disclosed an indirect pecuniary interest in 8,197,187 shares of Light & Wonder common stock, held through private investment funds.

Are the Fine Capital transactions in LNW shares direct or indirect holdings?

The holdings are reported as indirect, with the nature of ownership described in a footnote as a pecuniary interest held through investments in private funds, rather than direct personal ownership of the shares.

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

No. The filing states that each reporting person disclaims beneficial ownership of the reported securities except to the extent of its or his pecuniary interest, and that the report should not be taken as an admission of beneficial ownership for Section 16 or any other purpose.

What does the weighted average price disclosure mean in this LNW Form 4?

The footnotes explain that the reported prices are weighted average prices for shares sold in multiple transactions within specified price ranges. The reporting persons undertake to provide full information on the number of shares sold at each separate price within those ranges upon request.