[Form 4] Light & Wonder, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Light & Wonder, Inc. reported insider equity transactions by a major shareholder group and director-affiliated entities. The reporting persons, filing jointly, disclosed several market transactions in Common Stock, $.001 par value dated 12/08/2025 and 12/09/2025, each coded as transaction type "S". One transaction on 12/08/2025 covered 7,500 shares at a weighted average price of $150.8338, with additional transactions on 12/09/2025 involving 2,496, 811, 867, 2,068 and 758 shares at weighted average prices between $151.9219 and $155.5018, all reported as indirect holdings.

Following these transactions, the filing shows 8,244,187 shares of Light & Wonder common stock beneficially owned indirectly. The footnotes explain that the reported prices are weighted averages across multiple trades within specified price ranges and that the reporting persons’ interest is held through private funds, with beneficial ownership disclaimed beyond each party’s pecuniary interest.

Insights

Equity Ownership and Governance Analyst

10% holder sold a small fraction of indirectly held shares; ownership remains very large.

The filing reports that a reporting group related to Fine Capital, a director and more than 10% owner of Light & Wonder, Inc., executed a series of open-market sales of common stock on 12/08/2025 and 12/09/2025. The transactions used code "S", meaning sales, with weighted average prices between about $150.83 and $155.50. Across several small tranches (from 758 to 7,500 shares), total sales reduced the indirect position from 8,251,187 to 8,244,187 shares.

The filing shows these holdings are indirect, held through an investment in private funds, and each reporting person disclaims beneficial ownership beyond their pecuniary interest. No derivatives are reported in Table II, so the change is limited to common stock. Relative to the remaining 8.24 million shares, the number sold is very small, so the economic exposure of the reporting persons stays largely intact.

The disclosure also explains that each transaction price is a weighted average across multiple trades within narrow price ranges, and the reporting persons offer to provide detailed breakdowns upon request. This level of detail signals attention to Section 16 compliance rather than a structural change in control. Items to watch are any future Form 4s that show larger reductions in the 8.24 million indirect-share figure or changes in the relationship boxes (director or 10% owner) on or after 12/10/2025.

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)

1350 AVENUE OF THE AMERICAS

SUITE 2910

(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)

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	$150.8338(1)	8,251,187	I	See footnote(7)
Common Stock, $.001 par value	12/09/2025		S		2,496	D	$151.9219(2)	8,248,691	I	See footnote(7)
Common Stock, $.001 par value	12/09/2025		S		811	D	$152.5706(3)	8,247,880	I	See footnote(7)
Common Stock, $.001 par value	12/09/2025		S		867	D	$153.8229(4)	8,247,013	I	See footnote(7)
Common Stock, $.001 par value	12/09/2025		S		2,068	D	$155.0209(5)	8,244,945	I	See footnote(7)
Common Stock, $.001 par value	12/09/2025		S		758	D	$155.5018(6)	8,244,187	I	See footnote(7)

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)

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 Capital Advisors, LLC

(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. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $150.45 to $151.12. 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 $151.31 to $152.31. 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 $152.32 to $153.32. 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 $153.70 to $154.32. 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 $154.39 to $155.33. 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. This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $155.41 to $155.60. 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.

7. 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, /s/ Debra Fine	12/10/2025
	FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager	12/10/2025
	DEBRA FINE /s/ Debra Fine	12/10/2025
	** Signature of Reporting Person	Date
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