Light & Wonder (LNW) holder update: Caledonia owns 7,847,596 shares

Rhea-AI Filing Summary

Caledonia filed a Schedule 13G/A (Amendment No. 12) reporting beneficial ownership of 7,847,596 shares of Light & Wonder, Inc. (LNW) common stock, representing 9.63% of the class as of 09/30/2025.

The reporting persons—Caledonia (Private) Investments Pty Limited and Caledonia US, LP—each report 0 sole voting/dispositive power and 7,847,596 shared voting and shared dispositive power. They are classified as investment advisers and certify the securities were acquired and are held in the ordinary course, not for the purpose of changing or influencing control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 12)

Light & Wonder, Inc.

(Name of Issuer)

Common Stock, $.001 par value

(Title of Class of Securities)

80874P109

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 80874P109

1

Names of Reporting Persons

Caledonia (Private) Investments Pty Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

AUSTRALIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,847,596.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,847,596.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,847,596.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.63 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 80874P109

1

Names of Reporting Persons

Caledonia US, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,847,596.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,847,596.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,847,596.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.63 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Light & Wonder, Inc.
(b)	Address of issuer's principal executive offices: 6601 Bermuda Road, Las Vegas, NV 89119
Item 2.
(a)	Name of person filing: Caledonia (Private) Investments Pty Limited Caledonia US, LP
(b)	Address or principal business office or, if none, residence: Caledonia (Private) Investments Pty Limited: Level 10, 131 Macquarie Street Sydney, NSW, 2000, Australia Caledonia US, LP 27th Floor, 1133 Avenue of the Americas New York, NY,10036
(c)	Citizenship: Caledonia (Private) Investments Pty Limited - Australia Caledonia US, LP - Delaware
(d)	Title of class of securities: Common Stock, $.001 par value
(e)	CUSIP No.: 80874P109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,847,596
(b)	Percent of class: 9.63%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 7,847,596
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 7,847,596 Total reported shares are the combined holdings between LNW US and LNW AU.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Caledonia (Private) Investments Pty Limited

Signature:	/s/ Matthew Moses
Name/Title:	Matthew Moses, General Counsel
Date:	11/14/2025

Caledonia US, LP

Signature:	/s/ Matthew Moses
Name/Title:	Matthew Moses, General Counsel
Date:	11/14/2025

Exhibit Information

Exhibit I JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G/A, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G/A, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: Nov 14, 2025 Caledonia (Private) Investments Pty Limited By: /s/ Matthew Moses Matthew Moses, General Counsel Caledonia US, LP By: /s/ Matthew Moses Matthew Moses, General Counsel

FAQ

What did Caledonia disclose about LNW in this Schedule 13G/A?

Caledonia reported beneficial ownership of 7,847,596 Light & Wonder shares, or 9.63% of the outstanding common stock as of 09/30/2025.

Which Caledonia entities are reporting for LNW (ticker: LNW)?

The filing lists Caledonia (Private) Investments Pty Limited and Caledonia US, LP as reporting persons.

What voting and dispositive power does Caledonia report over LNW shares?

They report 0 sole voting/dispositive power and 7,847,596 shared voting and shared dispositive power.

What percentage of Light & Wonder’s class does Caledonia own?

The reported stake is 9.63% of the class.

What is the date of the event triggering this 13G/A for LNW?

The date of event is 09/30/2025.

How are the reporting persons classified in the filing?

Each is classified as an investment adviser (IA).

Did Caledonia state any intent to influence control at LNW?

They certified the holdings were acquired and are held in the ordinary course, not to change or influence control.