Caledonia Discloses 8.14M Shares (9.7%) in Light & Wonder

Rhea-AI Filing Summary

Caledonia (Private) Investments Pty Limited and Caledonia US, LP jointly report ownership of 8,138,847 shares of Light & Wonder, Inc. (ticker LNW), representing 9.70% of the outstanding common stock as of the filing. The holders report shared voting and dispositive power over all reported shares and no sole voting or dispositive power. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The filing is dated and signed August 14, 2025.

Positive

• Material disclosure of a 9.70% stake which increases transparency for investors
• Shared voting/dispositive power is clearly stated, reducing ambiguity about control claims
• Certification that shares are held in the ordinary course of business, indicating no current intent to change control

Negative

• No sole voting or dispositive power meaning Caledonia lacks unilateral control despite a large stake
• Holding size (9.70%) could prompt market attention or future reporting if position changes

Insights

Financial Analyst

TL;DR: Caledonia discloses a material ~9.7% stake in LNW, signaling a sizeable passive ownership position.

Caledonia's combined holding of 8.14 million shares equals 9.70% of LNW, crossing the typical 5% reporting threshold and making this a material disclosure for investors and proxy voting considerations. The absence of sole voting or dispositive power suggests coordination between entities rather than unilateral control. The certification that holdings are in the ordinary course of business reduces immediate takeover implications, but ownership at this scale can still influence market perception and future engagement.

Corporate Governance Expert

TL;DR: Joint filing shows shared control; no declared intent to influence control but warrants monitoring of future amendments.

The joint filing under Rule 13d-1(k) documents shared voting/dispositive power across the two Caledonia entities. While the signatory certifies ordinary-course intent, the grouping and shared powers mean any coordinated actions or future changes in intent would be material. Investors should note the formal joint filing statement which creates shared amendment responsibilities among the reporting persons.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 11)

Light & Wonder, Inc.

(Name of Issuer)

Common Stock, $.001 par value

(Title of Class of Securities)

80874P109

(CUSIP Number)

06/30/2025

(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 8,138,847.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,138,847.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,138,847.00

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)

9.70 %

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 8,138,847.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,138,847.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,138,847.00

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)

9.70 %

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: 8,138,847
(b)	Percent of class: 9.70%
(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: 8,138,847
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 8,138,847 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:	08/14/2025

Caledonia US, LP

Signature:	/s/ Matthew Moses
Name/Title:	Matthew Moses, General Counsel
Date:	08/14/2025

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: August 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

How many Light & Wonder (LNW) shares does Caledonia report owning?

The filing reports 8,138,847 shares, representing 9.70% of LNW's common stock.

Do the reporting persons have sole voting control over the shares?

No. The filing reports 0 sole voting power and 8,138,847 shared voting power.

Did Caledonia state an intent to influence control of Light & Wonder?

The certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control.

When was this Schedule 13G/A signed?

The signatures are dated August 14, 2025.

Which entities filed this statement for LNW?

The filing was made jointly by Caledonia (Private) Investments Pty Limited and Caledonia US, LP.