Fine Capital trims Light & Wonder stake with 12,000-share sale

Fine Capital Partners, L.P. and related reporting persons disclosed a disposition of 12,000 shares of Light & Wonder, Inc. common stock on December 12, 2025.

Accepted by SEC EDGAR 12/16/2025 - 06:42 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Fine Capital Partners, L.P. and related reporting persons disclosed a disposition of 12,000 shares of Light & Wonder, Inc. common stock on December 12, 2025. The shares were transacted at a weighted average price of $100.778 per share, with individual trades occurring between $100.28 and $101.12.

After this transaction, the reporting persons had indirect beneficial ownership of 8,232,187 shares held through investments in private funds and state that they disclaim beneficial ownership beyond their pecuniary interest. The filers are identified as directors of Light & Wonder and submitted this report jointly.

Insider Trade Summary

Net Seller: 12,000 shares

Net Sell 1 txn

Insider Fine Capital Partners, L.P., Fine Capital Advisors, LLC, Fine Debra

Role 10% Owner | 10% Owner | 10% Owner

Sold 12,000 shs ($1.21M)

Type	Security	Shares	Price	Value
Sale	Common Stock, $.001 par value	12,000	$100.778	$1.21M

Holdings After Transaction: Common Stock, $.001 par value — 8,232,187 shares (Indirect, See footnote)

Footnotes (2)

1. F1. ) This reported price is a weighted average price. These shares were bought in multiple transactions within the range of $100.28 to $101.12. 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. F2. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

The reporting persons disclosed disposing of 12,000 shares of Light & Wonder, Inc. common stock on December 12, 2025, coded as a sale in the Form 4.

At what price were the Light & Wonder (LNW) shares transacted in this Form 4?

The transaction used a weighted average price of $100.778 per share, with individual trades executed in a range from $100.28 to $101.12 per share.

How many Light & Wonder (LNW) shares are beneficially owned after the reported transaction?

Following the reported transaction, the reporting persons show 8,232,187 shares of Light & Wonder common stock as indirectly beneficially owned.

Do the reporting persons claim full beneficial ownership of the Light & Wonder (LNW) shares?

No. They state that the reported amount reflects their pecuniary interest through private funds and that each reporting person disclaims beneficial ownership beyond that pecuniary interest.

In what capacity are the filers related to Light & Wonder (LNW)?

The relationship section marks the reporting persons as directors of Light & Wonder, Inc., with the director box checked on the form.

Are the Light & Wonder (LNW) shares held directly or indirectly by the reporting persons?

The Form 4 shows the 8,232,187 shares as held with indirect ownership, with the nature of the ownership described as interests held through private funds.

What is the earliest transaction date reported in this Form 4 for Light & Wonder (LNW)?

The earliest transaction date disclosed in the filing is December 12, 2025.

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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)
12/12/2025

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	12/12/2025		S		12,000	D	$100.778(1)	8,232,187	I	See footnote(2)

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 $100.28 to $101.12. 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. 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	12/16/2025
	FINE CAPITAL ADVISORS, LLC, By: /s/ Debra Fine, Debra Fine, Manager	12/16/2025
	DEBRA FINE /s/ Debra Fine	12/16/2025
	** 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.