SCHEDULE: Fine Capital Affiliates Maintain 10.1% Stake in Light & Wonder

Fine Capital Partners, Fine Capital Advisors, and Debra Fine collectively report a 10.1% beneficial ownership stake in Light & Wonder, Inc. as of November 5, 2025.

Summary

• Fine Capital Partners, L.P., Fine Capital Advisors, LLC, Adom Partners, L.P., and Debra Fine submitted an Amendment No. 13 to Schedule 13G.
• This amendment reports beneficial ownership of Common Stock, $0.001, of Light & Wonder, Inc.
• As of November 5, 2025, Fine Capital Partners, L.P. and Fine Capital Advisors, LLC each beneficially own 8,245,687 shares, representing 10.1% of the class.
• Debra Fine beneficially owns 8,258,687 shares, also representing 10.1% of the class, which includes 13,000 shares with sole voting and dispositive power and 8,245,687 shares with shared voting and dispositive power.
• Adom Partners, L.P. beneficially owns 5,327,639 shares, representing 6.5% of the class.
• The securities were not acquired and are not held for the purpose of changing or influencing control of Light & Wonder, Inc.
• Fine Capital Advisors, LLC serves as the general partner of Fine Capital Partners, L.P., and Debra Fine is the Manager of both Fine Capital entities and Principal of the General Partner of Adom Partners, L.P.

Sentiment

Score: 5

Explanation: The filing is a routine amendment to a beneficial ownership statement, indicating a stable, passive investment. It contains no operational or financial news to influence sentiment positively or negatively.

Future Outlook

NA

Industry Context

This amendment reflects a passive investment by Fine Capital entities in Light & Wonder, a company operating in the global gaming and lottery industry. Such institutional ownership updates are routine disclosures and do not inherently indicate a shift in industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, confirming a stable passive stake by Fine Capital entities.

Key Dates

Keywords

Light & Wonder, LNW, Fine Capital Partners, Fine Capital Advisors, Adom Partners, Debra Fine, Beneficial Ownership, Schedule 13G/A, Institutional Ownership, Gaming Industry, Investment Management