Fine Capital Partners, L.P. 4

What Happened

• Fine Capital Partners, L.P., Fine Capital Advisors, LLC and Debra Fine (each reported as 10% owners) sold shares of Light & Wonder (LNWO) in open‑market transactions on Jan 19–21, 2026. Each reporting person disposed of the same blocks: 19,666 shares @ $120.75, 63 shares @ $121.35, 9,260 shares @ $120.46, 39 shares @ $121.17, and 1,473 shares @ $115.01. Each reporting person’s sales total approximately $3,671,928; taken together the three reports cover roughly $11,015,784 in disposals.
• These were sales (S) — not purchases — which are often routine disposals by large holders and do not by themselves signal company prospects.

Key Details

• Transaction dates and weighted‑average prices/ranges:
  • 2026-01-19: 19,666 @ $120.75 (weighted avg; range $120.2948–$121.2148) and 63 @ $121.35 (range $121.2954–$121.4028)
  • 2026-01-20: 9,260 @ $120.46 (range $120.1383–$121.0135) and 39 @ $121.17 (range $121.1482–$121.1953)
  • 2026-01-21: 1,473 @ $115.01 (range $114.9880–$115.0759)
• Shares owned after the transactions: not provided in the excerpt of the filing.
• Footnote F6: each reporting person disclaims beneficial ownership except to the extent of any pecuniary interest; these are reports by related 10% owners/investment entities, not necessarily executive officers.
• Filing: Form 4 filed 2026-01-21 covering trades from Jan 19–21; timing appears consistent with Form 4 reporting requirements.

Context

• These reports come from large/related 10% holders and reflect open‑market sales. For retail investors, purchases by insiders are often more indicative of bullish conviction; sales by large holders can be for many reasons (portfolio rebalancing, liquidity) and do not alone imply negative company fundamentals.
• Prices are reported as weighted averages with per‑trade price ranges; the reporting persons offered to provide breakdowns by individual trade prices on request.