MediaAlpha, Inc. - Class A Common Stock, par value $0.01 per share (MAX) Institutional Ownership

13F Institutional Holders and Ownership History from Q4 2020 to Q4 2025

Type / Class
Equity / Class A Common Stock, par value $0.01 per share
Symbol
MAX on NYSE
Shares outstanding
56,412,603
Price per share
$10.94
All holders as of 31 Dec 2025
Q4 2025
Total 13F shares
47,773,831
Total reported value
$618,508,716
% of total 13F portfolios
0%
Share change
-622,512
Value change
-$3,786,315
Number of holders
170
Price from insider filings
$10.94
Reported Shares, Excluding Options vs Price
Reported Value, Excluding Options
Total Investors

Significant Owners of MediaAlpha, Inc. - Class A Common Stock, par value $0.01 per share (MAX) based on Schedule 13D/G filings

Filer Ownership Change % Holdings Value Net Change Nb Shares Change % Reporting Name Report Period
WHITE MOUNTAINS INSURANCE GROUP LTD 32% $184,637,389 17,856,614 White Mountains Insurance Group, Ltd. 08 Aug 2025
Nonko Eugene 11% $50,433,626 5,996,864 Eugene Nonko 26 Feb 2025
VANGUARD GROUP INC 4.6% -13% $29,595,067 -$3,558,606 2,600,621 -11% The Vanguard Group 30 Sep 2025
BlackRock, Inc. 4.2% $19,603,550 2,330,981 BlackRock, Inc. 31 Mar 2025

As of 31 Dec 2025, 170 institutional investors reported holding 47,773,831 shares of MediaAlpha, Inc. - Class A Common Stock, par value $0.01 per share (MAX). This represents 85% of the company’s total 56,412,603 outstanding shares.

Top 25 Institutional Shareholders

The largest institutional shareholders of MediaAlpha, Inc. - Class A Common Stock, par value $0.01 per share (MAX) together control 72% of the company’s outstanding shares — a level of ownership often associated with strong institutional conviction and long‑term capital commitment.

Institution Ownership % Shares Held Share Change % Portfolio % Holdings Value
WHITE MOUNTAINS INSURANCE GROUP LTD 32% 17,856,614 0% 88% $231,243,151
BlackRock, Inc. 6.3% 3,551,465 -0.61% 0% $45,991,471
VANGUARD GROUP INC 4.6% 2,570,992 -1.1% 0% $33,294,347
JPMORGAN CHASE & CO 2.4% 1,367,896 +29% 0% $17,714,253
Clearline Capital LP 2.3% 1,301,453 +0.82% 1.3% $16,853,816
RENAISSANCE TECHNOLOGIES LLC 1.9% 1,045,400 +11% 0.02% $13,537,930
MORGAN STANLEY 1.7% 960,154 +10% 0% $12,433,996
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 1.5% 855,904 +64% 0.01% $11,083,957
Divisadero Street Capital Management, LP 1.5% 849,011 +877% 0.63% $10,994,692
AQR CAPITAL MANAGEMENT LLC 1.4% 804,095 +4.3% 0.01% $10,413,030
J. Goldman & Co LP 1.4% 786,369 +48% 0.4% $10,183,479
GEODE CAPITAL MANAGEMENT, LLC 1.4% 777,304 +0.98% 0% $10,067,868
MILLENNIUM MANAGEMENT LLC 1.3% 751,745 -47% 0.01% $9,735,098
STATE STREET CORP 1.3% 731,407 +8.8% 0% $9,471,721
VICTORY CAPITAL MANAGEMENT INC 1.3% 729,457 +2.6% 0.01% $9,446,468
GOLDMAN SACHS GROUP INC 1.3% 729,367 -43% 0% $9,445,303
JACOBS ASSET MANAGEMENT, LLC 1.3% 705,299 -14% 5.1% $9,133,622
JACOBS LEVY EQUITY MANAGEMENT, INC 1.2% 700,497 +25% 0.04% $9,071,436
Nuveen, LLC 1.2% 666,539 -3.5% 0% $8,631,680
ACADIAN ASSET MANAGEMENT LLC 1.1% 606,171 +44% 0.01% $7,840,000
Shay Capital LLC 1% 591,000 -25% 1.2% $7,653,450
G2 Investment Partners Management LLC 0.88% 496,916 +32% 1.5% $6,435,062
D. E. Shaw & Co., Inc. 0.7% 397,380 -13% 0% $5,146,071
JANE STREET GROUP, LLC 0.64% 360,129 +104% 0.01% $4,663,671
FRANKLIN RESOURCES INC 0.58% 328,712 +3.4% 0% $4,256,820

Institutional Holders of MediaAlpha, Inc. - Class A Common Stock, par value $0.01 per share (MAX) across Reporting Periods

Period Reported Shares, Excl. Options Value, Excl. Options Value Change Price (Median) Investors
2025 Q4 47,773,831 $618,508,716 -$3,786,315 $12.95 170
2025 Q3 47,834,261 $544,284,591 -$5,576,109 $11.38 155
2025 Q2 48,248,875 $528,271,825 +$14,118,305 $10.95 150
2025 Q1 47,216,825 $436,277,189 -$13,260,709 $9.24 144
2024 Q4 48,012,860 $542,040,862 -$30,038,335 $11.29 160
2024 Q3 48,841,707 $884,623,606 -$13,101,139 $18.11 149
2024 Q2 50,156,074 $660,550,927 +$73,061,027 $13.17 148
2024 Q1 44,465,137 $905,749,037 +$50,675,474 $20.37 121
2023 Q4 42,177,953 $470,287,857 +$11,065,270 $11.15 91
2023 Q3 41,318,609 $341,293,559 -$30,498,529 $8.26 88
2023 Q2 44,969,280 $463,619,203 +$44,418,589 $10.31 93
2023 Q1 40,225,052 $602,536,583 +$6,187,743 $14.98 97
2022 Q4 40,074,367 $398,740,275 -$6,863,804 $9.95 99
2022 Q3 40,904,666 $357,953,192 +$8,359,779 $8.75 85
2022 Q2 39,895,591 $392,992,743 -$19,477,199 $9.85 86
2022 Q1 40,929,266 $677,250,933 +$17,737,970 $16.55 92
2021 Q4 39,939,473 $616,578,624 +$24,793,185 $15.44 90
2021 Q3 37,915,100 $708,460,043 -$44,874,431 $18.68 84
2021 Q2 37,796,810 $1,591,371,035 +$61,978,526 $42.10 98
2021 Q1 36,467,183 $1,291,891,052 +$143,997,399 $35.43 96
2020 Q4 32,348,576 $1,263,856,778 +$460,451,778 $39.07 65