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
$12.95
All holders as of 30 Sep 2025
Q3 2025
Total 13F shares
47,834,238
Total reported value
$544,284,853
% of total 13F portfolios
0%
Share change
-521,176
Value change
-$5,413,949
Number of holders
155
Price from insider filings
$12.95
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% $176,959,045 17,856,614 White Mountains Insurance Group, Ltd. 08 Aug 2025
Nonko Eugene 11% $45,995,947 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% $17,878,624 2,330,981 BlackRock, Inc. 31 Mar 2025

As of 30 Sep 2025, 155 institutional investors reported holding 47,834,238 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 73% 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% 100% $203,208,267
BlackRock, Inc. 6.3% 3,573,190 -11% 0% $40,662,902
VANGUARD GROUP INC 4.6% 2,600,621 -9% 0% $29,595,068
Broad Bay Capital Management, LP 2.6% 1,468,695 -41% 2.1% $16,713,749
MILLENNIUM MANAGEMENT LLC 2.5% 1,429,556 +681% 0.01% $16,268,347
Clearline Capital LP 2.3% 1,290,849 -9.4% 1.3% $14,689,862
GOLDMAN SACHS GROUP INC 2.3% 1,279,960 -36% 0% $14,565,944
JPMORGAN CHASE & CO 1.9% 1,058,441 +95% 0% $12,045,059
RENAISSANCE TECHNOLOGIES LLC 1.7% 945,100 +22% 0.01% $10,755,238
MORGAN STANLEY 1.5% 872,031 +15% 0% $9,923,712
JACOBS ASSET MANAGEMENT, LLC 1.5% 819,026 +2.5% 5.1% $9,320,516
Shay Capital LLC 1.4% 790,100 +18% 1.6% $8,991,338
AQR CAPITAL MANAGEMENT LLC 1.4% 770,679 +28% 0.01% $8,770,326
GEODE CAPITAL MANAGEMENT, LLC 1.4% 769,774 +0.66% 0% $8,761,676
VICTORY CAPITAL MANAGEMENT INC 1.3% 710,819 +1262% 0.01% $8,089,120
Nuveen, LLC 1.2% 690,465 -23% 0% $7,857,493
STATE STREET CORP 1.2% 672,126 +3% 0% $7,648,794
JACOBS LEVY EQUITY MANAGEMENT, INC 0.99% 560,765 +19% 0.03% $6,381,506
J. Goldman & Co LP 0.94% 531,027 +203% 0.23% $6,043,087
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.92% 520,452 +7.5% 0% $5,922,744
Qube Research & Technologies Ltd 0.89% 504,342 -4.2% 0.01% $5,739,412
D. E. Shaw & Co., Inc. 0.81% 454,883 -49% 0% $5,176,569
ACADIAN ASSET MANAGEMENT LLC 0.74% 419,839 -21% 0.01% $4,768,000
JANUS HENDERSON GROUP PLC 0.68% 386,155 -39% 0% $4,394,582
G2 Investment Partners Management LLC 0.67% 375,473 0.88% $4,272,883

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 397,754 $5,079,210 +$348,759 $12.95 13
2025 Q3 47,834,238 $544,284,853 -$5,413,949 $11.38 155
2025 Q2 48,248,875 $528,271,825 +$14,118,280 $10.95 150
2025 Q1 47,216,825 $436,277,046 -$12,747,090 $9.24 144
2024 Q4 47,967,367 $541,526,878 -$30,038,322 $11.29 159
2024 Q3 48,841,707 $884,623,969 -$13,137,954 $18.11 150
2024 Q2 50,158,106 $660,577,779 +$73,087,938 $13.17 149
2024 Q1 44,465,130 $905,749,332 +$47,328,578 $20.37 121
2023 Q4 31,445 $350,612 -$195,939 $11.15 1
2023 Q3 40,923,579 $338,030,184 -$20,545,478 $8.26 87
2023 Q2 43,369,280 $447,123,320 +$20,064,318 $10.31 92
2023 Q1 40,225,052 $602,536,691 +$6,188,724 $14.98 97
2022 Q4 40,074,267 $398,739,414 -$6,834,153 $9.95 98
2022 Q3 40,808,277 $357,078,317 +$8,361,032 $8.75 81
2022 Q2 39,863,316 $392,674,758 -$15,201,000 $9.85 81
2022 Q1 40,927,878 $677,227,933 +$17,798,952 $16.55 90
2021 Q4 39,934,474 $616,500,624 +$24,784,570 $15.44 88
2021 Q3 37,915,100 $708,460,043 -$44,816,568 $18.68 84
2021 Q2 37,788,150 $1,590,992,035 +$42,333,745 $42.10 97
2021 Q1 34,950,983 $1,238,172,052 +$118,301,027 $35.43 95
2020 Q4 32,348,576 $1,263,856,778 +$460,451,792 $39.07 65