[SCHEDULE 13G/A] MediaAlpha, Inc. SEC Filing

Rhea-AI Filing Summary

The Vanguard Group filed Amendment No. 3 to Schedule 13G reporting its beneficial ownership in MediaAlpha, Inc. (MAX). Vanguard reported aggregate beneficial ownership of 2,600,621 shares of common stock, representing 4.61% of the class as of the event date.

Vanguard reported 0 shares with sole voting power and 222,094 shares with shared voting power. It has 2,348,848 shares with sole dispositive power and 251,773 shares with shared dispositive power. The filing identifies Vanguard as an investment adviser (IA) and states ownership of five percent or less of the class.

Vanguard certified the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The date of the event requiring the filing was 09/30/2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

MediaAlpha Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

58450V104

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 58450V104

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 222,094.00
7	Sole Dispositive Power 2,348,848.00
8	Shared Dispositive Power 251,773.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,600,621.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.61 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MediaAlpha Inc
(b)	Address of issuer's principal executive offices: 700 South Flower Street, Suite 640, Los Angeles, CA, 90017
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 58450V104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2600621
(b)	Percent of class: 4.61 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 222094
	(iii) Sole power to dispose or to direct the disposition of: 2348848
	(iv) Shared power to dispose or to direct the disposition of: 251773
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	10/31/2025

FAQ

What percentage of MediaAlpha (MAX) does The Vanguard Group report owning?

Vanguard reports beneficial ownership of 4.61% of MediaAlpha’s common stock.

How many MediaAlpha (MAX) shares does Vanguard beneficially own?

Vanguard reports 2,600,621 shares beneficially owned.

What are Vanguard’s reported voting powers in MAX?

Vanguard reports 0 shares with sole voting power and 222,094 shares with shared voting power.

What are Vanguard’s reported dispositive powers in MAX?

Vanguard has 2,348,848 shares with sole dispositive power and 251,773 shares with shared dispositive power.

What type of filer is Vanguard in this disclosure?

Vanguard is classified as an investment adviser (IA).

Did Vanguard state any intent to influence control at MediaAlpha?

No. Vanguard certified holdings are in the ordinary course of business and not to influence control.

What is the date of the event requiring the filing?

The event date is 09/30/2025.