MediaAlpha (MAX) sees Divisadero Street group report 5.8% Class A ownership

Rhea-AI Filing Summary

MediaAlpha, Inc. has a new significant holder in its Class A common stock. A group of related investment entities led by Divisadero Street Capital Management, LP and William Zolezzi reports beneficial ownership of 3,128,988 Class A shares, representing 5.8% of the class.

Within the group, Divisadero Street Partners, L.P. and its general partner each report beneficial ownership of 2,993,988 shares, or 5.5% of the class. All reported shares are held with shared voting and dispositive power; no reporting person has sole voting or sole dispositive power. The securities are directly owned by advisory clients of Divisadero Street Capital Management, LP, including Divisadero Street Partners, L.P.

Key Figures

Beneficial ownership (group lead): 3,128,988 shares Ownership percentage (group lead): 5.8% Beneficial ownership (Partners, L.P.): 2,993,988 shares +3 more

6 metrics

Beneficial ownership (group lead) 3,128,988 shares Class A common stock beneficially owned by Divisadero Street Capital Management, LP and William Zolezzi

Ownership percentage (group lead) 5.8% Percentage of MediaAlpha Class A common stock held by Divisadero Street Capital Management, LP and William Zolezzi

Beneficial ownership (Partners, L.P.) 2,993,988 shares Class A common stock beneficially owned by Divisadero Street Partners, L.P. and its general partner

Ownership percentage (Partners, L.P.) 5.5% Percentage of MediaAlpha Class A common stock held by Divisadero Street Partners, L.P. and its GP

Shared voting power (group lead) 3,128,988 shares Shares over which Divisadero Street Capital Management, LP and William Zolezzi have shared voting power

Shared voting power (Partners, L.P.) 2,993,988 shares Shares over which Divisadero Street Partners, L.P. and its GP have shared voting power

Key Terms

beneficial ownership, shared voting power, shared dispositive power, investment adviser, +1 more

5 terms

beneficial ownership financial

"Amount beneficially owned: Divisadero Street Capital Management, LP - 3,128,988"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared voting power financial

"Shared Voting Power 3,128,988.00 7 | Sole Dispositive Power 0.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 3,128,988.00 9 3,128,988.00"

investment adviser financial

"Divisadero Street Capital Management, 2 | 4 | Citizenship... 12 IA,"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

pecuniary interest financial

"Each Reporting Person disclaims beneficial ownership... except to the extent of his, her or its pecuniary interest"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/28/2026 - 06:12 PM Accepted by SEC EDGAR 07/28/2026 - 06:11 PM Learn about SEC filing dates

FAQ

How large is Divisadero Street Capital Management LP’s stake in MediaAlpha (MAX)?

Divisadero Street Capital Management, LP reports beneficial ownership of 3,128,988 Class A shares of MediaAlpha, Inc., representing 5.8% of the outstanding Class A common stock, all held with shared voting and dispositive power through its advisory clients.

What percentage of MediaAlpha (MAX) does Divisadero Street Partners, L.P. own?

Divisadero Street Partners, L.P. reports beneficial ownership of 2,993,988 Class A shares of MediaAlpha, Inc., which equals 5.5% of the Class A common stock. Its general partner, Divisadero Street Partners GP, LLC, reports the same number of shares and percentage.

Who are the reporting persons in the MediaAlpha (MAX) Schedule 13G?

The reporting persons are Divisadero Street Capital Management, LP, William Zolezzi, Divisadero Street Partners, L.P., Divisadero Street Partners GP, LLC, and Divisadero Street Capital, LLC, all associated with holdings of MediaAlpha Class A common stock.

Do the Divisadero entities have sole or shared voting power over MediaAlpha (MAX) shares?

All reporting persons indicate 0 shares with sole voting power and only shared voting power. For example, Divisadero Street Capital Management, LP and William Zolezzi each report shared voting power over 3,128,988 shares, with no sole voting authority.

Who directly owns the MediaAlpha (MAX) shares reported by Divisadero Street Capital Management, LP?

All securities reported are directly owned by advisory clients of Divisadero Street Capital Management, LP. Other than Divisadero Street Partners, L.P., none of these advisory clients is stated to beneficially own more than 5% of the Class A common stock.

What voting and dispositive powers are reported over MediaAlpha (MAX) shares?

Each reporting person lists 0 shares with sole power to vote or dispose and only shared power. Divisadero Street Capital Management, LP and William Zolezzi each have shared voting and dispositive power over 3,128,988 shares; Divisadero Street Partners entities each have the same over 2,993,988 shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

MediaAlpha, Inc.

(Name of Issuer)

Class A Common Stock, $0.01 par value per share

(Title of Class of Securities)

58450V104

(CUSIP Number)

07/21/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 58450V104

1

Names of Reporting Persons

Divisadero Street Capital Management, LP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,128,988.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,128,988.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,128,988.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 58450V104

1

Names of Reporting Persons

William Zolezzi

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,128,988.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,128,988.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,128,988.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s): 58450V104

1

Names of Reporting Persons

Divisadero Street Partners, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,993,988.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,993,988.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,993,988.00

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)

5.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58450V104

1

Names of Reporting Persons

Divisadero Street Partners GP, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,993,988.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,993,988.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,993,988.00

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)

5.5 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 58450V104

1

Names of Reporting Persons

Divisadero Street Capital, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,128,988.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,128,988.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,128,988.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MediaAlpha, Inc.
(b)	Address of issuer's principal executive offices: 700 South Flowers Street, Suite 640, Los Angeles, CA 90017
Item 2.
(a)	Name of person filing: Divisadero Street Capital Management, LP William Zolezzi Divisadero Street Partners, L.P. Divisadero Street Partners GP, LLC Divisadero Street Capital, LLC
(b)	Address or principal business office or, if none, residence: Divisadero Street Capital Management, LP 3480 Main Highway, Suite 204 Miami, FL 33133 William Zolezzi c/o Divisadero Street Capital Management, LP 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Partners, L.P. 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Partners GP, LLC 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Capital, LLC 3480 Main Highway, Suite 204 Miami, FL 33133
(c)	Citizenship: Divisadero Street Capital Management, LP - Delaware William Zolezzi - United States Divisadero Street Partners, L.P. - Delaware Divisadero Street Partners GP, LLC - Delaware Divisadero Street Capital, LLC - Delaware
(d)	Title of class of securities: Class A Common Stock, $0.01 par value per share
(e)	CUSIP Number(s): 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: Divisadero Street Capital Management, LP - 3,128,988 William Zolezzi - 3,128,988 Divisadero Street Partners, L.P. - 2,993,988 Divisadero Street Partners GP, LLC - 2,993,988 Divisadero Street Capital, LLC - 3,128,988
(b)	Percent of class: Divisadero Street Capital Management, LP - 5.8% William Zolezzi - 5.8% Divisadero Street Partners, L.P. - 5.5% Divisadero Street Partners GP, LLC - 5.5% Divisadero Street Capital, LLC - 5.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Divisadero Street Capital Management, LP - 0 William Zolezzi - 0 Divisadero Street Partners, L.P. - 0 Divisadero Street Partners GP, LLC - 0 Divisadero Street Capital, LLC - 0
	(ii) Shared power to vote or to direct the vote: Divisadero Street Capital Management, LP - 3,128,988 William Zolezzi - 3,128,988 Divisadero Street Partners, L.P. - 2,993,988 Divisadero Street Partners GP, LLC - 2,993,988 Divisadero Street Capital, LLC - 3,128,988
	(iii) Sole power to dispose or to direct the disposition of: Divisadero Street Capital Management, LP - 0 William Zolezzi - 0 Divisadero Street Partners, L.P. - 0 Divisadero Street Partners GP, LLC - 0 Divisadero Street Capital, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: Divisadero Street Capital Management, LP - 3,128,988 William Zolezzi - 3,128,988 Divisadero Street Partners, L.P. - 2,993,988 Divisadero Street Partners GP, LLC - 2,993,988 Divisadero Street Capital, LLC - 3,128,988
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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. All of the securities reported in this Schedule 13G are directly owned by advisory clients of Divisadero Street Capital Management, LP. None of those advisory clients, other than Divisadero Street Partners, L.P., may be deemed to beneficially own more than 5% of the Class A Common Stock, $0.01 par value per share.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please see Exhibit B attached hereto.
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 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.

Divisadero Street Capital Management, LP

Signature:	By: Divisadero Street Capital, LLC, its general partner, /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	07/28/2026

William Zolezzi

Signature:	/s/ William Zolezzi
Name/Title:	William Zolezzi
Date:	07/28/2026

Divisadero Street Partners, L.P.

Signature:	By: Divisadero Street Partners GP, LLC, its general partner, /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	07/28/2026

Divisadero Street Partners GP, LLC

Signature:	By: /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	07/28/2026

Divisadero Street Capital, LLC

Signature:	By: /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	07/28/2026

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

Exhibit A - Joint Filing Agreement Exhibit B - Control Person Identification