Looking at this filing, I need to extract key financial and operational details. The filing is a Form 10-Q for MediaAlpha, Inc. (NYSE:MAX) for the quarterly period ended September 30, 2026. The filing content provided is primarily the cover page, table of contents, definitions section, and cautionary language. I need to work with what's available. Let me check the substantive disclosure content: the definitions section and share count information provide enough facts to meet the 150-word threshold. Key facts from the filing: - MediaAlpha, Inc., NYSE:MAX - Form 10-Q for quarterly period ended September 30, 2026 - Filed October 28, 2026 - As of October 26, 2026: 50,903,805 shares of Class A common stock outstanding - 8,288,267 shares of Class B common stock outstanding - Accelerated filer (checked) - Not a shell company - Two business models: Open Marketplace and Private Marketplace - Verticals include property & casualty insurance, health insurance, and life insurance - Commission File Number: 001-39671 - Principal offices: 700 South Flower Street, Suite 640, Los Angeles, California 90017

MediaAlpha, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the Securities and Exchange Commission on October 28, 2026, disclosing share counts, filer status, and operational structure for its insurance-focused consumer referral platform.

Key Highlights

  • Class A shares outstanding: As of October 26, 2026, MediaAlpha reported 50,903,805 shares of Class A common stock, $0.01 par value per share, outstanding.
  • Class B shares outstanding: As of October 26, 2026, the company reported 8,288,267 shares of Class B common stock, par value $0.01 per share, outstanding.
  • Filer classification: MediaAlpha is classified as an accelerated filer and is not a smaller reporting company or emerging growth company, according to the filing.
  • Two platform models: The company operates through an Open Marketplace model and a Private Marketplace model, connecting insurance carriers and distributors with high-intent consumers.
  • Insurance verticals covered: The filing identifies property and casualty insurance, health insurance, and life insurance as examples of the verticals served on the platform.
  • Principal offices: The registrant's address is listed as 700 South Flower Street, Suite 640, Los Angeles, California 90017.

MediaAlpha's Platform Structure and Share Position at September 30, 2026

MediaAlpha, Inc. (NYSE:MAX), a Los Angeles-based operator of an insurance-focused consumer referral platform, filed its quarterly report for the period ended September 30, 2026. According to the filing, as of October 26, 2026, the company had 50,903,805 shares of Class A common stock and 8,288,267 shares of Class B common stock outstanding, each with a par value of $0.01 per share. The company carries Commission File Number 001-39671 and is incorporated in Delaware.

The filing describes two distinct business models that MediaAlpha operates. In the Open Marketplace model, the company maintains separate agreements with Demand Partners and Supply Partners, earning fees from Demand Partners while paying a revenue share to Supply Partners and fees to internet search companies to direct consumers to the company's proprietary websites. In the Private Marketplace model, Demand Partners and Supply Partners contract directly with one another and use MediaAlpha's platform to facilitate "transparent, real-time transactions" utilizing the company's reporting and analytical tools. Under this model, the company charges Supply Partners a fee based on the Transaction Value of Consumer Referrals sold.

According to the filing, Demand Partners are "generally insurance carriers and distributors looking to target high-intent consumers deep in their purchase journey," while Supply Partners are "primarily insurance carriers looking to maximize the value of non-converting or low LTV consumers, and insurance-focused research destinations or other financial websites looking to monetize high-intent consumers." The company's verticals, as defined in the filing, include property and casualty insurance, health insurance, and life insurance. The filing also references QL Holdings LLC as a related operating entity, with MediaAlpha holding all Class A-1 units through its wholly owned subsidiary, Guilford Holdings, Inc. The filing confirms MediaAlpha is not a shell company and has complied with all required regulatory filings during the preceding 12 months.

What Was Disclosed

MediaAlpha, Inc. submitted its Form 10-Q for the quarter ended September 30, 2026, disclosing share counts of 50,903,805 Class A and 8,288,267 Class B shares outstanding as of October 26, 2026, its accelerated filer status, and its two-model platform structure serving insurance verticals.