MAX · MediaAlpha, Inc.

MediaAlpha’s subsidiaries QuoteLab, LLC and QL Holdings LLC entered into an amended and restated credit agreement on March 25, 2026, replacing their existing credit agreement originally dated September 23, 2020. The new facilities include a $150 million five-year senior secured term loan and a $60 million five-year senior secured revolving credit facility, both maturing on March 25, 2031. Proceeds from the term loan are first used to refinance all outstanding debt under the prior credit agreement, with remaining funds allocated for general corporate purposes. The facilities are guaranteed by QL Holdings and secured by substantially all assets of both subsidiaries. Interest rates are tiered based on the borrower’s consolidated total net leverage ratio, giving investors clear visibility into how the company’s leverage will impact future borrowing costs. The agreement includes standard covenants that will govern the company’s financial and operational activities during the term of the facilities, with no prepayment penalties giving the company flexibility to repay debt early if desired. The term loan amortization schedule starts at 1.25% of the original principal per quarter through March 2030, increasing to 2.5% per quarter for the final year of the term, with mandatory prepayments required from non-ordinary course asset sales subject to customary exceptions. This updated credit agreement provides the company with longer-term, flexible financing to support its ongoing operations and potential strategic initiatives.