MediaAlpha, Inc. has entered into an agreement to purchase Insignia's interest in its Tax Receivables Agreement (TRA). The company paid $31.0 million in cash for this interest. This purchase represents a discount of $37.7 million, or 55%, compared to the estimated total value of Insignia's portion of the TRA as of March 31, 2026. As of March 31, 2026, the estimated future liability under the TRA was $123.4 million, with $68.7 million attributed to Insignia. Following this transaction, the total remaining estimated liability under the TRA is projected to be approximately $55.0 million as of June 30, 2026. The transaction was funded through existing cash on hand and borrowings under the company's secured revolving credit facility. The TRA involves MediaAlpha paying 85% of any realized U.S. federal, state, and local income tax savings resulting from increases in the tax basis of QL Holdings LLC's assets.