Debt (Tables)

9 Months Ended

Sep. 30, 2025

At September 30, 2025 and December 31, 2024, long-term debt consisted of the following:


	September 30, 2025		December 31, 2024
$130,000 credit facility at variable interest rate (7.74%1 weighted average at September 30, 2025), due November 2027 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries, net of unamortized debt issuance costs of $1,899 and $2,242, respectively 2	$	51,601	$	51,258
$400,000 Senior notes, 11.5% interest, net of unamortized debt issuance costs of $4,709 and $6,223, respectively, including unamortized premium of $5,600 and $7,400, respectively, due February 2028, secured 2	389,691		386,377
Total	441,292		437,635
Less: current portion	—		—
Total long-term debt, net of current portion	$	441,292	$	437,635

1 The interest rate fluctuates based on Adjusted Term SOFR (set on the date of each advance) or the alternate base rate plus an applicable margin. The margin is set every three months. All amounts outstanding at September 30, 2025 were at Adjusted Term SOFR plus an applicable margin of 3.50%. The applicable margin for revolving loans that are SOFR loans ranges from 2.75% to 3.75%, and the applicable margin for revolving loans that are alternate base rate loans ranges from 1.75% to 2.75%. The applicable margin for SOFR borrowings effective October 15, 2025, is 3.75%. The credit facility contains various covenants that limit the Partnership’s ability to make distributions; make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Partnership's omnibus agreement with Martin Resource Management Corporation (as amended, the "Omnibus Agreement").

2 The Partnership was in compliance with all debt covenants as of September 30, 2025 and December 31, 2024.

On September 24, 2025, Martin Operating Partnership L.P. (the “Operating Partnership”), a wholly owned subsidiary of the Partnership, the Partnership and certain of the Partnership’s other subsidiaries entered into a Second Amendment to Fourth Amended and Restated Credit Agreement (the “Second Amendment”) with Royal Bank of Canada, as administrative agent and collateral agent, and the lenders party thereto, which amends the Fourth Amended and Restated Credit Agreement, dated effective as of February 8, 2023 (as previously amended, the “Credit Agreement”).

The Partnership entered into the Second Amendment to the Credit Agreement to, among other things:

•extend the maturity date of amounts outstanding and the lenders’ commitments under the Credit Agreement from February 8, 2027 to November 16, 2027;

•decrease the amount available for the Partnership to borrow under the Credit Agreement on a revolving credit basis from $150,000 to $130,000; and

•adjust the financial covenants as described in more detail below:

◦require the Partnership to maintain a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of at least 1.75 to 1.00 for the fiscal quarter ended March 31, 2025 and each fiscal quarter thereafter;

◦require the Partnership to maintain a maximum Total Leverage Ratio (as defined in the Credit Agreement) of not more than 4.50 to 1.00 for the fiscal quarters ended March 31, 2025 and June 30, 2025, and stepping up to 4.75 to 1.00 for the fiscal quarter ending September 30, 2025 and each fiscal quarter thereafter; and

◦require the Partnership to maintain a maximum First Lien Leverage Ratio (as defined in the Credit Agreement) of not more than 1.25 to 1.00 for the fiscal quarter ended March 31, 2025 and each fiscal quarter thereafter.

We are in compliance with all debt covenants as of September 30, 2025, and expect to be in compliance for the next twelve months.

The Partnership paid cash interest in the amount of $24,420 and $24,805 for the three months ended September 30, 2025 and 2024, respectively. The Partnership paid cash interest in the amount of $50,828 and $51,043 for the nine months ended September 30, 2025 and 2024, respectively. Capitalized interest was $36 and $373 for the three months ended September 30, 2025 and 2024, respectively. Capitalized interest was $81 and $806 for the nine months ended September 30, 2025 and 2024, respectively.