Unit Based Awards - Long-Term Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Costs Related to Unit Based Plan

Amounts recognized in operating expense and selling, general, and administrative expense in the consolidated and condensed financial statements with respect to these plans are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Restricted unit Awards

Non-employee directors	$	66	$	42	$	156	$	145
Phantom unit Awards
Employees	754		1,619		1,859		2,839

Total unit-based compensation expense	$	820	$	1,661	$	2,015	$	2,984

Schedule of Restricted Unit Activity

A summary of the restricted unit activity for the nine months ended September 30, 2025, is provided below:


	Number of Units		Weighted Average Grant-Date Fair Value Per Unit
Non-vested, beginning of period	168,864		$	2.65
Granted (TBRU)	54,000		$	3.62

Vested	(60,126)		$	2.75
Forfeited	—		$	—
Non-Vested, end of period	162,738		$	2.93

Aggregate intrinsic value, end of period	$	498

Schedule of Aggregate Intrinsic Value and Fair Value of Units Vested

A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the nine months ended September 30, 2025 and 2024, is provided below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Aggregate intrinsic value of units vested	$	—	$	—	$	55	$	46
Fair value of units vested	—		—		165		168

MARTIN MIDSTREAM PARTNERS L.P. 10-Q