Long-Term Debt

12 Months Ended

Dec. 31, 2025

LONG-TERM DEBT

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


	2025		2024
$130,000 1 Credit facility at variable interest rate (7.66% 1 weighted average at December 31, 2025), due November 2027 4 secured by substantially all of the Partnership’s assets, net of unamortized debt issuance costs of $1,787 and $2,242, respectively 2	$	37,213	$	51,258
$400,000 Senior notes, 11.5% interest, net of unamortized debt issuance costs of $4,205 and $6,223, respectively, including unamortized discount of $5,000 and $7,400, respectively, due February 2028, secured 2,3,4	390,795		386,377
Total	428,008		437,635
Less: current portion	—		—
Total long-term debt, net of current portion	$	428,008	$	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. The applicable margin for revolving loans that are SOFR loans currently ranges from 2.75% to 3.75%, and the applicable margin for revolving loans that are alternate base rate loans currently ranges from 1.75% to 2.75%. The applicable margin for SOFR borrowings and alternate base rate borrowings at December 31, 2025 is 3.75% and 2.75%, respectively. The applicable margin for SOFR borrowings and alternate base rate borrowings effective February 23, 2026 is 3.50% and 2.50%, respectively. 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 (the "Omnibus Agreement").

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

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 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, 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 ended 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.

The Partnership paid cash interest, net of capitalized interest, in the amount of $52,312, $53,449, and $51,607 for the years ended December 31, 2025, 2024 and 2023, respectively. Capitalized interest was $137, $1,153, and $310 for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the Partnership had irrevocable letters of credit outstanding totaling $645.

MARTIN MIDSTREAM PARTNERS L.P. 10-K