
	June 30, 2026		December 31, 2025
$115,000 3 credit facility at variable interest rate (7.48%1 weighted average at June 30, 2026), 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 $1,256 and $1,787, respectively 2	$	60,744	$	37,213
$400,000 Senior notes, 11.5% interest, net of unamortized debt issuance costs of $3,196 and $4,205, respectively, including unamortized discount of $3,800 and $5,000, respectively, due February 2028, secured 2	393,004		390,795
Total	453,748		428,008
Less: current portion	—		—
Total long-term debt, net of current portion	$	453,748	$	428,008

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 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 and alternate base rate borrowings at June 30, 2026 is 3.75% and 2.75%, respectively. The applicable margin for SOFR borrowings and alternate base rate borrowings effective July 22, 2026, is 3.75% and 2.75%, 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 (as amended, the "Omnibus Agreement").

3 On March 31, 2026, the Partnership, Martin Operating Partnership L.P. (the “Operating Partnership”), a wholly owned subsidiary of the Partnership, and certain of the Partnership’s other subsidiaries entered into a Third Amendment to Fourth Amended and Restated Credit Agreement (the “Third 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”).

◦require the Partnership to maintain a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of at least 1.65 to 1.00 for the fiscal quarters ending March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026 and stepping up to 1.75 to 1.00 for the fiscal quarter ending March 31, 2027 and each fiscal quarter thereafter; and

◦require the Partnership to maintain a maximum Total Leverage Ratio (as defined in the Credit Agreement) of not more than 5.50 to 1.00 for the fiscal quarters ending March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026, stepping down to 5.30 to 1.00 for the fiscal quarter ending March 31, 2027, stepping down to 5.25 to 1.00 for the fiscal quarter ending June 30, 2027, and further stepping down to 5.00 to 1.00 for the fiscal quarter ending September 30, 2027 and each fiscal quarter thereafter.

The Partnership paid cash interest in the amount of $1,665 and $1,683 for the three months ended June 30, 2026 and 2025, respectively. The Partnership paid cash interest in the amount of $26,115 and $26,408 for the six months ended June 30, 2026 and 2025, respectively. Capitalized interest was $143 and $45 for the three months ended June 30, 2026 and 2025, respectively. Capitalized interest was $235 and $45 for the six months ended June 30, 2026 and 2025, respectively.