Martin Midstream Partners LP 2025年度报告

FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934 For the fiscal year ended December 31, 2025 OR Transition Report Pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934 For the transition period from_____ to _____.Commission file number 000-50056MARTIN MIDSTREAM PARTNERS L.P. (Exact name of registrant as specified in its charter) 05-0527861 Delaware (I.R.S. Employer Identification No.) State or other jurisdiction of incorporation or organization 4200 Stone Road Kilgore, Texas75662(Address of principal executive offices)(Zip Code) 903-983-6200(Registrant’s telephone number, including area code)_______________________ Securities Registered Pursuant to Section 12(b) of the Act: Securities Registered Pursuant to Section 12(g) of the Act:NONE Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subjectto such filing requirements the past 90 days.Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically, every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reportingcompany. See definition of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2of the Exchange Act. Large accelerated filer☐Non-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report. Yes☒No☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). As of June 30, 2025, 39,055,086 common units were outstanding.The aggregate market value of the common units held by non-affiliates of theregistrant as of such date approximated $78,689,869based on the closing sale price on that date.There were 39,055,086 of the registrant’s commonunits outstanding as of February23, 2026. DOCUMENTS INCORPORATED BY REFERENCE:None. TABLE OF CONTENTS PART I Item 1.Business References in this Annual Report on Form 10-K for the year ended December 31, 2025 (this "Annual Report") to "we," "ours," "us"or like terms when used in a historical context refer to the assets and operations of Martin Resource Management Corporation'sbusiness contributed to us in connection with our initial public offering on November 6, 2002. References in this Annual Report to"Martin Resource Management Corporation" refer to Martin Resource Management Corporation and its subsidiaries, unless thecontext otherwise requires. References in this Annual Report to the "Partnership" refer to Martin Midstream Partners L.P. and itssubsidiaries, unless the content otherwise requires. You should read the following discussion of our financial condition and results ofoperations in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this Annual Report.For more detailed information regarding the basis for presentation for the following information, you should read the notes to theconsolidated financial statements included elsewhere in this Annual Report. Forward-Looking Statements This Annual Report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933,as amended (the