Nomura Holdings/NGFP Reports 3,837,328 Units in MMLP; Passive 9.8% Stake

Rhea-AI Filing Summary

Nomura Holdings, Inc. and its subsidiary Nomura Global Financial Products, Inc. reported beneficial ownership of 3,837,328 common units of Martin Midstream Partners L.P., representing 9.8% of the 39,055,086 common units outstanding as of June 30, 2025. The filing states Nomura has shared voting and shared dispositive power over these units through NGFP; no sole voting or dispositive power is reported. The holders certify the securities were acquired and are held in the ordinary course of business and not to influence control. The statement is signed by Samir Patel on behalf of both filers and includes Exhibit A (Joint Filing Agreement) and Exhibit B (Subsidiaries).

Positive

• Disclosed a material stake: 3,837,328 common units representing 9.8% of outstanding units as of June 30, 2025
• Clear ownership chain: Units held by Nomura Global Financial Products, Inc., a wholly owned subsidiary of Nomura Holdings, Inc.
• Passive intent certified: Filers certify securities are held in the ordinary course of business and not to influence control
• Proper formalities met: Joint Filing Agreement and Subsidiaries exhibits attached; signed certification included

Negative

• None.

Insights

Financial Analyst

TL;DR: Nomura discloses a passive 9.8% stake in MMLP via a subsidiary, reporting shared voting/dispositive power.

The filing is a Schedule 13G/A amendment showing an aggregate position of 3,837,328 common units, equal to 9.8% of the 39,055,086 units outstanding as of June 30, 2025. The stake is held by Nomura Global Financial Products, Inc., a wholly owned subsidiary of Nomura Holdings, and the cover pages report shared voting and dispositive power only. The document explicitly states the position is held in the ordinary course of business and not to influence control, consistent with a passive investor profile under Schedule 13G. For investors, the disclosure clarifies ownership concentration but does not signal an active strategic or control intent.

Corporate Governance Expert

TL;DR: A passive disclosure of near-10% ownership with shared voting power—important for governance transparency but not an activist signal.

This Schedule 13G/A clarifies that Nomura Holdings may be deemed to beneficially own the units held by its subsidiary NGFP and documents shared voting and dispositive authority for 3,837,328 units. The signature and certification affirm the passive nature of the holding and include required exhibits for joint filing and subsidiary identification. From a governance standpoint, the filing ensures compliance with disclosure rules and notifies the market of a material minority stake without claiming control intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

MARTIN MIDSTREAM PARTNERS L.P.

(Name of Issuer)

Common Units representing limited partnership interests

(Title of Class of Securities)

573331105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 573331105

1

Names of Reporting Persons

NOMURA HOLDINGS INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,837,328.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,837,328.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,837,328.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.8 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: (1) Shared voting and dispositive power represents 3,837,328 Common Units beneficially owned by Nomura Global Financial Products, Inc. ("NGFP"). NGFP is a wholly owned subsidiary of Nomura Holdings, Inc., which accordingly may be deemed to beneficially own the Common Units beneficially owned by NGFP. (2) The percent of class is calculated based on 39,055,086 Common Units outstanding as of June 30, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2025 filed with the SEC on July 21, 2025.

SCHEDULE 13G

CUSIP No. 573331105

1

Names of Reporting Persons

NOMURA GLOBAL FINANCIAL PRODUCTS INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,837,328.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,837,328.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,837,328.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.8 %

12

Type of Reporting Person (See Instructions)

BD

Comment for Type of Reporting Person: (3) The percent of class is calculated based on 39,055,086 Common Units outstanding as of June 30, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2025 filed with the SEC on July 21, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MARTIN MIDSTREAM PARTNERS L.P.
(b)	Address of issuer's principal executive offices: 4200 B Stone Road, Kilgore, Texas, 75662
Item 2.
(a)	Name of person filing: Nomura Holdings, Inc. Nomura Global Financial Products, Inc.
(b)	Address or principal business office or, if none, residence: Nomura Holdings, Inc.: 13-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-8645, Japan Nomura Global Financial Products, Inc.: Worldwide Plaza 309 West 49th Street New York, NY 10019
(c)	Citizenship: Nomura Holdings, Inc.: Japan Nomura Global Financial Products, Inc.: Delaware
(d)	Title of class of securities: Common Units representing limited partnership interests
(e)	CUSIP No.: 573331105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Items 5-11 of the cover pages are incorporated by reference.
(b)	Percent of class: Items 5-11 of the cover pages are incorporated by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Items 5-11 of the cover pages are incorporated by reference.
	(ii) Shared power to vote or to direct the vote: Items 5-11 of the cover pages are incorporated by reference.
	(iii) Sole power to dispose or to direct the disposition of: Items 5-11 of the cover pages are incorporated by reference.
	(iv) Shared power to dispose or to direct the disposition of: Items 5-11 of the cover pages are incorporated by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit B
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

NOMURA HOLDINGS INC

Signature:	/s/ Samir Patel
Name/Title:	Samir Patel, Managing Director
Date:	08/14/2025

NOMURA GLOBAL FINANCIAL PRODUCTS INC

Signature:	/s/ Samir Patel
Name/Title:	Samir Patel, Authorized Officer
Date:	08/14/2025

Exhibit Information

Exhibit A - Joint Filing Agreement Exhibit B - Subsidiaries

FAQ

How many Martin Midstream Partners units does Nomura report owning (MMLP)?

The filing reports 3,837,328 common units beneficially owned.

What percentage of MMLP does Nomura's reported stake represent?

The reported amount represents 9.8% of the 39,055,086 common units outstanding as of June 30, 2025.

Does Nomura have sole voting or dispositive power over these MMLP units?

No; the filing reports 0 sole voting power and 0 sole dispositive power and 3,837,328 in shared voting and shared dispositive power.

Is the Nomura position in MMLP intended to influence control?

The filers certify the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Who signed the Schedule 13G/A for Nomura?

The filing is signed by Samir Patel as Managing Director for Nomura Holdings and Authorized Officer for NGFP, dated 08/14/2025.