<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G/A</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001163653</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>1</amendmentNo>
<securitiesClassTitle>Common Units representing limited partnership interests</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001176334</issuerCik>
<issuerName>MARTIN MIDSTREAM PARTNERS L.P.</issuerName>
<issuerCusip>573331105</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>4200 B Stone Road</com:street1>
<com:city>Kilgore</com:city>
<com:stateOrCountry>TX</com:stateOrCountry>
<com:zipCode>75662</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>NOMURA HOLDINGS INC</reportingPersonName>
<citizenshipOrOrganization>M0</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>3837328</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>3837328</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3837328</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>9.8</classPercent>
<typeOfReportingPerson>HC</typeOfReportingPerson>
<comments>(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.&#13;
&#13;
(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.</comments>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>NOMURA GLOBAL FINANCIAL PRODUCTS INC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>3837328</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>3837328</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3837328</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>9.8</classPercent>
<typeOfReportingPerson>BD</typeOfReportingPerson>
<comments>(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.</comments>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>MARTIN MIDSTREAM PARTNERS L.P.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>4200 B Stone Road, Kilgore, Texas, 75662</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>Nomura Holdings, Inc.&#13;
&#13;
Nomura Global Financial Products, Inc.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>Nomura Holdings, Inc.: &#13;
13-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-8645, Japan&#13;
&#13;
Nomura Global Financial Products, Inc.:&#13;
Worldwide Plaza&#13;
309 West 49th Street&#13;
New York, NY 10019</principalBusinessOfficeOrResidenceAddress>
<citizenship>Nomura Holdings, Inc.:&#13;
Japan&#13;
&#13;
Nomura Global Financial Products, Inc.:&#13;
Delaware</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>BD</typeOfPersonFiling>
<typeOfPersonFiling>HC</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>Items 5-11 of the cover pages are incorporated by reference.</amountBeneficiallyOwned>
<classPercent>Items 5-11 of the cover pages are incorporated by reference.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>Items 5-11 of the cover pages are incorporated by reference.</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>Items 5-11 of the cover pages are incorporated by reference.</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>Items 5-11 of the cover pages are incorporated by reference.</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>Items 5-11 of the cover pages are incorporated by reference.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>Y</notApplicableFlag>
</item6>
<item7>
<notApplicableFlag>N</notApplicableFlag>
<subsidiaryIdentificationAndClassification>See Exhibit B</subsidiaryIdentificationAndClassification>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<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.</certifications>
</item10>
</items>
<exhibitInfo>Exhibit A - Joint Filing Agreement&#13;
Exhibit B - Subsidiaries</exhibitInfo>
<signatureInformation>
<reportingPersonName>NOMURA HOLDINGS INC</reportingPersonName>
<signatureDetails>
<signature>/s/ Samir Patel</signature>
<title>Samir Patel, Managing Director</title>
<date>08/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>NOMURA GLOBAL FINANCIAL PRODUCTS INC</reportingPersonName>
<signatureDetails>
<signature>/s/ Samir Patel</signature>
<title>Samir Patel, Authorized Officer</title>
<date>08/14/2025</date>
</signatureDetails>
</signatureInformation>
</formData>

</edgarSubmission>
