SCHEDULE: Pilgrim Global Entities Boost Navios Maritime Partners Stake

Pilgrim Global ICAV, Pilgrim Global Advisors LLC, and Darren Maupin have collectively reported a beneficial ownership of 17.4% in Navios Maritime Partners L.P. common units as of September 30, 2025.

Summary

• Pilgrim Global ICAV, Pilgrim Global Advisors LLC, and Darren Maupin filed an Amendment No. 6 to Schedule 13G for Navios Maritime Partners L.P.
• The filing reports beneficial ownership of Common Units, representing limited partner interests, as of September 30, 2025.
• Pilgrim Global ICAV beneficially owns 4,660,838 common units, representing 16.1% of the class, with shared voting and dispositive power over these units.
• Pilgrim Global Advisors LLC beneficially owns 4,857,993 common units, representing 16.7% of the class, with shared voting and dispositive power over these units.
• Darren Maupin beneficially owns 5,023,150 common units, representing 17.4% of the class, with sole voting and dispositive power over 165,157 units and shared voting and dispositive power over 4,857,993 units.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: Neutral. This is a factual disclosure of beneficial ownership and does not contain information that would inherently sway sentiment positively or negatively regarding the issuer's performance or prospects.

Positives

• Increased transparency regarding significant ownership stakes in Navios Maritime Partners L.P.
• The reporting persons certify that the securities are held in the ordinary course of business and not for control-changing purposes, indicating a passive investment intent.

Future Outlook

NA

Management Comments

• "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."
• "By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Pilgrim Global ICAV is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D."

Industry Context

This filing provides insight into significant institutional and individual investment in Navios Maritime Partners L.P., a company operating in the maritime shipping industry. Such disclosures are common for publicly traded companies and reflect investor confidence or strategic positioning within the sector.

Comparison to Industry Standards

• The beneficial ownership percentages (16.1% to 17.4%) are substantial, indicating a significant stake by these reporting persons, which is above the typical 5% threshold for passive reporting.
• The filing adheres to SEC regulations for Schedule 13G, which is standard practice for passive investors holding more than 5% of a company's stock.

Corporate Governance

Related Party Transactions

• With the exception of 165,157 shares of Common Units owned by Darren Maupin in his individual capacity, all reported securities are directly owned by advisory clients and employees of Pilgrim Global Advisors LLC or its affiliates.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional and individual ownership, which can influence market perception and trading activity.
• Management: Awareness of significant shareholder interests and their stated passive investment intent.

Key Dates

Keywords

Navios Maritime Partners, Common Units, Limited Partner Interests, Schedule 13G, Beneficial Ownership, Pilgrim Global ICAV, Pilgrim Global Advisors LLC, Darren Maupin, SEC Filing, Investment Company, Investment Adviser, Shipping, Maritime