UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________________________________________________

FORM 6-K

_____________________________________________________________

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026

Commission file number 1-32479

_____________________________________________________________

SEAPEAK LLC

(Exact name of Registrant as specified in its charter)

_____________________________________________________________

2000, 550 Burrard Street, Vancouver, BC, Canada, V6C 2K2

(Address of principal executive office)

_____________________________________________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý Form 40-F ¨

SEAPEAK LLC AND SUBSIDIARIES

REPORT ON FORM 6-K FOR THE QUARTERLY PERIOD ENDED ~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

INDEX

PART I: FINANCIAL INFORMATION			PAGE
Item 1. Financial Statements (Unaudited)
Unaudited Consolidated Statements of (Loss) Income for the three and nine months ended September 30, 2025 and 2024			3
Unaudited Consolidated Statements of Income for the three months ended March 31, 2026 and 2025			3
Unaudited Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2025 and 2024			4
Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025			4
Unaudited Consolidated Balance Sheets as at September 30, 2025 and December 31, 2024			5
Unaudited Consolidated Balance Sheets as at March 31, 2026 and December 31, 2025			5
Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024			6
Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025			6
Unaudited Consolidated Statements of Changes in Total Equity for the three and nine months ended September 30, 2025 and 2024			7
Unaudited Consolidated Statements of Changes in Total Equity for the three months ended March 31, 2026 and 2025			7
Notes to the Unaudited Consolidated Financial Statements			98
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			2421
SIGNATURES			3630

ITEM 1 – FINANCIAL STATEMENTS

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF ~~(LOSS)~~ INCOME

(in thousands of U.S. Dollars)

	Three Months Ended September 30,		Nine Months Ended September 30,
	Three Months Ended March 31,
	2025	2024	2025	2024
	2026	2025
	$	$	$	$
Voyage revenues (notes 6 and 10a)	~~159~~147,~~475~~367	~~176~~160,~~333~~430	~~478,543~~	~~530,952~~
Voyage expenses	(32,~~194~~601)	(25,~~842~~397)	~~(10,262)~~	~~(8,329)~~
Vessel operating expenses	(54,~~860~~743)	(5754,~~618~~357)	~~(164,859)~~	~~(170,612)~~
Time-charter hire expenses	—	(2,108)	—	(6,409)
Depreciation and amortization	(41,883)	(33,521)
Depreciation and amortization	(33,612)	(35,378)	(101,539)	(105,581)
General and administrative expenses	(7,104)	(7,144)
General and administrative expenses	(13,549)	(7,007)	(27,953)	(22,459)
Gain on sales of vessels (note 14)	3,007	—
(Write-down) and gain on sales of vessels (note 14)	(61,792)	3,368	(61,792)	4,339
Income from vessel operations	44,043	60,011
Restructuring charges (note 16)	(1,460)	—	(20,724)	—
Equity income (notes 3b, 7 and 10a)	28,532	17,674
(Loss) income from vessel operations	(8,992)	74,748	91,414	221,901
Interest expense	(36,700)	(42,446)
Equity income (notes 3b, 7 and 10a)	8,907	31,362	64,562	95,864
Interest income (note 7)	2,826	3,170
Interest expense	(41,353)	(44,620)	(126,125)	(133,824)
Realized and unrealized gain (loss) on non-designated derivative instruments (note 11)	7,144	(17,008)
Interest income (note 7)	3,059	3,724	9,311	10,590
Foreign currency exchange loss (notes 8 and 11)	(444)	(1,060)
Realized and unrealized (loss) gain on non-designated derivative instruments (note 11)	(1,261)	(28,065)	(26,476)	3,465
Other expense (notes 3b and 5)	(4,844)	(12,761)
Foreign currency exchange loss (notes 8 and 11)	(924)	(4,789)	(3,737)	(3,485)
Net income before income tax (expense) recovery	40,557	7,580
Other (expense) income (notes 3b and 5)	(7,480)	5,599	(21,469)	(3,943)
Income tax (expense) recovery (note 9)	(81)	363
Net (loss) income before income tax recovery (expense)	(48,044)	37,959	(12,520)	190,568
Net income	40,476	7,943
Income tax recovery (expense) (note 9)	981	(681)	(696)	(2)
Non-controlling interest in net income	(933)	(1,242)
Net (loss) income	(47,063)	37,278	(13,216)	190,566
Preferred unitholders' interest in net income	6,279	6,279
Non-controlling interest in net (loss) income	(17,666)	2,494	(16,526)	4,880
Common unitholder's interest in net income	35,130	2,906
Preferred unitholders' interest in net (loss) income	6,279	6,425	18,837	19,275
Common unitholder's interest in net (loss) income	(35,676)	28,359	(15,527)	166,411

Related party transactions (note 10)

Subsequent events (note 1716)

The accompanying notes are an integral part of the unaudited consolidated financial statements.

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) ~~INCOME~~

(in thousands of U.S. Dollars)

	Three Months Ended September 30,		Nine Months Ended September 30,
	Three Months Ended March 31,
	2025	2024	2025	2024
	2026	2025
	$	$	$	$
Net (loss) income	(47,063)	37,278	(13,216)	190,566
Net income	40,476	7,943
Other comprehensive loss:
Other comprehensive income (loss):
Other comprehensive loss before reclassifications
Other comprehensive income (loss) before reclassifications
Unrealized gain (loss) on qualifying cash flow hedging instruments, net of tax	~~385~~3,146	(145,~~620~~573)	~~(8,014)~~	~~3,214~~
Amounts reclassified from accumulated other comprehensive income, net of tax
To equity income:
Realized gain on qualifying cash flow hedging instruments	(21,~~887~~800)	(42,~~233~~917)	~~(8,734)~~	~~(12,921)~~
To interest expense:
Realized loss on qualifying cash flow hedging instruments (note 11)	~~143~~130	~~175~~177	~~482~~	~~557~~
Other comprehensive loss	(2,359)	(18,678)	(16,266)	(9,150)
Other comprehensive income (loss)	1,476	(8,313)
Comprehensive (loss) income	(49,422)	18,600	(29,482)	181,416
Comprehensive income (loss)	41,952	(370)
Non-controlling interest in comprehensive (loss) income	(17,623)	2,546	(16,382)	5,047
Non-controlling interest in comprehensive income (loss)	(894)	(1,189)
Preferred unitholders' interest in comprehensive (loss) income	6,279	6,425	18,837	19,275
Preferred unitholders' interest in comprehensive income (loss)	6,279	6,279
Common unitholder's interest in comprehensive (loss) income	(38,078)	9,629	(31,937)	157,094
Common unitholder's interest in comprehensive income (loss)	36,567	(5,460)

The accompanying notes are an integral part of the unaudited consolidated financial statements.

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands of U.S. Dollars, except unit data)

As at September 30, 2025

As at December 31, 2024

As at March 31, 2026

As at December 31, 2025

ASSETS

Current

Cash and cash equivalents (note 13)

~~103~~81,~~732~~284

~~153~~122,~~726~~906

Restricted cash – current (note 13)

—9,614

914,~~210~~455

Short-term investments

9,200

—

Accounts receivable, including non-trade of $4,885 (2025 – $6,420) (note 11)

28,502

30,620

Accounts receivable, including non-trade of $6,488 (2024 – $6,183) (note 11)

30,043

29,058

Prepaid expenses

13,539

12,489

Prepaid expenses

14,694

15,162

Vessels held for sale (note 14)

—

24,400

Vessels held for sale (note 14c)

47,090

—

Current portion of derivative assets (note 11)

17,050

32,412

Current portion of derivative assets (note 11)

31,058

35,684

Current portion of net investments in direct financing and sales-type leases, net (notes 3b and 6)

21,218

21,066

Current portion of net investments in direct financing and sales-type leases, net (notes 3b and 6)

20,731

20,928

Amounts due from affiliates (notes 10b and 12e)

31,272

24,087

Amounts due from affiliates (notes 10b and 12e)

13,879

19,679

Other current assets (note 12e)

14,827

16,501

Other current assets (note 12e)

12,692

6,619

Total current assets

217,306

298,936

Total current assets

283,119

290,066

Restricted cash – long-term (note 13)

8,433

7,793

Restricted cash – long-term (note 13)

20,880

25,032

Vessels and equipment

At cost, less accumulated depreciation of $68,255 (2024 – $94,752)

348,545

731,318

At cost, less accumulated depreciation of $108,055 (2025 – $88,184)

315,376

328,616

Vessels related to finance leases, at cost, less accumulated depreciation of $426,944 (2024 – $367,146) (note 5)

2,170,715

1,979,630

Vessels related to finance leases, at cost, less accumulated depreciation of $463,338 (2025 – $447,699) (note 5)

2,138,287

2,156,322

Advances on newbuilding contracts (note 12a)

~~275~~377,~~543~~043

~~243~~301,~~186~~597

Total vessels and equipment

2,~~794~~830,~~803~~706

2,~~954~~786,~~134~~535

Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7)

1,~~350~~373,~~526~~269

1,~~346~~357,~~578~~862

Net investments in direct financing and sales-type leases, net (notes 3b and 6)

~~588~~570,~~647~~571

~~625~~581,~~398~~452

Other assets

26,535

28,858

Other assets (note 12e)

40,696

33,707

Derivative assets (note 11)

1738,~~449~~425

5020,~~913~~541

Intangible assets, net

1511,~~233~~766

2013,~~434~~500

Goodwill

37,308

Total assets

5,~~134~~128,~~500~~480

5,~~378~~137,~~721~~634

LIABILITIES AND EQUITY

Current

Accounts payable

79,~~239~~151

78,~~093~~524

Accrued liabilities and other (note 12e)

~~116~~121,~~795~~776

~~100~~126,~~060~~826

Unearned revenue (note 6)

3229,~~595~~319

3429,~~733~~300

Current portion of long-term debt (note 8)

~~113~~334,~~933~~040

~~177~~296,~~093~~188

Current obligations related to finance leases (note 5)

~~230~~219,~~600~~021

~~129~~228,~~418~~985

Current portion of derivative liabilities (note 11)

5012,460

2216,~~283~~045

Amounts due to affiliates (note 10b)

121,~~975~~050

~~6,721~~752

Total current liabilities

~~514~~726,~~187~~817

~~477~~706,~~401~~620

Long-term debt (note 8)

~~763~~639,~~712~~246

~~882~~595,~~446~~867

Long-term obligations related to finance leases (note 5)

1,~~606~~452,~~269~~388

1,~~598~~573,~~135~~541

Other long-term liabilities (notes 3b, 6 and 12d)

76,591

88,764

Other long-term liabilities (notes 3b, 6 and 12)

84,643

71,489

Derivative liabilities (note 11)

~~16,028~~—

~~25,281~~128

Total liabilities

2,~~976~~903,~~787~~094

32,~~072~~947,~~027~~645

Commitments and contingencies (notes 5, 7, 8, 11 and 12)

Equity

Common units (99.9 million units issued and outstanding at September 30, 2025 and December 31, 2024)

1,816,352

1,931,879

Common units (99.9 million units issued and outstanding at March 31, 2026 and December 31, 2025)

1,884,322

1,849,192

Preferred units (11.9 million units authorized; 11.5 million issued and outstanding at September 30, 2025 and December 31, 2024)

278,419

Preferred units (11.9 million units authorized; 11.5 million issued and outstanding at March 31, 2026 and December 31, 2025)

278,419

Accumulated other comprehensive income

1920,~~673~~423

3618,~~083~~986

Equity

2,~~114~~183,~~444~~164

2,~~246~~146,~~381~~597

Non-controlling interest

4342,~~269~~222

6043,~~313~~392

Total equity

2,~~157~~225,~~713~~386

2,~~306~~189,~~694~~989

Total liabilities and total equity

5,~~134~~128,~~500~~480

5,~~378~~137,~~721~~634

The accompanying notes are an integral part of the unaudited consolidated financial statements.

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. Dollars)

	Nine Months Ended September 30,
	Three months ended March 31,
	2025	2024
	2026	2025
	$	$
Cash, cash equivalents and restricted cash provided by (used for)
OPERATING ACTIVITIES
Net (loss) income	(13,216)	190,566
Net income	40,476	7,943
Non-cash and non-operating items:
Unrealized loss on non-designated derivative instruments (note 11)	38,738	14,303
Unrealized (gain) loss on non-designated derivative instruments (note 11)	(2,648)	21,677
Depreciation and amortization	~~101~~41,~~539~~883	~~105~~33,~~581~~521
Write-down and (gain) on sales of vessels (note 14)	61,792	(4,339)
Gain on sales of vessels (note 14)	(3,007)	—
Unrealized foreign currency exchange loss	~~5,161~~937	61,~~599~~677
Equity income, net of distributions received of $47,349 (2024 – $40,903) (note 7)	(17,213)	(52,893)
Equity income, net of distributions received of $15,250 (2025 – $8,750) (note 7)	(13,282)	(8,924)
Amortization of deferred financing issuance costs included in interest expense	31,~~029~~304	~~3,492~~891
Change in unrealized credit loss provisions included in other (expense) income (note 3b)	20,600	10,300
Change in unrealized credit loss provisions included in other expense (note 3b)	4,800	12,500
Gain on extinguishment of obligations related to finance leases included in other (expense) income (note 5)	—	(6,331)
Other non-cash items	(1,803)	(2,203)
Other non-cash items	(4,410)	495
Change in operating assets and liabilities:
Receipts from direct financing and sales-type leases	165,~~948~~830	155,~~613~~468
Expenditures for dry docking	(86,~~978~~515)	(~~11,895~~295)
Other operating assets and liabilities	10(2,~~499~~893)	(14,~~535)~~703
Net operating cash flow	~~214~~65,~~489~~082	~~256~~86,~~956~~958
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	~~306~~132,~~180~~236	~~355~~115,~~885~~000
Scheduled repayments of long-term debt and settlement of related swaps (note 11)	(175,084)	(68,369)
Scheduled repayments of long-term debt	(21,304)	(20,655)
Prepayments of long-term debt	(~~350~~35,000)	(~~280~~260,~~885~~000)
Extinguishment of obligations related to finance leases, net of security deposits (note 5)	—	(413,501)
Extinguishment of obligations related to finance leases (note 5)	(98,672)	—
Proceeds from financing related to sales and leaseback of vessels (note 5)	213,000	519,685
Proceeds from financing related to sales and leaseback of vessels	—	213,000
Scheduled repayments of obligations related to finance leases	(~~100~~32,~~489~~445)	(~~101~~32,~~131~~153)
Financing issuance costs	(~~8,442~~891)	(63,~~633~~515)
Cash distributions paid	(~~118~~6,~~837~~279)	(~~269~~106,~~275~~279)
Dividends paid to non-controlling interest	(~~662~~276)	(~~4,411~~361)
Net financing cash flow	(~~234~~62,~~334~~631)	(~~268~~94,~~635~~963)
INVESTING ACTIVITIES
Expenditures for vessels and equipment, including advances on newbuilding contracts	(3475,~~311~~681)	(114,~~417~~217)
Purchase of short-term investments	(9,200)	—
Proceeds from the sales of vessels (note 14)	27,407	—
Capital returned from equity-accounted joint ventures	—	29,961
Net investing cash flow	(48,274)	(4,217)
Proceeds from the sales of vessels (note 14)	—	27,705
Decrease in cash, cash equivalents and restricted cash	(45,823)	(12,222)
Net investing cash flow	(43,511)	46,249
Cash, cash equivalents and restricted cash, beginning of the period	145,154	187,968
(Decrease) increase in cash, cash equivalents and restricted cash	(63,356)	34,570
Cash, cash equivalents and restricted cash, end of the period	99,331	175,746
Cash, cash equivalents and restricted cash, beginning of the period	187,968	184,394
Cash, cash equivalents and restricted cash, end of the period	124,612	218,964

Supplemental cash flow information (note 13)

The accompanying notes are an integral part of the unaudited consolidated financial statements.

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY

(in thousands of U.S. Dollars and units)

	TOTAL EQUITY
	Unitholder Equity
	Common Units	Common Units	Preferred Units	Preferred Units	Accumulated Other ComprehensiveIncome	Non- controlling Interest	Total
	#	$	#	$	$	$	$
Balance as at December 31, 2024	99,949	1,931,879	11,529	278,419	36,083	60,313	2,306,694
Balance as at December 31, 2025	99,949	1,849,192	11,529	278,419	18,986	43,392	2,189,989
Net income (loss)	—	235,~~906~~130	—	6,279	—	(~~1,242~~933)	740,~~943~~476
Other comprehensive (loss) income	—	—	—	—	(8,366)	53	(8,313)
Other comprehensive income	—	—	—	—	1,437	39	1,476
Distributions declared:
Common units ($1.0005 per unit)	—	(100,000)	—	—	—	—	(100,000)
Preferred units Series A ($0.5625 / unit)	—	—	—	(2,775)	—	—	(2,775)
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,775)	—	—	(2,775)
Preferred units Series B ($0.5313 / unit)	—	—	—	(3,504)	—	—	(3,504)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,504)	—	—	(3,504)
Dividends paid to non-controlling interest	—	—	—	—	—	(276)	(276)
Dividends paid to non-controlling interest	—	—	—	—	—	(361)	(361)
Balance as at March 31, 2026	99,949	1,884,322	11,529	278,419	20,423	42,222	2,225,386
Balance as at March 31, 2025	99,949	1,834,785	11,529	278,419	27,717	58,763	2,199,684
Net income	—	17,243	—	6,279	—	2,382	25,904
Other comprehensive (loss) income	—	—	—	—	(5,642)	48	(5,594)
Distributions declared:
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,775)	—	—	(2,775)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,504)	—	—	(3,504)
Balance as at June 30, 2025	99,949	1,852,028	11,529	278,419	22,075	61,193	2,213,715
Net (loss) income	—	(35,676)	—	6,279	—	(17,666)	(47,063)
Other comprehensive (loss) income	—	—	—	—	(2,402)	43	(2,359)
Distributions declared:
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,775)	—	—	(2,775)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,504)	—	—	(3,504)
Dividends paid to non-controlling interest	—	—	—	—	—	(301)	(301)
Balance as at September 30, 2025	99,949	1,816,352	11,529	278,419	19,673	43,269	2,157,713


	TOTAL EQUITY
	Unitholder Equity
	Common Units	Common Units	Preferred Units	Preferred Units	Accumulated Other Comprehensive Income	Non- controlling Interest	Total
	#	$	#	$	$	$	$
Balance as at December 31, 2024	99,949	1,931,879	11,529	278,419	36,083	60,313	2,306,694
Net income (loss)	—	2,906	—	6,279	—	(1,242)	7,943
Other comprehensive (loss) income	—	—	—	—	(8,366)	53	(8,313)
Distributions declared:
Common units ($1.0005 / unit)	—	(100,000)	—	—	—	—	(100,000)
Preferred units Series A ($0.5625 / unit)	—	—	—	(2,775)	—	—	(2,775)
Preferred units Series B ($0.5313 / unit)	—	—	—	(3,504)	—	—	(3,504)
Dividends paid to non-controlling interest	—	—	—	—	—	(361)	(361)
Balance as at March 31, 2025	99,949	1,834,785	11,529	278,419	27,717	58,763	2,199,684

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY

(in thousands of U.S. Dollars and units)

	TOTAL EQUITY
	Unitholder Equity
	Common Units	Common Units	Preferred Units	Preferred Units	Accumulated Other ComprehensiveIncome	Non- controlling Interest	Total
	#	$	#	$	$	$	$
Balance as at December 31, 2023	99,949	2,275,102	11,529	278,419	31,347	92,211	2,677,079
Net income (loss)	—	75,561	—	6,425	—	(121)	81,865
Other comprehensive income	—	—	—	—	9,385	60	9,445
Distributions declared:
Common units ($2.0010 per unit)	—	(200,000)	—	—	—	—	(200,000)
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,849)	—	—	(2,849)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,576)	—	—	(3,576)
Dividends paid to non-controlling interest	—	—	—	—	—	(4,050)	(4,050)
Balance as at March 31, 2024	99,949	2,150,663	11,529	278,419	40,732	88,100	2,557,914
Net income	—	62,491	—	6,425	—	2,507	71,423
Other comprehensive income	—	—	—	—	28	55	83
Distributions declared:
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,849)	—	—	(2,849)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,576)	—	—	(3,576)
Balance as at June 30, 2024	99,949	2,213,154	11,529	278,419	40,760	90,662	2,622,995
Net income	—	28,359	—	6,425	—	2,494	37,278
Other comprehensive (loss) income	—	—	—	—	(18,730)	52	(18,678)
Distributions declared:
Common units ($0.5003 per unit)	—	(50,000)	—	—	—	—	(50,000)
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,849)	—	—	(2,849)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,576)	—	—	(3,576)
Dividends paid to non-controlling interest	—	—	—	—	—	(361)	(361)
Balance as at September 30, 2024	99,949	2,191,513	11,529	278,419	22,030	92,847	2,584,809

The accompanying notes are an integral part of the unaudited consolidated financial statements.

Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

1.Basis of Presentation

The unaudited interim consolidated financial statements (or unaudited consolidated financial statements) have been prepared in accordance with United States generally accepted accounting principles (or GAAP). These unaudited consolidated financial statements include the accounts of Seapeak LLC ~~(or the Company)~~, which is a limited liability company formed under the laws of the Republic of the Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs) of which it is the primary beneficiary (collectively, the Company).

Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, ~~2024~~2025, which were included in the Company's Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025 filed with the U.S. Securities and Exchange Commission (or SEC) on March 1418, ~~2025~~2026. In the opinion of the management of the Company, these unaudited consolidated financial statements reflect all adjustments consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, changes in total equity and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. It is possible that the amounts recorded as derivative liabilities and derivative assets could vary by material amounts prior to their settlement.

The Company has made downward revisions to the outlook for its seven steam turbine liquefied natural gas (or LNG) carriers due to a combination of an oversupply of this type of vessel and reduced charterer interest due to their less efficient design. As such, effective January 1, 2025, the Company reduced the estimated useful life of these vessels, the oldest vessels in the Company's LNG fleet, from 35 years to 25 years. Had we continued to depreciate these vessels using an estimated useful life of 35 years instead of 25 years from the beginning of the fiscal period, depreciation and amortization would have decreased and net income would have increased by $4.7 million and $15.6 million for the three and nine months ended September 30, 2025, respectively.

2.Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update (or ASU) 2023-09 – Income Taxes (Topic 740) Improvements to Income Tax Disclosures (or ASU 2023-09). This ASU enhances the transparency and decision usefulness of income tax disclosures. More specifically, this ASU requires that additional income tax information be disclosed about the jurisdictions in which the Company operates within its income tax rate reconciliation, as well as its disclosure about income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024. The amendments in this ASU are to be applied on a prospective basis. The Company does not expect that adoption of ASU 2023-09 will have a material impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 – Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses (or ASU 2024-03). This ASU improves the disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general and administrative expenses, and research and development). This ASU is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The amendments in this ASU are applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not expect that adoption of ASU 2024-03 will have a material impact on the Company's consolidated financial statements.

3. Fair Value Measurements and Financial Instruments

a) Fair Value Measurements

For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see Item 18 – Financial Statements: Note 3a to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at fair value on a recurring basis.

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

FairValueHierarchyLevel

CarryingAmountAsset(Liability)$

FairValueAsset(Liability)$

CarryingAmountAsset(Liability)$

FairValueAsset(Liability)$

Recurring:

Cash and cash equivalents and restricted cash (note 13)

Level 1

~~124~~99,~~612~~331

~~187~~145,~~968~~154

Short-term investments

Level 1

9,200

—

Derivative instruments (note 11)

Interest rate swap agreements – assets

Level 2

4856,~~854~~366

8854,~~025~~214

Interest rate swap agreements – (liabilities)

Level 2

(~~390~~1)

—(128)

Foreign currency contracts - (liabilities)

Level 2

(50)

(527)

Foreign currency contracts - assets

Level 2

100

210

Cross currency swap agreements – assets

Level 2

~~1,587~~219

~~937~~192

Cross currency swap agreements – (liabilities)

Level 2

(1512,~~638~~459)

(4716,~~037~~045)

Non-recurring:

Vessels and equipment (note 14c)

Level 3

105,613

294,631

Vessel held for sale (note 14)

Level 2

—

24,400

Other:

Loans to equity-accounted joint ventures (note 7a)

(i)

~~104~~107,~~381~~548

(i)

99105,~~806~~970

(i)

Long-term debt – public (note 8)

Level 1

(99102,~~688~~969)

(~~101~~104,~~901~~138)

(~~174~~98,~~720~~865)

(~~180~~100,~~334~~407)

Long-term debt – non-public (note 8)

Level 2

(~~777~~870,~~957~~317)

(~~781~~875,~~937~~514)

(~~884~~793,~~819~~190)

(~~886~~799,~~224~~247)

Obligations related to finance leases (note 5)

Level 2

(1,~~836~~671,~~869~~409)

(1,~~834~~667,~~956~~450)

(1,~~727~~802,~~553~~526)

(1,~~715~~800,~~651~~536)

(i)The advances to equity-accounted joint ventures together with the Company’s equity investments in the joint ventures form the net aggregate carrying value of the Company’s interests in the joint ventures in these unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable.

b) Credit Losses

For a description of the Company's exposure to potential credit losses under Accounting Standards Codification 326, see Item 18 – Financial Statements: Note 3b to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025.

The following table includes the amortized cost basis of the Company’s direct interests in financing receivables and net investment in direct financing and sales-type leases by class of financing receivables and by period of origination and their associated credit quality as at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025.

As at September 30, 2025

As at December 31, 2024

As at March 31, 2026

As at December 31, 2025

Period of Origination

Credit Quality Grade (i)

Amortized Cost Basis$

Credit Quality Grade (i)

Amortized Cost Basis$

Direct financing and sales-type leases

Tangguh Hiri and Tangguh Sago

2017 and prior

Performing

~~261~~252,~~985~~913

Performing

~~274~~257,~~928~~445

Seapeak Bahrain

2018

Performing

~~198~~196,~~201~~297

Performing

~~200~~197,~~872~~250

Seapeak Creole

2023

Performing

~~201~~200,~~192~~379

Performing

~~202~~200,~~526~~723

661,378

678,326

649,589

655,418

Loans to equity-accounted joint ventures

Bahrain LNG Joint Venture

2017 and prior

Performing

~~104~~107,~~381~~548

Performing

99105,~~806~~970

765,759

778,132

757,137

761,388

(i)For a description of how the Company's credit quality grades are determined see Item 18 – Financial Statements: Note 3b to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025. As at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, all direct financing and sales-type leases held by the Company and the Company’s equity-accounted joint ventures had a credit quality grade of performing.

109

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

Changes in the Company's allowance for credit losses for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 are as follows:

	Direct Financing and Sales-Type Leases (i) (ii)$	Direct Financing and Sales-Type Leases and Other within Equity-Accounted Joint Ventures (i) (ii)$	Loans to Equity-Accounted Joint Ventures (i)$	Guarantees of Debt (i)$	Total$
Three and Nine Months Ended September 30, 2025
Three Months Ended March 31, 2026
As at January 1, 2026	52,900	50,900	2,900	900	107,600
Provision for (reversal of) potential credit losses	4,900	900	200	(300)	5,700
As at March 31, 2026	57,800	51,800	3,100	600	113,300
Three Months Ended March 31, 2025
As at January 1, 2025	32,000	29,600	1,800	1,200	64,600
Provision for (reversal of) potential credit losses	12,200	12,200	400	(100)	24,700
As at March 31, 2025	44,200	41,800	2,200	1,100	89,300
Provision for (reversal of) potential credit losses	800	300	200	(100)	1,200
As at June 30, 2025	45,000	42,100	2,400	1,000	90,500
Provision for potential credit losses	7,000	8,800	100	100	16,000
As at September 30, 2025	52,000	50,900	2,500	1,100	106,500
Three and Nine Months Ended September 30, 2024
As at January 1, 2024	9,700	22,700	2,100	900	35,400
Provision for (reversal of) potential credit losses	12,900	7,400	100	(100)	20,300
As at March 31, 2024	22,600	30,100	2,200	800	55,700
Provision for (reversal of) potential credit losses	300	(1,500)	100	(100)	(1,200)
As at June 30, 2024	22,900	28,600	2,300	700	54,500
Reversal of potential credit losses	(2,300)	(4,000)	(600)	—	(6,900)
As at September 30, 2024	20,600	24,600	1,700	700	47,600

(i)For a description of how the credit loss provision for direct financing and sales-type leases, direct financing and sales-type leases and other within equity-accounted joint ventures, loans to equity-accounted joint ventures and guarantees of debt was determined for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, see Item 18 – Financial Statements: Note 3b to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025.

(ii)The changes in credit loss provision of $74.09 million and $2012.02 million for the Company's consolidated vessels' direct financing and sales-type leases for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively ($(2.3) million~~ and ~~$10.9 million for the three and nine months ended September 30~~2025, ~~2024,~~ respectively), are included in other (expense) ~~income~~ in the Company's consolidated statements of ~~(loss)~~ income. The change in the credit loss provision for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 primarily reflects a decrease in the estimated charter-free valuations for certain types of its liquefied natural gas (or LNG) carriers at the end of their time-charter contracts which are accounted for as direct financing and sales-type leases in the Company's consolidated balance sheets. These estimated future charter-free values are subject to change based on the underlying LNG shipping market fundamentals.

The changes in credit loss provision of $80.89 million and $2112.32 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively, ($(4.0) million~~ and ~~$1.9 million for the three and nine months ended September 30~~2025, ~~2024,~~ respectively), relating to the direct financing and sales-type leases and other within the Company's equity-accounted joint ventures are included in equity income in the Company's consolidated statements of ~~(loss)~~ income. The change in the credit loss provision for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 primarily reflects a decrease in the estimated charter-free valuations for certain types of LNG carriers at the end of their time-charter contracts, which are accounted for as direct financing and sales-type leases within investments in equity-accounted joint ventures in the Company's consolidated balance sheets.

The changes in the credit loss provision for the Company's consolidated vessels and the vessels within the Company's equity-accounted joint ventures for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 do not reflect any material change in expectations of the charterers' ability to make their time-charter hire payments as they come due compared to the beginning of the period.

114. Segment Reporting

The Company has two reportable segments, the LNG segment and the natural gas liquid (or NGL) segment. The Company’s LNG segment consists of LNG carriers which generally operate under long-term, fixed-rate time-charter contracts to international energy companies. The Company's NGL segment consists of LPG, Ethane and multi-gas carriers which generally operate under voyage charters or time-charters. For additional information about the Company’s segments, please see Item 18 – Financial Statements: Note 4 to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2025.

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

4. Segment Reporting

The following tables include results for the Company’s segments for the periods presented in these unaudited consolidated financial statements.

	Three Months Ended September 30,
	Three Months Ended March 31,
	2025			2024
	2026			2025
	LNGSegment$	NGLSegment$	Total$	LNGSegment$	NGLSegment$	Total$
Voyage revenues	~~130~~119,~~536~~142	28,~~939~~225	~~159~~147,~~475~~367	~~140~~132,~~485~~602	3527,~~848~~828	~~176~~160,~~333~~430
Voyage expenses	(2,~~654~~502)	(~~540~~99)	(32,~~194~~601)	(15,~~423~~083)	(~~1,419~~314)	(25,~~842~~397)
Vessel operating expenses	(46,~~246~~467)	(8,~~614~~276)	(54,~~860~~743)	(45,~~782~~826)	(118,~~836~~531)	(5754,~~618~~357)
Time-charter hire expenses	—	—	—	—	(2,108)	(2,108)
Depreciation and amortization	(33,434)	(8,449)	(41,883)	(25,727)	(7,794)	(33,521)
Depreciation and amortization	(25,606)	(8,006)	(33,612)	(27,458)	(7,920)	(35,378)
General and administrative expenses (i)	(6,387)	(717)	(7,104)	(6,200)	(944)	(7,144)
General and administrative expenses (i)	(12,843)	(706)	(13,549)	(5,647)	(1,360)	(7,007)
Gain on sales of vessels (note 14)	3,007	—	3,007	—	—	—
(Write-down) and gain on sale of vessel (note 14)	(61,792)	—	(61,792)	—	3,368	3,368
Income from vessel operations	33,359	10,684	44,043	49,766	10,245	60,011
Restructuring charges (note 16)	(1,460)	—	(1,460)	—	—	—
Equity income (note 7)	21,600	6,932	28,532	14,226	3,448	17,674
(Loss) income from vessel operations	(20,065)	11,073	(8,992)	60,175	14,573	74,748
Expenditures for vessels and equipment, including advances on newbuilding contracts	(75,489)	—	(75,489)	(3,488)	(419)	(3,907)
Equity income (note 7)	2,352	6,555	8,907	28,640	2,722	31,362
Expenditures for dry docking	(8,771)	(197)	(8,968)	(1,920)	(204)	(2,124)
Expenditures for vessels and equipment, including advances on newbuilding contracts	(25,452)	(648)	(26,100)	(3,729)	(269)	(3,998)
Expenditures for dry docking	(288)	(3,143)	(3,431)	(4,695)	(53)	(4,748)

	Nine Months Ended September 30,
	March 31, 2026			December 31, 2025
	2025			2024
	LNGSegment$	NGLSegment$	Total$	LNGSegment$	NGLSegment$	Total$
Voyage revenues	393,030	85,513	478,543	420,877	110,075	530,952
Investment in and advances to equity-accounted joint ventures, net	1,151,360	221,909	1,373,269	1,142,885	214,977	1,357,862
Voyage expenses	(9,420)	(842)	(10,262)	(1,861)	(6,468)	(8,329)
Vessel operating expenses	(139,441)	(25,418)	(164,859)	(134,519)	(36,093)	(170,612)
Time-charter hire expenses	—	—	—	—	(6,409)	(6,409)
Depreciation and amortization	(77,769)	(23,770)	(101,539)	(82,295)	(23,286)	(105,581)
General and administrative expenses (i)	(25,448)	(2,505)	(27,953)	(18,104)	(4,355)	(22,459)
(Write-down) and gain on sales of vessels (note 14)	(61,792)	—	(61,792)	—	4,339	4,339
Restructuring charges (note 16)	(20,724)	—	(20,724)	—	—	—
Income from vessel operations	58,436	32,978	91,414	184,098	37,803	221,901
Equity income (note 7)	45,952	18,610	64,562	74,332	21,532	95,864
Expenditures for vessels and equipment, including advances on newbuilding contracts	(32,778)	(972)	(33,750)	(10,095)	(458)	(10,553)
Expenditures for dry docking	(2,480)	(8,796)	(11,276)	(5,006)	(3,640)	(8,646)
	September 30, 2025			December 31, 2024
	LNGSegment$	NGLSegment$	Total$	LNGSegment$	NGLSegment$	Total$
Investment in and advances to equity-accounted joint ventures, net	1,142,655	207,871	1,350,526	1,158,718	187,860	1,346,578

(i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

A reconciliation of total segment assets to consolidated total assets presented in the Company's consolidated balance sheets is as follows:

	September 30, 2025	December 31, 2024
	March 31, 2026	December 31, 2025
	$	$
Total assets of the LNG segment	4,~~177~~192,~~288~~130	4,~~378~~157,~~066~~470
Total assets of the NGL segment	~~853~~855,~~480~~066	~~846~~857,~~929~~258
Unallocated:
Cash and cash equivalents	~~103~~81,~~732~~284	~~153~~122,~~726~~906
Consolidated total assets	5,~~134~~128,~~500~~480	5,~~378~~137,~~721~~634

5. Chartered-in Vessels

	September 30, 2025	December 31, 2024
	March 31, 2026	December 31, 2025
	$	$
Total obligations related to finance leases	1,~~836~~671,~~869~~409	1,~~727~~802,~~553~~526
Less current portion	(~~230~~219,~~600~~021)	(~~129~~228,~~418~~985)
Long-term obligations related to finance leases	1,~~606~~452,~~269~~388	1,~~598~~573,~~135~~541

As at ~~September~~March 3031, ~~2025~~2026, the Company was a party to finance leases on 10nine LNG carriers and 10 ~~natural gas liquid (or~~ NGL) carriers (December 31, ~~2024~~2025 – ~~nine~~10 LNG carriers and 10 NGL carriers). These 10nine LNG carriers and 10 NGL carriers were sold by the Company to third parties (or Lessors) and leased back under 5.5 to 15-year bareboat charter contracts ending in ~~2026~~2027 through to 2035. At inception of these leases, the weighted-average interest rate implicit in these leases was 6.0% as at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025. The bareboat charter contracts are presented as obligations related to finance leases on the Company's consolidated balance sheets.

The obligations of the Company's applicable subsidiaries under the bareboat charter contracts for the nine LNG carriers and 10 NGL carriers (December 31, 2025 – 10 LNG carriers and 10 NGL carriers) are guaranteed by the Company. The guarantee agreements require the Company to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage, for certain of its finance leases. As at ~~September~~March 3031, ~~2025~~2026, the Company was in compliance with all covenants in respect of the bareboat charter contracts it guarantees.

As at September 30, 2025, the remaining commitments related to the financial liabilities of these 10 LNG carriers and 10 NGL carriers, including the amounts to be paid to repurchase the vessels pursuant to the applicable finance leases, approximated $2.3 billion, including imputed interest of $448.5 million, repayable through 2035, as indicated below:11

			Commitments as atSeptember 30, 2025
Year			$
Remainder of 2025			61,550
2026			328,539
2027			396,275
2028			366,637
2029			210,732
Thereafter			921,631

During the first quarter of 2024, the Company refinanced three of its NGL carriers, the Ineos Marlin, the Ineos Inspiration, and the Ineos Independence, by acquiring the vessels from their original Lessors for a total cost of $132.5 million, and then selling the vessels to different Lessors for $204.0 million. As a result of these refinancing transactions, the Company recognized gains totaling $6.2 million on the extinguishment of the original financing arrangements relating to the vessels. These gains are included in other (expense) income in the Company's consolidated statement of (loss) income for the nine months ended September 30, 2024.

During June 2024, the Company refinanced the Seapeak Oak LNG carrier by acquiring the vessel from its original Lessor for a total cost of $120.8 million, and then selling the vessel to a different Lessor for $145.3 million. As a result of this refinancing transaction, the Company recognized a loss of $2.7 million on the extinguishment of the original financing arrangement, which is included in other (expense) income in the Company's consolidated statement of (loss) income for the nine months ended September 30, 2024.

During the third quarter of 2024, the Company refinanced five of its NGL carriers, the Ineos Intuition, the Ineos Invention, the Ineos Insight, the Ineos Ingenuity, and the Ineos Intrepid, by acquiring the vessels from their original Lessors for a total cost of $169.3 million, and then selling the vessels to different Lessors for $170.4 million. As a result of these refinancing transactions, the Company recognized gains totalling $2.8 million on the extinguishment of the original financing arrangements relating to the vessels. These gains are included in other (expense) income in the Company's consolidated statements of (loss) income for the three and nine months ended September 30, 2024.

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

~~During~~As ~~January~~at ~~2025~~March 31, ~~the~~2026, ~~Company~~and ~~entered~~giving ~~into~~pro aforma ~~new~~effect ~~financing~~to ~~arrangement for~~ the ~~Marvel~~refinancing ~~Swan~~of ~~LNG~~the ~~carrier~~Ineos ~~whereby~~Dolphin itand ~~sold~~ the ~~vessel~~Ineos toInnovation aNGL ~~third~~carriers ~~party~~completed ~~for~~in ~~$213.0 million~~April ~~and~~2026 ~~chartered~~described below, the ~~vessel~~remaining ~~back~~commitments ~~for~~related ato ~~period~~the financial liabilities of 13these ~~years~~nine ~~under~~LNG acarriers ~~bareboat~~and ~~charter~~10 ~~contract.~~NGL ~~The~~carriers, ~~quarterly~~including ~~charter-hire~~the ~~payments~~amounts to be ~~made~~paid byto repurchase the ~~Company~~vessels ~~consist~~pursuant ofto ~~a fixed amount plus variable amounts based on~~ the ~~Secured~~applicable ~~Overnight~~finance ~~Finance~~leases, ~~Rate~~approximated ~~(or SOFR) plus a margin~~$2.1 ~~The~~billion, ~~Company~~including ~~has~~imputed aninterest ~~option~~of to$375.0 ~~repurchase~~million, ~~the~~repayable ~~vessel~~through in2035, ~~July~~as ~~2032~~indicated ~~for $145.7 million.~~below:

During August 2025 and October 2025, the Company entered into new financing arrangements for the Seapeak Shearwater, the Seapeak Osprey, the Seapeak Kinabalu, the Seapeak Atlas, and the Seapeak Kittiwake LNG carrier newbuildings, which are scheduled for delivery throughout 2027 (see Note 12a). Under these new financing arrangements, the vessels will be sold to a third party upon their delivery for approximately $235.0 million per vessel, subject to conditions of closing. Each of the vessels will be chartered back for a minimum period of 10 years under a bareboat charter contract. The quarterly charter-hire payments to be made by the Company consist of a fixed amount plus variable amounts based on SOFR plus a margin. The Company has an option to repurchase the vessels after 10 years for $129.3 million per vessel.


			Commitments as at March 31, 2026
Year			$
Remainder of 2026			167,336
2027			393,628
2028			364,676
2029			209,497
2030			295,087
Thereafter			622,074

~~Certain~~In ~~bareboat~~February ~~charter~~2026, ~~agreements require that~~ the Company ~~maintain~~exercised ~~ratios~~a ofrepurchase ~~vessel~~option ~~values~~ to acquire the ~~relevant~~Seapeak ~~outstanding~~Creole ~~underlying~~LNG ~~loan~~carrier ~~balances.~~from Asits atLessor ~~September~~for $100.0 30million, ~~2025, the Company had five bareboat charter agreements, under~~ which ~~the~~included ~~aggregate~~unpaid ~~outstanding~~interest ~~loan~~of ~~balance was~~ $~~302~~1.03 million, ~~that~~at ~~each requires~~ the ~~Company~~time toof ~~maintain~~repurchase, ~~minimum~~resulting ~~vessel-value-to-outstanding-loan~~in ~~obligation~~the ~~balance~~termination ~~ratios~~ of ~~110%, if~~ the ~~vessels~~related ~~are~~finance ~~employed~~lease. ~~under~~In ~~approved~~April ~~charters at such time~~2026, orthe ~~140%,~~Company ifsold the ~~vessels~~Seapeak ~~are~~Creole ~~not~~LNG ~~employed~~carrier ~~under~~to ~~approved~~a ~~charters~~Lessor atfor ~~such time~~$165.0 million Asand atconcurrently ~~September 30,~~chartered ~~2025,~~ the vessel~~-value-to-outstanding-loan~~ ~~obligation~~back ~~balance~~for ~~ratios~~a ~~were~~period ~~166%,~~of ~~163%,~~20 ~~160%,~~years ~~160% and 138%~~ under ~~approved~~a ~~charters.~~bareboat ~~The~~charter ~~vessel~~contract ~~values~~(see ~~used~~Note ~~in calculating these ratios are the appraised values provided by third parties~~16a).

In April 2026, the Company refinanced the Ineos Dolphin and the Ineos Innovation NGL carriers by repurchasing the vessels for $77.1 million and $43.2 million, respectively, from the existing financing providers and selling them to new financing providers for $80.0 million and $45.0 million, respectively, and chartering each of the vessels back for a period of 7.9 years under bareboat charter contracts (see Note 16b).

Certain bareboat charter agreements require that the Company maintain ratios of vessel values to the relevant outstanding underlying loan balances. As at March 31, 2026, the Company had five bareboat charter agreements, under which the aggregate outstanding loan balance was $292.6 million, that each requires the Company to maintain minimum vessel-value-to-outstanding-loan obligation balance ratios of 110%,if the vessels are employed under approved charters at such time, or 140%, if the vessels are not employed under approved charters at such time. As at March 31, 2026, the vessel-value-to-outstanding-loan obligation balance ratios were 159%, 157%, 152%, 151% and 133% under approved charters. The vessel values used in calculating these ratios are the appraised values provided by third parties.

6. Revenue

The Company’s primary source of revenue is from chartering its vessels to its customers. The Company ~~primarily utilizes two forms of contracts consisting of time-charter contracts and voyage charter contracts. The Company~~ also generates revenue from the management and operation of vessels and the Bahrain LNG import terminal owned by the Company's equity-accounted joint ventures, as well as providing corporate management services to certain of these entities. Such services may include the arrangement of third-party goods and services for the vessel’s owner. For a description of these contracts, see Item 18 – Financial Statements: Note 6 in the Company's audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025.

Revenue Table

The following tables contain the Company’s revenue for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, by contract type and by segment.

	Three Months Ended September 30,
	Three Months Ended March 31,
	2025			2024
	2026			2025
	LNGSegment$	NGLSegment$	Total$	LNGSegment$	NGLSegment$	Total$
Time charters	~~105~~92,~~489~~807	28,~~939~~225	~~134~~121,~~428~~032	~~116~~109,~~444~~030	3227,~~605~~828	~~149~~136,~~049~~858
Voyage charters	—	—	—	—	3,243	3,243
Management fees and other income	26,335	—	26,335	23,572	—	23,572
Management fees and other income	25,047	—	25,047	24,041	—	24,041
	119,142	28,225	147,367	132,602	27,828	160,430
	130,536	28,939	159,475	140,485	35,848	176,333
	Nine Months Ended September 30,
	2025			2024
	LNGSegment$	NGLSegment$	Total$	LNGSegment$	NGLSegment$	Total$
Time charters	318,049	85,513	403,562	347,949	99,243	447,192
Voyage charters	—	—	—	—	10,832	10,832
Management fees and other income	74,981	—	74,981	72,928	—	72,928
	393,030	85,513	478,543	420,877	110,075	530,952

1412

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

The following table contains the Company’s revenue for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, by contracts or components of contracts accounted for as leases and those not accounted for as leases:

	Three Months Ended September 30,		Nine Months Ended September 30,
	Three Months Ended March 31,
	2025	2024	2025	2024
	2026	2025
	$	$	$	$
Lease revenue
Lease revenue from lease payments of operating leases	~~109~~97,~~008~~498	~~126~~111,~~394~~629	~~327,169~~	~~380,196~~
Interest income on lease receivables	1513,~~219~~490	15,~~697~~126	~~45,521~~	~~47,084~~
Variable lease payments - cost reimbursements(i)	1,353	1,206	4,034	3,445
Variable lease payments – cost reimbursements(i)	1,373	1,358
	125,580	143,297	376,724	430,725
	112,361	128,113
Non-lease revenue
Non-lease revenue - related to direct financing and sales-type leases	8,848	8,995	26,838	27,299
Non-lease revenue – related to direct financing and sales-type leases	8,671	8,745
Management fees and other income	2526,~~047~~335	2423,~~041~~572	~~74,981~~	~~72,928~~
	33,895	33,036	101,819	100,227
	35,006	32,317
Total	~~159~~147,~~475~~367	~~176~~160,~~333~~430	~~478,543~~	~~530,952~~

(i)Reimbursements for vessel operating expenditures and dry-docking expenditures received from the Company's customers relating to such costs incurred by the Company to operate the vessel for the customer pursuant to charter contracts accounted for as operating leases.

Net Investments in Direct Financing and Sales-Type Leases

As at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the Company had four LNG carriers, excluding the vessels in its equity-accounted joint ventures, that are accounted for as direct financing and sales-type leases.

For a description of the Company's LNG carriers accounted for as direct financing leases and sales-type leases at December 31, ~~2024~~2025, see Item 18 – Financial Statements: Note 6 to the Company's audited consolidated financial statements included in its Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025.

As at ~~September~~March 3031, ~~2025~~2026, estimated lease payments to be received by the Company related to its direct financing and sales-type leases in each of the next five years were approximately $2162.09 million (remainder of ~~2025), $82.3 million (~~2026), $83.6 million (2027), $78.9 million (2028), $50.6 million (2029), $44.7 million (2030) and an aggregate of $~~562~~517.05 million thereafter. Two leases are expected to end in 2028, one lease is scheduled to end in 2039 and the remaining lease is scheduled to end in 2046.

Operating Leases

As at ~~September~~March 3031, ~~2025~~2026, the minimum scheduled future rentals to be received by the Company in each of the next five years for the lease and non-lease elements related to charters that were accounted for as operating leases are approximately $~~112~~299.51 million (remainder of ~~2025~~2026), $~~385~~243.64 million (~~2026~~2027), $~~228~~182.13 million (~~2027~~2028), $~~176~~154.32 million (~~2028~~2029), and $~~149~~110.09 million (~~2029~~2030). Minimum scheduled future rentals on operating lease contracts do not include rentals from vessels in the Company’s equity-accounted joint ventures, rentals from unexercised option periods of contracts that existed on ~~September~~March 3031, ~~2025~~2026, variable or contingent rentals, or rentals from contracts which were entered into or commenced after ~~September~~March 3031, ~~2025~~2026. Therefore, the minimum scheduled future rentals on operating leases should not be construed to reflect total charter hire revenues for any of these five years.

Contract Liabilities

As at ~~September~~March 3031, ~~2025~~2026, the Company had $3329.97 million of advanced payments recognized as contract liabilities included in unearned revenue (December 31, ~~2024~~2025 – $3729.1 million, ~~September~~March 3031, ~~2024~~2025 – $3241.46 million and December 31, ~~2023~~2024 – $4337.61 million). The Company recognized $3429.91 million and $3337.71 million of revenue for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively, that was recognized as a contract liability at the beginning of such three-month periods. The Company recognized $37.1 million and $43.6 million of revenue for the nine months ended September 30, 2025 and 2024, respectively, that was recognized as a contract liability at the beginning of each such nine-month period.

7. Equity-Accounted Joint Ventures

For a description of the Company's equity-accounted joint ventures, see Item 18 – Financial Statements : Note 7a in the Company's audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025.

The Company's potential credit losses associated with its equity-accounted joint ventures are described in Note 3b to this Report and are excluded from the amounts in this note.

15Distributions received from equity-accounted joint ventures are presented in the Company’s consolidated statements of cash flows as a cash inflow from operating activities or a cash inflow from investing activities, depending on whether the nature of the activity or activities of the equity-accounted joint venture that generated the distribution was a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities).

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

~~Distributions~~a) As ~~received~~of ~~from~~March 31, ~~equity-accounted~~2026 ~~joint~~and ~~ventures~~December 31, ~~are~~2025, ~~presented~~the Company had advanced $73.4 million to the Bahrain LNG Joint Venture, in which the Company’s ~~consolidated~~has ~~statements~~a of30% ~~cash~~ownership ~~flows~~interest. asThese aadvances ~~cash~~bear ~~inflow~~interest ~~from~~at ~~operating~~an ~~activities~~annual orrate aof ~~cash~~6.0%. ~~inflow~~For ~~from~~the ~~investing~~three ~~activities~~months ended March 31, ~~depending~~2026 and 2025, interest earned on ~~whether~~these ~~the~~advances ~~nature~~amounted ofto $1.6 million and $1.5 million, respectively, and is included in interest income in the ~~activity~~Company's orconsolidated ~~activities~~statements of ~~the~~income. ~~equity-accounted~~As ~~joint~~of ~~venture~~March 31, ~~that~~2026 ~~generated~~and December 31, 2025, the ~~distribution~~interest receivable on these advances was a$34.2 ~~return~~million onand ~~investment~~$32.6 ~~(classified~~million, asrespectively. aBoth ~~cash~~the ~~inflow~~advances ~~from~~and ~~operating~~the ~~activities)~~accrued orinterest aon ~~return~~these ofadvances ~~investment~~were ~~(classified~~included asin ainvestments ~~cash~~in ~~inflow~~and ~~from~~advances ~~investing~~to ~~activities).~~equity-accounted joint ventures, net in the Company’s consolidated balance sheets.

ab) AsThe ofCompany ~~September 30,~~guarantees ~~2025~~its ~~and~~proportionate ~~December 31,~~share ~~2024,~~of ~~the~~certain ~~Company~~loan ~~had~~facilities ~~advanced~~and ~~$73.4~~obligations ~~million~~on tointerest ~~the~~rate ~~Bahrain~~swaps ~~LNG~~for ~~Joint~~certain ~~Venture,~~of inits ~~which~~equity-accounted ~~the~~joint ~~Company~~ventures ~~has~~for awhich ~~30%~~the ~~ownership~~aggregate ~~interest.~~principal ~~These~~amount ~~advances~~of ~~bear~~the ~~interest~~loan atfacilities anand ~~annual~~fair ~~rate~~value of ~~6.0%. For~~ the ~~three~~interest ~~and~~rate ~~nine~~swaps ~~months~~as ~~ended~~at ~~September~~March 3031, ~~2025,~~2026 ~~interest~~was ~~earned on these advances amounted to~~ $1750.6 0 million ~~and $4.6 million, respectively~~ (~~three and nine months ended September~~December 3031, ~~2024~~2025 – $1768.~~5 million and $4.~~3 million~~, respectively~~)~~, and is included in interest income in the Company's consolidated statements of (loss) income~~. As ofat ~~September~~March ~~30, 2025 and December~~ 31, ~~2024~~2026, the ~~interest~~Company's ~~receivable~~equity-accounted onjoint ~~these~~ventures ~~advances was $31.0 million and $26.4 million, respectively. Both the advances and the accrued interest on these advances~~ were ~~included~~ in ~~investments~~compliance inwith ~~and~~all ~~advances~~covenants relating to ~~equity-accounted~~these ~~joint~~loan ~~ventures,~~facilities ~~net~~that in the Company’s ~~consolidated balance sheets~~guarantees.

b) The Company guarantees its proportionate share of certain loan facilities and obligations on interest rate swaps for certain of its equity-accounted joint ventures for which the aggregate principal amount of the loan facilities and fair value of the interest rate swaps as at September 30, 2025 was $812.2 million (December 31, 2024 – $859.3 million). As at September 30, 2025, the Company's equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities that the Company guarantees.

8. Long-Term Debt

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

U.S. Dollar-denominated Revolving Credit Facility due from 2026 to 2027

~~210~~240,000

~~165~~135,000

U.S. Dollar-denominated Term Loans and Bonds due from 2026 to 2030

~~572~~635,~~971~~882

~~724~~664,~~874~~849

Norwegian Krone-denominated Bonds due in 2026

~~100~~103,~~049~~173

~~175~~99,~~646~~142

Total principal

~~883~~979,~~020~~055

1898,~~065,520~~991

Unamortized discount and debt issuance costs

(5,~~375~~769)

(56,~~981~~936)

Total debt

~~877~~973,~~645~~286

1892,~~059,539~~055

Less current portion

(~~113~~334,~~933~~040)

(~~177~~296,~~093~~188)

Long-term debt

~~763~~639,~~712~~246

~~882~~595,~~446~~867

As at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the Company had one revolving credit facility ~~available~~, which provided for borrowings of up to $350.0 million, of which $~~140~~110.0 million (December 31, ~~2024~~2025 – $~~185~~215.0 million) of the credit facility was undrawn. Interest payments are based on SOFR plus a margin of 1.45%. InThe ~~June 2026, the~~ borrowing capacity of the revolving credit facility is scheduled to be reduced by $48.8 million in June 2026 and the revolving credit facility is scheduled to mature in June 2027. The revolving credit facility is unsecured and may be used by the Company for general ~~company~~corporate purposes.

As at ~~September~~March 3031, 2026 and December 31, 2025, the Company had ~~six~~seven U.S. Dollar-denominated term loans and bonds outstanding, which totaled $~~573~~635.09 million in aggregate principal amount (December 31, ~~2024~~2025 – ~~six U.S Dollar-denominated term loans and bonds outstanding, which totaled~~ $~~724~~664.98 million). Interest payments on these term loans are based on SOFR plus an additional amount consisting of a margin and a credit adjustment spread, where such additional amount ranged from 2.00% to 3.45%, and interest payments on the bonds are fixed and range from 4.11% to 4.41%. ~~The~~Five ~~six~~of the combined term loans and bonds require quarterly interest and principal payments and ~~four~~five have balloon or bullet repayments due at maturity. The term loans and bonds are collateralized by first-priority mortgages on the 1013 Company vessels to which the loans and bonds relate, together with certain other related security. In addition, as at ~~September~~March 3031, ~~2025~~2026, all of the outstanding term loans were guaranteed by either the Company or the ship-owning entities within Teekay Nakilat Corporation (or the RasGas II Joint Venture), in which the Company has a 70% ownership interest.

As at ~~September~~March 3031, 2026 and December 31, 2025, the Company had Norwegian Krone (or NOK) 1.0 billion of senior unsecured bonds ~~(December 31, 2024 – NOK 2.0 billion)~~ in the Norwegian bond market that mature in November 2026. As at ~~September~~March 3031, ~~2025~~2026, the total amount of the bonds, which are listed on the Oslo Stock Exchange, was $~~100~~103.02 million (December 31, ~~2024~~2025 – $~~175~~99.61 million). The interest payments on the bonds are based on the Norwegian Interbank Offered Rate (or NIBOR) plus a margin of 4.90%. The Company entered into cross currency rate swaps, to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at 6.37% and the transfer of principal fixed at $117.0 million upon maturity in exchange for NOK 1.0 billion (see Note 11).

The weighted-average interest rates for the Company’s long-term debt outstanding excluding the effect of related interest rate swaps as at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 were 65.4485% and 76.0623%, respectively. The Company uses swaps to economically hedge certain of its floating-rate debt (see Note 11). The weighted-average interest rates including the effect of related interest rate swaps were 5.5029% and 5.6524% as at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

Non-U.S.-denominated debt is revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Company’s NOK-denominated bonds and euro-denominated cash, and the change in the valuation of the Company’s cross currency swaps, the Company incurred foreign exchange losses of $0.94 million and $31.71 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively ($4.8 million~~ and ~~$3.5 million for the three and nine months ended September 30~~2025, ~~2024,~~ respectively).

16The aggregate annual long-term debt principal repayments required under the Company's revolving credit facility, loans and bonds subsequent to March 31, 2026 are $269.5 million (remainder of 2026), $485.4 million (2027), $54.7 million (2028), $45.5 million (2029), $124.0 million (2030).

Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

~~The~~Certain ~~aggregate~~loan ~~annual~~agreements ~~long-term~~require ~~debt~~that ~~principal~~(a) ~~repayments~~the ~~required~~Company ~~under~~maintain minimum levels of tangible net worth and aggregate liquidity, (b) the Company's ~~revolving~~maintain ~~credit~~certain ~~facility~~ratios of vessel values related to the relevant outstanding loan principal balance, ~~loans~~(c) the Company not exceed a maximum amount of leverage, and ~~bonds~~(d) ~~subsequent~~certain toof ~~September~~the Company’s subsidiaries maintain restricted cash deposits. As at March 3031, ~~2025~~2026, ~~are~~the Company had three credit facilities with an aggregate outstanding loan balance of $20278.89 million ~~(remainder~~that require it to maintain minimum vessel-value-to-outstanding-loan-principal-balance ratios of ~~2025)~~110%, ~~$316.4~~145%, ~~million~~and (120%, which as at March 31, 2026), ~~$321~~were 206%, 191%, and 201%, respectively.6 ~~million~~The ~~(2027)~~vessel values used in calculating these ratios are the appraised values provided by third parties, ~~$54~~where available, or prepared by the Company based on second-hand sale and purchase market data.7 ~~million~~Since ~~(2028)~~vessel values can be volatile, ~~$45~~the Company’s estimates of market value may not be indicative of either the current or future prices that could be obtained if the Company sold any of the vessels.5 ~~million~~The ~~(2029)~~Company’s ship-owning subsidiaries may not, among other things, pay dividends or distributions if the Company's subsidiaries are in default under their term loans and, ~~$124.0~~in ~~million~~addition, ~~(thereafter)~~one of the term loans in the RasGas II Joint Venture requires it to satisfy a minimum vessel value to outstanding loan principal balance ratio to pay dividends. As at March 31, 2026, the Company was in compliance with all covenants relating to the Company’s credit facilities and other long-term debt.

~~Certain~~9. Income ~~loan~~Tax ~~agreements require that~~ (aExpense) the Company maintain minimum levels of tangible net worth and aggregate liquidity, (b) the Company maintain certain ratios of vessel values related to the relevant outstanding loan principal balance, (c) the Company not exceed a maximum amount of leverage, and (d) certain of the Company’s subsidiaries maintain restricted cash deposits. As at September 30, 2025, the Company had three credit facilities with an aggregate outstanding loan balance of $299.2 million that require it to maintain minimum vessel-value-to-outstanding-loan-principal-balance ratios of 110%, 120%, and 120%, which as at September 30, 2025, were 198%, 193%, and 194%, respectively. The vessel values used in calculating these ratios are the appraised values provided by third parties, where available, or prepared by the Company based on second-hand sale and purchase market data. Since vessel values can be volatile, the Company’s estimates of market value may not be indicative of either the current or future prices that could be obtained if the Company sold any of the vessels. The Company’s ship-owning subsidiaries may not, among other things, pay dividends or distributions if the Company's subsidiaries are in default under their term loans and, in addition, one of the term loans in the RasGas II Joint Venture requires it to satisfy a minimum vessel value to outstanding loan principal balance ratio to pay dividends. As at September 30, 2025, the Company was in compliance with all covenants relating to the Company’s credit facilities and other long-term debt.Recovery

~~9. Income~~The ~~Tax~~components ~~Recovery~~of the provision for income tax (~~Expense~~expense) recovery are as follows:

The components of the provision for income tax recovery (expense) are as follows:


	Three Months Ended March 31,
	2026	2025
	$	$
Current	(153)	290
Deferred	72	73
Income tax (expense) recovery	(81)	363

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	$	$	$	$
Current	669	(895)	(1,266)	(1,063)
Deferred	312	214	570	1,061
Income tax recovery (expense)	981	(681)	(696)	(2)

Included in the Company's current income tax (expense) recovery are provisions for uncertain tax positions relating to freight taxes. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions in which vessel trading activity occurs. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include additional legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly.

Included in the Company's current income tax recovery (expense) are provisions for uncertain tax positions relating to freight taxes. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions in which vessel trading activity occurs. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include additional legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly.

10. Related Party Transactions

a) The following table and related footnotes provide information about certain of the Company's related party transactions for the periods indicated:

	Three Months Ended September 30,		Nine Months Ended September 30,
	Three Months Ended March 31,
	2025	2024	2025	2024
	2026	2025
	$	$	$	$
Voyage revenues (i)(ii)	3233,~~171~~729	31,~~702~~083	~~96,803~~	~~96,453~~
Equity income (iii)	~~609~~596	~~609~~596	~~1,808~~	~~1,814~~

(i)In September 2018, the Company’s Floating Storage Unit, the Seapeak Bahrain, commenced its 21-year charter contract with the Bahrain LNG Joint Venture, in which the Company has a 30% ownership interest. Voyage revenues from the charter of the Seapeak Bahrain to the Bahrain LNG Joint Venture for the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025 amounted to $7.14 million and $~~21.8 million, respectively ($~~7.75 million ~~and $23.6 million for the three and nine months ended September 30~~, ~~2024,~~ respectively). In addition, the Company has an operation and maintenance contract with the Bahrain LNG Joint Venture relating to the LNG regasification terminal in Bahrain. Fees recognized in relation to the operation and maintenance contract from the Bahrain LNG Joint Venture for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 ~~were $4.1 million~~ and ~~$12.6~~2025 ~~million,~~were ~~respectively (~~$4.17 million and $133.1 million ~~for the three and nine months ended September 30~~, ~~2024,~~ respectively), and are included in voyage revenues in the Company's consolidated statements of ~~(loss)~~ income.

(ii)The Company provides ship management and corporate services to certain of its equity-accounted joint ventures that own and operate LNG carriers on long-term charters pursuant to management agreements. In addition, the Company is reimbursed for costs incurred by the Company for its seafarers operating these LNG carriers. During the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, the Company earned management fees and cost reimbursements pursuant to these management agreements of $21.07 million and $6220.45 million, respectively ~~($19.9 million and $59.8 million for the three and nine months ended September 30~~, ~~2024, respectively),~~ which are included in voyage revenues in the Company's consolidated statements of ~~(loss)~~ income.

(iii)During the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, the Company charged fees of $0.6 million ~~and $1.8 million~~ to the Yamal LNG Joint Venture, in which the Company has a 50% ownership interest, relating to the successful bid process for the construction and chartering of six ARC7 LNG carriers. The fees are reflected in equity income in the Company’s consolidated statements of ~~(loss)~~ income.

17b) As at March 31, 2026 and December 31, 2025, non-interest-bearing amounts due from affiliates totaled $31.3 million and $24.1 million, respectively, and non-interest-bearing amounts due to affiliates totaled $1.1 million and $0.8 million, respectively. These amounts due to/from affiliates are unsecured and have no fixed repayment terms.

c) For other transactions with the Company's equity-accounted joint ventures not disclosed above, please refer to Note 7.

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

b) As at September 30, 2025 and December 31, 2024, non-interest-bearing amounts due from affiliates totaled $13.9 million and $19.7 million, respectively, and non-interest-bearing amounts due to affiliates totaled $13.0 million and $6.7 million, respectively. These amounts due to/from affiliates are unsecured and have no fixed repayment terms.

c) For other transactions with the Company's equity-accounted joint ventures not disclosed above, please refer to Note 7.

11. Derivative Instruments and Hedging Activities

The Company uses derivative instruments in accordance with its overall risk management policy.

Foreign Exchange Risk

From time to time, the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies and portions of its foreign currency cash balances with foreign currency forward contracts. As at ~~September~~March 3031, ~~2025~~2026, the Company was committed to the following foreign currency forward contracts:

Contract Amount in Foreign Currency

AverageContract Rate(i)

Fair Value /Carrying Amount of Asset(Liability)$

Expected Maturity of Notional Amounts

Currency

~~2025~~2026$

~~2026~~2027$

Economic hedges of forecasted expenditures

British Pound Sterling

46,500

0.~~7716~~7478

~~218~~(108)

15,~~896~~992

32,~~936~~700

Canadian Dollar

8,~~700~~000

1.~~3824~~3641

(174)

13,~~749~~939

41,~~545~~926

Euro

2,500

0.8568

2,918

—

(182)

9,931

4,626

234

6,563

8,481

Economic hedges of foreign currency cash balances

Euro

7271,~~853~~986

0.~~8535~~8601

~~(284)~~282

8583,~~354~~698

—

(i)Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy.

The Company entered into cross currency swaps concurrently with the issuance of its NOK-denominated senior unsecured bonds (see Note 8), and pursuant to these swaps, the Company receives the principal amount in NOK on maturity dates of the swaps in exchange for payments of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal of the Company’s NOK-denominated bonds due in November 2026, and to economically hedge the interest rate exposure. The following table reflects information relating to the cross currency swaps as at ~~September~~March 3031, ~~2025~~2026.

Floating Rate Receivable

PrincipalAmount NOK

PrincipalAmount$

Reference Rate

Margin

Fixed Rate Payable

Fair Value /Carrying Amount ofAsset (Liability)$

Weighted-AverageRemainingTerm (Years)

1,000,000

117,000

NIBOR

4.90%

6.37%

(1412,~~050~~240)

10.16

Interest Rate Risk

~~The~~When deemed appropriate, the Company enters into interest rate swaps which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on certain of its outstanding floating-rate debt.

18As at March 31, 2026, the Company was committed to the following interest rate swap agreements:


	Interest Rate Index	Principal Amount $	Fair Value / Carrying Amount of Asset (Liability) $	Weighted-Average Remaining Term (years)	Fixed Interest Rate (i)
U.S. Dollar-denominated interest rate swaps (ii)	SOFR	505,575	12,016	2.3	2.0%
U.S. Dollar-denominated interest rate swaps (ii)(iii)	SOFR	371,693	34,222	2.3	3.3%
U.S. Dollar-denominated interest rate swaps (iv)(v)	SOFR	21,545	8,364	0.2	3.0%
U.S. Dollar-denominated interest rate swap (ii)(vi)	SOFR	39,082	1,763	2.3	3.8%
			56,365

(i)Excludes an additional amount consisting of the margins and the credit adjustment spreads the Company pays on its floating-rate term loans, which, at March 31, 2026, ranged from 2.00% to 3.45%.

(ii)Principal amount reduces quarterly.

(iii)These interest rate swaps are subject to mandatory early termination in 2027 and 2029, whereby the swaps will be settled based on their fair value at that time.

(iv)Principal amount reduces monthly.

Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

As(v)Forward-starting atinterest ~~September 30,~~rate ~~2025,~~swaps ~~the~~with ~~Company~~effective ~~was~~start ~~committed~~dates toin ~~the~~June ~~following~~2026. These interest rate ~~swap~~swaps ~~agreements:~~are subject to mandatory early termination in June 2026 whereby the swaps will be settled based on their fair value at that time unless otherwise extended.

	Interest Rate Index	PrincipalAmount$	Fair Value /Carrying Amount of Asset (Liability)$	Weighted-AverageRemaining Term(years)	Fixed Interest Rate (i)
U.S. Dollar-denominated interest rate swaps (ii)	SOFR	635,117	16,058	2.5	1.7%
U.S. Dollar-denominated interest rate swaps (ii)(iii)	SOFR	206,224	6,728	3.5	3.4%
U.S. Dollar-denominated interest rate swaps (iv)(v)(vi)	SOFR	64,635	19,827	0.6	3.0%
U.S. Dollar-denominated interest rate swap (ii)(v)(vi)	SOFR	34,472	5,851	1.9	3.2%
			48,464

(vi)Forward-starting interest rate swap with effective start date in January 2027. These interest rate swaps are subject to mandatory early termination in July 2028 whereby the swaps will be settled based on their fair value at that time unless otherwise extended.

~~(i)Excludes~~As anat ~~additional~~March 31, ~~amount~~2026, ~~consisting~~the Company had multiple interest rate swaps, cross currency swaps and foreign currency forward contracts with the same counterparty that are subject to the same master agreement. Each of these master agreements provides for the ~~margins~~net ~~and~~settlement of all swaps subject to that master agreement through a single payment in the ~~credit~~event ~~adjustment~~of ~~spreads~~default or termination of any one swap. The fair value of these derivative instruments is presented on a gross basis in the Company’s ~~pays~~consolidated onbalance ~~its~~sheets. ~~floating-rate~~As ~~term~~at ~~loans~~March 31, ~~which~~2026, atthese ~~September~~derivative instruments constituted an aggregate fair value asset of $56.8 million (December 3031, 2025 – $54.5 million) and an aggregate fair value liability of $2.3 million (December 31, ~~ranged~~2025 ~~from~~– $2.~~00%~~9 tomillion). As at March 31, 2026, the Company had nil (December 31, 2025 – $3.~~45%~~8 million) of cash on deposit as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash – current on the Company's consolidated balance sheets.

(ii)Principal amount reduces quarterly.

(iii)These interest rate swaps are subject to mandatory early termination in June 2027 and September 2029, whereby the swaps will be settled based on their fair value at that time.

(iv)Principal amount reduces monthly.

(v)Forward-starting interest rate swaps with effective start dates ranging from November 2025 to June 2026.

(vi)These interest rate swaps are subject to mandatory early termination in 2026 and in 2027 whereby the swaps will be settled based on their fair value at that time.

As at September 30, 2025, the Company had multiple interest rate swaps, cross currency swaps and foreign currency forward contracts with the same counterparty that are subject to the same master agreement. Each of these master agreements provides for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these derivative instruments is presented on a gross basis in the Company’s consolidated balance sheets. As at September 30, 2025, these derivative instruments constituted an aggregate fair value asset of $48.8 million (December 31, 2024 – $88.0 million) and an aggregate fair value liability of $2.8 million (December 31, 2024 – $34.4 million). As at September 30, 2025, the Company had $3.8 million (December 31, 2024 – $19.5 million) of cash on deposit as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash – current and long-term on the Company's consolidated balance sheets.

Credit Risk

The Company is exposed to credit loss in the event of non-performance by the counterparties to its derivative instruments. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transactions. In addition, to the extent practical, derivative instruments are entered into with different counterparties to reduce concentration risk.

The following table presents the classification and fair value amounts of derivative instruments (none of which are designated as cash flow hedges), segregated by type of contract, on the Company’s consolidated balance sheets.

	Accounts receivable$	Current portion of derivativeassets$	Derivativeassets$	Current portion of derivativeliabilities$	Derivativeliabilities$
As at September 30, 2025
As at March 31, 2026
Interest rate swap agreements	~~1,724~~991	2916,~~681~~950	1738,~~449~~425	—1	~~390~~—
Foreign currency forward contracts	—	—100	—	50—	—
Cross currency swap agreements	~~210~~219	~~1,377~~—	—	—12,459	~~15,638~~—
	1,934	31,058	17,449	50	16,028
	1,210	17,050	38,425	12,460	—
As at December 31, 2024
As at December 31, 2025
Interest rate swap agreements	21,~~070~~471	3532,~~042~~202	5020,~~913~~541	—	—128
Foreign currency forward contracts	—	—210	—	~~527~~—	—
Cross currency swap agreements	~~295~~192	~~642~~—	—	2116,~~756~~045	~~25,281~~—
	2,365	35,684	50,913	22,283	25,281
	1,663	32,412	20,541	16,045	128

19Realized and unrealized gains (losses) relating to non-designated interest rate swap agreements and foreign currency forward contracts are recognized in earnings and reported in realized and unrealized gain (loss) on non-designated derivative instruments in the Company’s consolidated statements of income. The effect of the gain (loss) on these derivatives on the Company’s consolidated statements of income is as follows:


	Three Months Ended March 31,
	2026			2025
	Realized gains (losses)	Unrealized gains (losses)	Total	Realized gains (losses)	Unrealized gains (losses)	Total
	$	$	$	$	$	$
Interest rate swap agreements	2,995	2,759	5,754	4,854	(22,170)	(17,316)
Foreign currency forward contracts	1,501	(111)	1,390	(185)	493	308
	4,496	2,648	7,144	4,669	(21,677)	(17,008)

Realized and unrealized gains (losses) relating to cross currency swap agreements are recognized in earnings and reported in foreign currency exchange loss in the Company’s consolidated statements of income. The effect of the gain (loss) on these derivatives on the Company's consolidated statements of income is as follows:

Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

Realized and unrealized gains (losses) relating to non-designated interest rate swap agreements and foreign currency forward contracts are recognized in earnings and reported in realized and unrealized (loss) gain on non-designated derivative instruments in the Company’s consolidated statements of (loss) income. The effect of the gain (loss) on these derivatives on the Company’s consolidated statements of (loss) income is as follows:


	Three Months Ended March 31,
	2026			2025
	Realized gains (losses)	Unrealized gains (losses)	Total	Realized gains (losses)	Unrealized gains (losses)	Total
	$	$	$	$	$	$
Cross currency swap agreements	506	3,586	4,092	907	12,987	13,894

	Three Months Ended September 30,
	2025			2024
	Realizedgains(losses)	Unrealizedgains(losses)	Total	Realizedgains(losses)	Unrealizedgains(losses)	Total
	$	$	$	$	$	$
Interest rate swap agreements	4,644	(6,530)	(1,886)	6,206	(34,734)	(28,528)
Foreign currency forward contracts	(79)	704	625	26	437	463
	4,565	(5,826)	(1,261)	6,232	(34,297)	(28,065)

	Nine Months Ended September 30,
	2025			2024
	Realizedgains(losses)	Unrealizedgains(losses)	Total	Realizedgains(losses)	Unrealizedgains(losses)	Total
	$	$	$	$	$	$
Interest rate swap agreements	14,185	(39,214)	(25,029)	17,734	(14,506)	3,228
Foreign currency forward contracts	(1,923)	476	(1,447)	34	203	237
	12,262	(38,738)	(26,476)	17,768	(14,303)	3,465

Realized and unrealized gains (losses) relating to cross currency swap agreements are recognized in earnings and reported in foreign currency exchange loss in the Company’s consolidated statements of (loss) income. The effect of the gain (loss) on these derivatives on the Company's consolidated statements of (loss) income is as follows:

	Three Months Ended September 30,
	2025			2024
	Realizedgains(losses)	Unrealizedgains(losses)	Total	Realizedgains(losses)	Unrealizedgains(losses)	Total
	$	$	$	$	$	$
Cross currency swap agreements	(11,368)	12,385	1,017	1,111	(2,705)	(1,594)

	Nine Months Ended September 30,
	2025			2024
	Realizedgains(losses)$	Unrealizedgains(losses)$	Total$	Realizedgains(losses)$	Unrealizedgains(losses)$	Total$
Cross currency swap agreements	(9,247)	32,134	22,887	3,297	(13,109)	(9,812)

For the periods indicated, the following table presents the amounts of losses reclassified from accumulated other comprehensive income (or OCI) to interest expense for interest rate swaps previously dedesignated but for which the hedged forecasted transaction remains probable as cash flow hedges (excluding such agreements in equity-accounted investments):

	Three Months Ended September 30,		Nine Months Ended September 30,
	Three Months Ended March 31,
	2025	2024	2025	2024
	2026	2025
	$	$	$	$
Amount of Loss Reclassified from Accumulated OCI to Interest Expense	(143)	(175)	(482)	(557)
Amount of loss reclassified from accumulated OCI to interest expense	(130)	(177)

Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

12. Commitments and Contingencies

(a)During November 2022, the Company entered into contracts with Samsung Heavy Industries Co., Ltd. for the construction of five 174,000-cubic meter M-type, Electronically Controlled, Gas Admission propulsion LNG ~~carriers~~carrier ~~(or~~newbuildings ~~the Samsung LNG Carrier Newbuildings)~~ that have aan estimated total fully built-up cost of $1.2 billion and are scheduled for ~~delivery~~deliveries throughout 2027. As at ~~September~~March 3031, ~~2025~~2026, expenditures incurred under these newbuilding contracts totaled $~~275~~327.57 million and the estimated remaining expenditures to be incurred are $26194.67 million (remainder of ~~2025), $243.4 million (~~2026), and $~~638~~658.8 million (2027). The Company intends to finance substantially all of the remaining estimated pre-delivery expenditures with borrowings under two U.S. Dollar-denominated term loans maturing in 2027. In addition, the final construction installments due on delivery and the repayment of the two U.S. Dollar-denominated term loans maturing in 2027 ~~will~~are expected to be financed with existing 10-year sale and leaseback financing arrangements, where the ~~Samsung~~ LNG ~~Carrier~~carrier ~~Newbuildings~~newbuildings ~~will~~are expected to be sold to a ~~third~~Lessor ~~party~~ upon their ~~delivery~~deliveries for approximately $235.0 million per vessel ~~(see Note 5)~~.

~~(b)In~~During ~~March~~December ~~2023~~2025, the ~~Exmar~~Company ~~LPG Joint Venture~~ entered into contracts with ~~Hyundai~~Samsung ~~Mipo~~Heavy ~~Dockyard~~Industries Co., Ltd. ~~(or HMD)~~ for the construction of two 45174,000-cubic meter ~~ammonia~~low-pressure ~~capable~~ dual-fueled ~~LPG~~(X-DF) ~~carriers~~LNG ~~with~~carrier ~~scheduled~~newbuildings ~~deliveries~~that inhave ~~2026.~~an Inestimated ~~March~~total ~~2024,~~fully ~~the~~built-up ~~Exmar~~cost ~~LPG Joint Venture entered into contracts with HMD for the construction~~ of ~~two~~$511.6 million ~~additional~~and ~~45,000-cubic~~are ~~meter ammonia capable dual-fueled LPG carriers with~~ scheduled for deliveries in ~~late-2026. The Company's proportionate share of~~ the ~~total~~second ~~fully~~half ~~built-up cost~~ of ~~these four vessels is approximately $173~~2028.~~7 million.~~ As at ~~September~~March 3031, ~~2025~~2026, ~~the Company's proportionate share of~~ expenditures incurred under these newbuilding contracts totaled $5249.63 million and the ~~Company's proportionate share of~~ estimated remaining expenditures to be incurred are $102.3 million (remainder of ~~2025~~2026), $153.6 million (2027) and $~~110~~306.84 million (~~2026~~2028). The Company intends to finance the estimated pre-delivery expenditures with its existing liquidity and future operating cash flow, as well as long-term debt financing to be arranged for the vessels prior to their scheduled deliveries.

(b)In ~~January~~March ~~2025~~2023, the Company's 50/50 NGL-related joint venture with Exmar NV (or the Exmar LPG Joint Venture) entered into contracts with ~~Avance~~Hyundai ~~Gas~~Mipo ~~Aries~~Dockyard Co., Ltd. ~~for~~(or ~~the~~HMD) ~~assumption by the joint venture of shipbuilding contracts~~ for the construction of ~~four~~two 4045,000-cubic meter ammonia capable dual-fueled LPG carriers with scheduled deliveries in mid-2026. ~~These~~In ~~vessels~~March ~~are~~2024, ~~being~~the ~~constructed~~Exmar byLPG ~~Nantong~~Joint ~~CIMC~~Venture ~~Sinopacific~~entered ~~Offshore~~into &contracts ~~Engineering~~with ~~Co.,~~HMD ~~Ltd.~~for the construction of two additional 45,000-cubic meter ammonia capable dual-fueled LPG carriers with scheduled deliveries in late-~~2025 and~~ 2026. The Company's proportionate share of the total fully built-up cost of these four vessels is approximately $~~151~~173.58 million. As at ~~September~~March 3031, ~~2025~~2026, the Company's proportionate share of expenditures incurred under these newbuilding contracts totaled $67.25 million and the Company's proportionate share of estimated remaining expenditures to be incurred ~~are~~in ~~$25.4 million~~2026 ~~(remainder~~is ~~of 2025) and~~ $58106.93 million ~~(2026)~~.

In January 2025, the Exmar LPG Joint Venture entered into contracts with Avance Gas Aries Ltd. for the assumption by the joint venture of shipbuilding contracts for the construction of four 40,000-cubic meter dual-fueled LPG carriers, which are being constructed by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. During the first quarter of 2026, two of these vessels, the Meribel and the Menuires, were delivered to the Exmar LPG Joint Venture. The remaining vessels are scheduled to be delivered in the second half of 2026. The Company's proportionate share of the total fully built-up cost of the remaining two vessels is approximately $76.5 million. As at March 31, 2026, the Company's proportionate share of expenditures incurred under these newbuilding contracts totaled $39.5 million and the Company's proportionate share of estimated remaining expenditures to be incurred in 2026 is $37.0 million.

(c)The Company has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain. In October 2025, the Bahrain LNG Joint Venture agreed on the remaining final construction installment payment and charges related to a dispute with the Bahrain LNG terminal contractor. The Bahrain LNG Joint Venture intends to finance the final construction installment payment and charges through its existing undrawn financing, its existing liquidity, and potential cash contributions from the shareholders (of which the Company’s proportionate share is estimated to be up to $5.9 million).

(d)The Company owns 70% of Seapeak BLT Corporation (or the Tangguh Joint Venture), which is a party to operating leases whereby the Tangguh Joint Venture is leasing the Tangguh Hiri and Tangguh Sago LNG carriers (or the Tangguh LNG Carriers) to a third party, which is in turn leasing the vessels back to the joint venture. The Company’s minimum charter hire payments to be paid and received under these leases are described in more detail in Item 18 – Financial Statements: Note 14e to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2024. Under the terms of the leasing arrangement for the Tangguh LNG Carriers, whereby the Tangguh Joint Venture is the lessee, the lessor claims tax depreciation on its lease of these vessels. As is typical in these types of leasing arrangements, tax and change of law risks are assumed by the lessee. Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax margin. As at September 30, 2025, the carrying amount of this estimated tax indemnification obligation relating to the leasing arrangement through the Tangguh Joint Venture was $3.4 million (December 31, 2024 – $3.8 million) and was included as part of other long-term liabilities in the consolidated balance sheets of the Company.

(e)Effective January 1, 2024, emissions emitted by the maritime industry have been integrated in the European Union Emissions Trading System (or EU ETS) and are being phased in over a three-year period. Emissions for voyages to or from Europe or within Europe included within the scope of EU ETS were based on 40% during 2024 and are based on 70% during 2025 and will be 100% in 2026. The Company is obligated to submit Emissions Allowances (or EUAs) for all vessels under its operational management on an annual basis prior to September 30th of each year. Each EUA represents a carbon credit that grants the holder the right to emit one tonne of CO2 equivalent under the EU ETS. In September 2025, the Company remitted 250,090 EUAs, which were related to emissions for voyages during the year ended December 31, 2024. For a description of the Company's environmental emissions' accounting policy, see Item 18 – Financial Statements: Note 1 to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2024.

Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

(d)The Company owns 70% of Seapeak BLT Corporation (or the Tangguh Joint Venture), which is a party to operating leases whereby the Tangguh Joint Venture is leasing the Tangguh Hiri and Tangguh Sago LNG carriers (or the Tangguh LNG Carriers) to a third party, which is in turn leasing the vessels back to the joint venture. The Company’s minimum charter hire payments to be paid and received under these leases are described in more detail in Item 18 – Financial Statements: Note 14e to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2025. Under the terms of the leasing arrangement for the Tangguh LNG Carriers, whereby the Tangguh Joint Venture is the lessee, the lessor claims tax depreciation on its lease of these vessels. As is typical in these types of leasing arrangements, tax and change of law risks are assumed by the lessee. Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax margin. As at March 31, 2026, the carrying amount of this estimated tax indemnification obligation relating to the leasing arrangement through the Tangguh Joint Venture was $3.2 million (December 31, 2025 – $3.3 million) and was included as part of other long-term liabilities in the consolidated balance sheets of the Company.

(e)Effective January 1, 2024, emissions emitted by the maritime industry have been integrated in the European Union Emissions Trading System (or EU ETS) and are being phased in over a three-year period. Emissions for voyages to or from Europe or within Europe included within the scope of EU ETS were based on 40% during 2024 and 70% during 2025 and are based on 100% commencing in 2026. The Company is obligated to submit Emissions Allowances (or EUAs) for all vessels under its operational management on an annual basis prior to September 30th of each year. Each EUA represents a carbon credit that grants the holder the right to emit one tonne of CO2 equivalent under the EU ETS. For a description of the Company's environmental emissions' accounting policy, see Item 18 – Financial Statements: Note 1 to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2025.

The following table presents the classification and carrying amounts of assets and liabilities related to EU ETS on the Company’s consolidated balance sheets:

	Amounts due from affiliates$	Other current assets$	Other assets$	Accrued liabilities and other$	~~Accrued~~Other ~~liabilities~~long-term ~~and other~~liabilities$
As at September 30, 2025
As at March 31, 2026
Amounts due from equity-accounted investees	14,807	—			—
Amounts due from equity-accounted investees(i)	31,047	—	—	—	—
Amounts due from charterers	—	7,675			—
Amounts due from charterers(i)	—	8,752	3,931	—	—
EUAs held by the Company	—	4,890			—
EUAs held by the Company(ii)	—	5,948	—	—	—
Obligation to submit EUAs	—	—			28,072
Obligation to submit EUAs(i)(ii)	—	—	—	35,412	14,323
	14,807	12,565			28,072
	31,047	14,700	3,931	35,412	14,323
As at December 31, 2024
As at December 31, 2025
Amounts due from equity-accounted investees	11,524	—			—
Amounts due from equity-accounted investees(i)	25,116	—	—	—	—
Amounts due from charterers	—	6,404			—
Amounts due from charterers(i)	—	11,157	—	—	—
EUAs held by the Company	—	70			—
EUAs held by the Company(ii)	—	5,216	—	—	—
Obligation to submit EUAs	—	—			18,356
Obligation to submit EUAs(i)ii)	—	—	—	41,937	—
	11,524	6,474			18,356
	25,116	16,373	—	41,937	—

(fi)Management is required to assess whether the Company will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its unaudited consolidated financial statements. The ~~Company~~amounts had a working capital deficit of $231.1 million as at September 30, 2025. This working capital deficit includes $113.9 million related to scheduled maturities and repayments of long-term debt in the 12 months following September 30, 2025. Based on the Company’s liquidity at the date these unaudited consolidated financial statements were ~~issued,~~measured ~~the~~using ~~liquidity it expects to generate from operations over~~ the following year, and the cash distributions it expects to receive from its equity-accounted joint ventures, the Company estimates that it will have sufficient liquidity to continue as a going concern for at least the one-year period ~~following~~end ~~the~~EUA ~~issuance~~spot ~~of these unaudited consolidated financial statements~~price.

13(ii)Includes the EUAs transferred to the Company by certain charterers, which are related to emissions for voyages during the year ended December 31, 2025. ~~Supplemental~~ ~~Cash~~The ~~Flow~~value ~~Information~~of these EUAs were measured using the EUA spot price on receipt date of the EUAs.

~~The~~(f)Management is required to assess whether the Company will have sufficient liquidity to continue as a going concern for the one-year period following isthe issuance of its unaudited consolidated financial statements. The Company had a ~~tabular~~working ~~reconciliation~~capital deficit of $509.5 million as at March 31, 2026. This working capital deficit includes $553.1 million related to scheduled maturities and repayments of long-term debt and obligations related to finance leases in the 12 months following March 31, 2026. Based on the Company'’s ~~cash~~liquidity at the date these unaudited consolidated financial statements were issued, the liquidity it expects to generate from operations over the following year, the cash ~~equivalents~~distributions it expects to receive from its equity-accounted joint ventures, and ~~restricted~~the ~~cash~~proceeds ~~balances~~it ~~for~~expects to receive related to the ~~periods~~financing ~~presented~~of incertain of its LNG carrier newbuildings, the Company's ~~consolidated~~estimates ~~statements~~that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of ~~cash~~these ~~flows~~unaudited consolidated financial statements.

	September 30, 2025	December 31, 2024	September 30, 2024	December 31, 2023
	$	$	$	$
Cash and cash equivalents	103,732	153,726	196,884	168,409
Restricted cash – current	—	9,210	2,380	2,910
Restricted cash – long-term	20,880	25,032	19,700	13,075
	124,612	187,968	218,964	184,394

The Company maintains restricted cash deposits relating to certain term loans, collateral for derivatives (see Note 11), vessels held for sale, obligations related to finance leases and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs.

Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, unless otherwise indicated)

1413. ~~(Write-down)~~Supplemental ~~and~~Cash ~~Gain~~Flow ~~on Sales of Vessels~~ Information

~~a) In~~The ~~February~~following ~~2024, the Company sold the Seapeak Napa multi-gas carrier for net proceeds of $10.4 million, resulting in a gain on sale of $0.5 million, which~~ is included in (write-down) and gain on sales of vessels for the nine months ended September 30, 2024 in the Company's consolidated statement of (loss) income. In March 2024, the Company sold the Seapeak Cathinka multi-gas carrier for net proceeds of $6.5 million, resulting in a ~~gain~~tabular onreconciliation ~~sale~~ of ~~$0.2 million, which is included in (write-down) and gain on sales of vessels for~~ the ~~nine months ended September 30, 2024 in the~~ Company's ~~consolidated statement of (loss) income. In April 2024~~cash, ~~the~~cash ~~Company~~equivalents ~~sold the Seapeak Camilla for net proceeds of $6.7 million, resulting in a gain on sale of $0.3 million, which is included in (write-down)~~ and ~~gain~~restricted oncash ~~sales~~balances ~~of vessels~~ for the ~~nine~~periods ~~months~~presented ~~ended September 30, 2024~~ in the Company's consolidated ~~statement~~statements of ~~(loss)~~cash ~~income~~flows.

b) In August 2024, the Company sold the Seapeak Pan multi-gas carrier for net proceeds of $6.5 million, resulting in a gain on sale of $3.4 million, which is included in (write-down) and gain on sales of vessels for the three and nine months ended September 30, 2024 in the Company's consolidated statements of (loss) income.


	March 31, 2026	December 31, 2025	March 31, 2025	December 31, 2024
	$	$	$	$
Cash and cash equivalents	81,284	122,906	148,351	153,726
Restricted cash – current	9,614	14,455	3,800	9,210
Restricted cash – long-term	8,433	7,793	23,595	25,032
	99,331	145,154	175,746	187,968

~~c) As~~The ~~at September 30, 2025, the~~ Company's ~~LNG~~maintains ~~segment~~restricted ~~included~~cash ~~seven~~deposits ~~steam~~relating ~~turbine~~to ~~LNG~~certain ~~carriers,~~term ~~the oldest vessels in our LNG fleet. To reduce the Company's operating costs~~loans, ~~three~~collateral offor ~~these~~derivatives ~~vessels~~(see ~~were~~Note ~~placed~~11) inand ~~lay-up~~amounts inreceived ~~early~~from ~~2025.~~charterers Asto atbe ~~September 30,~~used ~~2025,~~only ~~these vessels were presented as held~~ for ~~sale~~dry-docking inexpenditures ~~the~~and ~~Company's~~emergency ~~consolidated balance sheet~~repairs.

The 20-year charters for three of the Company’s seven steam turbine LNG carriers, consisting of the RasGas II Joint Venture (or RasGas II) vessels, are scheduled to expire during October 2026 to February 202714. Gain Steam turbine LNG carriers are currently facing acute market pressure amid weak demand and a record number of such vessels are currently inactive. The outlook for these vessels is not expected to significantly improve by late-2026 and early-2027. Therefore, it is expected that the RasGas II vessels will be sold, unless a suitable charter can be found prior to the expiration of their existing charters. As a result, in September 2025, the carrying values of these vessels were written down to their estimated fair values. The total impairment charge of $61.8 million is included in (write-down) and gain on ~~sales~~Sales of ~~vessels~~Vessels for the three and nine months ended September 30, 2025 in the Company's consolidated statements of (loss) income. The vessels were written down to their estimated fair values using a discounted cash flow approach based on the vessels operating to age 20 years on their existing long-term fixed-rate charter contracts and subsequent sale at a price which is based on recent transactions for LNG carriers of a similar age.

As at December 31, 2025, the Seapeak Mars and the Seapeak Hispania LNG carriers were classified as held for sale in the Company's consolidated balance sheet at their combined net book value of $24.4 million. In January 2026, the Company sold the Seapeak Mars for net proceeds of $12.1 million, which approximated its net book value. In January 2026, the Seapeak Hispania was renamed the Seapeak Jupiter. In March 2026, the Seapeak Jupiter was sold for net proceeds of $15.3 million resulting in a gain on sale of $3.0 million, which is included in gain on sales of vessels for the three months ended March 31, 2026 in the Company's consolidated statement of income.

15. Total Capital

Common Unit Distributions

On February 27, 2025, the Company declared and paid a cash distribution of $1.0005 per common unit, totaling $100.0 million, to its sole common unitholder, Stonepeak Limestone Holdings L.P. ~~(or Stonepeak).~~

~~On March 25, 2024, the Company declared and paid a cash distribution of $2~~16.~~0010~~ Subsequent ~~per common unit, totaling $200.0 million, to Stonepeak.~~ Events

~~16.~~a) ~~Restructuring~~In ~~Charges~~April 2026, the Company sold the Seapeak Creole LNG carrier to a Lessor for $165.0 million and concurrently chartered the vessel back for a period of 20 years under a bareboat charter contract. The Company is obligated to repurchase the vessel at the end of the lease term at a nominal amount.

~~During~~b) In April 2026, the ~~three~~Company ~~and~~refinanced ~~nine~~the ~~months~~existing ~~ended~~financing ~~September 30,~~arrangements ~~2025,~~for the ~~Company~~Ineos ~~recognized~~Dolphin ~~restructuring~~and ~~charges~~the ofIneos Innovation NGL carriers by repurchasing the vessels for $177.51 million and $2043.72 million, respectively., ~~The~~from ~~restructuring~~the ~~charges~~existing ~~primarily~~financing ~~relate~~providers and selling them to ~~severance~~new ~~costs~~financing ~~resulting~~providers ~~from~~for ~~the~~$80.0 million ~~dismissal~~and of$45.0 million, ~~substantially~~respectively, ~~all~~and chartering each of the ~~Company’s~~vessels ~~Spanish~~back ~~seafarers~~for a period of 7.9 ~~This~~years ~~severance~~under ~~follows~~bareboat ~~the~~charter contracts. The Company’s ~~decision~~has the option to ~~restructure~~terminate each of the ~~operations~~bareboat charters after a period of 5.9 years and repurchase the ~~four~~vessels ~~steam~~for ~~turbine~~$42.4 million ~~LNG~~and ~~carriers~~$23.9 million, ~~which~~respectively. ~~comprise~~In ~~its~~conjunction ~~Spanish~~with ~~fleet~~the refinancing of the vessels, ~~due~~the Company and the charterer have agreed to extend the ~~adverse~~term ~~market~~of ~~conditions~~the ~~affecting~~existing ~~steam~~time-charter ~~turbine~~contracts ~~LNG~~by ~~carriers~~1.5 years at the same hire rates.

~~17.~~c) ~~Subsequent~~In ~~Events~~April 2026, the charterer of the Ineos Independence NGL carrier exercised its five-year option to extend the charter contract to April 2032 at a fixed rate.

OnIn ~~October~~May 232026, ~~2025,~~ the ~~Company~~charterer ~~entered into a U.S. Dollar-denominated term loan agreement, which allows for borrowings~~ of upthe toIneos ~~$258.5 million.~~Intuition ~~The~~NGL ~~term~~carrier ~~loan~~exercised isits ~~collateralized by first~~two-~~priority~~year ~~mortgages~~option onto ~~the~~extend ~~Seapeak Kinabalu,~~ the ~~Seapeak~~charter ~~Atlas~~contract ~~and~~to ~~the~~May ~~Seapeak~~2029 ~~Kittiwake~~at ~~LNG carrier newbuildings. Interest payments are based on SOFR plus~~ a ~~margin~~fixed ~~of 2~~rate.~~0%. The term loan is repayable at maturity in 2027. On October 31, 2025, the Company borrowed $103.4 million from this term loan.~~

23In May 2026, the charterer of the Ineos Invention NGL carrier exercised its two-year option to extend the charter contract to May 2029 at a fixed rate.

d) In May 2026, the Company entered into contracts with Samsung Heavy Industries Co., Ltd. for the construction of three, 174,000-cubic meter low-pressure dual-fueled (X-DF) LNG carrier newbuildings which have an estimated total fully built-up cost of $756.0 million and are scheduled for deliveries in the first half of 2029. The Company intends to finance the estimated cost with its existing liquidity and future operating cash flow, as well as long-term debt financing to be arranged for the vessels prior to their scheduled deliveries.

SEAPEAK LLC AND SUBSIDIARIES

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

PART I – FINANCIAL INFORMATION

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the unaudited consolidated financial statements and accompanying notes contained in "Item 1 – Financial Statements" of this Report on Form 6-K and with our audited consolidated financial statements contained in "Item 18 – Financial Statements" and with "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in "Item 5 – Operating and Financial Review and Prospects" of our Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025. Included in our Annual Report on Form 20-F is important information about items that you should consider when evaluating our results, information about the types of contracts we enter into and certain non-GAAP measures we utilize to measure our performance. Unless otherwise indicated, references in this Report to “we,” “us” and “our” and similar terms refer to Seapeak LLC and its subsidiaries.

OVERVIEW

Seapeak LLC is an international provider of marine transportation services focusing on liquefied natural gas (or LNG) and natural gas ~~liquid~~liquids (or NGL). Our primary strategy focuses on servicing customers through our owned and leased fleet of vessels under medium to long-term, fixed-rate charters. We may evaluate and enter into adjacent liquefied gas markets, renewable markets, and other maritime opportunities. In executing our strategy, we may engage in vessel or business acquisitions or enter into joint ventures and partnerships with companies that provide increased access to emerging opportunities from global expansion of the LNG and NGL sectors.

SIGNIFICANT DEVELOPMENTS IN ~~2025~~2026

~~Steam Turbine~~ LNG ~~Carriers~~Carrier Newbuildings

AsIn atMay ~~September 30~~2026, ~~2025,~~we ~~our~~entered ~~LNG~~into ~~segment~~shipbuilding ~~included~~contracts ~~seven~~with ~~steam~~Samsung ~~turbine~~Heavy ~~LNG~~Industries ~~carriers, the oldest vessels in our LNG fleet~~Co. ~~To reduce our operating costs~~, ~~three of these vessels were placed in lay-up in early 2025~~Ltd. ~~As at September 30, 2025, these three vessels were classified as held~~ for ~~sale~~the inconstruction ~~our September 30, 2025 consolidated balance sheet. In addition, we have recognized $20.7 million~~ of ~~restructuring charges during the nine months ended September 30~~three, ~~2025~~174,000-cubic ~~which~~meter ~~primarily~~low-pressure ~~relate~~dual-fueled to(X-DF) ~~severance~~LNG ~~costs~~carrier ~~resulting from the dismissal of substantially all of our Spanish seafarers~~newbuildings. ~~This~~The ~~severance~~three ~~follows our decision to restructure the operations of the four steam turbine~~ LNG carriers, ~~which~~will ~~comprise~~be ~~our~~constructed ~~Spanish~~for ~~fleet,~~a ~~due~~total toestimated ~~the~~fully ~~adverse~~built-up ~~market~~cost ~~conditions~~of ~~affecting steam turbine LNG carriers~~$756.0 million.

~~The 20-year charters for three of our seven steam turbine LNG carriers~~Concurrently, ~~consisting~~we ofsecured ~~the~~10-year ~~RasGas~~fixed-rate IIcharter ~~Joint~~contracts ~~Venture~~ (orwith ~~RasGas~~one ~~II)~~five-year ~~vessels,~~extension ~~are~~option) ~~scheduled~~with toan ~~expire~~international ~~during~~energy ~~October~~company ~~2026~~for tothe ~~February~~three ~~2027. Steam turbine~~ LNG ~~carriers~~carrier ~~are~~newbuildings, ~~currently~~which ~~facing acute market pressure amid weak demand and thus a record number of such vessels~~ are ~~currently inactive. The outlook for these vessels is not~~ expected to ~~significantly~~commence ~~improve~~during ~~by late-2026 and early-2027. Therefore, it is expected that~~ the ~~RasGas~~first IIhalf ~~vessels will be sold, unless a suitable charter can be found prior to the expiration~~ of ~~their~~2029 ~~existing~~upon ~~charters.~~delivery ~~As a result, in September 2025 we have reduced our estimate~~ of ~~their useful lives from 25 years to 20 years. In addition,~~ the ~~carrying values of these~~ vessels ~~were written down to their estimated fair values at September 30, 2025, resulting in an impairment charge of $61~~.~~8 million.~~

~~MALT~~NGL ~~LNG~~ Carrier Charter Contracts

~~Two~~In ofMay ~~the six LNG carriers in our 52%-owned MALT Joint Venture~~2026, the ~~Seapeak~~charterers Marib and Seapeak Arwa, were chartered-out to Yemen LNG Company Limited (or YLNG) under long-term charter contracts. However, due to the political unrest in Yemen, YLNG decided to temporarily close operation of ~~its LNG plant in Yemen in 2015. As a result, commencing January 1, 2016,~~ the ~~MALT~~Ineos ~~Joint~~Invention Venture agreed to successive deferral arrangements with YLNG pursuant to which a portion of the charter payments was deferred. In March 2025, the MALT Joint Venture entered into a third suspension agreement (or the Third Suspension Agreement) with YLNG to further extend the charter deferral period for the Seapeak Marib and the ~~Seapeak~~Ineos ~~Arwa~~Intuition ~~for~~NGL upcarriers toexercised antheir ~~additional~~two-year ~~three~~extension ~~years~~options ~~until~~at ~~March~~fixed ~~and April 2028~~rates, ~~respectively.~~which ~~Should~~are ~~the~~expected ~~LNG plant in Yemen resume operations during the term of the Third Suspension Agreement, YLNG will be required~~ to ~~repay~~commence ~~the applicable deferred amounts plus interest~~ in ~~installments~~May ~~over a specified time period~~2027. However, there are no assurances if or when the LNG plant will resume operations, or if YLNG will repay, or be able to repay, all or any portion of the deferred amounts. As was the case with the previous suspension agreements, pursuant to the Third Suspension Agreement, the MALT Joint Venture is permitted to directly charter the Seapeak Marib and the Seapeak Arwa for its own account to third parties.

24In April 2026, the charterer of the Ineos Independence NGL carrier exercised its five-year extension option at a fixed rate, which is expected to commence in May 2027.

In January 2026, the charterers of the Ineos Innovation and the Ineos Dolphin NGL carriers agreed to extend the term of their existing charter contracts by 1.5 years. As a result of the extensions, the firm period of these charter contracts are scheduled to end in July 2028 and February 2031, respectively.

Vessel Sales

In March 2026, we sold the Seapeak Jupiter LNG carrier for net proceeds of $15.3 million.

In January 2026, we sold the Seapeak Mars LNG carrier for net proceeds of $12.1 million.

Other Fleet Developments

We have four LNG carriers in our 52%-owned MALT Joint Venture that are currently operating on short-term charter contracts. Additionally, we have four LNG carriers (including one LNG carrier from our 70%-owned RasGas II Joint Venture and one LNG carrier from our 52%-owned MALT Joint Venture) which are expected to complete their long-term charter contracts during 2026. LNG project delays have caused a near-term oversupply of LNG carriers. As a result, our results for 2026 and beyond may be negatively impacted to the extent that there are periods within 2026 or subsequent years that we have LNG carriers without charter contracts or we have rechartered our LNG carriers at rates lower than they earned on their prior charter contracts.

Russia-Ukraine War

The ongoing Russia-Ukraine war has disrupted energy markets and supply chains, has resulted in various sanctions on Russian entities, individuals, and sectors, and has caused volatility in global energy markets. ~~The United States has been in discussions with Russia and Ukraine aimed at ending the war since the first quarter of 2025.~~ While much uncertainty remains regarding the global impact and remaining duration of the war, and the impact of any additional sanctions that may be imposed on Russia and its trading partners, it is possible that continued hostilities between Russia and Ukraine and any actions taken by the U.S., ~~administration~~EU, UK or by other ~~nations~~countries or administrations in response to those hostilities could adversely affect our business, financial condition, results of operations and cash flows. In October 2025, the EU announced that effective January 1, 2027, there will be a ban on ~~imports of~~ Russian LNG imported into the EU pursuant to long-term supply contracts. ItIn isNovember ~~possible~~2025, ~~that~~the ~~third~~UK ~~parties~~announced its intention to implement a ban on the provision of UK maritime services and UK insurance services in connection with ~~which~~Russian weLNG ~~have~~exports; ~~charter~~however, ~~contracts~~to ordate, ~~business~~the ~~arrangements~~UK ~~may~~has benot ~~impacted~~yet ~~directly~~formally orreleased ~~indirectly~~specific byterms relating to this ban. In April 2026, the ~~war~~EU announced that effective January 1, ~~which~~2027, ~~could~~there ~~adversely~~will ~~affect~~be ~~our~~a ~~operations~~ban ~~and~~on ~~financial~~technical ~~condition~~services provided to LNG vessels transporting Russian LNG. To date, we have not experienced any material adverse financial impact as a result of the Russia-Ukraine war. However, as a result of the announcements in October 2025 (and as the regulatory landscape continues to evolve), we expect we will be required to restructure our operations.

Geopolitical and Economic Uncertainty

The U.S. administration continues to negotiate and implement new or increased tariffs on foreign imports, which ~~may~~has ~~result~~resulted in retaliatory tariffs being levied on certain U.S. goods and commodities and potential trade wars. This activity has disrupted global markets resulting in significant volatility in stock and commodity prices and an increase in general global economic uncertainty, including an increased risk of economic recessions. As a result of this rapidly changing and unpredictable geopolitical climate, the shipping industry is experiencing uncertainty as to future vessel demand, trade routes, rates and operating costs.

~~Increased~~being levied on certain U.S. ~~Port~~goods ~~Fees~~and ~~for~~commodities ~~Chinese-Connected~~and ~~Ships~~may lead to potential trade wars. This activity has disrupted global markets resulting in

Insignificant ~~early~~volatility ~~2025,~~in ~~the~~stock ~~Office of the U.S. Trade Representative announced that port docking fees will apply to vessels connected with China~~ and ~~that~~commodity ~~dock~~prices ~~at U.S. ports. Commencing on October 14, 2025, Chinese vessel owners~~ and ~~Chinese~~an ~~vessel~~increase ~~operators were subject to fees starting at $50 per net ton, and non-Chinese operators using Chinese-built vessels are subject to fees starting at $18 per net ton,~~ in ~~each~~general case, subject to annual fee increases but up to a cap of five visits per year per vessel. As a result, vessels connected with China (either via Chinese ownership/operations or by virtue of being built in China) and transporting NGL to and/or from the United States are subject to significant fees, potentially disrupting the competitive landscape within our industry and global ~~NGL~~economic ~~carrier routes. At this time~~uncertainty, ~~we are unable to determine with certainty the impact these additional fees will have on us, our operations or our industry, as there are numerous exemptions available (~~including ifan aincreased ~~non-Chinese~~risk ~~operator that uses a Chinese-built vessel arrives to a U.S. port in ballast condition, and a fee exemption for LNG vessels). A total~~ of 14economic ~~of our vessels, including two vessels in which we have a 30% ownership interest and two vessels in which we have a 20% ownership interest, are Chinese-built~~recessions.

InSeparately, ~~addition~~tensions in the Middle East may impact our business. Most recently, in ~~January~~February ~~2025~~2026, ~~our~~the ~~50%-owned~~U.S. ~~Exmar~~and ~~LPG~~Israel ~~Joint~~launched ~~Venture~~a ~~entered~~major ~~into~~attack ~~contracts~~on ~~with~~Iran ~~Avance~~which ~~Gas~~has ~~Aries~~resulted ~~Ltd.~~in toa ~~assume~~retaliation ~~its~~by ~~shipbuilding~~Iran ~~contracts~~against ~~for~~U.S. military bases in the ~~construction~~Middle ofEast ~~four~~(including ~~new~~in ~~40,000~~Bahrain) and other targets. The U.S.-~~cubic~~Israel ~~meter~~war ~~LPG~~with ~~carriers~~Iran ~~being~~has ~~constructed~~resulted byin ~~Chinese~~attacks ~~shipbuilder~~on commercial vessels, ~~Nantong~~infrastructure, ~~CIMC~~and ~~Sinopacific~~the ~~Offshore~~effective &closure ~~Engineering~~and Cothe U.S. naval blockade of the Strait of Hormuz, ~~Ltd~~disrupting shipping trade routes. ~~The~~Prior ~~Exmar~~to ~~LPG~~the ~~Joint~~war, ~~Venture~~approximately ~~also~~20% ~~entered~~of ~~into~~the ~~contracts~~world's ~~for~~oil and LNG typically passed through the ~~in-chartering~~strait. As of ~~four~~the ~~new~~date ~~40,000-cubic~~of ~~meter~~this ~~LPG~~report, ~~carriers~~although ~~and~~we ~~two~~have ~~new~~operational ~~48,000-cubic~~assets ~~meter~~located ~~LPG~~within ~~carriers~~the invicinity ~~August~~of ~~2023~~the ~~and~~Strait ~~July~~of ~~2024~~Hormuz, ~~respectively~~including our Bahrain LNG import terminal, ~~that~~we ~~are~~have ~~currently~~not ~~being~~been ~~constructed~~adversely affected by ~~Chinese~~the ~~shipbuilder~~attacks. However, ~~Jiangsu~~any ~~Yangzi-Mitsui~~future ~~Shipbuilding~~hostility Coor attacks could lead to significant damage to our assets, loss of life, and increased vessel operational costs. Attacks, ~~Ltd~~war, hijacking or other events beyond our control could adversely affect our operations, operating results and financial condition.

In October 2025, China also announced retaliatory port fees on vessels connected with the U.S. and that dock at Chinese ports. The fee, which will also be effective from October 14, 2025, starts at RMB 400 per net ton (approximately $56 per net ton), and is subject to a cap of five visits per calendar year. At this time, we are unable to determine with certainty the impact these additional fees will have on us, our operations or our industry.

In November 2025, the U.S. announced that the U.S. and China agreed on a reciprocal one-year suspension of their respective port fees. Accordingly, at this time, we do not expect our business to be materially impacted by such proposed port fees.

Other Fleet Developments

We have three 52%-owned LNG carriers that recently completed their long-term charter contracts and have been operating on short-term charter contracts since their redeliveries to us. Additionally, we have one wholly-owned LNG carrier which is expected to complete its long-term charter contract in December 2025. LNG project delays have caused a near-term oversupply of LNG carriers. As a result, our results for 2025 and beyond may be negatively impacted to the extent that there are periods within 2025 or subsequent years that we have LNG carriers without charter contracts or we have rechartered our LNG carriers at rates lower than they earned on their prior charter contracts.

RESULTS OF OPERATIONS

The following includes a comparison of the components of our results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 as compared to the same ~~periods~~period of the prior year.

Liquefied Natural Gas Segment

As at ~~September~~March 3031, ~~2025~~2026, our LNG segment fleet included 5049 LNG carriers (including ~~five~~seven LNG carriers under construction), and one LNG regasification terminal in Bahrain, in which our interests ranged from 20% to 100%.

The following table compares our LNG segment’s operating results, revenue days, calendar-ship-days and utilization for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, and compares its net voyage revenues (which is a non-GAAP financial measure) for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 to ~~(loss)~~ income from vessel operations, the most directly comparable GAAP financial measure. With the exception of equity income, all data in this table only includes 21an average of 19 LNG carriers that are accounted for under the consolidation method of accounting for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 (~~2024~~2025 – 2021 LNG carriers) and the ship management and corporate services we provide to certain of our equity-accounted joint ventures. A comparison of the results from vessels and assets accounted for under the equity method is described later in this section under "Equity Income".

(in thousands of U.S. Dollars, except for days and percentages)	Three Months Ended September 30,		Change	% Change
	2025	2024
Voyage revenues	130,536	140,485	(9,949)	(7.1)
Voyage expenses	(2,654)	(1,423)	(1,231)	86.5
Net voyage revenues(i)	127,882	139,062	(11,180)	(8.0)
Vessel operating expenses	(46,246)	(45,782)	(464)	1.0
Depreciation and amortization	(25,606)	(27,458)	1,852	(6.7)
General and administrative expenses(ii)	(12,843)	(5,647)	(7,196)	127.4
Write-down of vessels	(61,792)	—	(61,792)	100.0
Restructuring charges	(1,460)	—	(1,460)	100.0
(Loss) income from vessel operations	(20,065)	60,175	(80,240)	(133.3)
Equity income	2,352	28,640	(26,288)	(91.8)
Operating Data:
Calendar-ship-days (B)	1,932	1,840	92	5.0
Less:
Scheduled dry-docking days	—	34	(34)	(100.0)
Unscheduled off-hire and idle days	277	42	235	559.5
Revenue days (A)	1,655	1,764	(109)	(6.2)
Utilization (A)/(B)	85.7%	95.9%

(in thousands of U.S. Dollars, except for days and percentages)	~~Nine~~Three Months Ended ~~September~~March 3031,		Change	% Change
	2025	2024
	2026	2025
Voyage revenues	~~393~~119,~~030~~142	~~420~~132,~~877~~602	(2713,~~847~~460)	(610.62)
Voyage expenses	(92,~~420~~502)	(15,~~861~~083)	(72,~~559)~~581	~~406~~(50.28)
Net voyage revenues(i)	~~383~~116,~~610~~640	~~419~~127,~~016~~519	(3510,~~406~~879)	(8.45)
Vessel operating expenses	(~~139~~46,~~441~~467)	(~~134~~45,~~519~~826)	(~~4,922~~641)	31.74
Depreciation and amortization	(7733,~~769~~434)	(8225,~~295~~727)	4(7,~~526~~707)	(530.5)0
General and administrative expenses(ii)	(256,~~448~~387)	(186,~~104~~200)	(~~7,344~~187)	403.60
Write-down of vessels	(61,792)	—	(61,792)	100.0
Gain on sales of vessels	3,007	—	3,007	100.0
Restructuring charges	(20,724)	—	(20,724)	100.0
Income from vessel operations	33,359	49,766	(16,407)	(33.0)
Income from vessel operations	58,436	184,098	(125,662)	(68.3)
Equity income	21,600	14,226	7,374	51.8
Equity income	45,952	74,332	(28,380)	(38.2)
Operating Data:
Calendar-ship-days (B)	51,~~733~~724	51,~~480~~890	~~253~~(166)	4(8.68)
Less:
Scheduled dry-docking days	—40	34—	~~(34)~~40	(100.0)
Unscheduled off-hire and idle days	~~805~~139	99235	~~706~~(96)	~~713~~(40.19)
Revenue days (A)	41,~~928~~545	51,~~347~~655	(~~419~~110)	(76.86)
Utilization (A)/(B)	8689.06%	9787.6%

(i) This is a non-GAAP financial measure; for more information about this measure, including a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, please read “Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures”.

(ii) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of resources). See the discussion under “Other Operating Results” below.

For the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, total calendar-ship-days of the LNG segment were 51,~~733~~724 compared to 51,~~480~~890 days for the same period of the prior year. The ~~increase~~decrease in total calendar-ship-days is primarily due to the ~~purchase~~sales of the ~~Marvel~~Seapeak ~~Swan~~Asia, the Seapeak Mars and the Seapeak Jupiter in ~~October~~December ~~2024~~2025, January 2026 and March 2026, respectively.

Net Voyage Revenues. Net voyage revenues decreased by $1110.29 million ~~and $35.4 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, compared to the same ~~periods~~period of the prior year, primarily asdue ~~a result of~~to:

•~~decreases~~a decrease of $1511.69 million ~~and $48.1 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 due to ~~the~~lower ~~lay-up~~charter ofrates ~~the~~earned ~~Seapeak~~and ~~Asia~~idle ~~(formerly~~days ~~Seapeak~~incurred ~~Catalunya),~~by ~~the~~certain ~~Seapeak~~of ~~Hispania,~~our ~~and the Seapeak Madrid~~ LNG carriers ~~during the nine months ended September 30, 2025 and lower short-term charter rates earned~~ following the scheduled ~~completion~~completions of their previous charter contracts; ~~and~~

•~~decreases~~a decrease of $4.24 million ~~and $14.3 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 ~~primarily~~ due to ~~lower~~the ~~charter~~scheduled ~~rates~~drydockings ~~earned~~of bythe Marvel Swan and the Seapeak ~~Vancouver~~Creole LNG ~~carrier~~carriers ~~following~~during the ~~scheduled~~first ~~completion~~quarter of ~~its previous charter contract in March 2025~~2026; and

•a decrease of $1.4 million for the three months ended March 31, 2026 due to the sales of the Seapeak Asia and the Seapeak Jupiter LNG carriers in December 2025 and March 2026, respectively;

partially offset by:

•~~increases~~an increase of $72.76 million ~~and $22.9 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 due to bunker fuel expenses incurred during the ~~purchase~~repositioning of the ~~Marvel~~Seapeak ~~Swan~~Mars LNG carrier ahead of its cold lay-up in ~~October~~the ~~2024;~~first quarter of 2025 until its sale in January 2026;

•~~increases~~an increase of $1.16 million ~~and~~primarily ~~$2.2~~due ~~million~~to ~~for~~higher ~~the~~fixed-rate ~~three~~recoveries ~~and~~of ~~nine~~operating ~~months~~and ~~ended~~maintenance ~~September 30,~~costs ~~2025~~from ~~due~~the tomanagement ~~higher~~and ~~reimbursement~~operations of ~~seafarers'~~the ~~costs~~Bahrain ~~(offset~~LNG Terminal, in ~~vessel~~which ~~operating~~we ~~expenses)~~have ~~and~~a ~~ship~~30% ~~management~~ownership ~~fees~~interest, ~~from~~during ~~certain~~the first quarter of ~~our~~2026 ~~equity~~compared to lower variable-~~accounted~~rate ~~joint~~cost ~~ventures~~recoveries ~~during~~for the same period of 2025; ~~and~~

•an increase of $1.4 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 due to ~~fewer~~lower ~~off-hire~~operational ~~days~~claims ~~for unscheduled repairs~~ on certain of our LNG carriers during ~~2025.~~the first quarter of 2026; and

~~Vessel~~•an ~~Operating~~increase ~~Expenses.~~of ~~Vessel operating expenses increased by~~ $01.52 million ~~and $4.9 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~compared~~due to ~~the~~higher ~~same~~reimbursement ~~periods~~to us of ~~the~~seafarers' ~~prior~~costs ~~year,~~(offset ~~primarily~~in ~~due~~vessel ~~to:~~operating expenses) and ship management fees from certain of our equity-accounted joint ventures during the first quarter of 2026.

~~•increases of $1.6 million and $4.3 million for the three and nine months ended September 30, 2025 due to the purchase of the Marvel Swan LNG carrier in October 2024;~~23

~~•increases~~Depreciation ofand $1Amortization.1 ~~million~~Depreciation and amortization increased by $27.07 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, ~~due~~compared to ~~higher~~the ~~reimbursable~~same ~~seafarers'~~period ~~costs~~of ~~related~~the prior year, primarily due to ~~vessels~~the ~~operating~~reduction in ~~certain~~the estimated useful life of our ~~equity~~three 70%-~~accounted~~owned ~~joint~~steam ~~ventures~~turbine ~~during~~LNG carriers by five years effective October 1, 2025, (partially offset inby ~~voyage~~the ~~revenues);~~write-down ~~and~~of these vessels during the third quarter of 2025.

~~•an~~Gain ~~increase~~on Sales of Vessels. Gain on sales of vessels was $03.90 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, ~~due~~and toprimarily ~~the~~relates ~~timing~~to ofa ~~repairs~~gain ~~and maintenance~~ on the ~~Bahrain~~sale ~~LNG~~of ~~terminal~~the ~~and~~Seapeak ~~certain~~Jupiter ofLNG ~~our~~carrier ~~LNG~~in ~~carriers;~~March 2026.

Equity Income. Equity income increased by $7.4 million for the three months ended March 31, 2026, compared to the same period of the prior year. The change in equity income includes an increase of $11.3 million related to changes in our unrealized credit loss provisions recorded in certain of our equity-accounted joint ventures, primarily due to a higher decrease in the estimated charter-free vessel fair values for vessels servicing time-charter contracts accounted for as direct financing or sales-type leases for the three months ended March 31, 2025 and an increase of $3.3 million due to unrealized gains on non-designated derivative instruments for the three months ended March 31, 2026, compared to unrealized losses during the same period of the prior year, primarily due to changes in long-term forward benchmark interest rates. Excluding the changes in unrealized credit loss provisions and unrealized gains (losses) on non-designated derivative instruments, equity income decreased by $7.2 million for the three months ended March 31, 2026, compared to the same period of the prior year, primarily due to:

•Yamal LNG Joint Venture: a decrease of $4.7 million for the three months ended March 31, 2026, primarily due to unrealized foreign exchange losses during the first quarter of 2026 compared to unrealized gains during the same period of the prior year due to the period-end revaluation of Euro cash deposits for financial reporting purposes into U.S. Dollars; partially offset by lower depreciation expense due to a change in the expected timing of the next drydock for certain LNG carriers during the first quarter of 2026.

•MALT LNG Joint Venture: a decrease of $2.4 million for the three months ended March 31, 2026, primarily due to lower average charter rates earned during the first quarter of 2026.

•Angola LNG Joint Venture: a decrease of $1.1 million for the three months ended March 31, 2026, primarily due to the unscheduled off-hire of one LNG carrier for repairs during the first quarter of 2026.

partially offset by:

•~~decreases~~RasGas ofIII ~~$1.9~~LNG ~~million~~Joint ~~and~~Venture: an increase of $30.29 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, primarily due to lower interest expense during the ~~lay-up~~first quarter of ~~three~~2026 ofas ~~our~~a ~~steam~~result ~~turbine~~of ~~LNG~~lower ~~carriers~~debt ~~since~~balances ~~early~~following ~~2025;~~scheduled ~~and~~principal repayments.

•a Natural ~~decrease~~Gas ofLiquids ~~$1.1~~Segment ~~million for the three months ended September 30, 2025 due to the timing of repairs and maintenance on the Bahrain LNG terminal and certain of our LNG carriers.~~

27As at March 31, 2026, our NGL segment fleet, which consists of LPG, ethane and multi-gas carriers, included 42 NGL carriers, in which our interests ranged from 25% to 100% (including five time chartered-in NGL carriers, six NGL carriers under construction and six time chartered-in NGL carriers under construction).

~~Depreciation~~The ~~and~~following ~~Amortization.~~table ~~Depreciation~~compares ~~and~~our ~~amortization~~NGL ~~decreased~~segment’s byoperating ~~$1.9~~results, ~~million~~revenue ~~and~~days, ~~$4.5~~calendar-ship-days ~~million~~and utilization for the three months ended March 31, 2026 and ~~nine~~2025, and compares its net voyage revenues (which is a non-GAAP financial measure) for the three months ended ~~September~~March 3031, 2026 and 2025 to income from vessel operations, ~~compared~~the tomost directly comparable GAAP financial measure. With the ~~same~~exception ~~periods~~of equity income, all data in this table only includes 10 wholly-owned NGL carriers that are accounted for under the consolidation method of accounting for the ~~prior~~three ~~year~~months ended March 31, ~~primarily~~2026 ~~due~~and ~~to:~~2025. A comparison of the results from vessels and assets accounted for under the equity method are described below under "Equity Income".

•decreases of $2.9 million and $7.2 million for the three and nine months ended September 30, 2025 due to the write-down of our seven steam turbine LNG carriers during the fourth quarter of 2024; partially offset by the reduction in the estimated useful life of these LNG carriers effective January 1, 2025; and24

•decreases of $0.8 million and $2.4 million for the three and nine months ended September 30, 2025 due to the acquisition cost of the 20-year time-charter contract for the Seapeak Madrid being fully amortized upon its scheduled completion in December 2024;


(in thousands of U.S. Dollars, except for days and percentages)	Three Months Ended March 31,		Change	% Change
	2026	2025
Voyage revenues	28,225	27,828	397	1.4
Voyage expenses	(99)	(314)	215	(68.5)
Net voyage revenues(i)	28,126	27,514	612	2.2
Vessel operating expenses	(8,276)	(8,531)	255	(3.0)

Depreciation and amortization	(8,449)	(7,794)	(655)	8.4
General and administrative expenses(ii)	(717)	(944)	227	(24.0)


Income from vessel operations	10,684	10,245	439	4.3
Equity income	6,932	3,448	3,484	101.0
Operating Data:
Calendar-ship-days (B)	900	900	—	—
Less:
Scheduled dry-docking days	—	—	—	—
Unscheduled off-hire and idle days	—	25	(25)	(100.0)
Revenue days (A)	900	875	25	2.9
Utilization (A)/(B)	100.0%	97.2%

partially offset by:

•increases of $1.8 million and $5.2 million for the three and nine months ended September 30, 2025 due to the purchase of the Marvel Swan LNG carrier in October 2024.

Write-down of vessels. Write-down of vessels was $61.8 million for the three and nine months ended September 30, 2025 and relates to the write-down of three of our steam turbine LNG carriers to their estimated fair values in September 2025 as a result of changes in our expectations of their future opportunities.

Equity Income. Equity income decreased by $26.3 million and $28.4 million for the three and nine months ended September 30, 2025, compared to the same periods of the prior year. The changes in equity income include decreases of $12.8 million and $19.4 million related to changes in our unrealized credit loss provisions recorded in certain of our equity-accounted joint ventures, primarily due to a decrease in the estimated charter-free vessel fair values for vessels servicing time-charter contracts accounted for as direct financing or sales-type leases for the three and nine months ended September 30, 2025 and a decrease of $2.6 million due to unrealized losses on non-designated derivative instruments for the nine months ended September 30, 2025, compared to unrealized gains during the same period of the prior year, primarily due to changes in long-term forward benchmark interest rates. The decrease in equity income for the three months ended September 30, 2025 was partially offset by an increase of $5.5 million due to lower unrealized losses on non-designated derivative instruments for the three months ended September 30, 2025, compared to the same period of the prior year. Excluding the changes in unrealized credit loss provisions and unrealized (losses) gains on non-designated derivative instruments, equity income decreased by $19.0 million and $6.4 million for the three and nine months ended September 30, 2025, compared to the same periods of the prior year, primarily due to:

•MALT LNG Joint Venture: decreases of $10.6 million and $15.5 million for the three and nine months ended September 30, 2025, primarily due to lower charter rates earned by certain LNG carriers and the vessels being temporarily idle between short-term charter contracts during 2025.

•Bahrain LNG Joint Venture: decreases of $7.4 million and $0.3 million for the three and nine months ended September 30, 2025, primarily due to increases in legal expenses and interest costs associated with the settlement of a dispute with the Bahrain LNG terminal contractor in October 2025, partially offset by decreases in Bahrain LNG terminal repair costs during 2025.

•Yamal LNG Joint Venture: decrease of $1.0 million for the three months ended September 30, 2025, primarily due to unrealized foreign exchange losses due to the period-end revaluation of Euro cash deposits for financial reporting purposes into U.S. Dollars and higher depreciation expense due to the completion of the first scheduled dry dockings of certain LNG carriers in the second half of 2024.

partially offset by:

•Yamal LNG Joint Venture: increase of $10.1 million for the nine months ended September 30, 2025, primarily due to unrealized foreign exchange gains due to the period-end revaluation of Euro cash deposits for financial reporting purposes into U.S. Dollars; partially offset by higher depreciation expense due to the completion of the first scheduled dry dockings of certain LNG carriers in the second half of 2024.

Natural Gas Liquid Segment

As at September 30, 2025, our NGL segment fleet, which consists of LPG, ethane and multi-gas carriers, included 44 NGL carriers, in which our interests ranged from 25% to 100% (including seven time chartered-in NGL carriers, eight NGL carriers under construction and six time chartered-in NGL carriers under construction).

The following table compares our NGL segment’s operating results, revenue days, calendar-ship-days and utilization for the three and nine months ended September 30, 2025 and 2024, and compares its net voyage revenues (which is a non-GAAP financial measure) for the three and nine months ended September 30, 2025 and 2024 to income from vessel operations, the most directly comparable GAAP financial measure. With the exception of equity income, all data in this table only includes an average of 10 wholly-owned NGL carriers that are accounted for under the consolidation method of accounting for the three and nine months ended September 30, 2025 (2024 – 12 wholly-owned NGL carriers and six chartered-in NGL carriers). A comparison of the results from vessels and assets accounted for under the equity method are described below under "Equity Income".

(in thousands of U.S. Dollars, except for days and percentages)	Three Months Ended September 30,		Change	% Change
	2025	2024
Voyage revenues	28,939	35,848	(6,909)	(19.3)
Voyage expenses	(540)	(1,419)	879	(61.9)
Net voyage revenues(i)	28,399	34,429	(6,030)	(17.5)
Vessel operating expenses	(8,614)	(11,836)	3,222	(27.2)
Time-charter hire expenses	—	(2,108)	2,108	(100.0)
Depreciation and amortization	(8,006)	(7,920)	(86)	1.1
General and administrative expenses(ii)	(706)	(1,360)	654	(48.1)
Gain on sales of vessels	—	3,368	(3,368)	(100.0)
Income from vessel operations	11,073	14,573	(3,500)	(24.0)
Equity income	6,555	2,722	3,833	140.8
Operating Data:
Calendar-ship-days (B)	920	1,501	(581)	(38.7)
Less:
Scheduled dry-docking days	21	—	21	100.0
Unscheduled off-hire and idle days	—	33	(33)	(100.0)
Revenue days (A)	899	1,468	(569)	(38.8)
Utilization (A)/(B)	97.7%	97.8%

(in thousands of U.S. Dollars, except for days and percentages)	Nine Months Ended September 30,		Change	% Change
	2025	2024
Voyage revenues	85,513	110,075	(24,562)	(22.3)
Voyage expenses	(842)	(6,468)	5,626	(87.0)
Net voyage revenues(i)	84,671	103,607	(18,936)	(18.3)
Vessel operating expenses	(25,418)	(36,093)	10,675	(29.6)
Time-charter hire expenses	—	(6,409)	6,409	(100.0)
Depreciation and amortization	(23,770)	(23,286)	(484)	2.1
General and administrative expenses(ii)	(2,505)	(4,355)	1,850	(42.5)
Gain on sales of vessels	—	4,339	(4,339)	(100.0)
Income from vessel operations	32,978	37,803	(4,825)	(12.8)
Equity income	18,610	21,532	(2,922)	(13.6)
Operating Data:
Calendar-ship-days (B)	2,730	4,781	(2,051)	(42.9)
Less:
Scheduled dry-docking days	60	46	14	30.4
Unscheduled off-hire and idle days	25	128	(103)	(80.5)
Revenue days (A)	2,645	4,607	(1,962)	(42.6)
Utilization (A)/(B)	96.9%	96.4%

For the ~~nine~~three months ended ~~September~~March 3031, 2026 and 2025, total calendar-ship-days of the NGL segment were ~~2,730~~900 ~~compared to 4,781~~ days for ~~the~~each ~~same~~ period ~~of the prior year~~. The decrease in total calendar-ship-days is due to the redelivery of six chartered-in NGL carriers to their owners in December 2024 and the sales of the Seapeak Napa, the Seapeak Cathinka, the Seapeak Camilla and the Seapeak Pan, in February 2024, March 2024, April 2024 and August 2024, respectively.

29Equity Income. Equity income from the Exmar LPG Joint Venture increased by $3.5 million for the three months ended March 31, 2026, compared to the same period of the prior year, primarily due to:

~~Net~~•an ~~Voyage~~increase ~~Revenues.~~of ~~Net voyage revenues decreased by~~ $61.~~0 million~~8 ~~and $18.9~~ million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 due to unrealized gains on non-designated derivative instruments, compared to unrealized losses during the same ~~periods~~period of the prior year, primarily due to: changes in long-term forward benchmark interest rates during these periods;

•~~decreases~~an increase of $41.80 million ~~and $15.5 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 due to ~~the~~lower ~~scheduled~~interest ~~redelivery~~expense ofmainly ~~six~~due ~~time~~to ~~chartered-in~~lower ~~NGL~~utilization ~~carriers~~of tothe ~~their~~revolving ~~owners~~credit infacility ~~December~~and ~~2024~~lower floating interest rates; and

•aan ~~decrease~~increase of $30.19 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 due to an impairment of the ~~sales~~right of ~~our~~use ~~multi-gas~~asset ~~carriers,~~associated with the ~~Seapeak~~in-chartered ~~Napa,~~Severin ~~the~~Schulte ~~Seapeak~~LPG ~~Cathinka,~~carrier during the ~~Seapeak~~first ~~Camilla~~quarter of 2025, ~~and~~as ~~the~~a ~~Seapeak~~result ~~Pan~~of ~~during~~a ~~2024;~~reduction ~~and~~in our estimated future hire rates;

•a decrease of $0.8 million for the three months ended September 30, 2025 due to an increase in scheduled dry dockings of certain of our NGL carriers during the third quarter of 2025.

Vessel Operating Expenses. Vessel operating expenses decreased by $3.2 million and $10.7 million for the three and nine months ended September 30, 2025, compared to the same periods of the prior year, primarily due to:

•decreases of $3.1 million and $8.9 million for the three and nine months ended September 30, 2025 due to the scheduled redelivery of six chartered-in NGL carriers to their owners in December 2024; and

•a decrease of $2.5 million for the nine months ended September 30, 2025 due to the sales of the Seapeak Napa, the Seapeak Cathinka, the Seapeak Camilla and the Seapeak Pan during 2024;

partially offset by:

•ana ~~increase~~decrease of $0.95 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 due to ~~higher~~the ~~seafarers'~~net ~~costs~~impact ~~on certain~~ of ~~our~~the ~~NGL~~sale-leaseback ~~carriers primarily~~of ~~due~~the toin-chartered ~~the~~Sophie ~~timing~~Schulte ~~and~~LPG ~~location~~carrier ofat ~~crew~~higher ~~changes~~rates ~~during~~commencing in the ~~first~~second ~~half~~quarter of 2025.

Time-Charter Hire Expenses. Time-charter hire expenses decreased by $2.1 million and $6.4 million for the three and nine months ended September 30, 2025, compared to the same periods of the prior year, due to the scheduled redelivery of six chartered-in LPG carriers to their owners in December 2024. 25

Gain on Sales of Vessels. Gain on sales of vessels was $3.4 million and $4.3 million for three and nine months ended September 30, 2024 and relates to the sales of the Seapeak Napa, the Seapeak Cathinka, Seapeak Camilla, and the Seapeak Pan in February 2024, March 2024, April 2024 and August 2024, respectively.

Equity Income. Equity income from the Exmar LPG Joint Venture increased (decreased) by $3.8 million and $(2.9) million for the three and nine months ended September 30, 2025, compared to the same periods of the prior year, primarily due to:

•increases of $2.6 million and $5.5 million for the three and nine months ended September 30, 2025 due to an increase in earnings related to the deliveries of the Champagny and the Courchevel LPG carriers during 2025; and

•an increase of $2.3 million for the three months ended September 30, 2025 due to lower unrealized losses on non-designated derivative instruments, compared to the same period of the prior year primarily due to changes in long-term forward benchmark interest rates during these periods;

partially offset by:

•a decrease of $5.1 million for the nine months ended September 30, 2025 due to a $6.5 million gain recognized on the sale of the Severin Schulte LPG carrier during the second quarter of 2024 and $0.9 million due to an impairment of the right of use asset associated with the in-chartered Severin Schulte LPG carrier during the first quarter of 2025, as a result of a reduction in our estimated future hire rates compared to a $2.3 million gain recognized on the sale of the Sophie Schulte LPG carrier during the second quarter of 2025;

•decreases of $0.6 million and $1.7 million for the three and nine months ended September 30, 2025 due to the net impact of sale-leasebacks of two in-chartered LPG carriers at higher rates; and

•a decrease of $0.8 million for the nine months ended September 30, 2025 due to unrealized losses on non-designated derivative instruments, compared to unrealized gains during the same period of the prior year primarily due to changes in long-term forward benchmark interest rates during these periods.

Other Operating Results

The following tables compares our other operating results for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025:

	Three Months Ended September 30,		Change	% Change
	Three Months Ended March 31,		Change	% Change
(in thousands of U.S. Dollars)	~~2025~~2026	~~2024~~2025
General and administrative expenses	(137,~~549~~104)	(7,~~007~~144)	~~(6,542)~~40	93(0.46)
Restructuring charges	(1,460)	—	(1,460)	100.0
Interest expense	(36,700)	(42,446)	5,746	(13.5)
Interest expense	(41,353)	(44,620)	3,267	(7.3)
Interest income	2,826	3,170	(344)	(10.9)
Interest income	3,059	3,724	(665)	(17.9)
Realized and unrealized gain (loss) on non-designated derivative instruments	7,144	(17,008)	24,152	(142.0)
Realized and unrealized loss on non-designated derivative instruments	(1,261)	(28,065)	26,804	(95.5)
Foreign currency exchange loss	(444)	(1,060)	616	(58.1)
Foreign currency exchange loss	(924)	(4,789)	3,865	(80.7)
Other expense	(4,844)	(12,761)	7,917	(62.0)
Other (expense) income	(7,480)	5,599	(13,079)	(233.6)
Income tax (expense) recovery	(81)	363	(444)	(122.3)
Income tax recovery (expense)	981	(681)	1,662	(244.1)
Other comprehensive income (loss)	1,476	(8,313)	9,789	(117.8)
Other comprehensive loss	(2,359)	(18,678)	16,319	(87.4)

	Nine Months Ended September 30,		Change	% Change
(in thousands of U.S. Dollars)	2025	2024
General and administrative expenses	(27,953)	(22,459)	(5,494)	24.5
Restructuring charges	(20,724)	—	(20,724)	100.0
Interest expense	(126,125)	(133,824)	7,699	(5.8)
Interest income	9,311	10,590	(1,279)	(12.1)
Realized and unrealized (loss) gain on non-designated derivative instruments	(26,476)	3,465	(29,941)	(864.1)
Foreign currency exchange loss	(3,737)	(3,485)	(252)	7.2
Other expense	(21,469)	(3,943)	(17,526)	444.5
Income tax expense	(696)	(2)	(694)	34,700.0
Other comprehensive loss	(16,266)	(9,150)	(7,116)	77.8

Interest Expense. Interest expense was $36.7 million for the three months ended March 31, 2026, as compared to $42.4 million for the same period of the prior year. Interest expense primarily reflects interest incurred on our long-term debt and obligations related to finance leases. The decrease was primarily due to lower debt balances as a result of scheduled repayments, including the maturity of certain of our NOK-denominated bonds in September 2025; and lower floating interest rates during the first quarter of 2026; partially offset by the higher utilization of our revolving credit facility during the first quarter of 2026.

~~General~~Realized and ~~Administrative~~Unrealized ~~Expenses~~Gain (Loss) on Non-designated Derivative Instruments. ~~General~~We ~~and~~have ~~administrative~~entered ~~expenses~~into ~~were~~interest ~~$13~~rate swaps which exchange a receipt of floating interest for a payment of fixed interest to reduce exposure to interest rate variability on certain of our outstanding U.5S. ~~million~~Dollar-denominated ~~and~~floating ~~$28~~rate debt.0 ~~million~~Our ~~for~~interest ~~the~~rate swaps typically require settlements every three months and ~~nine~~the receipt of floating interest is based on the prevailing SOFR rate at the beginning of the settlement period. "Item 1 – Financial Statements: Note 11 – Derivative Instruments and Hedging Activities" provides details of our current derivative positions and a breakdown of realized and unrealized gains (losses) relating to these non-designated interest rate swap agreements for the three months ended ~~September~~March 3031, 2026 and 2025,. asRealized ~~compared~~gains to(losses) ~~$7.0~~during ~~million~~a ~~and~~period ~~$22.5~~reflect ~~million~~prevailing ~~for~~SOFR rates that are higher (lower) than the ~~same~~average ~~periods~~fixed rates of ~~the~~our ~~prior~~interest ~~year~~rate swaps. ~~The~~Unrealized ~~increases~~gains ~~for~~(losses) will primarily reflect an increase (decrease) in the ~~three~~long-term SOFR yield curve during each relevant period. Realized and ~~nine~~unrealized gains (losses) on non-designated derivative instruments were $7.1 million for the three months ended ~~September~~March 31, 302026, ~~2025~~as ~~were~~compared ~~primarily~~to ~~due~~$(17.0) million tofor athe ~~discretionary~~same ~~compensation~~period ~~payment~~of the prior year, primarily due to ~~directors~~changes ~~and~~in ~~management~~the ~~approved~~prevailing byand ~~our~~forward ~~sole~~SOFR ~~common~~rates ~~shareholder~~during these periods.

~~Restructuring~~Foreign ~~charges.~~Currency ~~Restructuring~~Exchange ~~charges~~Loss. ~~were~~Foreign ~~$1.5~~currency ~~million~~exchange ~~and~~loss was $200.7 4 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, ~~and~~as ~~primarily~~compared ~~relate~~ to ~~severance~~$1.1 million ~~costs~~for ~~resulting~~the ~~from~~same period of the ~~dismissal~~prior year. These foreign currency exchange losses were primarily due to the relevant period-end revaluation of ~~substantially~~our ~~all~~NOK-denominated debt, net of the realized and unrealized gains and losses on our ~~Spanish~~cross ~~seafarers~~currency swaps. ~~This~~Gains ~~severance~~and ~~follows~~losses ~~our~~on ~~decision~~NOK-denominated tomonetary ~~restructure~~liabilities reflect a stronger (gains) or weaker (losses) U.S. Dollar against the ~~operations~~NOK on the date of revaluation or settlement compared to the ~~four~~rate ~~steam~~in ~~turbine~~effect ~~LNG~~at ~~carriers,~~the ~~which~~beginning ~~comprise~~of ~~our~~the ~~Spanish~~period. ~~fleet,~~Our ~~due~~cross tocurrency swaps economically hedge all of the ~~adverse~~foreign ~~market~~currency ~~conditions~~and ~~affecting~~interest ~~steam~~rate ~~turbine~~exposure ~~LNG~~on ~~carriers~~our NOK-denominated debt.

~~Interest~~Other Expense. ~~Interest~~Other expense was $~~41.~~4 ~~million and $126~~.1 8 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, as compared to $4412.~~6 million and $133.~~8 million for the same ~~periods~~period of the prior year. ~~Interest~~The ~~expense~~change ~~primarily~~in ~~reflects~~other ~~interest~~expense ~~incurred~~was onprimarily ~~our~~due ~~long-term~~to ~~debt~~a ~~and~~decrease ~~obligations~~of ~~related~~$7.7 tomillion ~~finance~~in ~~leases.~~unrealized ~~The~~credit ~~decreases~~loss ~~were~~provisions primarily due to ~~lower~~a ~~debt~~higher ~~balances~~decrease asin athe ~~result~~estimated ofcharter-free ~~scheduled~~vessel ~~repayments~~fair ~~and~~values ~~the~~for ~~lower~~vessels ~~utilization~~servicing oftime-charter ~~our~~contracts ~~revolving~~accounted ~~credit~~for ~~facility,~~as ~~and~~direct ~~lower~~financing ~~floating~~or ~~interest~~sales-type ~~rates~~leases, ~~during~~and ~~2025;~~their ~~partially~~impact ~~offset~~on byour ~~the~~expectation ~~financing~~ of the ~~Marvel~~value ~~Swan~~of ~~LNG~~such ~~carrier~~vessels ~~during~~upon ~~the~~completion ~~first quarter~~ of ~~2025~~their ~~and~~existing ~~the~~charter ~~refinancing~~contracts ofduring ~~certain~~the ofthree ~~our~~months ~~vessels~~ended ~~during~~March ~~2024~~31, 2025.

~~Realized~~Other ~~and~~Comprehensive ~~Unrealized~~Income (Loss) ~~Gain on Non-designated Derivative Instruments~~. WeOther ~~have~~comprehensive ~~entered~~income ~~into~~(loss) ~~interest~~was ~~rate~~$1.5 ~~swaps~~million ~~which exchange a receipt of floating interest~~ for athe ~~payment~~three ofmonths ~~fixed~~ended ~~interest~~March 31, to2026, ~~reduce~~as ~~exposure~~compared to ~~interest~~$(8.3) ~~rate~~million ~~variability~~for onthe ~~certain~~same period of ~~our~~the ~~outstanding~~prior Uyear.S. ~~Dollar-denominated~~The ~~and~~change ~~Euro-denominated~~in ~~floating~~other ~~rate~~comprehensive ~~debt.~~income ~~Our~~(loss) ~~interest~~was ~~rate~~primarily ~~swaps~~due ~~typically~~to ~~require~~changes ~~settlements~~in ~~every~~the ~~three~~prevailing ~~months~~ and ~~the~~forward ~~receipt~~SOFR ofbenchmark ~~floating~~ interest isrates, ~~based~~where on the ~~prevailing~~results ~~SOFR~~of ~~rate~~our atjoint ~~the~~ventures ~~beginning~~reflect of the ~~settlement~~use ~~period. "Item 1 – Financial Statements: Note 11 – Derivative Instruments and Hedging Activities" provides details~~ of ~~our~~hedge ~~current~~accounting. ~~derivative~~The ~~positions~~change ~~and~~in aother ~~breakdown~~comprehensive ofincome ~~realized and unrealized gains~~ (~~losses~~loss) ~~relating to these non-designated interest rate swap agreements~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 ~~and~~was ~~2024. Realized gains (losses) during a period reflect prevailing SOFR rates that are higher (lower) than the average fixed rates of our interest rate swaps. Unrealized gains (losses) will~~ primarily ~~reflect~~due anto ~~increase (decrease) in the long-term SOFR yield curve during each relevant period. Realized and~~ unrealized ~~(losses)~~ gains on ~~non-designated~~our ~~derivative~~interest ~~instruments~~rate ~~were~~swap ~~$(1.3) million and $(26.5) million for the three and nine months ended September 30~~agreements, ~~2025, as~~ compared to ~~$(28.1) million~~unrealized ~~and~~losses ~~$3.5 million~~ for the same ~~periods~~period of the prior year~~, primarily due to changes in the prevailing and forward SOFR rates during these periods~~.

3126

Foreign Currency Exchange Loss. Foreign currency exchange loss was $0.9 million and $3.7 million for the three and nine months ended September 30, 2025, as compared to $4.8 million and $3.5 million for the same periods of the prior year. These foreign currency exchange losses were primarily due to the relevant period-end revaluation of our NOK-denominated debt and, for the three and nine months ended September 30, 2024, our Euro-denominated term loan for financial reporting purposes into U.S. Dollars, net of the realized and unrealized gains and losses on our cross currency swaps. Gains and losses on NOK-denominated and Euro-denominated monetary liabilities reflect a stronger (gains) or weaker (losses) U.S. Dollar against the NOK and Euro on the date of revaluation or settlement compared to the rate in effect at the beginning of the period. Our cross currency swaps economically hedge all of the foreign currency and interest rate exposure on our NOK-denominated debt. Our Euro-denominated debt was used to purchase two vessels that were on long-term charters which entitled us to payment of charter-hire in Euros. As such, our Euro-denominated debt was repaid with these fixed Euro charter hire receipts and consequently our Euro currency exposure was limited by this arrangement. As at September 30, 2025, we have no exposure to Euro-denominated debt as it matured in December 2024.

Other (expense) income. Other (expense) income was $(7.5) million and $(21.5) million for the three and nine months ended September 30, 2025, as compared to $5.6 million and $(3.9) million for the same periods of the prior year. The change in other (expense) income was primarily due to increases of $10.1 million and $10.3 million in unrealized credit loss provisions for the three and nine months ended September 30, 2025, as compared to the same periods of the prior year, primarily due to decreases in the estimated charter-free vessel fair values for vessels servicing time-charter contracts accounted for as direct financing or sales-type leases, and their impact on our expectation of the value of such vessels upon completion of their existing charter contracts. Other (expense) income also includes $2.8 million and $6.3 million in financing extinguishment gains recognized upon the repurchases of certain NGL carriers during the three and nine months ended September 30, 2024.

Income tax recovery (expense). Income tax recovery (expense) was $1.0 million and $(0.7) million for the three and nine months ended September 30, 2025, as compared to $(0.7) million and a nominal amount for the same periods of the prior year. The change in income tax recovery (expense) for the three months ended September 30, 2025 was primarily due to lower freight tax estimates compared to the same period of the prior year. The change in income tax recovery (expense) for the nine months ended September 30, 2025 was primarily due to estimated income taxes owing related to the transfer of certain of our NGL operations from France to Denmark and changes in current and deferred tax balances related to the timing of deductions in our Tangguh Joint Venture, in which we have a 70% ownership interest during 2025; partially offset by lower freight tax estimates during 2025.

Other Comprehensive Loss. Other comprehensive loss was $(2.4) million and $(16.3) million for the three and nine months ended September 30, 2025, as compared to $(18.7) million and $(9.2) million for the same periods of the prior year. The changes in other comprehensive loss results were primarily due to changes in the forward SOFR benchmark interest rates, where the results of our joint ventures reflect the use of hedge accounting. The decrease in other comprehensive loss for the three months ended September 30, 2025 was primarily due to unrealized gains on our interest rate swap agreements, compared to unrealized losses for the same period of the prior year. The increase in other comprehensive loss for the nine months ended September 30, 2025 was primarily due to unrealized losses on our interest rate swap agreements, compared to unrealized gains for the same period of the prior year; partially offset by lower realized gains on our interest rate swap agreements, compared to the same period of the prior year.

Liquidity and Capital Resources

Sources and Uses of Capital

For a description of our sources and uses of capital, please read “Item 5 – Operating and Financial Review and Prospects – Liquidity and Capital Resources” in our Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025.

Our sources of funds include borrowings from debt facilities and borrowings from obligations related to finance leases, which are described in "Item 1 – Financial Statements: Note 8 – Long-Term Debt and Note 5 – Chartered-in Vessels" of this Report. We also guarantee our proportionate share of certain loan facilities and obligations on interest rate swaps for certain of our equity-accounted joint ventures. As at ~~September~~March 3031, ~~2025~~2026, this proportionate share, based on the aggregate principal amount of the loan facilities and fair value of the interest rate swaps, was $~~812~~750.20 million. As at ~~September~~March 3031, ~~2025~~2026, our equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities that we guarantee.

Certain of our credit facilities and obligations related to finance leases require us to maintain financial covenants. If we do not meet these financial covenants, the lender or lessor may limit our ability to borrow additional funds under our credit facilities and accelerate the repayment of our revolving credit facility, term loans and bonds, and obligations related to finance leases, which would have a significant impact on our short-term liquidity requirements. The terms of and compliance with these financial covenants are described in further detail in "Item 1 – Financial Statements: Note 5 – Chartered-in Vessels and Note 8 – Long-Term Debt" included in this Report. Certain of our debt facilities and obligations related to finance leases require us to make interest payments based on NIBOR or SOFR. Significant increases in interest rates could adversely affect results of operations and our ability to service our debt; however, as part of our strategy to minimize financial risk, we use interest rate swaps and cross currency swaps to reduce our exposure to market risk from changes in interest rates. Our current positions are described in further detail in "Item 1 – Financial Statements: Note 11 – Derivative Instruments and Hedging Activities" included in this Report and the extent of our exposure to changes in interest rates is described in further detail in "Item 11 – Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025.

Liquidity

Our total liquidity, which consists of cash, cash equivalents, ~~short-term investments,~~ and undrawn credit facilities, was $~~252~~191.93 million as at ~~September~~March 3031, ~~2025~~2026, compared to $~~338~~337.79 million as at December 31, ~~2024~~2025, a decrease of $85146.86 million. This decrease was due to a $45105.0 million increase in the amounts drawn on our revolving credit facility (which allows for borrowings of up to $350.0 million) and a decrease in cash and cash equivalents of $5041.06 million; ~~partially offset by an increase in short-term investments of $9.2 million~~ (as detailed in "Item 1 – Financial Statements: Unaudited Consolidated Statements of Cash Flows" included in this Report, excluding a decrease in restricted cash of $~~13.~~4.2 million).

~~The following table summarizes our contractual obligations as at September 30, 2025, excluding those of our equity-accounted joint ventures.~~ We expect that our liquidity at ~~September~~March 3031, ~~2025~~2026, combined with the operating cash flows we expect to generate from customer contracts in place at ~~September~~March 3031, ~~2025~~2026, ~~and~~ the cash distributions we expect to receive from our equity-accounted joint ventures, and the proceeds we expect to receive related to the financing of certain of our newbuildings, will be sufficient to pay our obligations coming due in the next 12 months following ~~September~~March 3031, ~~2025~~2026. Our ability to pay our obligations, and to refinance our long-term debt and finance leases coming due subsequent to ~~September~~March 3031, ~~2025~~2026, will depend on, among other things, our ability to continue to service our long-term charter contracts, our financial condition and the condition of credit markets in the months leading up to the maturity dates. We may expand the size of our fleet through the acquisition of new or second-hand vessels or through the construction of additional new vessels. Our ability to continue to expand the size of our fleet over the long-term is dependent upon our ability to generate operating cash flow, obtain long-term bank borrowings, sale-leaseback financings and other debt, as well as our ability to raise debt or equity financing.

	Total	12 Months Following September 30, 2025	Remainder of 2026	2027	2028	2029	Beyond 2029
	(in millions of U.S. Dollars)
U.S. Dollar long-term debt	783.0	93.1	144.1	321.6	54.7	45.5	124.0
Norwegian Kroner long-term debt (i)	100.0	—	100.0	—	—	—	—
Commitments related to finance leases (ii)	2,285.4	333.6	56.6	396.3	366.6	210.7	921.6
Commitments related to operating leases (iii)	99.1	28.2	7.1	28.3	29.6	5.9	—
Newbuilding installments/shipbuilding supervision (iv)	908.8	216.5	53.5	638.8	—	—	—
Totals	4,176.3	671.4	361.3	1,385.0	450.9	262.1	1,045.6

The following table summarizes our contractual obligations as at March 31, 2026, excluding those of our equity-accounted joint ventures.

(i)NOK-denominated obligations are presented in U.S. Dollars and have been converted using the prevailing exchange rates as of September 30, 2025.


	Total	12 Months Following March 31, 2026	Remainder of 2027	2028	2029	2030	Beyond 2030
	(in millions of U.S. Dollars)
U.S. Dollar long-term debt principal	875.9	231.8	419.9	54.7	45.5	124.0	—

Norwegian Kroner long-term debt principal (i)	103.2	103.2	—	—	—	—	—
Commitments related to finance leases (ii)	2,052.3	310.1	250.8	364.7	209.5	295.1	622.1
Commitments related to operating leases (iii)	89.5	28.6	21.6	30.0	6.4	0.5	2.4
Newbuilding installments/shipbuilding supervision (iv)(v)	1,315.8	431.3	578.1	306.4	—	—	—
Totals	4,436.7	1,105.0	1,270.4	755.8	261.4	419.6	624.5

(iii)~~Includes,~~NOK-denominated inobligations ~~addition~~are topresented ~~lease~~in ~~payments,~~U.S. ~~amounts~~Dollars toand ~~purchase~~have ~~the~~been ~~leased~~converted ~~vessels~~using at the ~~end~~prevailing ofexchange ~~their~~rates ~~respective~~as ~~lease~~of ~~terms. Where applicable~~March 31, ~~accelerated timing of repayments may be required if the Company is not in compliance with certain covenants under its lease agreements~~2026.

(~~iii~~ii)WeIncludes, ~~have~~in ~~corresponding~~addition ~~leases~~to ~~whereby~~lease wepayments, ~~are~~amounts to purchase the ~~lessor~~leased ~~and~~vessels ~~expect~~at tothe ~~receive~~end ~~approximately~~of ~~$74~~their respective lease terms.4 ~~million~~Additionally, ~~under~~the ~~these~~commitments ~~leases~~include ~~from~~the effect of the ~~remainder~~refinancing of ~~2025~~the toIneos ~~2029~~Dolphin and the Ineos Innovation NGL carriers completed in April 2026. Where applicable, accelerated timing of repayments may be required if the Company is not in compliance with certain covenants under its lease agreements.

(iviii)~~During~~We ~~November~~have ~~2022,~~corresponding weleases ~~entered~~whereby ~~into~~we contracts with Samsung Heavy Industries Co., Ltd. for the construction of five 174,000-cubic meter M-type, Electronically Controlled, Gas Admission propulsion LNG carriers (or the Samsung LNG Carrier Newbuildings), which are ~~scheduled for deliveries throughout 2027. We intend to finance substantially all of~~ the ~~remaining~~lessor ~~estimated pre-delivery expenditures with borrowings under two U.S. Dollar-denominated term loans maturing in 2027. In addition, the final construction installments due on delivery~~ and ~~the~~expect ~~repayment~~to ofreceive ~~the~~approximately ~~two U~~$63.S.8 ~~Dollar-denominated~~million ~~term~~under ~~loans~~these ~~maturing~~leases infrom ~~2027~~March ~~will be financed with 10-year sale and leaseback financing arrangements~~31, ~~where~~2026 ~~the Samsung LNG Carrier Newbuildings will be sold~~ to ~~a third party upon their delivery for approximately $235~~2029.~~0 million~~ ~~per vessel and leased back to us.~~

(iv)During November 2022, we entered into contracts with Samsung Heavy Industries Co., Ltd. for the construction of five 174,000-cubic meter M-type, Electronically Controlled, Gas Admission propulsion LNG carriers, which are scheduled for deliveries throughout 2027. We intend to finance substantially all of the remaining estimated pre-delivery expenditures with borrowings under two U.S. Dollar-denominated term loans maturing in 2027. In addition, the final construction installments due on delivery and the repayment of the two U.S. Dollar-denominated term loans maturing in 2027 will be financed with existing 10-year sale and leaseback financing arrangements, where each LNG carrier newbuilding will be sold to a Lessor upon the vessel's delivery for approximately $235.0 million per vessel and leased back to us.

(v)During December 2025, we entered into contracts with Samsung Heavy Industries Co., Ltd. for the construction of two 174,000-cubic meter low-pressure dual-fueled (X-DF) LNG carrier newbuildings, which are scheduled for deliveries in the second half of 2028. We intend to finance the estimated costs with our existing liquidity and future operating cash flow, as well as short and long-term debt financing to be arranged for the vessels prior to their scheduled deliveries.

In addition to the commitments in the table above, our equity-accounted joint ventures have commitments to fund newbuilding and other construction contract costs all of which are non-recourse to us. See "Item 1 – Financial Statements: Note 12 – Commitments and Contingencies" included in this Report.

Critical Accounting Estimates and Risk Factors

We prepare our consolidated financial statements in accordance with GAAP, which require us to make estimates in the application of our accounting policies based on our best assumptions, judgments and opinions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could materially differ from our assumptions and estimates, and such differences could be material. Accounting estimates and assumptions discussed in "Item 5 – Operating and Financial Review and Prospects – Critical Accounting Estimates" of our Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025, are those that we consider to be the most critical to an understanding of our financial statements, because they inherently involve significant judgments and uncertainties. For a further description of our critical accounting policies, please read "Item 5 – Operating and Financial Review and Prospects – Critical Accounting Estimates" and "Item 18 – Financial Statements: Note 1 – Summary of Significant Accounting Policies" in our Annual Report on Form 20-F for the year ended December 31, 2024. Our three RasGas II Joint Venture steam turbine LNG carriers are expected to complete their 20-year fixed rate charters in late-2026 and early-2027. We and our joint venture partner will assess opportunities for these vessels throughout the remainder of 2025 ~~and 2026~~. Because the sale of these vessels after they complete their existing charters is a probable outcome, we have reduced our estimate of their useful lives from 25 years to 20 years and the carrying values of these vessels were written down to their estimated fair values at September 30, 2025, resulting in an impairment charge of $61.8 million. There have been no ~~other~~ significant changes in accounting estimates and assumptions from those discussed in our ~~2024~~2025 Annual Report on Form 20-F.

33In addition to the other information set forth in this Report on Form 6-K, you should carefully consider the risk factors discussed in Part I, “Item 3. Key Information – Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2025, which could materially affect our business, financial condition or results of operations.

In addition to the other information set forth in this Report on Form 6-K, you should carefully consider the risk factors discussed in Part I, “Item 3. Key Information – Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024, which could materially affect our business, financial condition or results of operations.

Non-GAAP Financial Measures

Net Voyage Revenues

Net voyage revenues is a non-GAAP financial measure. Consistent with general practice in the shipping industry, we use net voyage revenues as a measure of equating revenues generated from voyage charters to revenues generated from time-charters, which assists us in making operating decisions about the deployment of our vessels and their performance. Since, under time-charters, the charterer pays the voyage expenses, whereas under voyage charters, the shipowner pays these expenses, we include voyage expenses in net voyage revenues. Some voyage expenses are fixed, and the remainder can be estimated. If we, as the shipowner, pay the voyage expenses, we typically pass on to our customers the approximate amount of these expenses by charging higher rates under the contract or billing the expenses to them. As a result, although voyage revenues from different types of contracts may vary, the net voyage revenues are generally comparable across the different types of contracts. We principally use net voyage revenues because it provides more meaningful information to us than voyage revenues. Net voyage revenues is also widely used by investors and analysts in the shipping industry for comparing financial performance between companies and to industry averages.

How we use net voyage revenues and the reasons for such use may be unique to the shipping industry. Given that net voyage revenues is a measure which deducts certain operating expenses from revenue, this metric may be more commonly viewed as an alternative measure of gross profit. Viewed in this context, ~~(loss)~~ income from vessel operations would be the most directly comparable GAAP financial measure, and net voyage revenues has been defined as ~~(loss)~~ income from vessel operations before ~~restructuring charges, write-down and (~~gain) on sales of vessels, general and administrative expenses, depreciation and amortization, ~~time-charter hire expenses~~ and vessel operating expenses. The following table reconciles net voyage revenues with income from vessel operations:

	LNG Segment		NGL Segment
	Three Months Ended September 30,		Three Months Ended September 30,
(in thousands of U.S. Dollars)	2025	2024	2025	2024
(Loss) income from vessel operations	(20,065)	60,175	11,073	14,573
Restructuring charges	1,460	—	—	—
Write-down and (gain) on sales of vessels	61,792	—	—	(3,368)
General and administrative expenses	12,843	5,647	706	1,360
Depreciation and amortization	25,606	27,458	8,006	7,920
Time-charter hire expenses	—	—	—	2,108
Vessel operating expenses	46,246	45,782	8,614	11,836
Net voyage revenues	127,882	139,062	28,399	34,429

	LNG Segment		NGL Segment
	Nine Months Ended September 30,		Nine Months Ended September 30,
	Three Months Ended March 31,		Three Months Ended March 31,
(in thousands of U.S. Dollars)	~~2025~~2026	~~2024~~2025	~~2025~~2026	~~2024~~2025
Income from vessel operations	5833,~~436~~359	~~184~~49,~~098~~766	3210,~~978~~684	3710,~~803~~245
Restructuring charges	20,724	—	—	—
Gain on sales of vessels	(3,007)	—	—	—
Write-down and (gain) on sales of vessels	61,792	—	—	(4,339)
General and administrative expenses	6,387	6,200	717	944
General and administrative expenses	25,448	18,104	2,505	4,355
Depreciation and amortization	33,434	25,727	8,449	7,794
Depreciation and amortization	77,769	82,295	23,770	23,286
Vessel operating expenses	46,467	45,826	8,276	8,531
Time-charter hire expenses	—	—	—	6,409
Net voyage revenues	116,640	127,519	28,126	27,514
Vessel operating expenses	139,441	134,519	25,418	36,093
Net voyage revenues	383,610	419,016	84,671	103,607

FORWARD-LOOKING STATEMENTS

This Report on Form 6-K for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 contains certain forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and our operations, performance and financial condition, including, in particular, statements regarding:

•our liquidity needs, including our anticipated funds and sources of financing for liquidity and working capital needs and the sufficiency of cash flows and our expectation that we will have sufficient liquidity for at least a one-year period;

•the expected timing of deliveries, costs and related financing relating to our LNG carrier newbuildings and the Exmar LPG Joint Venture's LPG carrier newbuildings;

•our expectations as to the useful lives of our vessels, including those of our equity-accounted joint ventures, and the revenue that will be generated from these vessels;

•expected exposure to interest rate volatility;

•the potential expansion of the size of our fleet through the acquisition of new or second-hand vessels or through the construction of additional new vessels;

•expected cash distributions from our equity-accounted joint ventures;

•expected interest payments;

•~~the~~general ~~possibility~~domestic ofand ~~future~~international ~~resumption~~political ofconditions ~~the~~and ~~LNG~~geopolitical ~~plant~~conflicts, inincluding ~~Yemen~~the ~~operated~~impact byof ~~YLNG~~the ~~and~~Russia-Ukraine war, the ~~repayment~~U.S.-Israel ofwar ~~deferred~~with ~~hire~~Iran, ~~amounts~~and ~~from~~other ~~YLNG~~ conflicts on ~~our~~the ~~two 52%-owned vessels~~economy, ~~the~~our ~~Seapeak~~industry ~~Marib~~ and ~~Seapeak~~our ~~Arwa~~business;

•~~general~~the ~~domestic~~impact ~~and~~on ~~international~~our ~~political~~results ~~conditions~~for 2026 and ~~geopolitical~~beyond ~~conflicts,~~by ~~including~~any ~~the~~LNG ~~impact~~carriers ofwithout ~~the~~charter ~~Russia-Ukraine~~contracts ~~war~~or onLNG ~~the~~carriers ~~economy,~~rechartered ~~our~~at ~~industry~~reduced ~~and our business~~rates;

•~~the~~future ~~impact~~sales onor ~~our~~chartering ~~results~~opportunities for ~~2025~~the ~~and~~RasGas ~~beyond~~II ~~by any~~ LNG carriers ~~without~~following ~~charter~~expiration ~~contracts~~of ortheir ~~LNG~~existing ~~carriers~~vessel ~~rechartered~~charter ~~at reduced rates~~contracts;

•~~future~~the ~~sales~~impact orof ~~chartering~~tariffs ~~opportunities~~on ~~for~~ the ~~RasGas~~economy, IIour JVindustry ~~steam~~and ~~turbine~~our ~~LNG carriers following expiration of their existing vessel charter contracts~~business;

•the impact of tariffs, and recent U.S and Chinese port docking fees on the economy, our industry and our business;

•the impact of recent accounting pronouncements on our consolidated financial statements and related disclosures; and

•expectations regarding the impact of uncertain tax positions and changes in corporate tax rates.

Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words believe, anticipate, expect, estimate, project, will be, will continue, will likely result, plan, intend or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to: the competitive factors in the markets in which we operate; changes in the financial stability of our charterers; changes in our expenses; delays associated with the dry docking of our vessels; potential delays in the deliveries and potential increases in costs relating to the LNG and LPG carrier newbuildings; sales of vessels; potential for early termination of long-term contracts and our ability to renew or replace long-term contracts; future demand for steam turbine LNG carriers; our ability to secure charter contracts for our vessels; loss of any customer, time-charter contract or vessel; changes in production or prices of LNG or LPG; demand for our services; changes in the world fleet sizes of LNG and LPG carriers; potential development of active short-term or spot LNG or LPG shipping markets; spot market rate fluctuations; our ability to generate and access additional cash and capital during the next 12 months; our and our joint ventures’ potential inability to raise financing, to refinance our or their debt maturities, or to purchase additional vessels; our exposure to inflation, interest rate and currency exchange rate fluctuations; conditions in the public equity and debt markets; political, governmental and economic instability in the regions and markets in which we operate; changes in laws or regulations, including those relating to the regulation of greenhouse gases, such as the EU ETS; tariffs and retaliatory measures; the interpretation, enforcement and continuing application of docking fee measures applicable to Chinese-built and U.S-connected vessels; the application of sanctions to us or any of our counterparties or joint venture partners; LNG or LPG project delays or abandonment; the impact of the Russia-Ukraine war, the U.S.-Israel war with Iran and other conflicts on us or on our third party counterparties to our charter contracts or business arrangements; and other factors detailed from time to time in our periodic reports filed with the SEC, including our Annual Report on Form 20-F for the year ended December 31, ~~2024~~2025. We do not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SEAPEAK LLC

Date: November 13, 2025

By:

/s/ Scott Gayton

Date: May 15, 2026

By:

/s/ Scott Gayton

Scott Gayton

Chief Financial Officer

(Principal Financial and Accounting Officer)

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Filing Compare · Seapeak LLC