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, ~~2024~~2025

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, ~~2024~~2025

INDEX

PART I: FINANCIAL INFORMATION			PAGE
Item 1. Financial Statements (Unaudited)
Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023			3
Unaudited Consolidated Statements of Income for the three months ended March 31, 2025 and 2024			3
Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023			4
Unaudited Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2025 and 2024			4
Unaudited Consolidated Balance Sheets as at September 30, 2024 and December 31, 2023			5
Unaudited Consolidated Balance Sheets as at March 31, 2025 and December 31, 2024			5
Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023			6
Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024			6
Unaudited Consolidated Statements of Changes in Total Equity for the three and nine months ended September 30, 2024 and 2023			7
Unaudited Consolidated Statements of Changes in Total Equity for the three months ended March 31, 2025 and 2024			7
Notes to the Unaudited Consolidated Financial Statements			98
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			2521
SIGNATURES			3630

ITEM 1 – FINANCIAL STATEMENTS

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in thousands of U.S. Dollars)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

2024

2023

2024

2023

2025

2024

Voyage revenues (notes 6 and 10a)

~~176~~160,~~333~~430

~~175~~179,~~871~~117

~~530,952~~

~~545,023~~

Voyage expenses

(25,~~842~~397)

(53,~~192~~385)

~~(8,329)~~

~~(16,609)~~

Vessel operating expenses

(5754,~~618~~357)

(5755,~~161~~835)

~~(170,612)~~

~~(173,792)~~

Time-charter hire expenses

~~(2,108)~~—

(12,~~997~~173)

~~(6,409)~~

~~(6,487)~~

Depreciation and amortization

(3533,~~378~~521)

(3634,~~470~~993)

~~(105,581)~~

~~(109,750)~~

General and administrative expenses

(7,~~007~~144)

(68,~~932~~575)

~~(22,459)~~

~~(23,131)~~

Gain (loss) on sales and (write-down) of vessels (notes 6 and 14)

3,368

—

4,339

36,008

Gain on sales of vessels (note 14)

—

704

Income from vessel operations

7460,~~748~~011

6874,~~119~~860

~~221,901~~

~~251,262~~

Equity income (notes 3b, 7 and 10a)

3117,~~362~~674

3829,~~990~~938

~~95,864~~

~~115,613~~

Interest expense

(4442,~~620~~446)

(4743,~~927~~688)

~~(133,824)~~

~~(141,348)~~

Interest income (note 7)

3,~~724~~170

3,~~089~~324

~~10,590~~

~~8,458~~

Realized and unrealized (loss) gain on non-designated derivative instruments (note 11)

(2817,~~065~~008)

4723,~~521~~363

~~3,465~~

~~67,331~~

Foreign currency exchange (loss) gain (notes 8 and 11)

(41,~~789~~060)

~~1,763~~713

~~(3,485)~~

~~(29)~~

Other income (expense) (notes 3b and 5a)

5,599

7,675

(3,943)

21,412

Other expense (notes 3b and 5)

(12,761)

(6,827)

Net income before income tax expense

37,959

119,230

190,568

322,699

Net income before income tax recovery

7,580

81,683

Income tax expense (note 9)

(681)

(2,072)

(2)

(7,658)

Income tax recovery (note 9)

363

182

Net income

377,~~278~~943

~~117~~81,~~158~~865

~~190,566~~

~~315,041~~

Non-controlling interest in net income

2(1,~~494~~242)

~~3,579~~(121)

~~4,880~~

~~12,204~~

Preferred unitholders' interest in net income

6,~~425~~279

6,~~294~~425

~~19,275~~

~~18,794~~

Common unitholder's interest in net income

282,~~359~~906

~~107~~75,~~285~~561

~~166,411~~

~~284,043~~

Related party transactions (note 10)

Subsequent events (note 16)

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

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in thousands of U.S. Dollars)

	Three Months Ended September 30,		Nine Months Ended September 30,
	Three Months Ended March 31,
	2024	2023	2024	2023
	2025	2024
	$	$	$	$
Net income	377,~~278~~943	~~117~~81,~~158~~865	~~190,566~~	~~315,041~~
Other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications
Unrealized (loss) gain on qualifying cash flow hedging instruments, net of tax	(145,~~620~~573)	1513,~~219~~551	~~3,214~~	~~23,767~~
Amounts reclassified from accumulated other comprehensive income, net of tax
To equity income:
Realized gain on qualifying cash flow hedging instruments	(42,~~233~~917)	(4,~~510~~303)	~~(12,921)~~	~~(11,961)~~
To interest expense:
Realized loss on qualifying cash flow hedging instruments (note 11)	~~175~~177	~~278~~197	~~557~~	~~1,007~~
Other comprehensive (loss) income	(188,~~678~~313)	109,~~987~~445	~~(9,150)~~	~~12,813~~
Comprehensive income	18,600	128,145	181,416	327,854
Comprehensive (loss) income	(370)	91,310
Non-controlling interest in comprehensive income	2,546	3,662	5,047	12,506
Non-controlling interest in comprehensive (loss) income	(1,189)	(61)
Preferred unitholders' interest in comprehensive income	6,425	6,294	19,275	18,794
Preferred unitholders' interest in comprehensive (loss) income	6,279	6,425
Common unitholder's interest in comprehensive income	9,629	118,189	157,094	296,554
Common unitholder's interest in comprehensive (loss) income	(5,460)	84,946

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, 2024		As at December 31, 2023
		As at March 31, 2025		As at December 31, 2024
		$		$
ASSETS
Current
Cash and cash equivalents		196,884		168,409
Cash and cash equivalents (note 13)		148,351		153,726
Restricted cash – current (note 13)		23,~~380~~800		29,~~910~~210
Accounts receivable, including non-trade of $5,970 (2023 – $7,993) (note 11)		22,916		31,269
Accounts receivable, including non-trade of $13,943 (2024 – $6,183) (note 11)		31,866		29,058
Prepaid expenses		17,~~109~~225		15,~~318~~162
Vessels held for sale (note 14)		—		22,323
Current portion of derivative assets (note 11)		44,813		35,684
Current portion of derivative assets (note 11)		15,457		22,397
Current portion of net investments in direct financing and sales-type leases, net (notes 3b and 6)		20,442		20,928
Current portion of net investments in direct financing and sales-type leases, net (notes 3b and 6)		21,191		20,572
Amounts due from affiliates (notes 10b and 12e)		13,564		19,679
Advances to affiliates (notes 10b and 12e)		29,688		22,718
Other current assets (note 12e)		10,819		6,619
Other current assets (note 12e)		6,186		1,294
Total current assets		290,880		290,066
Total current assets		311,811		307,210
Restricted cash – long-term (note 13)		23,595		25,032
Restricted cash – long-term (note 13)		19,700		13,075
Vessels and equipment
At cost, less accumulated depreciation of $762,410 (2023 – $715,758)		997,789		932,414
At cost, less accumulated depreciation of $63,608 (2024 – $94,752)		480,395		731,318
Vessels related to finance leases, at cost, less accumulated depreciation of $339,875 (2023 – $293,820) (note 5)		1,892,969		2,050,933
Vessels related to finance leases, at cost, less accumulated depreciation of $388,351 (2024 – $367,146) (note 5)		2,201,475		1,979,630
Advances on newbuilding contracts (note 12a)		~~239~~246,~~597~~594		~~228~~243,~~562~~186
Operating lease right-of-use assets	1,904		7,772
Total vessels and equipment		2,928,464		2,954,134
Total vessels and equipment		3,132,259		3,219,681
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7)		1,341,658		1,346,578
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7)		1,327,869		1,311,739
Net investments in direct financing and sales-type leases, net (notes 3b and 6)		608,217		625,398
Net investments in direct financing and sales-type leases, net (notes 3b and 6)		642,007		669,139
Other assets (note 12e)		31,219		28,858
Other assets		30,177		34,875
Derivative assets (note 11)		20,245		50,913
Derivative assets (note 11)		26,554		35,127
Intangible assets, net		18,700		20,434
Intangible assets, net		22,937		30,447
Goodwill		37,308		37,308
Goodwill (note 1)		37,308		40,308
Total assets		5,300,286		5,378,721
Total assets		5,550,622		5,661,601
LIABILITIES AND EQUITY
Current
Accounts payable		86,~~699~~936		67,~~692~~093
Accrued liabilities and other (note 12e)		96103,~~273~~657		89100,~~852~~060
Unearned revenue (note 6)		2938,~~246~~659		3834,~~343~~733
Current portion of long-term debt (note 8)		~~207~~185,~~399~~542		~~107~~177,~~820~~093
Current obligations related to finance leases (note 5a)		121,988		180,206
Current obligations related to finance leases (note 5)		233,923		129,418
Current portion of operating lease liabilities (note 5b)		2,386		9,905
Current portion of derivative liabilities (note 11)		15,282		22,283
Current portion of derivative liabilities (note 11)		14,220		—
Amounts due to affiliates (note 10b)		5,121		6,721
Advances from affiliates (note 10b)		2,947		7,298
Total current liabilities		589,120		477,401
Total current liabilities		483,158		440,116
Long-term debt (note 8)		724,196		882,446
Long-term debt (note 8)		862,030		960,202
Long-term obligations related to finance leases (note 5)		1,671,282		1,598,135
Long-term obligations related to finance leases (note 5a)		1,527,396		1,481,786
Other long-term liabilities (notes 3b, 6 and 12)		96,571		88,764
Other long-term liabilities (notes 3b, 6 and 12d)		71,714		78,582
Derivative liabilities (note 11)		19,433		25,281
Derivative liabilities (note 11)		21,515		23,836
Total liabilities		3,100,602		3,072,027
Total liabilities		2,965,813		2,984,522
Commitments and contingencies (notes 5, 7, 8, 11 and 12)
Equity
Common units (99.9 million units issued and outstanding at September 30, 2024 and December 31, 2023)	2,191,513		2,275,102
Common units (99.9 million units issued and outstanding at March 31, 2025 and December 31, 2024)	1,834,785		1,931,879
Preferred units (11.9 million units authorized; 11.5 million issued and outstanding at September 30, 2024 and December 31, 2023)		278,419		278,419
Preferred units (11.9 million units authorized; 11.5 million issued and outstanding at March 31, 2025 and December 31, 2024)		278,419		278,419
Accumulated other comprehensive income		2227,~~030~~717		3136,~~347~~083
Equity		2,~~491~~140,~~962~~921		2,~~584~~246,~~868~~381
Non-controlling interest		9258,~~847~~763		9260,~~211~~313
Total equity		2,~~584~~199,~~809~~684		2,~~677~~306,~~079~~694
Total liabilities and total equity		5,~~550~~300,~~622~~286		5,~~661~~378,~~601~~721

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,
	2024	2023
	2025	2024
	$	$
Cash, cash equivalents and restricted cash provided by (used for)
OPERATING ACTIVITIES
Net income	~~190~~7,~~566~~943	~~315~~81,~~041~~865
Non-cash and non-operating items:
Unrealized loss (gain) on non-designated derivative instruments (note 11)	1421,~~303~~677	(5217,~~529~~874)
Depreciation and amortization	~~105~~33,~~581~~521	~~109~~34,~~750~~993
Gain on sales and write-down of vessels (notes 6 and 14)	(4,339)	(36,008)
Gain on sales of vessels (note 14)	—	(704)
Unrealized foreign currency exchange loss	6,599	1,656
Unrealized foreign currency exchange loss (gain)	1,677	(590)
Equity income, net of distributions received of $40,903 (2023 – $35,268)	(52,893)	(80,345)
Equity income, net of distributions received of $8,750 (2024 – $10,959) (note 7)	(8,924)	(18,979)
Amortization of deferred financing issuance costs included in interest expense	~~3,492~~891	41,~~673~~164
Change in unrealized credit loss provisions included in other income (expense) (note 3b)	10,300	(17,600)
Change in unrealized credit loss provisions included in other expense (note 3b)	12,500	12,900
Gain on extinguishment of obligations related to finance leases included in other income (expense) (note 5a)	(6,331)	(2,599)
Gain on extinguishment of obligations related to finance leases included in other expense (note 5)	—	(6,204)
Other non-cash items	~~495~~(2,203)	~~6,271~~194
Change in operating assets and liabilities:
Receipts from direct financing and sales-type leases	155,~~613~~468	135,~~955~~075
Expenditures for dry docking	(~~11,895~~295)	(124,~~436~~023)
Other operating assets and liabilities	(14,~~535)~~703	(116,~~146~~401)
Net operating cash flow	~~256~~86,~~956~~958	~~248~~71,~~683~~416
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	~~355~~115,~~885~~000	~~170~~160,000
Scheduled repayments of long-term debt and settlement of related swaps (note 11)	(68,369)	(214,179)
Scheduled repayments of long-term debt	(20,655)	(20,103)
Prepayments of long-term debt	(~~280~~260,~~885~~000)	(~~220~~70,~~368~~000)
Extinguishment of obligations related to finance leases, net of security deposits (note 5a)	(413,501)	(55,493)
Extinguishment of obligations related to finance leases, net of security deposits (note 5)	—	(131,722)
Proceeds from financing related to sales and leaseback of vessels (note 5a)	519,685	89,100
Proceeds from financing related to sales and leaseback of vessels (note 5)	213,000	204,000
Scheduled repayments of obligations related to finance leases	(~~101~~32,~~131~~153)	(9030,~~624~~129)
Financing issuance costs	(63,~~633~~515)	(41,~~688~~670)
Cash distributions paid	(~~269~~106,~~275~~279)	(18206,~~793~~425)
Repurchase of preferred units (note 15)	—	(3,305)
Dividends paid to non-controlling interest	(361)	(4,050)
Equity contributions from Stonepeak (note 10c)	—	86,180
Net financing cash flow	(94,963)	(100,099)
Dividends paid to non-controlling interest	(4,411)	(864)
Net financing cash flow	(268,635)	(263,034)
INVESTING ACTIVITIES
Expenditures for vessels and equipment, including advances on newbuilding contracts	(114,~~417~~217)	(~~143~~3,~~053~~700)
Capital returned from equity-accounted joint ventures	29,961	—
Capital returned from equity-accounted joint ventures (note 7)	—	29,961
Proceeds from the sales of vessels (note 14)	~~27,705~~—	7815,~~309~~217
Payment related to the acquisition of Evergas	—	(3,000)
Net investing cash flow	(4,217)	41,478
Net investing cash flow	46,249	(67,744)
(Decrease) increase in cash, cash equivalents and restricted cash	(12,222)	12,795
Increase (decrease) in cash, cash equivalents and restricted cash	34,570	(82,095)
Cash, cash equivalents and restricted cash, beginning of the period	187,968	184,394
Cash, cash equivalents and restricted cash, beginning of the period	184,394	265,946
Cash, cash equivalents and restricted cash, end of the period	175,746	197,189
Cash, cash equivalents and restricted cash, end of the period	218,964	183,851

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, 2023	99,949	2,275,102	11,529	278,419	31,347	92,211	2,677,079
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)	—	752,~~561~~906	—	6,~~425~~279	—	(~~121~~1,242)	817,~~865~~943
Other comprehensive income	—	—	—	—	9,385	60	9,445
Other comprehensive (loss) income	—	—	—	—	(8,366)	53	(8,313)
Distributions declared:
Common units ($2.0010 per unit)	—	(200,000)	—	—	—	—	(200,000)
Common units ($1.0005 per unit)	—	(100,000)	—	—	—	—	(100,000)
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,~~849~~775)	—	—	(2,~~849~~775)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,~~576~~504)	—	—	(3,~~576~~504)
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
Balance as at March 31, 2025	99,949	1,834,785	11,529	278,419	27,717	58,763	2,199,684


	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, 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

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, 2022	88,565	1,959,228	11,689	282,484	40,517	79,529	2,361,758
Net income	—	86,415	—	6,340	—	5,185	97,940
Other comprehensive (loss) income	—	—	—	—	(11,220)	116	(11,104)
Equity contribution from Stonepeak (notes 10c and 15)	—	86,180	—	—	—	—	86,180
Conversion of equity contributions from Stonepeak into common units (notes 10c and 15)	11,384	—	—	—	—	—	—
Distributions declared:
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,789)	—	—	(2,789)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,550)	—	—	(3,550)
Repurchase of preferred units (note 15)	—	15	(44)	(1,138)	—	—	(1,123)
Dividends paid to non-controlling interest	—	—	—	—	—	(449)	(449)
Balance as at March 31, 2023	99,949	2,131,838	11,645	281,347	29,297	84,381	2,526,863
Net income	—	90,343	—	6,160	—	3,440	99,943
Other comprehensive income	—	—	—	—	12,827	103	12,930
Distributions declared:
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,734)	—	—	(2,734)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,426)	—	—	(3,426)
Repurchase of preferred units (note 15)	—	52	(70)	(1,784)	—	—	(1,732)
Balance as at June 30, 2023	99,949	2,222,233	11,575	279,563	42,124	87,924	2,631,844
Net income	—	107,285	—	6,294	—	3,579	117,158
Other comprehensive income	—	—	—	—	10,904	83	10,987
Distributions declared:
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,778)	—	—	(2,778)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,516)	—	—	(3,516)
Repurchase of preferred units (note 15)	—	7	(17)	(457)	—	—	(450)
Dividends paid to non-controlling interest	—	—	—	—	—	(415)	(415)
Balance as at September 30, 2023	99,949	2,329,525	11,558	279,106	53,028	91,171	2,752,830

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.

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, ~~2023~~2024, which were included in the Company's Annual Report on Form 20-F for the year ended December 31, ~~2023~~2024 filed with the U.S. Securities and Exchange Commission (or SEC) on March 2214, ~~2024~~2025. 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.

~~During~~The Company has made downward revisions to the ~~three~~outlook ~~months~~for ~~ended~~its ~~September~~seven ~~30,~~steam ~~2024,~~turbine asliquefied natural gas (or LNG) carriers due to a ~~result~~combination of ~~the~~an ~~repayment~~oversupply of ~~the~~this ~~existing~~type ~~financing~~of ~~arrangements~~vessel ~~for~~and ~~the~~reduced ~~Ineos~~charterer ~~Insight,~~interest ~~the~~due ~~Ineos~~to ~~Ingenuity~~their ~~and~~less ~~the~~efficient ~~Ineos~~design. ~~Intrepid~~As ~~(see~~such, ~~Note~~effective ~~5(a))~~January 1, 2025, the Company ~~received~~reduced ~~$3.0 million~~the inestimated ~~cash~~useful ~~deposits~~life ~~which~~of ~~were~~these ~~not~~vessels, ~~identified~~the oroldest ~~recognized~~vessels asin ~~part~~the ofCompany's ~~the~~LNG ~~2022~~fleet, ~~Evergas~~from ~~acquisition~~35 ~~purchase~~years ~~price~~to ~~allocation~~25 years. ~~The~~Had ~~Company’s~~we ~~acquisition-date~~continued ~~purchase~~to ~~price~~depreciate ~~allocation~~these ~~therefore~~vessels ~~included~~using an ~~understatement~~estimated ofuseful ~~other~~life ~~non-current~~of ~~assets~~35 ~~and~~years aninstead ~~overstatement~~ of ~~goodwill~~25 byyears ~~$3.0 million.~~from As the ~~adjustment~~beginning isof ~~not~~the ~~material~~fiscal toperiod, ~~the~~depreciation ~~Company's~~and ~~consolidated~~amortization ~~financial~~would ~~statements~~have ~~for~~decreased ~~any~~and ~~period,~~net ~~the~~income ~~Company~~would ~~has~~have ~~adjusted~~increased ~~goodwill~~by in$5.3 million for the three months ended ~~September~~March 3031, ~~2024~~2025.

2.Accounting Pronouncements

In ~~November~~December 2023, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update (or ASU) 2023-0709 – ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740) Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures (or ASU 2023-0709). This ASU ~~improves~~enhances ~~reportable~~the ~~segment~~transparency ~~disclosure~~and ~~requirements,~~decision ~~primarily~~usefulness ~~through~~of ~~enhanced~~income tax disclosures. ~~about~~More ~~significant~~specifically, ~~segment~~this ~~expenses~~ASU ~~and~~requires ~~other~~that ~~segment~~additional ~~items,~~income ~~and~~tax ~~extends~~information ~~certain~~be ~~annual~~disclosed ~~segment~~about ~~disclosure~~the ~~requirements~~jurisdictions toin ~~interim~~which ~~period~~the ~~reporting.~~Company ~~This~~operates ~~ASU~~within isits ~~effective~~income ~~for~~tax ~~annual~~rate ~~periods~~reconciliation, ~~beginning~~as ~~after~~well ~~December~~as ~~15,~~its ~~2023,~~disclosure ~~and~~about ~~interim~~income ~~periods~~taxes ~~within~~paid. ~~fiscal~~This ~~years~~ASU is effective for annual periods beginning after December 15, 2024. ~~Once~~The ~~adopted, the~~ amendments in this ASU are to be applied ~~retrospectively~~on toa ~~all~~prospective ~~periods presented~~basis. The Company does not expect that adoption of ASU 2023-0709 will have a material impact on the Company's consolidated financial statements.

In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~2024-0903 – Income ~~Taxes~~Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~740~~220-40) ~~Improvements~~Disaggregation toof Income ~~Tax~~Statement ~~Disclosures~~Expenses (or ASU ~~2023~~2024-0903). This ASU ~~enhances~~improves the ~~transparency~~disclosures about a public business entity’s expenses and ~~decision~~addresses ~~usefulness~~requests offrom ~~income~~investors ~~tax~~for ~~disclosures.~~more ~~More~~detailed ~~specifically,~~information ~~this~~about ~~ASU~~the ~~requires~~types ~~that~~of ~~additional~~expenses ~~income~~(including ~~tax~~purchases ~~information~~of beinventory, ~~disclosed~~employee ~~about~~compensation, ~~the~~depreciation, ~~jurisdictions~~amortization, and depletion) in ~~which~~commonly ~~the~~presented ~~Company~~expense ~~operates~~captions ~~within~~(such ~~its~~as ~~income~~cost ~~tax~~of ~~rate~~sales, ~~reconciliation~~selling, asgeneral ~~well~~and asadministrative ~~its~~expenses, ~~disclosure~~and ~~about~~research ~~income~~and ~~taxes paid~~development). This ASU is effective for annual periods beginning after December 15, ~~2024.~~2026 ~~Once~~and ~~adopted~~interim periods beginning after December 15, ~~the~~2027. The amendments in this ASU are applied either (1) prospectively to befinancial ~~applied~~statements onissued afor ~~prospective~~reporting ~~basis~~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 ~~2023~~2024-0903 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, ~~2023~~2024. 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.

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)

		September 30, 2024		December 31, 2023
		March 31, 2025		December 31, 2024
	FairValueHierarchyLevel	CarryingAmountAsset(Liability)$	FairValueAsset(Liability)$	CarryingAmountAsset(Liability)$	FairValueAsset(Liability)$
Recurring:
Cash and cash equivalents and restricted cash (note 13)	Level 1	~~218~~175,~~964~~746	~~218~~175,~~964~~746	~~184~~187,~~394~~968	~~184~~187,~~394~~968
Derivative instruments (note 11)
Interest rate swap agreements – assets	Level 2	4265,~~817~~488	4265,~~817~~488	5588,~~582~~025	5588,~~582~~025
Interest rate swap agreements – liabilities	Level 2	(1,921)	(1,921)	(156)	(156)
Foreign currency contracts - liabilities	Level 2	(34)	(34)	(527)	(527)
Foreign currency contracts	Level 2	424	424	221	221
Cross currency swap agreements – assets	Level 2	1,657	1,657	937	937
Cross currency swap agreements – assets	Level 2	1,596	1,596	4,634	4,634
Cross currency swap agreements – liabilities	Level 2	(34,681)	(34,681)	(47,037)	(47,037)
Cross currency swap agreements – liabilities	Level 2	(33,814)	(33,814)	(23,680)	(23,680)
Non-recurring:
Vessel held for sale (note 14d)	Level 2	—	—	22,323	22,323
Vessels and equipment	Level 3	—	—	294,631	294,631
Vessels and equipment (note 14e)	Level 2	—	—	2,000	2,000
Other:
Loans to equity-accounted joint ventures (note 7a)	(i)	98101,~~311~~292	(i)	9399,~~986~~806	(i)
Long-term debt – public (note 8)	Level 1	(~~188~~189,~~371~~532)	(~~195~~194,~~177~~578)	(~~194~~174,~~587~~720)	(~~203~~180,~~226~~334)
Long-term debt – non-public (note 8)	Level 2	(~~881~~720,~~058~~206)	(~~883~~721,~~658~~555)	(~~873~~884,~~435~~819)	(~~875~~886,~~260~~224)
Obligations related to finance leases (note 5a)	Level 2	(1,649,384)	(1,648,041)	(1,661,992)	(1,652,621)
Obligations related to finance leases (note 5)	Level 2	(1,905,205)	(1,899,516)	(1,727,553)	(1,715,651)

(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, ~~2023~~2024.

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, ~~2024~~2025 and December 31, ~~2023~~2024.

As at September 30, 2024

As at December 31, 2023

As at March 31, 2025

As at December 31, 2024

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

~~279~~270,~~116~~748

Performing

~~291~~274,~~092~~928

Seapeak Bahrain

2018

Performing

~~201~~200,~~726~~015

Performing

~~204~~200,~~135~~872

Seapeak Creole

2023

Performing

202,~~956~~096

Performing

~~204~~202,~~184~~526

683,798

699,411

672,859

678,326

Loans to equity-accounted joint ventures

Bahrain LNG Joint Venture

2017 and prior

Performing

98101,~~311~~292

Performing

9399,~~986~~806

782,109

793,397

774,151

778,132

(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, ~~2023~~2024. As at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, 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.

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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, ~~2024~~2025 and ~~2023~~2024 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, 2024
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
Three Months Ended March 31, 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
Three and Nine Months Ended September 30, 2023
As at January 1, 2023	26,200	36,600	2,900	1,300	67,000
Reversal of potential credit losses	(11,500)	(7,600)	(400)	(100)	(19,600)
As at March 31, 2023	14,700	29,000	2,500	1,200	47,400
Reversal of potential credit losses	(100)	(2,500)	(300)	(300)	(3,200)
As at June 30, 2023	14,600	26,500	2,200	900	44,200
Reversal of potential credit losses	(4,700)	(3,500)	(200)	—	(8,400)
As at September 30, 2023	9,900	23,000	2,000	900	35,800

(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, ~~2024~~2025 and ~~2023~~2024, 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, ~~2023~~2024.

(ii)The changes in credit loss provision of $(212.3)2 million and $1012.9 million for the Company's consolidated vessels' direct financing and sales-type leases for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024,~~2025 ~~respectively ($(4.7) million~~ and ~~$(16.3) million for the three and nine months ended September 30~~2024, ~~2023,~~ respectively), ~~were~~are included in other ~~income (~~expense) in the Company's consolidated statements of income. The change in the credit loss provision for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 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 $(412.0)2 million and $17.94 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024,~~2025 ~~respectively ($(3.5) million~~ and ~~$(13.6) million for the three and nine months ended September 30~~2024, ~~2023,~~ respectively), relating to the direct financing and sales-type leases and other within the Company's equity-accounted joint ventures ~~were~~are included in equity income in the Company's consolidated statements of income. The change in the credit loss provision for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 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, ~~2024~~2025 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.

1110

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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,

2024

2023

2025

2024

LNGSegment$

NGLSegment$

Total$

LNGSegment$

NGLSegment$

Total$

Voyage revenues

~~140~~132,~~485~~602

3527,~~848~~828

~~176~~160,~~333~~430

~~135~~139,~~451~~998

4039,~~420~~119

~~175~~179,~~871~~117

Voyage expenses

(15,~~423~~083)

(~~1,419~~314)

(25,~~842~~397)

(1,~~287~~092)

(32,~~905~~293)

(53,~~192~~385)

Vessel operating expenses

(45,~~782~~826)

(118,~~836~~531)

(5754,~~618~~357)

(4443,~~544~~699)

(12,~~617~~136)

(5755,~~161~~835)

Time-charter hire expenses

—

~~(2,108)~~—

—

(12,~~997~~173)

Depreciation and amortization

(2725,~~458~~727)

(7,~~920~~794)

(3533,~~378~~521)

(27,~~297~~396)

(97,~~173~~597)

(3634,~~470~~993)

General and administrative expenses (i)

(56,~~647~~200)

(~~1,360~~944)

(7,~~007~~144)

(46,~~410~~678)

(21,~~522~~897)

(68,~~932~~575)

Gain on sale of vessel (note 14e)

—

3,368

—

Gain on sales of vessels (note 14)

—

704

Income from vessel operations

6049,~~175~~766

1410,~~573~~245

7460,~~748~~011

5761,~~913~~133

1013,~~206~~727

6874,~~119~~860

Equity income (note 7)

2814,~~640~~226

23,~~722~~448

3117,~~362~~674

3122,~~493~~947

76,~~497~~991

3829,~~990~~938

Expenditures for vessels and equipment, including advances on newbuilding contracts

(3,488)

(419)

(3,907)

(3,249)

(514)

(3,763)

(Expenditures) recoveries for dry docking

(1,920)

(204)

(2,124)

639

(1,017)

(378)

March 31, 2025

December 31, 2024

LNGSegment$

NGLSegment$

Total$

LNGSegment$

NGLSegment$

Total$

Investment in and advances to equity-accounted joint ventures, net

1,148,950

192,708

1,341,658

1,158,718

187,860

1,346,578

	Nine Months Ended September 30,
	2024			2023
	LNGSegment$	NGLSegment$	Total$	LNGSegment$	NGLSegment$	Total$
Voyage revenues	420,877	110,075	530,952	421,595	123,428	545,023
Voyage expenses	(1,861)	(6,468)	(8,329)	(4,530)	(12,079)	(16,609)
Vessel operating expenses	(134,519)	(36,093)	(170,612)	(133,881)	(39,911)	(173,792)
Time-charter hire expenses	—	(6,409)	(6,409)	—	(6,487)	(6,487)
Depreciation and amortization	(82,295)	(23,286)	(105,581)	(83,357)	(26,393)	(109,750)
General and administrative expenses (i)	(18,104)	(4,355)	(22,459)	(17,898)	(5,233)	(23,131)
Gain (loss) on sales and (write-down) of vessels (notes 6 and 14)	—	4,339	4,339	35,819	189	36,008
Income from vessel operations	184,098	37,803	221,901	217,748	33,514	251,262
Equity income (note 7)	74,332	21,532	95,864	99,135	16,478	115,613

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

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

	September 30, 2024	December 31, 2023
	March 31, 2025	December 31, 2024
	$	$
Total assets of the LNG segment	4,~~502~~307,~~134~~798	4,~~601~~378,~~919~~066
Total assets of the NGL segment	~~851~~844,~~604~~137	~~891~~846,~~273~~929
Unallocated:
Cash and cash equivalents	~~196~~148,~~884~~351	~~168~~153,~~409~~726
Consolidated total assets	5,~~550~~300,~~622~~286	5,~~661~~378,~~601~~721

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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)

5. Chartered-in Vessels

a)Obligations related to Finance Leases


	March 31, 2025	December 31, 2024
	$	$
Total obligations related to finance leases	1,905,205	1,727,553
Less current portion	(233,923)	(129,418)
Long-term obligations related to finance leases	1,671,282	1,598,135

	September 30, 2024	December 31, 2023
	$	$
Total obligations related to finance leases	1,649,384	1,661,992
Less current portion	(121,988)	(180,206)
Long-term obligations related to finance leases	1,527,396	1,481,786

As at March 31, 2025, the Company was a party to finance leases on 10 LNG carriers and 10 natural gas liquid (or NGL) carriers (December 31, 2024 – nine LNG carriers and 10 NGL carriers). These 10 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 through to 2035. At inception of these leases, the weighted-average interest rate implicit in these leases was 6.0% as at March 31, 2025 and December 31, 2024. The bareboat charter contracts are presented as obligations related to finance leases on the Company's consolidated balance sheets.

As at September 30, 2024, the Company was a party to finance leases on nine LNG carriers and eight natural gas liquid (or NGL) carriers (December 31, 2023 – nine LNG carriers and 10 NGL carriers). These nine LNG carriers and eight 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 through to 2035. At inception of these leases, the weighted-average interest rate implicit in these leases was 6.0% (December 31, 2023 – 5.7%). The bareboat charter contracts are presented as obligations related to finance leases on the Company's consolidated balance sheets.11

The obligations under the bareboat charters for the nine LNG carriers and eight NGL carriers are guaranteed by the Company. The guarantee agreements of the Company require it to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage. As at September 30, 2024, the Company was in compliance with all covenants in respect of the bareboat charters it guarantees.

As at September 30, 2024, the remaining commitments related to the financial liabilities of these nine LNG carriers and eight NGL carriers, including the amounts to be paid to repurchase the vessels pursuant to the applicable finance leases, approximated $2.1 billion, including imputed interest of $448.5 million, repayable through 2035, as indicated below:

			Commitments as atSeptember 30, 2024
Year			$
Remainder of 2024			54,698
2025			216,847
2026			297,759
2027			365,421
2028			335,719
Thereafter			827,436

During September 2023, the Company exercised its repurchase option to acquire one of its NGL carriers, the Ineos Dolphin, for a total cost of $58.0 million. As a result of the repurchase, the Company recognized a gain of $2.6 million which is included in other income (expense) in the Company's consolidated statements of income for the three and nine months ended September 30, 2023.

During the first quarter of 2024, the Company exercised its repurchase options to acquire three of its NGL carriers, the Ineos Marlin, the Ineos Inspiration, and the Ineos Independence, for a total cost of $132.5 million. As a result of the repurchases, the Company recognized a gain of $6.2 million, which is included in other income (expense) in the Company's consolidated statement of income for the nine months ended September 30, 2024. Immediately following the repurchases, the Company entered into new financing arrangements whereby it sold the vessels to third parties for a total of $204.0 million and chartered the vessels back for 5.5 to 8-year periods under bareboat charter contracts. The quarterly charter-hire payments to be made by the Company consist of a fixed amount plus variable amounts based on Secured Overnight Finance Rate (or SOFR) plus a margin. The Company has options to repurchase the vessels at the end of the lease terms for a total cost of $109.3 million.

In June 2024, the Company refinanced the Seapeak Oak LNG carrier by acquiring the vessel from its original Lessor for a total cost of $120.3 million, and then selling the vessel to another Lessor for $145.3 million, and leasing it back for a period of 8 years. 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 income (expense) in the Company's consolidated statement of income for the nine months ended September 30, 2024. 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 is obligated to repurchase the vessel at the end of the lease term for $45.0 million.

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)

~~During~~The ~~the~~obligations ~~third quarter~~ of ~~2024,~~ the Company's ~~exercised~~applicable ~~its~~subsidiaries ~~repurchase~~under ~~options to acquire five of its NGL carriers,~~ the ~~Ineos~~bareboat ~~Intuition,~~charter ~~the~~contracts ~~Ineos~~for ~~Invention,~~ the ~~Ineos~~10 ~~Insight,~~LNG ~~the~~carriers ~~Ineos Ingenuity~~ and ~~the~~10 ~~Ineos~~NGL ~~Intrepid,~~carriers ~~for~~are aguaranteed ~~total~~by ~~cost of $169.3 million. As a result of~~ the ~~repurchases, the~~ Company ~~recognized a gain of $2~~.~~8 million,~~ ~~which~~The isguarantee ~~included~~agreements inrequire ~~other income (expense) in~~ the Company's ~~consolidated~~to ~~statements~~maintain ofminimum ~~income~~levels ~~for~~of ~~the~~tangible ~~three~~net worth and ~~nine~~aggregate ~~months ended September 30~~liquidity, ~~2024.~~and ~~Immediately~~not ~~following three of the repurchases, the Company entered into new financing arrangements whereby it sold the vessels~~ to ~~third~~exceed ~~parties for~~ a ~~total~~maximum amount of ~~$170.4 million~~leverage, ~~and chartered the vessels back~~ for 6certain ~~to 8-year periods under bareboat charter contracts. The quarterly charter-hire payments to be made by the Company consist~~ of aits ~~fixed~~finance ~~amount plus variable amounts based on SOFR plus a margin~~leases. ~~The~~As ~~Company has options to repurchase the vessels~~ at ~~the~~March 31, ~~end~~2025, of the ~~lease terms for a total cost of $67.7 million. The~~ Company ~~entered~~was ~~into~~in ~~new~~compliance ~~financing~~with ~~arrangements~~all ~~totaling~~covenants ~~$110.0 million~~ in ~~October~~respect ~~2024~~of ~~for~~ the ~~remaining~~bareboat ~~two~~charter ~~vessels~~contracts ~~(see~~it ~~Note 16)~~guarantees.

~~Certain bareboat charter agreements require that the Company maintain ratios of vessel values to the relevant outstanding underlying loan balance.~~ As at ~~September~~March 3031, ~~2024~~2025, the ~~Company~~remaining ~~had~~commitments ~~two~~related ~~charter~~to ~~agreements,~~the ~~under~~financial ~~which~~liabilities ~~the~~of ~~aggregate~~these ~~outstanding~~10 ~~loan~~LNG ~~balance~~carriers ~~was~~and ~~$78.2 million,~~10 ~~that~~NGL ~~each~~carriers, ~~requires~~including the ~~Company~~amounts to ~~maintain~~be ~~minimum~~paid ~~vessel-value-~~to~~-outstanding-loan~~ ~~obligation~~repurchase ~~balance ratios of 110%, if~~ the vessels ~~are~~pursuant ~~employed~~to ~~under~~the ~~approved~~applicable ~~charters~~finance ~~at such time~~leases, orapproximated ~~140%, if the vessels are not employed under approved charters at such time~~$2.4 ~~As at September 30~~billion, ~~2024,~~including ~~the~~imputed ~~vessel-value-to-outstanding-loan~~interest ~~obligation~~of ~~balance ratios were 159% and 154% under approved charters~~$509.6 ~~The~~million, ~~vessel~~repayable ~~values~~through ~~used~~2035, inas ~~calculating~~indicated ~~these ratios are the appraised values provided by third parties.~~below:

b)Operating Leases


			Commitments as at March 31, 2025
Year			$
Remainder of 2025			186,587
2026			330,077
2027			397,609
2028			367,769
2029			211,161
Thereafter			921,631

AsDuring atthe ~~September 30,~~first quarter of 2024, the Company exercised repurchase options to acquire three of its NGL carriers, the Ineos Marlin, the Ineos Inspiration, and ~~December 31~~the Ineos Independence, ~~2023~~for a total cost of $132.5 million. As a result of these repurchases, the Company ~~had~~recognized ~~in-chartered~~gains ~~six~~totaling ~~liquefied~~$6.2 million ~~petroleum~~on ~~gas~~the ~~(or~~extinguishment ~~LPG)~~of ~~carriers~~the ~~under~~original ~~bareboat~~financing ~~charter~~arrangements ~~contracts~~relating ~~from~~to athe ~~third~~vessels. ~~party~~These ~~until~~gains ~~December~~are included in other expense in the Company's consolidated statement of income for the three months ended March 31, 2024.

ADuring ~~maturity~~January ~~analysis~~2025, of the Company's ~~operating~~entered ~~lease~~into ~~liabilities~~a ~~from~~new ~~its~~financing arrangement for the Marvel Swan LNG carrier whereby it sold the vessel to a third party for $213.0 million and chartered the vessel back for a period of 13 years under a bareboat charter ~~contracts~~contract. asThe atquarterly ~~September 30,~~charter-hire ~~2024~~payments isto asbe ~~follows:~~made by the Company consist of a fixed amount plus variable amounts based on the Secured Overnight Finance Rate (or SOFR) plus a margin. The Company has an option to repurchase the vessel in July 2032 for $145.7 million.

			Lease Commitment
			$
Payments:
Remainder of 2024			2,412
Less imputed interest			(26)
Current portion of operating lease liabilities			2,386

Certain bareboat charter agreements require that the Company maintain ratios of vessel values to the relevant outstanding underlying loan balances. As at March 31, 2025, the Company had five bareboat charter agreements, under which the aggregate outstanding loan balance was $310.4 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, 2025, the vessel-value-to-outstanding-loan obligation balance ratios were 166%, 165%, 166%, 163% and 141% 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, ~~2023~~2024.

Revenue Table

The following tables contain the Company’s revenue for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, by contract type and by segment.

	Three Months Ended September 30,
	Three Months Ended March 31,
	2024			2023
	2025			2024
	LNGSegment$	NGLSegment$	Total$	LNGSegment$	NGLSegment$	Total$
Time charters	~~116~~109,~~444~~030	3227,~~605~~828	~~149~~136,~~049~~858	~~113~~115,~~224~~870	3533,~~737~~873	~~148~~149,~~961~~743
Voyage charters	—	~~3,243~~—	~~3,243~~—	—	45,~~683~~246	45,~~683~~246
Management fees and other income	2423,~~041~~572	—	2423,~~041~~572	2224,~~227~~128	—	2224,~~227~~128
	140,485	35,848	176,333	135,451	40,420	175,871
	132,602	27,828	160,430	139,998	39,119	179,117

1412

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)

	Nine Months Ended September 30,
	2024			2023
	LNGSegment$	NGLSegment$	Total$	LNGSegment$	NGLSegment$	Total$
Time charters	347,949	99,243	447,192	354,966	104,485	459,451
Voyage charters	—	10,832	10,832	—	18,943	18,943
Management fees and other income	72,928	—	72,928	66,629	—	66,629
	420,877	110,075	530,952	421,595	123,428	545,023

The following table contains the Company’s revenue for the three months ended March 31, 2025 and 2024, by contracts or components of contracts accounted for as leases and those not accounted for as leases:

The following table contains the Company’s revenue for the three and nine months ended September 30, 2024 and 2023, by contracts or components of contracts accounted for as leases and those not accounted for as leases:


	Three Months Ended March 31,
	2025	2024
	$	$

Lease revenue
Lease revenue from lease payments of operating leases	111,629	128,924
Interest income on lease receivables	15,126	15,748
Variable lease payments - cost reimbursements(i)	1,358	1,180

	128,113	145,852
Non-lease revenue
Non-lease revenue - related to direct financing and sales-type leases	8,745	9,137
Management fees and other income	23,572	24,128
	32,317	33,265
Total	160,430	179,117

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Lease revenue
Lease revenue from lease payments of operating leases	126,394	133,687	380,196	418,856
Interest income on lease receivables	15,697	16,133	47,084	45,723
Variable lease payments - cost reimbursements(i)	1,206	1,187	3,445	3,952
	143,297	151,007	430,725	468,531
Non-lease revenue
Non-lease revenue - related to direct financing and sales-type leases	8,995	2,637	27,299	9,863
Management fees and other income	24,041	22,227	72,928	66,629
	33,036	24,864	100,227	76,492
Total	176,333	175,871	530,952	545,023

(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, ~~2024~~2025 and December 31, ~~2023~~2024, 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, ~~2023~~2024, 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, ~~2023~~2024. In February 2023, the Seapeak Creole commenced a 23-year time-charter contract. The time-charter contract is being accounted for as a sales-type lease. As a result, upon commencement of the time-charter contract the carrying value of the vessel was derecognized and a net investment in sales-type lease was recognized based on its estimated fair value from third party appraisals, resulting in a gain of $43.8 million being recognized during the nine months ended September 30, 2023. The gain is included in gain (loss) on sales and (write-down) of vessels in the Company's consolidated statement of income for the nine months ended September 30, 2023.

As at ~~September~~March 3031, ~~2024~~2025, 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 $2062.9 million (remainder of ~~2024), $83.6 million (~~2025), $82.3 million (2026), $83.6 million (2027), $78.9 million (2028), $50.6 million (2029) and an aggregate of $~~612~~562.70 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, ~~2024~~2025, 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 $~~122~~334.83 million (remainder of ~~2024~~2025), $~~424~~370.91 million (~~2025~~2026), $~~344~~219.94 million (~~2026~~2027), $~~194~~174.29 million (~~2027~~2028), and $~~149~~148.74 million (~~2028~~2029). 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, ~~2024~~2025, variable or contingent rentals, or rentals from contracts which were entered into or commenced after ~~September~~March 3031, ~~2024~~2025. 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.

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)

Contract Liabilities

As at ~~September~~March 3031, ~~2024~~2025, the Company had $3241.46 million of advanced payments recognized as contract liabilities included in unearned revenue (December 31, ~~2023~~2024 – $4337.61 million, ~~September 30~~March 31, ~~2023~~2024 – $3727.7 million and December 31, ~~2022~~2023 – $4143.06 million). The Company recognized $3337.71 million and $4143.26 million of revenue for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, respectively, that was recognized as a contract liability at the beginning of such three-month periods. The Company recognized $43.6 million and $41.0 million of revenue for the nine months ended September 30, 2024 and 2023, respectively, that was recognized as a contract liability at the beginning of such nine-month periods.

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, ~~2023~~2024.

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

Distributions 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). 13

a) As of September 30, 2024 and December 31, 2023, the Company had advanced $73.4 million to the Bahrain LNG Joint Venture, in which the Company has a 30% ownership interest. These advances bear interest at an annual rate of 6.0%. For the three and nine months ended September 30, 2024, interest earned on these advances amounted to $1.5 million and $4.3 million, respectively (three and nine months ended September 30, 2023 - $1.4 million and $4.1 million, respectively), and is included in interest income in the Company's consolidated statements of income. As of September 30, 2024 and December 31, 2023, the interest receivable on these advances was $24.9 million and $20.6 million, respectively. Both the advances and the accrued interest on these advances were included in investments in and advances to equity-accounted joint ventures, net in the Company’s consolidated balance sheets.

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, 2024 was $841.3 million. As at September 30, 2024, 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, 2024	December 31, 2023
	$	$
U.S. Dollar-denominated Revolving Credit Facility due in 2026	270,000	190,000
U.S. Dollar-denominated Term Loans and Bonds due from 2026 to 2030	596,812	662,255
Norwegian Krone-denominated Bonds due from 2025 to 2026	189,608	196,610
Euro-denominated Term Loan due in 2024	19,443	27,409
Total principal	1,075,863	1,076,274
Unamortized discount and debt issuance costs	(6,434)	(8,252)
Total debt	1,069,429	1,068,022
Less current portion	(207,399)	(107,820)
Long-term debt	862,030	960,202

As at September 30, 2024, the Company had one revolving credit facility available, which provided for borrowings of up to $350.0 million (December 31, 2023 - $350.0 million), of which $80.0 million (December 31, 2023 – $160.0 million) was undrawn. Interest payments are based on SOFR plus a margin of 1.45%. In June 2025, the borrowing capacity of the revolving credit facility is scheduled to be reduced by $15.0 million and the revolving credit facility is scheduled to mature in June 2026. The revolving credit facility is unsecured and may be used by the Company for general company purposes.

As at September 30, 2024, the Company had five U.S. Dollar-denominated term loans and bonds outstanding, which totaled $596.8 million in aggregate principal amount (December 31, 2023 – $662.3 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 combined term loans and bonds require quarterly interest and principal payments and three have balloon or bullet repayments due at maturity. The term loans and bonds are collateralized by first-priority mortgages on the eight Company vessels to which the loans and bonds relate, together with certain other related security. In addition, as at September 30, 2024, all of the outstanding term loans were guaranteed by either the Company or the ship-owning entities within the RasGas II Joint Venture, in which the Company has a 70% ownership interest.

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)

AsDistributions atreceived ~~September 30,~~from ~~2024~~equity-accounted ~~and~~joint ~~December 31,~~ventures ~~2023,~~are presented in the Company’s ~~had~~consolidated ~~Norwegian~~statements ~~Krone~~of ~~(or~~cash ~~NOK)~~flows ~~2.0~~as ~~billion~~a ofcash ~~senior~~inflow ~~unsecured~~from ~~bonds~~operating inactivities ~~the~~or ~~Norwegian~~a ~~bond~~cash ~~market~~inflow ~~that~~from ~~mature~~investing ~~through~~activities, ~~2026.~~depending Ason atwhether ~~September 30,~~the ~~2024,~~nature of the ~~total~~activity ~~amount~~or activities of the ~~bonds,~~equity-accounted ~~which~~joint ~~are~~venture ~~listed~~that ongenerated the ~~Oslo~~distribution ~~Stock~~was ~~Exchange,~~a ~~was~~return ~~$189.6~~on ~~million~~investment (~~December 31,~~classified ~~2023~~as –a ~~$196.6~~cash ~~million).~~inflow ~~The~~from ~~interest~~operating ~~payments~~activities) onor ~~the~~a ~~bonds~~return ~~are~~of ~~based~~investment on(classified ~~Norwegian~~as ~~Interbank~~a ~~Offered~~cash ~~Rate~~inflow ~~(or~~from ~~NIBOR~~investing activities). ~~plus~~The aCompany's ~~margin,~~consolidated ~~where~~statement ~~margins~~of ~~ranged~~cash ~~from~~flows ~~4.90%~~for tothe ~~5.15%.~~three ~~The~~months ~~Company~~ended ~~entered~~March ~~into~~31, ~~cross~~2024 ~~currency~~included ~~rate~~an ~~swaps~~overstatement of equity income, tonet ~~swap~~of ~~all~~distributions ~~interest~~received of $30.0 million (operating activities) and ~~principal~~an ~~payments~~understatement of ~~the~~capital ~~bonds~~returned ~~into~~from Uequity-accounted joint ventures of $30.S0 million (investing activities). ~~Dollars~~This error was deemed immaterial, ~~with~~and ~~the~~thus ~~interest~~a ~~payments~~correction ~~fixed~~has atbeen ~~rates~~reflected ~~ranging~~in ~~from~~the ~~5.74%~~Company's toconsolidated ~~6.37%~~statement ~~and~~of cash flows for the ~~transfer~~three ofmonths ~~principal~~ended ~~fixed~~March at31, 2024 to reclassify the $~~229~~30.0 million ~~upon~~in ~~maturity~~distributions received in ~~exchange~~the ~~for~~three ~~NOK~~months ~~2.0~~ended ~~billion~~March ~~(see~~31, ~~Note~~2024 ~~11)~~that were investing in nature.

a) As atof ~~September~~March 3031, 2025 and December 31, 2024, the Company had ~~one~~advanced ~~Euro-denominated~~$73.4 ~~term~~million ~~loan~~to ~~outstanding~~the Bahrain LNG Joint Venture, in which ~~totaled~~the ~~17.5~~Company ~~million~~has ~~Euros~~a ~~($19~~30% ownership interest.4 ~~million)~~These ~~(December 31,~~advances ~~2023~~bear –interest ~~24.8~~at ~~million~~an ~~Euros~~annual ~~($27.4~~rate ~~million))~~of 6.0%. ~~Interest~~For ~~payments~~the ~~are~~three ~~based~~months onended ~~the~~March 31, ~~Euro~~2025 ~~Interbank~~and ~~Offered~~2024, ~~Rate~~interest ~~(or~~earned ~~EURIBOR)~~on ~~where~~these ~~EURIBOR~~advances isamounted ~~limited~~ to ~~zero~~$1.5 ormillion ~~above~~and ~~zero~~$1.4 million, ~~values~~respectively, ~~plus~~and ais ~~margin~~included ofin ~~1.95%.~~interest ~~The~~income ~~term~~in ~~loan~~the ~~requires~~Company's ~~semi-annual~~consolidated ~~interest~~statements ~~and~~of ~~principal payments~~income. ~~The~~As ~~term~~of ~~loan~~March 31, ~~matures~~2025 inand December 31, 2024., ~~The~~the ~~term~~interest ~~loan~~receivable ison ~~collateralized~~these byadvances awas ~~first-priority~~$27.9 ~~mortgage~~million onand ~~the~~$26.4 ~~one~~million, ~~Company~~respectively. ~~vessel~~Both tothe ~~which~~advances and the ~~loan~~accrued ~~relates,~~interest ~~together~~on ~~with~~these ~~certain~~advances ~~other~~were ~~related~~included ~~security~~in investments in and isadvances ~~guaranteed~~to byequity-accounted joint ventures, net in the Company’s consolidated balance sheets.

b) The ~~weighted-average~~Company ~~interest~~guarantees ~~rates~~its ~~for~~proportionate ~~the~~share ~~Company’s~~of ~~long-term~~certain ~~debt~~loan ~~outstanding~~facilities ~~without~~and ~~the~~obligations ~~effect~~on ~~of related~~ interest rate swaps asfor atcertain ~~September 30,~~of ~~2024~~its ~~and~~equity-accounted ~~December 31,~~joint ~~2023~~ventures ~~were~~for ~~7.35%~~which ~~and~~the ~~7.59%,~~aggregate ~~respectively.~~principal ~~The~~amount ~~Company~~of ~~uses~~the ~~swaps~~loan tofacilities ~~economically~~and ~~hedge~~fair ~~certain~~value of ~~its~~the ~~floating-~~interest rate ~~debt~~swaps as at March 31, 2025 was $848.7 million (~~see~~December 31, ~~Note~~2024 11– $859.3 million). ~~The~~As ~~weighted-average~~at ~~interest~~March 31, ~~rates~~2025, ~~including~~the ~~related~~Company's ~~interest~~equity-accounted ~~rate~~joint ~~swaps~~ventures were ~~5.77%~~in ~~and~~compliance ~~5.82%~~with asall atcovenants ~~September 30,~~relating ~~2024~~to ~~and~~these ~~December 31,~~loan ~~2023,~~facilities ~~respectively.~~that the Company guarantees.

~~The Euro-denominated term loan and NOK-denominated bonds are revalued at the end of each period using the then-prevailing U~~8.~~S. Dollar exchange rate. Due primarily to the revaluation of the Company’s NOK~~ Long-~~denominated~~Term bonds, the Company’s Euro-denominated term loan and restricted cash, and the change in the valuation of the Company’s cross currency swaps, the Company incurred foreign exchange (losses) gains of $(4.8) million and $(3.5) million for the three and nine months ended September 30, 2024, respectively ($1.8 million and $nil for the three and nine months ended September 30, 2023, respectively).Debt

The aggregate annual long-term debt principal repayments required under the Company's revolving credit facility, loans and bonds subsequent to September 30, 2024 are $39.7 million (remainder of 2024), $189.3 million (2025), $567.2 million (2026), $54.8 million (2027), $54.8 million (2028) and $170.1 million (thereafter).


	March 31, 2025	December 31, 2024
	$	$
U.S. Dollar-denominated Revolving Credit Facility due from 2025 to 2026	180,000	165,000
U.S. Dollar-denominated Term Loans and Bonds due from 2026 to 2030	544,219	724,874
Norwegian Krone-denominated Bonds due from 2025 to 2026	190,296	175,646
Total principal	914,515	1,065,520
Unamortized discount and debt issuance costs	(4,777)	(5,981)
Total debt	909,738	1,059,539
Less current portion	(185,542)	(177,093)
Long-term debt	724,196	882,446

~~Certain~~As ~~loan~~at ~~agreements require that (a) the Company maintain minimum levels of tangible net worth and aggregate liquidity~~March 31, ~~(b)~~2025 ~~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~~December 3031, 2024, the Company had ~~three~~one revolving credit ~~facilities~~facility ~~with~~available, anwhich ~~aggregate~~provided ~~outstanding~~for ~~loan~~borrowings ~~balance~~ of up to $~~340~~350.20 million, ~~that require it to maintain minimum vessel-value-to-outstanding-loan-principal-balance ratios~~ of ~~110%, 120%, and 120%,~~ which as$170.0 atmillion ~~September~~(December 3031, 2024, ~~were~~– ~~189%,~~$185.0 ~~139%,~~million) ~~and~~was ~~182%, respectively~~undrawn. ~~The~~Interest ~~vessel~~payments ~~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~~SOFR ~~sale~~plus ~~and~~a ~~purchase~~margin ~~market~~of ~~data~~1.45%. ~~Since~~In ~~vessel~~June ~~values can be volatile~~2025, the ~~Company’s~~borrowing ~~estimates~~capacity of ~~market value may not be indicative of either~~ the ~~current~~revolving orcredit ~~future~~facility ~~prices~~is ~~that~~scheduled ~~could~~to be ~~obtained~~reduced ifby ~~the Company sold any of the vessels~~$15.0 million ~~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~~revolving ~~loans~~credit infacility ~~the~~is ~~RasGas~~scheduled ~~II Joint Venture requires it~~ to ~~satisfy~~mature ain ~~minimum~~June ~~vessel value to outstanding loan principal balance ratio to pay dividends~~2026. AsThe atrevolving ~~September 30,~~credit ~~2024,~~facility ~~the~~is ~~Company~~unsecured ~~was~~and inmay ~~compliance~~be ~~with~~used ~~all~~by ~~covenants relating to~~ the Company’s ~~credit~~for ~~facilities~~general ~~and~~company ~~other long-term debt~~purposes.

As at March 31, 2025, the Company had five U.S. Dollar-denominated term loans and bonds outstanding, which totaled $544.2 million in aggregate principal amount (December 31, 2024 – six U.S Dollar-denominated term loans and bonds outstanding, which totaled $724.9 million). ~~Income~~ ~~Tax~~Interest ~~Expense~~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 combined term loans and bonds require quarterly interest and principal payments and three have balloon or bullet repayments due at maturity. The term loans and bonds are collateralized by first-priority mortgages on the eight Company vessels to which the loans and bonds relate, together with certain other related security. In addition, as at March 31, 2025, all of the outstanding term loans were guaranteed by either the Company or the ship-owning entities within the RasGas II Joint Venture, in which the Company has a 70% ownership interest.

~~The~~In ~~components~~March of2025, the ~~provision~~Company entered into a U.S. Dollar-denominated term loan agreement, which allows for ~~income~~borrowings ~~tax~~of ~~expense~~up to $172.4 million. Interest payments are asbased ~~follows:~~on SOFR plus a margin of 2.0%. This loan has a balloon repayment due at maturity in 2027. In April 2025, the Company borrowed $68.9 million from this term loan.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	$	$	$	$
Current	(895)	(645)	(1,063)	(4,019)
Deferred	214	(1,427)	1,061	(3,639)
Income tax expense	(681)	(2,072)	(2)	(7,658)

As at March 31, 2025 and December 31, 2024, the Company had Norwegian Krone (or NOK) 2.0 billion of senior unsecured bonds in the Norwegian bond market that mature through 2026. As at March 31, 2025, the total amount of the bonds, which are listed on the Oslo Stock Exchange, was $190.3 million (December 31, 2024 – $175.6 million). The interest payments on the bonds are based on Norwegian Interbank Offered Rate (or NIBOR) plus a margin, where margins ranged from 4.90% to 5.15%. 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 rates ranging from 5.74% to 6.37% and the transfer of principal fixed at $229.0 million upon maturity in exchange for NOK 2.0 billion (see Note 11).

Included in the Company's current income tax 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.14

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 weighted-average interest rates for the Company’s long-term debt outstanding excluding the effect of related interest rate swaps as at March 31, 2025 and December 31, 2024 were 6.94% and 7.06%, 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 5.43% and 5.65% as at March 31, 2025 and December 31, 2024, 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) gains of $(1.1) million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively.

The aggregate annual long-term debt principal repayments required under the Company's revolving credit facility, loans and bonds subsequent to March 31, 2025 are $165.1 million (remainder of 2025), $469.7 million (2026), $54.8 million (2027), $54.8 million (2028), $45.6 million (2029) and $124.5 million (thereafter).

Certain loan agreements require that (a) 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 March 31, 2025, the Company had three credit facilities with an aggregate outstanding loan balance of $320.3 million that require it to maintain minimum vessel-value-to-outstanding-loan-principal-balance ratios of 110%, 120%, and 120%, which as at March 31, 2025, were 189%, 198%, 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 March 31, 2025, the Company was in compliance with all covenants relating to the Company’s credit facilities and other long-term debt.

9. Income Tax Recovery

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


	Three Months Ended March 31,
	2025	2024
	$	$
Current	290	(168)
Deferred	73	350
Income tax recovery	363	182

Included in the Company's current income tax 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.

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,
	2024	2023	2024	2023
	2025	2024
	$	$	$	$
Voyage revenues (i)(ii)	31,~~702~~083	3032,~~011~~293	~~96,453~~	~~88,688~~
Equity income (iii)	~~609~~596	609	~~1,814~~	~~1,808~~

(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. 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, 2025 and 2024 amounted to $7.75 million and $238.62 million, respectively ~~($7~~.~~8 million~~ ~~and $22.1 million for the three and nine months ended September 30, 2023, 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 and 2024 were $43.1 million and $133.19 million, respectively ~~($2.6 million and $7.5 million for the three and nine months ended September 30~~, ~~2023, respectively),~~ and are included in voyage revenues in the Company's consolidated statements of 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. 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 30, 2024, the Company earned management fees and cost reimbursements pursuant to these management agreements of $19.9 million and $59.8 million, respectively ($19.6 million and $59.1 million for the three and nine months ended September 30, 2023, respectively), which are included in voyage revenues in the Company's consolidated statements of income.15

~~(iii)During~~Table ~~the three and nine months ended September 30, 2024 and 2023, the Company charged fees~~ of $0.6 million and $1.8 million to the Yamal LNG Joint Venture 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 income.Contents

~~b) As~~SEAPEAK atLLC ~~September 30,~~AND 2024 and December 31, 2023, non-interest-bearing advances to affiliates totaled $29.7 million and $22.7 million, respectively, and non-interest-bearing advances from affiliates totaled $2.9 million and $7.3 million, respectively. These advances are unsecured and have no fixed repayment terms. SUBSIDIARIES

~~c) In~~NOTES ~~February~~TO ~~2023,~~THE ~~the~~UNAUDITED ~~Company~~CONSOLIDATED ~~received~~FINANCIAL an equity contribution of $86.2 million from Stonepeak Partners L.P. (or Stonepeak) in connection with funding the first installment payments for two of the five 174,000-cubic meter M-type, Electronically Controlled, Gas Admission propulsion LNG carriers (or the Samsung LNG Carrier Newbuildings) that the Company ordered in November 2022. On March 8, 2023, the Company issued 11,383,543 common units to Stonepeak based on total equity contributions received in December 2022 and February 2023 of $215.5 million (see Note 15).STATEMENTS

~~d) For~~(all ~~other~~tabular ~~transactions~~amounts ~~with~~stated ~~the~~in ~~Company's~~thousands ~~equity-accounted~~of ~~joint~~U.S. ~~ventures not disclosed above~~Dollars, ~~please~~unless ~~refer~~otherwise ~~to Note 7.~~indicated)

(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. In addition, the Company is reimbursed for costs incurred by the Company for its seafarers operating these LNG carriers. During the three months ended March 31, 2025 and 2024, the Company earned management fees and cost reimbursements pursuant to these management agreements of $20.5 million and $20.2 million, respectively, which are included in voyage revenues in the Company's consolidated statements of income.

(iii)During the three months ended March 31, 2025 and 2024, the Company charged fees of $0.6 million to the Yamal LNG Joint Venture 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 income.

b) As at March 31, 2025 and December 31, 2024, non-interest-bearing amounts due from affiliates totaled $13.6 million and $19.7 million, respectively, and non-interest-bearing amounts due to affiliates totaled $5.1 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, ~~2024~~2025, 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				~~2024~~2025$	~~2025~~2026$
British Pound Sterling	5,000	0.7937	382	1,860	4,439
Economic hedges of forecasted expenditures
Canadian Dollar	8,800	1.3562	42	1,777	4,712
British Pound Sterling	5,500	0.7878	120	5,740	1,242
			424	3,637	9,151
Canadian Dollar	10,000	1.3792	(241)	5,272	1,979
			(121)	11,012	3,221
Economic hedges of foreign currency cash balances
Euro	32,500	0.9239	87	35,178	—

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

18The 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 2025 and 2026, and to economically hedge the interest rate exposure. The following table reflects information relating to the cross currency swaps as at March 31, 2025.


		Floating Rate Receivable
Principal Amount NOK	Principal Amount $	Reference Rate	Margin	Fixed Rate Payable	Fair Value / Carrying Amount of Asset (Liability) $	Weighted-Average Remaining Term (Years)
1,000,000	112,000	NIBOR	5.15%	5.74%	(15,036)	0.4
1,000,000	117,000	NIBOR	4.90%	6.37%	(17,988)	1.6
					(33,024)

Interest Rate Risk

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.

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~~As ~~Company~~at ~~entered into cross currency swaps concurrently with the issuance of its NOK-denominated senior unsecured bonds (see Note 8)~~March 31, ~~and pursuant to these swaps~~2025, the Company ~~receives~~was ~~the~~committed 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~~following ~~currency exposure on the payment of~~ interest ~~and principal of the Company’s NOK-denominated bonds due in 2025 and 2026, and to economically hedge the interest~~ rate ~~exposure.~~swap ~~The following table reflects information relating to the cross currency swaps as at September 30, 2024.~~agreements:

		Floating Rate Receivable
	Interest Rate Index	PrincipalAmount$	Fair Value /Carrying Amount of Asset (Liability)$	Weighted-AverageRemaining Term(years)	Fixed Interest Rate (i)
PrincipalAmount NOK	PrincipalAmount$	Reference Rate	Margin	Fixed RatePayable	Fair Value /CarryingAmount ofAsset (Liability)$	Weighted-AverageRemainingTerm (Years)
U.S. Dollar-denominated interest rate swaps (ii)	SOFR	561,732	23,753	2.2	1.4%
1,000,000	112,000	NIBOR	5.15%	5.74%	(14,000)	0.9
U.S. Dollar-denominated interest rate swaps (ii)(iii)	SOFR	228,490	4,182	4.4	3.4%
1,000,000	117,000	NIBOR	4.90%	6.37%	(18,218)	2.1
U.S. Dollar-denominated interest rate swaps (iv)(v)(vi)	SOFR	107,726	37,553	0.9	3.0%
					(32,218)
			65,488

~~Interest~~(i)Excludes ~~Rate~~an ~~Risk~~additional amount consisting of the margins and the credit adjustment spreads the Company pays on its floating-rate term loans, which, at March 31, 2025, ranged from 2.00% to 3.45%.

As at September 30, 2024, the Company was committed to the following interest rate swap agreements:

	InterestRateIndex	PrincipalAmount$	Fair Value /CarryingAmount of Asset(Liability)$	Weighted-AverageRemainingTerm(years)	FixedInterestRate (i)
U.S. Dollar-denominated interest rate swaps (ii)(iii)	SOFR	729,476	26,132	3.1	1.8%
U.S. Dollar-denominated interest rate swap (ii)(iv)(v)	SOFR	101,769	(22)	4.9	3.3%
U.S. Dollar-denominated interest rate swaps (vi)(vii)(viii)	SOFR	107,725	14,786	1.4	3.0%
			40,896

(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 September 30, 2024, ranged from 2.00% to 3.45%.

(ii)Principal amount reduces quarterly.

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

(iv)~~Forward-starting~~Principal ~~interest~~amount ~~rate~~reduces ~~swaps with effective starting dates in November 2024~~monthly.

(v)~~These~~Forward-starting interest rate swaps ~~are~~with ~~subject~~effective tostart ~~mandatory~~dates ~~early~~ranging ~~termination~~from in September ~~2029~~2025 ~~whereby~~to ~~the~~June ~~swaps will be settled based on their fair value at that time~~2026.

(vi)~~Principal~~These ~~amount~~interest ~~reduces~~rate ~~monthly~~swaps are subject to mandatory early termination in the remainder of 2025 and in 2026 whereby the swaps will be settled based on their fair value at that time.

~~(vii)Forward-starting~~As at March 31, 2025, the Company had multiple interest rate swaps, cross currency swaps and foreign currency forward contracts with ~~effective~~the ~~starting~~same ~~dates~~counterparty ~~ranging~~that ~~from~~are ~~September~~subject ~~2025~~to the same master agreement. Each of these master agreements provides for the net settlement of all swaps subject to ~~June~~that ~~2026~~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 March 31, 2025, these derivative instruments constituted an aggregate fair value asset of $65.7 million (December 31, 2024 – $88.0 million) and an aggregate fair value liability of $24.3 million (December 31, 2024 – $34.4 million). As at March 31, 2025, the Company had $11.8 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.

(viii)These interest rate swaps are subject to mandatory early termination in 2025 and 2026 whereby the swaps will be settled based on their fair value at that time.

As at September 30, 2024, 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, 2024, these derivative instruments had an aggregate fair value asset of $41.9 million (December 31, 2023 – $55.4 million) and an aggregate fair value liability of $23.1 million (December 31, 2023 – $13.1 million). As at September 30, 2024, the Company had $9.0 million (December 31, 2023 – $3.0 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.

19The 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 derivative assets $	Derivative assets $	Current portion of derivative liabilities $	Derivative liabilities $
As at March 31, 2025


Interest rate swap agreements	1,703	43,540	20,245	—	—
Foreign currency forward contracts	—	—	—	(34)	—
Cross currency swap agreements	384	1,273	—	(15,248)	(19,433)
	2,087	44,813	20,245	(15,282)	(19,433)
As at December 31, 2024
Interest rate swap agreements	2,070	35,042	50,913	—	—
Foreign currency forward contracts	—	—	—	(527)	—
Cross currency swap agreements	295	642	—	(21,756)	(25,281)
	2,365	35,684	50,913	(22,283)	(25,281)

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 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, 2024
Interest rate swap agreements	2,410	13,853	26,554	—	(1,921)
Foreign currency forward contracts	—	424	—	—	—
Cross currency swap agreements	416	1,180	—	(14,220)	(19,594)
	2,826	15,457	26,554	(14,220)	(21,515)
As at December 31, 2023
Interest rate swap agreements	2,433	18,022	35,127	—	(156)
Foreign currency forward contracts	—	221	—	—	—
Cross currency swap agreements	480	4,154	—	—	(23,680)
	2,913	22,397	35,127	—	(23,836)

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 income. The effect of the gain (loss) on these derivatives on the Company’s consolidated statements of income is as follows:

	Three Months Ended September 30,
	Three Months Ended March 31,
	2024			2023
	2025			2024
	Realizedgains(losses)	Unrealizedgains(losses)	Total	Realizedgains(losses)	Unrealizedgains(losses)	Total
	$	$	$	$	$	$
Interest rate swap agreements	64,~~206~~854	(3422,~~734~~170)	(2817,~~528~~316)	5,~~423~~404	4218,~~536~~167	4723,~~959~~571
Foreign currency forward contracts	26(185)	~~437~~493	~~463~~308	~~182~~85	(~~620~~293)	(~~438~~208)
	6,232	(34,297)	(28,065)	5,605	41,916	47,521
	4,669	(21,677)	(17,008)	5,489	17,874	23,363

	Nine Months Ended September 30,
	2024			2023
	Realizedgains(losses)	Unrealizedgains(losses)	Total	Realizedgains(losses)	Unrealizedgains(losses)	Total
	$	$	$	$	$	$
Interest rate swap agreements	17,734	(14,506)	3,228	14,306	53,134	67,440
Foreign currency forward contracts	34	203	237	496	(605)	(109)
	17,768	(14,303)	3,465	14,802	52,529	67,331

Realized and unrealized gains (losses) relating to cross currency swap agreements are recognized in earnings and reported in foreign currency exchange (loss) gain 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 September 30,
	Three Months Ended March 31,
	2024			2023
	2025			2024
	Realizedgains(losses)	Unrealizedgains(losses)	Total	Realizedgains(losses)	Unrealizedgains(losses)	Total
	$	$	$	$	$	$
Cross currency swap agreements	~~1,111~~907	(212,~~705)~~987	(113,~~594)~~894	~~(20~~1,~~882)~~125	23(12,~~983~~527)	3(11,~~101~~402)

20For 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):


Amount of Loss Reclassified from Accumulated OCI to Interest Expense
Three Months Ended March 31,
2025									2024
$									$
(177)									(197)

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 that have a total fully built-up cost of $1.2 billion and are scheduled for delivery throughout 2027. As at March 31, 2025, expenditures incurred under these newbuilding contracts totaled $246.6 million and the estimated remaining expenditures to be incurred are $55.6 million (remainder of 2025), $243.4 million (2026), and $638.8 million (2027). The Company intends to finance the remaining estimated expenditures with its existing liquidity and future operating cash flow, as well as long-term financing to be arranged for the vessels prior to their scheduled deliveries.

(b)During August 2022, the Company's 50%-owned Exmar LPG Joint Venture entered into contracts with Hyundai Mipo Dockyard Co., Ltd. (or HMD) for the construction of two 45,000-cubic meter LPG-fueled LPG carriers. In January 2025, one of these vessels, the Champagny, was delivered to the Exmar LPG Joint Venture. The remaining vessel, the Courchevel, was delivered to the Exmar LPG Joint Venture in April 2025 (See Note 16). As at March 31, 2025, the Company's proportionate share of expenditures incurred under the newbuilding contract for the Courchevel amounted to $16.4 million and the remaining expenditures to be incurred in 2025 are $21.4 million.

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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)

	Nine Months Ended September 30,
	2024			2023
	Realizedgains(losses)	Unrealizedgains(losses)	Total	Realizedgains(losses)	Unrealizedgains(losses)	Total
	$	$	$	$	$	$
Cross currency swap agreements	3,297	(13,109)	(9,812)	(20,564)	(3,984)	(24,548)

In March 2023, the Exmar LPG Joint Venture entered into contracts with HMD for the construction of two 45,000-cubic meter ammonia capable dual-fueled LPG carriers with scheduled deliveries in 2026. In March 2024, the Exmar LPG Joint Venture entered into contracts with HMD for the construction of two additional 45,000-cubic meter ammonia capable dual-fueled LPG carriers with scheduled deliveries in late-2026. The Company's proportionate share of the total fully built-up cost of these four vessels is approximately $173.7 million. As at March 31, 2025, the Company's proportionate share of expenditures incurred under these newbuilding contracts totaled $39.1 million and the estimated remaining expenditures to be incurred are $47.9 million (remainder of 2025) and $86.7 million (2026).

~~For~~In January 2025, the ~~periods~~Exmar ~~indicated,~~LPG Joint Venture entered into contracts with Avance Gas Aries Ltd. for the ~~following~~assumption ~~table~~by ~~presents~~the joint venture of shipbuilding contracts for the ~~amounts~~construction of ~~losses~~four ~~reclassified~~40,000-cubic ~~from~~meter ~~accumulated~~dual-fueled ~~other~~LPG ~~comprehensive~~carriers. ~~income~~These ~~(or~~vessels ~~OCI)~~are tobeing ~~interest~~constructed ~~expense~~by ~~for~~Nantong ~~interest~~CIMC ~~rate~~Sinopacific ~~swaps~~Offshore ~~previously~~& ~~dedesignated~~Engineering ~~but~~Co., ~~for~~Ltd., ~~which~~with scheduled deliveries in 2025 and 2026. The Company's proportionate share of the ~~hedged~~total ~~forecasted~~fully ~~transaction~~built-up ~~remains~~cost ~~probable~~of asthese ~~cash~~four ~~flow~~vessels ~~hedges~~is approximately $142.5 million. As at March 31, 2025, the Company's proportionate share of expenditures incurred under these newbuilding contracts totaled $39.7 million and the estimated remaining expenditures to be incurred are $48.0 million (~~excluding~~remainder ~~such~~of ~~agreements~~2025) inand ~~equity-accounted~~$54.8 million ~~investments~~(2026):.

Amount of Loss Reclassified from Accumulated OCI to Interest Expense
Three Months Ended September 30,
2024									2023
$									$
(175)									(278)

(c)The Company has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain. As at March 31, 2025, the Company's proportionate share of the estimated remaining final construction installment on the LNG terminal is $11.3 million and is expected to be incurred in 2025. The Bahrain LNG Joint Venture intends to finance the final construction installment through its existing undrawn financing, of which $7.2 million relates to the Company's proportionate share, its existing liquidity, and its future operating cash flow.

Amount of Loss Reclassified from Accumulated OCI to Interest Expense
Nine Months Ended September 30,
2024									2023
$									$
(557)									(1,007)

(d)The Company owns 70% of 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 March 31, 2025, the carrying amount of this estimated tax indemnification obligation relating to the leasing arrangement through the Tangguh Joint Venture was $3.7 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.

12(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. ~~Commitments~~ Emissions for voyages to or from Europe or within Europe included within the scope of EU ETS were based on 40% during 2024 and ~~Contingencies~~will be based on 70% during 2025 and 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. 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.

~~(a)During~~The ~~November~~following ~~2022,~~table ~~the~~presents ~~Company entered into contracts with Samsung Heavy Industries Co., Ltd. for~~ the ~~construction~~classification ~~of five Samsung LNG Carrier Newbuildings that have a total fully built-up cost of $1.2 billion~~ and ~~are~~carrying ~~scheduled~~amounts for delivery throughout 2027. As at September 30, 2024, costs incurred under these newbuilding contracts totaled $239.6 million and the estimated remaining costs to be incurred are $3.8 million (remainder of ~~2024),~~assets ~~$60.3 million (2025), $246.0 million (2026),~~ and ~~$643.8 million~~liabilities ~~(2027).~~related ~~The Company intends~~ to ~~finance~~EU ~~the~~ETS ~~remaining~~on ~~estimated costs with its existing liquidity and future operating cash flow, as well as long-term debt financing to be arranged for~~ the ~~vessels~~Company’s ~~prior~~consolidated tobalance ~~their scheduled deliveries.~~sheets:

(b)During August 2022, the Company's 50%-owned Exmar LPG Joint Venture entered into contracts with Hyundai Mipo Dockyard Co., Ltd. (or HMD) for the construction of two 45,000-cubic meter LPG-fueled LPG carriers for scheduled deliveries in 2024 and 2025, respectively. In March 2023, the Exmar LPG Joint Venture entered into contracts with HMD for the construction of two 45,000-cubic meter ammonia capable dual-fueled LPG carriers for scheduled deliveries in 2026. In March 2024, the Exmar LPG Joint Venture entered into contracts with HMD for the construction of two additional 45,000-cubic meter ammonia capable dual-fueled LPG carriers with scheduled deliveries in late-2026. The Company's proportionate share of the total fully built-up cost of these six vessels is approximately $249.0 million. As at September 30, 2024, the Company's proportionate share of costs incurred under these newbuilding contracts totaled $61.2 million and the estimated remaining costs to be incurred are $9.3 million (remainder of 2024), $91.0 million (2025), and $87.5 million (2026).


	Amounts due from affiliates $	Other current assets $	Other assets $	Accrued liabilities and other $	Other long-term liabilities $
As at March 31, 2025
Amounts due from equity-accounted investees	14,055	—	—	—	—
Amounts due from charterers	—	5,767	2,592	—	—
EUAs held by the Company	—	4,924	—	—	—
Obligation to submit EUAs	—	—	—	(18,233)	(9,743)
	14,055	10,691	2,592	(18,233)	(9,743)
As at December 31, 2024
Amounts due from equity-accounted investees	11,524	—	—	—	—
Amounts due from charterers	—	6,404	—	—	—
EUAs held by the Company	—	70	—	—	—
Obligation to submit EUAs	—	—	—	(18,356)	—
	11,524	6,474	—	(18,356)	—

(c)The Company has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain. As at September 30, 2024, the Company's proportionate share of the estimated final construction installment on the LNG terminal is $11.3 million and is expected to be incurred in early-2025. The Bahrain LNG Joint Venture intends to finance the final construction installment through its existing undrawn financing, of which $7.2 million relates to the Company's proportionate share, its existing liquidity, and its future operating cash flow.19

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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)

(d)The Company owns 70% of 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, 2023. 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. The UK corporate income tax rate increased from 19% to 25%, effective April 1, 2023. Consequently, the sublease payments the Company estimates that the Tangguh Joint Venture will pay in aggregate each year to lease the vessels back increased from $23.9 million to $27.5 million. As at September 30, 2024, the carrying amount of this estimated tax indemnification obligation relating to the leasing arrangement through the Tangguh Joint Venture was $3.9 million (December 31, 2023 – $4.3 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 will be phased in over a three-year period. Emissions for voyages to or from Europe or within Europe will be included within the scope of EU ETS based on 40% during 2024, 70% during 2025 and 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. The Company recognizes a liability at each period end based on the total number of EUAs required to be submitted based on emissions occurring on or prior to the period end. The obligation to submit EUAs is included in accrued liabilities in the Company’s consolidated balance sheets, if required to be submitted within one year of the balance sheet date, or otherwise in other long-term liabilities. For vessels that the Company manages for its equity-accounted joint ventures, the Company recognizes a concurrent receivable from its equity-accounted joint ventures consisting of the amount of the obligation to submit EUAs. For the Company’s vessels under its management, the Company recognizes a concurrent accrued receivable due from charterers consisting of the portion of the obligation to submit EUAs that the Company is entitled to recover from charterers. The cost of EUAs that cannot be recovered from charterers is reflected within voyage expenses in the Company’s consolidated statements of income. EUAs purchased by the Company or received from charterers are initially recognized as an asset at cost based on their purchase price if acquired by the Company, or their fair value on date of receipt, if received from charterers. EUAs held by the Company are included in other current assets in the Company’s consolidated balance sheets, if required to be submitted within one year of the balance sheet date, or otherwise in other assets. EUAs are derecognized on a first-in-first-out basis upon their submission to the applicable regulatory authority. As at September 30, 2024, the Company had recognized an obligation to submit EUAs of $15.4 million included in accrued liabilities and other (measured using the period end EUA spot price), an amount due from equity accounted investees of $9.7 million, included in advances to affiliates, and an amount due from charterers of $5.7 million, reflected in other current assets. In addition, as at September 30, 2024, the Company held 915 EUAs at a cost of $0.1 million and had recognized a corresponding obligation to submit EUAs of $0.1 million included in accrued liabilities and other.

13. Supplemental Cash Flow Information

The following is a tabular reconciliation of the Company's cash, cash equivalents and restricted cash balances for the periods presented in the Company's consolidated statements of cash flows.

September 30, 2024

December 31, 2023

September 30, 2023

December 31, 2022

March 31, 2025

December 31, 2024

March 31, 2024

December 31, 2023

Cash and cash equivalents

~~196~~148,~~884~~351

~~168~~153,~~409~~726

~~169~~178,~~311~~937

~~215~~168,~~738~~409

Restricted cash – current

23,~~380~~800

29,~~910~~210

~~1,300~~630

422,~~376~~910

Restricted cash – long-term

1923,~~700~~595

1325,~~075~~032

1317,~~240~~622

713,~~832~~075

218,964

184,394

183,851

265,946

175,746

187,968

197,189

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.

2214. Gain on sales of vessels

~~Table~~In February 2024, the Company sold the Seapeak Napa multi-gas carrier for net proceeds of ~~Contents~~$10.4 million, resulting in a gain on sale of $0.5 million, which is included in gain on sales of vessels for the three months ended March 31, 2024 in the Company's consolidated statement of income. In March 2024, the Company sold the Seapeak Cathinka multi-gas carrier for net proceeds of $6.5 million, resulting in a gain on sale of $0.2 million, which is included in gain on sales of vessels for the three months ended March 31, 2024 in the Company's consolidated statement of income.

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

14. Gain (loss) on sales and (write-down) of vessels

a)In February 2023, the Company sold the Seapeak Arctic LNG carrier for net proceeds of $14.9 million resulting in a loss on sale of $1.0 million, which is included in gain (loss) on sales and (write-down) of vessels for the nine months ended September 30, 2023 in the Company's consolidated statement of income.

b)In March 2023, the carrying value of the Seapeak Polar LNG carrier was written-down to its estimated fair value, based on the recent sale of a similar vessel, as a result of further changes in the Company's expectations of this vessel's future opportunities subsequent to the completion of its time-charter contract in May 2023. The impairment charge of $7.5 million is included in gain (loss) on sales and (write-down) of vessels for the nine months ended September 30, 2023 in the Company's consolidated statement of income. In June 2023, the Seapeak Polar was sold for net proceeds of $14.7 million, resulting in a gain on sale of $0.5 million, which is included in gain (loss) on sales and (write-down) of vessels for the nine months ended September 30, 2023 in the Company's consolidated statements of income.

c)In March 2023, the Company sold the Seapeak Unikum multi-gas carrier for net proceeds of $24.7 million, resulting in a gain on sale of $0.2 million, which is included in gain (loss) on sales and (write-down) of vessels for the nine months ended September 30, 2023 in the Company's consolidated statement of income. In April 2023, the Company sold the Seapeak Vision multi-gas carrier for net proceeds of $24.0 million, which approximated its net book value.

d)In December 2023, the Company signed memorandum of agreements for the sales of the Seapeak Camilla, the Seapeak Cathinka and the Seapeak Napa multi-gas carriers for total net proceeds of $23.6 million. As at December 31, 2023, the vessels were classified as held for sale in the Company's consolidated balance sheet. In February 2024, the Seapeak Napa was delivered to its buyer for net proceeds of $10.4 million, resulting in a gain on sale of $0.5 million, which is included in gain (loss) on sales and (write-down) of vessels for the nine months ended September 30, 2024. In March 2024, the Seapeak Cathinka was delivered to its buyer for net proceeds of $6.5 million, resulting in a gain on sale of $0.2 million, which is included in gain (loss) on sales and (write-down) of vessels for the nine months ended September 30, 2024. In April 2024, the Seapeak Camilla was delivered to its buyer for net proceeds of $6.7 million, resulting in a gain on sale of $0.3 million, which is included in gain (loss) on sales and (write-down) of vessels for the nine months ended September 30, 2024 in the Company's consolidated statements of income.

e)In December 2023, the carrying value of the Seapeak Pan multi-gas carrier was written down to its estimated fair value as a result of changes in the Company's expectations of the vessel's future opportunities. The estimated fair value was determined with reference to the selling price from the recent sales of similar vessels, feedback from recent selling efforts relating to the vessel, the condition of the vessel (which was required to undergo a scheduled drydocking in the first quarter of 2024) and prevailing prices for the recycling of vessels. In August 2024, the Company sold the Seapeak Pan for net proceeds of $6.5 million, resulting in a gain on sale of $3.4 million which is included in gain (loss) on sales and (write-down) of vessels for the three and nine months ended September 30, 2024 in the Company's consolidated statements of income.

15. Total Capital

Common Unit Distributions

On ~~March~~February 2527, ~~2024~~2025, the Company declared and paid a cash distribution of $21.~~0010~~0005 per common unit, totaling $~~200~~100.0 million, to its sole common unitholder, Stonepeak Limestone Holdings L.P. (or Stonepeak).

On ~~August~~March 2725, 2024, the Company declared and paid a cash distribution of $02.~~5003~~0010 per common unit, totaling $50200.0 million, to ~~its sole common unitholder,~~ Stonepeak.

Issuance of Common Units

In December 2022 and February 2023, the Company received equity contributions of $129.3 million and $86.2 million, respectively, from Stonepeak in connection with funding the first installment payments for the five Samsung LNG Carrier Newbuildings the Company ordered in November 2022 (see Note 12a). On March 8, 2023, the Company issued 11,383,543 common units to Stonepeak based on total equity contributions received of $215.5 million.

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)

Preferred Unit Repurchases

In March 2022, the Company established a plan which authorized the repurchase of up to $30.0 million of its Series A and Series B Preferred Units. The following table summarizes the preferred units repurchased during the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	#	$	#	$	#	$	#	$
Series A Preferred Units	—	—	—	—	—	—	22,451	535
Series B Preferred Units	—	—	17,312	450	—	—	109,643	2,770
	—	—	17,312	450	—	—	132,094	3,305

As at September 30, 2024, the remaining dollar value of Series A and Series B Preferred Units that may be repurchased under the plan was $23.3 million.

16. Subsequent Events

a) On ~~October~~April 1130, ~~2024~~2025, the Company's ~~refinanced~~50%-owned ~~the~~Exmar ~~Ineos~~LPG ~~Ingenuity~~Joint ~~NGL~~Venture ~~carrier~~took bydelivery ~~selling~~of the ~~vessel~~Courchevel, tothe asecond ~~Lessor~~of ~~for~~two ~~$55.0 million~~45,000-cubic ~~and~~meter ~~leasing~~LPG-fueled itnewbuilding ~~back~~LPG carriers scheduled for adelivery ~~period~~by ofHMD 6in ~~years~~2025. The ~~Company~~vessel ~~has~~concurrently ancommenced ~~option~~a tothree-year ~~repurchase~~charter ~~the~~contract ~~vessel~~(with ata ~~the~~charterer's ~~end~~option ofto ~~the~~extend ~~lease~~for ~~term~~an ~~for~~additional ~~$30~~two years) with Geogas Trading S.~~6 million~~A.

b) On October 18, 2024, the Company refinanced the Ineos Intrepid NGL carrier by selling the vessel to a Lessor for $55.0 million and leasing it back for a period of 6 years. The Company has an option to repurchase the vessel at the end of the lease term for a $30.9 million.20

c) On October 24, 2024, the Company purchased a 100% interest in a 2021-built, 174,000-cubic meter dual-fueled LNG carrier, the Marvel Swan, for $213.0 million from Navigare Capital Partners A/S. As part of the acquisition, the Company assumed the existing time-charter contract which has a firm period ending in 2030, with extension options of up to two years, exercisable by the charterer. The Company initially funded the vessel purchase using a portion of its existing liquidity and intends to secure long-term financing on the vessel by early-2025.

SEAPEAK LLC AND SUBSIDIARIES

~~SEPTEMBER~~MARCH 3031, ~~2024~~2025

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, ~~2023~~2024. 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 (or NGL). Our primary strategy focuses on servicing customers through our 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 ~~2024~~2025

~~Vessel~~MALT ~~Purchase~~LNG Carrier Charter Contracts

InTwo ~~October~~of ~~2024,~~the wesix ~~purchased~~LNG acarriers ~~100~~in our 52%-owned ~~interest~~MALT inJoint aVenture, ~~2021-built~~the ~~174~~Seapeak Marib and Seapeak Arwa,~~000-cubic~~ ~~meter~~were ~~dual~~chartered-~~fueled~~out to Yemen LNG ~~carrier~~Company Limited (or YLNG) under long-term charter contracts. However, due to the ~~Marvel~~political ~~Swan~~unrest in Yemen, ~~for~~YLNG ~~$213.0 million~~decided ~~from~~to ~~Navigare~~temporarily ~~Capital~~close ~~Partners~~operation ~~A/S~~of its LNG plant in Yemen in 2015. As ~~part~~a result, commencing January 1, 2016, the MALT Joint Venture agreed to successive deferral arrangements with YLNG pursuant to which a portion of the ~~acquisition,~~charter wepayments ~~assumed~~was deferred. In March 2025, the ~~existing~~MALT ~~time-charter~~Joint ~~contract~~Venture ~~which~~entered ~~has~~into a ~~firm~~third ~~period~~suspension ~~ending~~agreement in(or ~~2030,~~the Third Suspension Agreement) with ~~extension~~YLNG ~~options~~to offurther extend the charter deferral period for the Seapeak Marib and the Seapeak Arwa for up to ~~two~~an additional three years until March and April 2028, ~~exercisable~~respectively. byShould the ~~charterer.~~LNG Weplant ~~initially~~in ~~funded~~Yemen resume operations during the ~~vessel~~term ~~purchase~~of ~~using~~the Third Suspension Agreement, YLNG will be required to repay the applicable deferred amounts plus interest in installments over a specified time period. 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 ~~our~~the ~~existing~~deferred ~~liquidity~~amounts. ~~and~~As ~~intend~~was the case with the previous suspension agreements, pursuant to ~~secure~~the ~~long-term~~Third ~~financing~~Suspension onAgreement, the ~~vessel~~MALT byJoint ~~early-2025~~Venture is permitted to directly charter the Seapeak Marib and the Seapeak Arwa for its own account to third parties.

Vessel Sales

In August 2024, we sold the Seapeak Pan multi-gas carrier for net proceeds of $6.5 million.

In April 2024, we sold the Seapeak Camilla multi-gas carrier for net proceeds of $6.7 million.

In March 2024, we sold the Seapeak Cathinka multi-gas carrier for net proceeds of $6.5 million.

In February 2024, we sold the Seapeak Napa multi-gas carrier for net proceeds of $10.4 million.

Russia-Ukraine War

The ~~disruption~~ongoing inRussia-Ukraine ~~the~~war has disrupted energy markets ~~caused by,~~ and ~~the~~supply ~~sanctions announced in response to~~chains, ~~the~~has ~~Russia-Ukraine~~resulted ~~war~~in ~~may~~sanctions ~~adversely~~on ~~impact our business given~~ Russia’s, ~~role as~~ a major global exporter of natural gas., ~~Our~~and ~~business~~has ~~could~~caused bevolatility ~~harmed~~in byglobal ~~trade~~energy ~~tariffs,~~markets. ~~trade~~In ~~embargoes,~~February ~~asset freezes~~2025, ~~entity designations or other economic sanctions by~~ the United States, ~~the~~initiated ~~EU,~~discussions ~~the~~with ~~United Kingdom or other countries against~~ Russia, ~~Russian~~aimed ~~companies~~at orending the ~~Russian energy sector and harmed by any retaliatory measures by Russia in response~~war. While much uncertainty remains regarding the global impact and remaining duration of the war, it is possible that ~~the~~ hostilities could adversely affect our business, financial condition, results of operations and cash flows. Furthermore, it is possible that third parties with which we have charter contracts or business arrangements may be impacted by the war, which could adversely affect our operations and financial condition. To date, we have not experienced any material adverse operational or financial impact as a result of the Russia-Ukraine war.

25Global Tariffs and Economic Uncertainty

The U.S. administration recently announced and took actions to implement new or increased tariffs on foreign imports, which resulted in retaliatory tariffs being levied on certain U.S. goods and commodities and prompted a potential trade war with China. 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 U.S. Port Fees for Chinese-Connected Ships

The Office of the U.S. Trade Representative recently announced that additional port docking fees will apply to vessels connected with China and that dock at U.S. ports. Commencing in October 2025, Chinese vessel owners and operators are expected to be subject to fees starting at $50 per net ton, and non-Chinese operators using Chinese-built vessels are expected to be subject to fees starting at $18 per net ton, in each case, subject to annual fee increases but up to a cap of 5 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 and LNG to and/or from the United States may be subject to significant fees, potentially disrupting the competitive landscape within our industry and global NGL and LNG carrier routes. At this time, 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 if a Chinese-built vessel arrives to a U.S. port in ballast condition). 14 of our vessels, including two vessels that we have a 30% ownership interest in and two vessels that we have a 20% ownership interest in, are Chinese-built.

In addition, in January 2025, our 50%-owned Exmar LPG Joint Venture entered into contracts with Avance Gas Aries Ltd. to assume its shipbuilding contracts for the construction of four new 40,000-cubic meter LPG carriers being constructed by Chinese shipbuilder, Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. The Exmar LPG Joint Venture also entered into contracts for the in-charter of four new 40,000-cubic meter LPG carriers and two new 48,000-cubic meter LPG carriers in August 2023 and July 2024, respectively, that are currently being constructed by Chinese shipbuilder, Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd.

Other Fleet Developments

We currently have four LNG carriers (including one 52%-owned LNG carrier) that have recently completed their long-term charter contracts and are without charter contracts, including three steam turbine LNG carriers that were placed in layup in early 2025. Additionally, we have two LNG carriers (including one 52%-owned LNG carrier) that have recently completed their long-term charter contracts and are currently operating on short-term charter contracts that are scheduled to be completed in mid-2025 and two LNG carriers (including one 52%-owned LNG carrier) that are expected to complete their long-term charter contracts during the second half of 2025. LNG project delays have caused a near-term oversupply of LNG carriers. As a result, our results for 2025 may be negatively impacted to the extent that there are periods within 2025 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, ~~2024~~2025 as compared to the same ~~periods~~period of the prior year.

Liquefied Natural Gas Segment

As at ~~September~~March 3031, ~~2024~~2025, our LNG segment fleet included 4950 LNG carriers (including five 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, ~~2024~~2025 and ~~2023~~2024, and compares its net voyage revenues (which is a non-GAAP financial measure) for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 to income from vessel operations, the most directly comparable GAAP financial measure. With the exception of equity income ~~and vessels under construction~~, all data in this table only includes ~~the~~21 20 LNG carriers that are accounted for under the consolidation method of accounting asfor atthe ~~September~~three months ended March 3031, 2025 (2024 ~~and~~– ~~2023~~20 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
	2024	2023
Voyage revenues	140,485	135,451	5,034	3.7
Voyage expenses	(1,423)	(1,287)	(136)	10.6
Net voyage revenues(i)	139,062	134,164	4,898	3.7
Vessel operating expenses	(45,782)	(44,544)	(1,238)	2.8
Depreciation and amortization	(27,458)	(27,297)	(161)	0.6
General and administrative expenses(ii)	(5,647)	(4,410)	(1,237)	28.0
Income from vessel operations	60,175	57,913	2,262	3.9
Equity income	28,640	31,493	(2,853)	(9.1)
Operating Data:
Calendar-ship-days (B)	1,840	1,840	—	—
Less:
Scheduled dry-docking days	34	61	(27)	(44.3)
Unscheduled off-hire and idle days	42	28	14	50.0
Revenue days (A)	1,764	1,751	13	0.7
Utilization (A)/(B)	95.9%	95.2%


(in thousands of U.S. Dollars, except for days and percentages)	Three Months Ended March 31,		Change	% Change
	2025	2024
Voyage revenues	132,602	139,998	(7,396)	(5.3)
Voyage expenses	(5,083)	(1,092)	(3,991)	365.5
Net voyage revenues(i)	127,519	138,906	(11,387)	(8.2)
Vessel operating expenses	(45,826)	(43,699)	(2,127)	4.9
Depreciation and amortization	(25,727)	(27,396)	1,669	(6.1)
General and administrative expenses(ii)	(6,200)	(6,678)	478	(7.2)


Income from vessel operations	49,766	61,133	(11,367)	(18.6)
Equity income	14,226	22,947	(8,721)	(38.0)
Operating Data:
Calendar-ship-days (B)	1,890	1,820	70	3.8
Less:

Unscheduled off-hire and idle days	235	15	220	1466.7
Revenue days (A)	1,655	1,805	(150)	(8.3)
Utilization (A)/(B)	87.6%	99.2%

(in thousands of U.S. Dollars, except for days and percentages)	Nine Months Ended September 30,		Change	% Change
	2024	2023
Voyage revenues	420,877	421,595	(718)	(0.2)
Voyage expenses	(1,861)	(4,530)	2,669	(58.9)
Net voyage revenues(i)	419,016	417,065	1,951	0.5
Vessel operating expenses	(134,519)	(133,881)	(638)	0.5
Depreciation and amortization	(82,295)	(83,357)	1,062	(1.3)
General and administrative expenses(ii)	(18,104)	(17,898)	(206)	1.2
Gain (loss) on sales and (write-down) of vessels	—	35,819	(35,819)	(100.0)
Income from vessel operations	184,098	217,748	(33,650)	(15.5)
Equity income	74,332	99,135	(24,803)	(25.0)
Operating Data:
Calendar-ship-days (B)	5,480	5,691	(211)	(3.7)
Less:
Scheduled dry-docking days	34	69	(35)	(50.7)
Unscheduled off-hire and idle days	99	126	(27)	(21.4)
Revenue days (A)	5,347	5,496	(149)	(2.7)
Utilization (A)/(B)	97.6%	96.6%

(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, ~~2024~~2025, total calendar-ship-days of the LNG segment were 51,~~480~~890 compared to 51,~~691~~820 days for the same period of the prior year. The ~~decrease~~increase in total calendar-ship-days is primarily due to the ~~sales~~purchase of the ~~Seapeak~~Marvel ~~Polar~~Swan ~~and the Seapeak Arctic LNG carriers~~ in ~~June~~October ~~2023 and February 2023, respectively~~2024.

Net Voyage Revenues. Net voyage revenues ~~increased~~decreased by $411.94 million ~~and $2.0 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, compared to the same ~~periods~~period of the prior year, primarily as a result of:

•~~increases~~a decrease of $118.~~6 million~~1 ~~and $5.5~~ million ~~for~~due ~~the~~to ~~three~~lower ~~and~~short-term ~~nine~~charter ~~months~~rates ~~ended~~earned ~~September 30,~~and ~~2024~~the ~~due~~lay-up toof the ~~timing~~Seapeak ofCatalunya, ~~operating~~the Seapeak Hispania, and ~~maintenance~~the ~~cost~~Seapeak ~~recoveries~~Madrid ~~from~~LNG ~~the~~carriers ~~management~~in ~~and~~the ~~operation~~first quarter of 2025 following the ~~Bahrain~~scheduled ~~LNG~~completion ~~import~~of ~~terminal~~their charter contracts; and

•~~increases~~a decrease of $2.~~3 million~~2 ~~and $3.0~~ million ~~for~~due ~~the~~to ~~three~~lower ~~and~~charter ~~nine~~rates ~~months~~earned ~~ended~~by ~~September 30,~~the ~~2024~~Seapeak ~~due~~Vancouver toLNG acarrier ~~decrease~~following inthe scheduled ~~dry~~completion ~~dockings~~ of ~~certain~~its ofprevious ~~our~~charter ~~LNG~~contract ~~carriers~~in March 2025;

•increases of $0.8 million and $2.5 million for the three and nine months ended September 30, 2024 due to fewer off-hire days for unscheduled repairs and fewer idle days on certain of our LNG carriers; and

•increases of $1.2 million and $2.0 million for the three and nine months ended September 30, 2024 due to lower operational claims for certain of our LNG carriers;

partially offset by:

•aan ~~decrease~~increase of $67.9 5 million ~~for the nine months ended September 30, 2024~~ due to the ~~sale~~purchase of the ~~Seapeak~~Marvel ~~Polar~~Swan LNG carrier in ~~June~~October ~~2023~~2024; and

•~~decreases~~an increase of $1.~~1 million~~2 ~~and $3.5~~ million ~~for~~due ~~the~~to ~~three~~fewer ~~and~~off-hire ~~nine~~days ~~months~~for ~~ended~~unscheduled ~~September~~repairs ~~30,~~on ~~2024~~certain ~~due~~of toour ~~the Seapeak Hispania~~ LNG ~~carrier~~carriers ~~being~~during ~~temporarily idle between~~ the ~~scheduled~~first ~~completion~~quarter of ~~its previous charter contract and commencement of new short-term charter contracts~~2025.

Vessel Operating Expenses. Vessel operating expenses increased by $1.2 ~~million and $0~~.61 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, compared to the same ~~periods~~period of the prior year, primarily due to the purchase of the Marvel Swan LNG carrier in October 2024 and the timing of repairs and maintenance performed on the Bahrain LNG terminal and certain of our LNG carriers~~; partially offset by the sale of the Seapeak Polar LNG carrier in June 2023~~.

27Depreciation and Amortization. Depreciation and amortization decreased by $1.7 million for the three months ended March 31, 2025, compared to the same period of the prior year, primarily due to the impairment of our seven steam turbine LNG carriers during the fourth quarter of 2024, partially offset by the purchase of the Marvel Swan LNG carrier in October 2024 and the reduction in the estimated useful life of our seven steam turbine LNG carriers effective January 1, 2025.

Depreciation and Amortization. Depreciation and amortization increased by $0.2 million and decreased by $1.1 million for the three and nine months ended September 30, 2024, compared to the same periods of the prior year. The decrease for the nine months ended September 30, 2024 was primarily due to the sale of the Seapeak Polar LNG carrier in June 2023; partially offset by an increase in drydock amortization due to drydock additions on certain of our LNG carriers, that completed scheduled dry dockings during 2023. 23

~~Gain~~Equity ~~(loss)~~Income. Equity income decreased by $8.7 million for the three months ended March 31, 2025, compared to the same period of the prior year. Included in this decrease is a decrease of $6.2 million due to unrealized losses on ~~sales~~non-designated ~~and~~derivative ~~(write~~instruments for the three months ended March 31, 2025, compared to unrealized gains during the same period of the prior year, primarily due to changes in long-~~down)~~term forward benchmark interest rates, and a decrease of $4.8 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. ~~Gain~~Excluding the changes in unrealized (~~loss~~losses) gains on ~~sales~~non-designated derivative instruments and ~~(write-down)~~unrealized ofcredit ~~vessels~~loss ofprovisions, equity income increased by $352.83 million for the ~~nine~~three months ended ~~September~~March 31, 302025, ~~2023~~compared ~~related~~to the same period of the prior year, primarily due to:

•aYamal LNG Joint Venture: an increase of $432.85 million ~~gain~~primarily ~~recognized~~due ~~upon~~to ~~commencement~~unrealized offoreign ~~the~~exchange ~~Seapeak~~gains ~~Creole~~due ~~LNG~~to ~~carrier's~~the 23period-~~year~~end ~~time-charter~~revaluation ~~contract~~of inEuro ~~February~~cash ~~2023~~deposits for financial reporting purposes into U.S. Dollars, ~~which~~partially ~~was~~offset ~~classified~~by ashigher aoperating ~~sales-type~~expenses ~~lease;~~due the timing of repairs and maintenance performed.

•aBahrain LNG Joint Venture: an increase of $02.53 million ~~gain~~primarily ondue ~~the~~to ~~sale~~a ofdecrease ~~the~~in ~~Seapeak~~legal ~~Polar~~expenses and associated repair costs related to a dispute with the Bahrain LNG ~~carrier~~terminal inconstruction ~~June~~contractor ~~2023;~~during the first quarter of 2025.

•RasGas III LNG Joint Venture: an increase of $0.8 million primarily due to lower operational claims on certain LNG carriers during the first quarter of 2025.

partially offset by:

•Excalibur LNG Joint Venture: a decrease of $71.5 9 million ~~write-down~~from ofour ~~the~~Excalibur ~~Seapeak~~Joint ~~Polar~~Venture, ~~LNG~~in ~~carrier~~which inwe ~~March~~sold ~~2023~~our to50% ~~its~~interest ~~estimated~~in ~~fair~~September ~~value~~2022, asdue ato ~~result~~the ofproceeds ~~changes~~received induring ~~our~~the ~~expectations~~first quarter of ~~this~~2024 ~~vessel's~~from ~~future~~an ~~opportunities~~arbitration ~~subsequent~~award related to the ~~completion~~early termination of ~~its~~a ~~time-~~charter ~~contract~~ in ~~May 2023; and~~2022.

•MALT LNG Joint Venture: a decrease of $1.04 million ~~loss~~primarily ondue ~~the~~to ~~sale of~~ the Seapeak ~~Arctic~~Methane LNG carrier inbeing ~~February~~temporarily ~~2023~~idle between short-term charter contracts and earning lower charter rates during the first quarter of 2025.

Equity Income. Equity income decreased by $2.9 million and $24.8 million for the three and nine months ended September 30, 2024, compared to the same periods of the prior year. Included in these decreases are an increase of $0.5 million and a decrease of $15.5 million for the three and nine months ended September 30, 2024 related to changes in our unrealized credit loss provisions recorded in certain of our equity-accounted joint ventures, primarily due to changes in the estimated charter-free vessel fair values for vessels servicing time-charter contracts accounted for as direct financing or sales-type leases; and decreases of $12.2 million and $7.8 million for the three and nine months ended September 30, 2024 due to unrealized losses on non-designated derivative instruments compared to unrealized gains on non-designated derivative instruments during the same periods of the prior year, primarily due to changes in long-term forward benchmark interest rates. Excluding these changes in unrealized credit loss provisions and unrealized (losses) gains on non-designated derivative instruments, equity income increased by $8.8 million and decreased by $1.5 million for the three and nine months ended September 30, 2024, compared to the same periods of the prior year, primarily as a result of:

•increases of $7.7 million and $7.5 million for the three and nine months ended September 30, 2024 from our MALT Joint Venture primarily due to the reimbursement of dry-docking expenditures upon completion of the Seapeak Meridian LNG carrier dry docking and fewer off-hire days due to a decrease in scheduled dry dockings on certain of our LNG carriers for the three months ended September 30, 2024;

•increases of $1.4 million and $0.7 million for the three and nine months ended September 30, 2024 from our Angola Joint Venture primarily due to fewer off-hire days for unscheduled repairs and lower operational claims on certain of our LNG carriers;

•an increase of $1.3 million for the three months ended September 30, 2024 from our RasGas III Joint Venture primarily due to the timing of repairs and maintenance performed on certain of our LNG carriers; and

•an increase of $1.9 million for the nine months ended September 30, 2024 from our Excalibur Joint Venture, in which we sold our 50% interest in September 2022, due to the net proceeds received during the first quarter of 2024 from an arbitration award related to the early termination of a charter in 2022;

partially offset by:

•decreases of $1.1 million and $4.5 million for the three and nine months ended September 30, 2024 from our Yamal Joint Venture primarily due to higher earnings during 2023 related to an increase in estimated reimbursement of dry-docking expenditures as a result of a projected increase in future dry docking costs;

•a decrease of $4.1 million for the nine months ended September 30, 2024 from our Bahrain LNG Joint Venture primarily due to an increase in repair activity related to the Bahrain LNG terminal during 2024;

•a decrease of $1.9 million for the nine months ended September 30, 2024 from our Pan Union LNG Joint Venture primarily due to the reimbursement of dry-docking expenditures related to the Pan Europe and the Pan Americas LNG carriers during the nine months ended September 30, 2023; and

•a decrease of $1.0 million for the nine months ended September 30, 2024 from our RasGas III Joint Venture primarily due to revisions to our estimates of operational claims on certain LNG carriers.

Natural Gas Liquid Segment

As at ~~September~~March 3031, ~~2024~~2025, our NGL segment fleet, which consists of LPG, ethane and multi-gas carriers, included 4644 NGL carriers, in which our interests ranged from 25% to 100% (including 12six time chartered-in NGL carriers, ~~six~~nine 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~~March 3031, ~~2024~~2025 and ~~2023~~2024, and compares its net voyage revenues (which is a non-GAAP financial measure) for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~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 ~~and six chartered-in NGL carriers~~ that are accounted for under the consolidation method of accounting asfor atthe ~~September 30,~~three ~~2024~~months ~~(September~~ended March 3031, ~~2023~~2025 -(2024 14– 13 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
	2024	2023
Voyage revenues	35,848	40,420	(4,572)	(11.3)
Voyage expenses	(1,419)	(3,905)	2,486	(63.7)
Net voyage revenues(i)	34,429	36,515	(2,086)	(5.7)
Vessel operating expenses	(11,836)	(12,617)	781	(6.2)
Time-charter hire expenses	(2,108)	(1,997)	(111)	5.6
Depreciation and amortization	(7,920)	(9,173)	1,253	(13.7)
General and administrative expenses(ii)	(1,360)	(2,522)	1,162	(46.1)
Gain on sales of vessels	3,368	—	3,368	100.0
Income from vessel operations	14,573	10,206	4,367	42.8
Equity income	2,722	7,497	(4,775)	(63.7)
Operating Data:
Calendar-ship-days (B)	1,501	1,840	(339)	(18.4)
Less:
Unscheduled off-hire and idle days	33	72	(39)	(54.2)
Revenue days (A)	1,468	1,768	(300)	(17.0)
Utilization (A)/(B)	97.8%	96.1%

(in thousands of U.S. Dollars, except for days and percentages)

~~Nine~~Three Months Ended ~~September~~March 3031,

Change

% Change

2024

2023

2025

2024

Voyage revenues

~~110~~27,~~075~~828

~~123~~39,~~428~~119

(1311,~~353~~291)

(1028.89)

Voyage expenses

(~~6,468~~314)

(122,~~079~~293)

51,~~611~~979

(4686.53)

Net voyage revenues(i)

~~103~~27,~~607~~514

~~111~~36,~~349~~826

(79,~~742~~312)

(725.03)

Vessel operating expenses

(368,~~093~~531)

(3912,~~911~~136)

3,~~818~~605

(929.67)

Time-charter hire expenses

~~(6,409)~~—

(62,~~487~~173)

782,173

(1100.20)

Depreciation and amortization

(237,~~286~~794)

(267,~~393~~597)

~~3,107~~(197)

~~(11~~2.8)6

General and administrative expenses(ii)

(~~4,355~~944)

(51,~~233~~897)

~~878~~953

(1650.82)

Gain on sales of vessels

~~4,339~~—

~~189~~704

~~4,150~~(704)

~~2,195~~(100.80)

Income from vessel operations

3710,~~803~~245

3313,~~514~~727

4(3,~~289~~482)

12(25.84)

Equity income

213,~~532~~448

166,~~478~~991

5(3,~~054~~543)

30(50.7)

Operating Data:

Calendar-ship-days (B)

~~4,781~~900

51,~~640~~733

(~~859~~833)

(1548.21)

Less:

Scheduled dry-docking days

46—

1927

(27)

~~142~~(100.10)

Unscheduled off-hire and idle days

~~128~~25

~~302~~19

~~(174)~~6

~~(57~~31.6)

Revenue days (A)

~~4,607~~875

51,~~319~~687

(~~712~~812)

(1348.41)

Utilization (A)/(B)

9697.42%

9497.3%

For the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, total calendar-ship-days of the NGL segment were ~~4,781~~900 compared to 51,~~640~~733 days for the same period of the prior year. The decrease in total calendar-ship-days is due to the ~~sales~~redelivery of ~~the~~six ~~Seapeak~~time ~~Unikum,~~chartered-in NGL carriers to their owners in December 2024 and the ~~Seapeak~~sales ~~Vision,~~of the Seapeak Napa, the Seapeak Cathinka, the Seapeak Camilla and the Seapeak Pan, in ~~March 2023, April 2023,~~ February 2024, March 2024, April 2024 and August 2024, respectively.

Net Voyage Revenues. Net voyage revenues decreased by $29.13 million ~~and $7.7 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, compared to the same ~~periods~~period of the prior year, primarily asdue ~~a result of~~to:

•~~decreases~~a decrease of $35.~~4 million~~7 ~~and $8.8~~ million ~~for the three and nine months ended September 30, 2024~~ due to the ~~sales~~scheduled ofredelivery ~~our multi-gas carriers, the Seapeak Unikum and the Seapeak Vision during 2023 and~~ of ~~the~~six ~~Seapeak~~time ~~Napa,~~chartered-in ~~the~~NGL ~~Seapeak~~carriers ~~Cathinka,~~to ~~the~~their ~~Seapeak~~owners ~~Camilla,~~in ~~and~~December ~~the Seapeak Pan during the nine months ended September 30,~~ 2024; ~~and~~

•a decrease of $02.6 million ~~for~~due to the ~~nine~~sales ~~months~~of ~~ended~~our ~~September 30~~multi-gas carriers, ~~2024~~the ~~due~~Seapeak toNapa, ~~additional~~the ~~dry-docking~~Seapeak ~~days~~Cathinka, the Seapeak Camilla, and the Seapeak Pan during 2024; and

~~partially~~•a ~~offset~~decrease ~~by:~~of $0.9 million due to unscheduled off-hire days for repairs on one of our NGL carriers during the first quarter of 2025.

~~•an~~Vessel ~~increase~~Operating ofExpenses. Vessel operating expenses decreased by $13.6 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, compared to the same period of the prior year, primarily due to ~~fewer~~the ~~off~~scheduled redelivery of six time chartered-~~hire~~in ~~days~~NGL carriers to their owners in December 2024 and ~~operational~~the ~~claims~~sales ~~for~~of ~~unscheduled~~the ~~repairs~~Seapeak Napa, the Seapeak Cathinka, the Seapeak Camilla and the Seapeak Pan during 2024; partially offset by higher crewing costs on ~~one~~certain of our NGL carriers during the first quarter of 2025 due to the timing and location of crew changes.

~~Vessel~~Time-Charter ~~Operating~~Hire Expenses. ~~Vessel~~Time-charter ~~operating~~hire expenses decreased by $02.82 million ~~and $3.8 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, compared to the same ~~periods~~period of the prior year, ~~primarily~~due asto ~~a result of~~ the ~~sales~~scheduled redelivery of ~~the~~six ~~Seapeak~~time ~~Unikum~~chartered-in ~~and~~LPG ~~the~~carriers ~~Seapeak~~to ~~Vision~~their ~~during~~owners ~~2023;~~in ~~and~~December ~~the Seapeak Napa, the Seapeak Cathinka, the Seapeak Camilla and the Seapeak Pan during the nine months ended September 30,~~ 2024~~; partially offset by the timing of repairs and maintenance performed on certain of our NGL carriers~~.

~~Depreciation~~Gain ~~and~~on ~~Amortization.~~Sales ~~Depreciation~~of ~~and~~Vessels. ~~amortization~~Gain ~~decreased~~on bysales ~~$1.3 million~~of ~~and~~vessels was $30.17 million for ~~the~~ three ~~and nine~~ months ended ~~September 30~~March 31, 2024, ~~compared~~and relates to the ~~same~~sales ~~periods~~ of the ~~prior year, primarily as a result of the classification of the~~ Seapeak Napa, ~~the Seapeak Cathinka,~~ and the Seapeak ~~Camilla~~Cathinka ~~as held for sale from December 31, 2023 until their respective sales~~ in February 2024, and ~~the~~March ~~write-down of the Seapeak Pan to its estimated fair value in 2023~~2024, ~~as a result of changes in our expectations of the vessel's future opportunities prior to its sale in August 2024~~respectively.

~~Gain~~Equity onIncome. ~~Sales~~Equity ofincome ~~Vessels.~~from ~~Gain~~the onExmar ~~sales~~LPG ofJoint ~~vessels~~Venture ~~was~~decreased by $3.45 million ~~and $4.3 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, compared to ~~$nil and $0.2 million for~~ the same ~~periods~~period of the prior year~~. Gain on sales of vessels for the three and nine months ended September 30~~, ~~2024~~primarily ~~relate~~due to ~~the sale of the Seapeak Pan during the third quarter of 2024 and the sales of the Seapeak Camilla, the Seapeak Napa and the Seapeak Cathinka during the first half of 2024.~~:

~~Equity Income. Equity income from the Exmar LPG Joint Venture decreased by $4.8 million for the three months ended September 30, 2024 compared to the same period of the prior year, primarily due to~~ •a decrease of $2.74 million ~~due~~related 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 the prevailing and forward SOFR rates during these periods, and a decrease of $1.5 million due to the net impact of sale-leasebacks and extensions of two in-chartered LPG carriers at higher rates. Equity income increased by $5.1 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, compared to the same period of the prior year, primarily due to a $6.5 million gain on the sale of the Warinsart LPG carrier during the second quarter of 2024, a $1.1 million increase in interest income due to higher deposit balances and a decrease of $1.0 million in interest expense primarily due to lower debt balances as a result of scheduled repayments; partially offset by a decrease of $2.4 million due to the net impact of sale-leasebacks and extensions of two in-chartered LPG carriers at higher rates and $1.1 million related 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 ~~the~~long-term ~~prevailing and~~ forward ~~SOFR~~benchmark interest rates during these periods.; and

30•a decrease of $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.

Other Operating Results

The following table compares our other operating results for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024:

Three Months Ended September 30,

Change

% Change

Three Months Ended March 31,

Change

% Change

(in thousands of U.S. Dollars)

~~2024~~2025

~~2023~~2024

General and administrative expenses

(7,~~007~~144)

(68,~~932~~575)

~~(75)~~1,431

1(16.17)

Interest expense

(4442,~~620~~446)

(4743,~~927~~688)

31,~~307~~242

(62.98)

Interest income

3,~~724~~170

3,~~089~~324

~~635~~(154)

20(4.6)

Realized and unrealized (loss) gain on non-designated derivative instruments

(2817,~~065~~008)

4723,~~521~~363

(7540,~~586~~371)

(~~159~~172.18)

Foreign currency exchange (loss) gain

(41,~~789~~060)

~~1,763~~713

(61,~~552~~773)

(~~371~~248.67)

Other income

5,599

7,675

(2,076)

(27.0)

Other expense

(12,761)

(6,827)

(5,934)

86.9

Income tax expense

(681)

(2,072)

1,391

(67.1)

Income tax recovery

363

182

181

99.5

Other comprehensive (loss) income

(188,~~678~~313)

109,~~987~~445

(2917,~~665~~758)

(~~270~~188.0)

	Nine Months Ended September 30,		Change	% Change
(in thousands of U.S. Dollars)	2024	2023
General and administrative expenses	(22,459)	(23,131)	672	(2.9)
Interest expense	(133,824)	(141,348)	7,524	(5.3)
Interest income	10,590	8,458	2,132	25.2
Realized and unrealized gain on non-designated derivative instruments	3,465	67,331	(63,866)	(94.9)
Foreign currency exchange loss	(3,485)	(29)	(3,456)	11,917.2
Other (expense) income	(3,943)	21,412	(25,355)	(118.4)
Income tax expense	(2)	(7,658)	7,656	(100.0)
Other comprehensive (loss) income	(9,150)	12,813	(21,963)	(171.4)

General and Administrative Expenses. General and administrative expenses were $7.1 million for the three months ended March 31, 2025, as compared to $8.6 million for the same period of the prior year. The decrease was primarily due to a reduction in professional fees during the three months ended March 31, 2025.

Interest Expense. Interest expense was $4442.64 million ~~and $133.8 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, as compared to $4743.97 million ~~and $141.3 million~~ for the same ~~periods~~period of the prior year. Interest expense primarily reflects interest incurred on our long-term debt and obligations related to finance leases. The ~~decreases~~decrease ~~were~~was primarily due to lower debt balances as a result of scheduled repayments and ~~the~~lower ~~maturity~~floating ofinterest ~~certain~~rates ofduring ~~our~~the ~~NOK-denominated~~first ~~bonds~~quarter inof ~~August~~2025; ~~2023,~~ partially offset by the refinancing of certain of our ~~NGL~~vessels ~~carriers,~~during ~~for~~2024 and the ~~three~~financing ~~and~~of ~~nine~~the ~~months~~Marvel ~~ended~~Swan ~~September 30,~~LNG ~~2024,~~carrier ~~compared~~during to the ~~same~~first ~~periods~~quarter of ~~the prior year~~2025.

~~Interest~~Realized ~~Income~~and Unrealized (Loss) Gain on Non-designated Derivative Instruments. ~~Interest~~We ~~income~~have ~~was~~entered $3into interest 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.7S. Dollar-denominated and Euro-denominated floating rate debt. Our interest rate swaps typically require settlements every three months and 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 March ~~million~~31, 2025 and 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 an increase (decrease) in the long-term SOFR yield curve during each relevant period. Realized and unrealized (loss) gain on non-designated derivative instruments were $10(17.60) million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, as compared to $323.14 million ~~and $8.5 million~~ for the same ~~periods~~period of the prior year., ~~The increases were~~ primarily due to ~~higher~~changes ~~term~~in ~~deposit balances for~~ the ~~three~~prevailing and ~~nine~~forward ~~months~~SOFR ~~ended~~rates ~~September 30,~~during ~~2024~~these periods.

~~Realized~~Foreign ~~and~~Currency ~~Unrealized~~Exchange (Loss) Gain ~~on Non-designated Derivative Instruments~~. WeForeign ~~have~~currency ~~entered into interest rate swaps which~~ exchange a(loss) ~~receipt~~gain ofwas ~~floating~~$(1.1) million ~~interest~~ for athe ~~payment~~three ofmonths ~~fixed~~ended ~~interest~~March 31, to2025, ~~reduce~~as ~~exposure~~compared to ~~interest~~$0.7 million ~~rate~~for ~~variability~~the onsame ~~certain~~period of ~~our~~the ~~outstanding~~prior Uyear.S. ~~Dollar-denominated~~These ~~and~~foreign ~~Euro-denominated~~currency ~~floating~~exchange ~~rate~~losses ~~debt.~~and ~~Our~~gains ~~interest~~were ~~rate~~primarily ~~swaps~~due ~~typically~~to ~~require~~the ~~settlements~~relevant ~~every~~period-end ~~three~~revaluation ~~months and the receipt~~ of ~~floating~~our ~~interest~~NOK-denominated isdebt ~~based~~and, onfor the ~~prevailing~~three ~~SOFR~~months ~~(or~~ended March 31, ~~previously~~2024, ~~LIBOR)~~our ~~rate~~Euro-denominated atterm ~~the~~loan ~~beginning~~for offinancial ~~the~~reporting ~~settlement~~purposes ~~period~~into U.S. ~~"Item~~Dollars, 1net –of ~~Financial~~the ~~Statements:~~realized ~~Note~~and 11unrealized –gains ~~Derivative~~and ~~Instruments~~losses ~~and~~on ~~Hedging~~our ~~Activities"~~cross ~~provides~~currency ~~details~~swaps. ofGains ~~our~~and ~~current~~losses ~~derivative~~on ~~positions~~NOK-denominated and aEuro-denominated ~~breakdown~~monetary ofliabilities ~~realized~~reflect ~~and~~a ~~unrealized~~stronger (gains) or weaker (losses) ~~relating~~U.S. toDollar ~~these~~against ~~non-designated~~the ~~interest~~NOK ~~rate~~and ~~swap~~Euro ~~agreements~~on ~~for~~ the ~~three~~date ~~and~~of ~~nine~~revaluation ~~months~~or ~~ended~~settlement ~~September 30,~~compared ~~2024~~to ~~and~~the ~~2023.~~rate ~~Realized~~in ~~gains~~effect ~~(losses)~~at ~~during~~the abeginning of the period. ~~reflect~~Our ~~prevailing~~cross ~~SOFR~~currency orswaps ~~LIBOR~~economically ~~rates~~hedge ~~that~~all ~~are~~of ~~higher~~the ~~(lower)~~foreign ~~than~~currency ~~the~~and ~~average~~interest ~~fixed~~rate ~~rates~~exposure ofon our ~~interest~~NOK-denominated ~~rate swaps~~debt. ~~Unrealized~~Our ~~gains~~Euro-denominated ~~(losses)~~debt ~~will~~was ~~primarily~~used ~~reflect~~to anpurchase ~~increase~~two ~~(decrease)~~vessels inthat ~~the~~were on long-term ~~SOFR~~charters orwhich ~~LIBOR~~entitled ~~yield~~us ~~curve~~to ~~during~~payment ~~each~~of ~~relevant period. Realized and unrealized (loss) gain on non~~charter-~~designated~~hire ~~derivative~~in ~~instruments were $(28~~Euros.~~1) million~~ ~~and~~As ~~$3.5 million~~such, ~~for~~our ~~the~~Euro-denominated ~~three~~debt ~~and~~was ~~nine~~repaid ~~months~~with ~~ended~~these ~~September 30,~~fixed ~~2024~~Euro ~~compared~~charter tohire ~~realized~~receipts and ~~unrealized~~consequently ~~gains~~our ofEuro ~~$47.5 million~~currency ~~and~~exposure ~~$67.3 million~~was ~~for~~limited ~~the~~by ~~same~~this ~~periods~~arrangement. ofAs ~~the~~at ~~prior~~March 31, ~~year~~2025, ~~primarily~~we ~~due~~have tono ~~changes~~exposure into ~~the~~Euro-denominated ~~prevailing~~debt ~~and~~as ~~forward~~it ~~SOFR~~matured ~~and~~in ~~LIBOR~~December ~~rates during these periods~~2024.

~~Foreign~~Other ~~Currency Exchange (Loss) Gain~~expense. ~~Foreign~~Other ~~currency~~expense ~~exchange (loss) gain~~ was $(412.8) million ~~and $(3.5) million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, as compared to $16.8 million ~~and a nominal amount~~ for the same ~~periods~~period of the prior year., ~~These foreign currency exchange gains and losses were~~ primarily due to ~~the relevant period-end revaluation of our NOK-denominated debt and our Euro-denominated term loans for financial reporting purposes into U~~$6.S.2 million ~~Dollars,~~in ~~net~~financing ofextinguishment ~~the realized and unrealized~~ gains ~~and~~recognized ~~losses~~upon ~~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~~repurchases ~~and Euro on the date~~ of ~~revaluation~~certain orNGL ~~settlement~~carriers ~~compared~~during to the ~~rate~~first inquarter ~~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 are on long-term charters which entitle us to payment of charter-hire in Euros. As such, our Euro-denominated debt is being repaid with these fixed Euro charter hire receipts and consequently our Euro currency exposure is limited by this arrangement. As at September 30, 2024~~, the Company had one Euro-denominated term loan outstanding, which totaled 17~~.~~5 million Euros ($19.4 million) and is scheduled to mature in December 2024.~~

Other Comprehensive (Loss) Income. Other comprehensive (loss) income was $(8.3) million for the three months ended March 31, 2025, as compared to $9.4 million for the same period of the prior year. The change in other comprehensive (loss) income for the three months ended March 31, 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, where the results of our joint ventures reflect the use of hedge accounting, due to changes in the forward SOFR benchmark interest rates during these periods.

Other Income (Expense). Other income (expense) was $5.6 million and $(3.9) million for the three and nine months ended September 30, 2024, as compared to $7.7 million and $21.4 million for the same periods of the prior year. The change in other income (expense) for the three and nine months ended September 30, 2024 was primarily due to unrealized credit loss recoveries (provisions) of $2.9 million and $(10.3) million, compared to unrealized credit loss recoveries of $4.9 million and $17.6 million for the same periods of the prior year, primarily due to changes 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 income (expense) also includes $2.8 million and $6.3 million financing extinguishment gains recognized upon the repurchases of certain vessels during the three and nine months ended September 30, 2024 and a $2.6 million financing extinguishment gain recognized upon the repurchase of one NGL carrier during the three and nine months ended September 30, 2023. For a further description of our vessel repurchases and related financing arrangements entered into the three and nine months ended September 30, 2024 and 2023, please read "Item 1 – Financial Statements : Note 5a – Chartered-in Vessels – Obligations related to Finance Leases".26

Income Tax Expense. Income tax expense was $0.7 million and a nominal amount for the three and nine months ended September 30, 2024, as compared to $2.1 million and $7.7 million for the same periods of the prior year, primarily due to 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, and lower freight tax estimates during the three and nine months ended September 30, 2024.

Other Comprehensive (Loss) Income. Other comprehensive (loss) income was $(18.7) million and $(9.2) million for the three and nine months ended September 30, 2024, as compared to $11.0 million and $12.8 million for the same periods of the prior year. The decreases in other comprehensive income for the three and nine months ended September 30, 2024 as compared to the same periods of the prior year were primarily due to unrealized losses on our interest rate swap agreements, where the results of our joint ventures reflect the use of hedge accounting, due to changes in the forward SOFR (or, previously, LIBOR) benchmark interest rates during these periods.

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, ~~2023~~2024.

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 5a5 – Chartered-in Vessels ~~– Obligations related to Finance Leases~~". 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, ~~2024~~2025, this proportionate share, based on the aggregate principal amount of the loan facilities and fair value of the interest rate swaps, was $~~841~~848.37 million. As at ~~September~~March 3031, ~~2024~~2025, 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 ~~facilities~~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 5a5 – Chartered-in Vessels ~~– Obligations related to Finance Leases~~ 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, ~~EURIBOR~~ 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, ~~2023~~2024.

Liquidity

Our total liquidity, which consists of cash, cash equivalents and undrawn credit facilities, was $~~276~~318.94 million as at ~~September~~March 3031, ~~2024~~2025, compared to $~~328~~338.47 million as at December 31, ~~2023~~2024, a decrease of $5120.53 million. This decrease was ~~primarily~~ due to ana $8015.0 million increase in the amounts drawn on our revolving credit facility (which allows for borrowings of up to $350.0 million); ~~partially~~and ~~offset~~a bydecrease ~~an increase~~ in cash and cash equivalents of $~~28.~~5.3 million (as detailed in "Item 1 -– Financial Statements: Unaudited Consolidated Statements of Cash Flows" included in this Report, excluding ana ~~increase~~decrease in restricted cash of $6.18 million).

32The following table summarizes our contractual obligations as at March 31, 2025, excluding those of our equity-accounted joint ventures. We expect that our liquidity at March 31, 2025, combined with the operating cash flows we expect to generate from customer contracts in place at March 31, 2025 will be sufficient to pay our obligations coming due in the next 12 months following March 31, 2025. Our ability to pay our obligations, and to refinance our long-term debt and finance leases coming due subsequent to March 31, 2025, 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.

The following table summarizes our contractual obligations as at September 30, 2024, excluding those of our equity-accounted joint ventures. We expect that our liquidity at September 30, 2024, combined with the operating cash flows we expect to generate from customer contracts in place at September 30, 2024, will be sufficient to pay our obligations coming due in the next 12 months following September 30, 2024. Included in this assessment is our use of $213.0 million to purchase the 2021-built LNG carrier, Marvel Swan, in October 2024 and the receipt of an aggregate $110.0 million from our refinancing of the Ineos Ingenuity and Ineos Intrepid in October 2024. Our ability to pay our obligations, and to refinance our long-term debt and finance leases coming due subsequent to September 30, 2024, as well as to obtain debt financing for a portion of the Marvel Swan purchase, 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 March 31, 2025	Remainder of 2026	2027	2028	2029	Beyond 2029
	(in millions of U.S. Dollars)
U.S. Dollar long-term debt	724.2	91.2	353.3	54.8	54.8	45.6	124.5

Norwegian Kroner long-term debt (i)	190.3	95.1	95.2	—	—	—	—
Commitments related to finance leases (ii)	2,414.8	344.5	172.1	397.6	367.8	211.2	921.6
Commitments related to operating leases (iii)	113.5	28.6	21.2	28.3	29.5	5.9	—
Newbuilding installments/shipbuilding supervision (iv)	937.8	103.5	195.5	638.8	—	—	—
Totals	4,380.6	662.9	837.3	1,119.5	452.1	262.7	1,046.1

	Total	12 Months Following September 30, 2024	Remainder of 2025	2026	2027	2028	Beyond 2028
	(in millions of U.S. Dollars)
U.S. Dollar long-term debt	866.8	93.8	20.9	472.4	54.8	54.8	170.1
Euro long-term debt (i)	19.4	19.4	—	—	—	—	—
Norwegian Kroner long-term debt (i)	189.6	94.8	—	94.8	—	—	—
Commitments related to finance leases (ii)	2,097.9	217.8	53.8	297.8	365.4	335.7	827.4
Commitments related to operating leases (iii)	130.4	31.1	7.3	28.4	28.4	29.4	5.8
Newbuilding installments/shipbuilding supervision (iv)	953.9	37.7	26.4	246.0	643.8	—	—
Totals	4,258.0	494.6	108.4	1,139.4	1,092.4	419.9	1,003.3

(i)NOK-denominated obligations are presented in U.S. Dollars and have been converted using the prevailing exchange rates as of March 31, 2025.

(i)Euro-denominated and NOK-denominated obligations are presented in U.S. Dollars and have been converted using the prevailing exchange rates as of September 30, 2024.

(ii)Includes, in addition to lease payments, amounts to purchase the leased vessels at the end of their respective lease terms. Where applicable, accelerated timing of repayments may be required if the Company is not in compliance with certain covenants under its lease agreements.

(iii)We have corresponding leases whereby we are the lessor and expect to receive approximately $9585.71 million under these leases from the remainder of ~~2024~~2025 to 2029.

(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 the remaining estimated newbuilding costs with our 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.

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, ~~2023~~2024, 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, ~~2023~~2024. There have been no significant changes in accounting estimates and assumptions from those discussed in our ~~2023~~2024 Annual Report on Form 20-F.

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, ~~2023~~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, income from operations would be the most directly comparable GAAP financial measure, and net voyage revenues has been defined as income from vessel operations before (gain) ~~loss~~ on sales ~~and write-down~~ 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 March 31,

(in thousands of U.S. Dollars)

~~2024~~2025

~~2023~~2024

~~2024~~2025

~~2023~~2024

Income from vessel operations

6049,~~175~~766

5761,~~913~~133

1410,~~573~~245

1013,~~206~~727

Gain on sales of vessels

—

~~(3,368)~~—

—(704)

General and administrative expenses

56,~~647~~200

46,~~410~~678

~~1,360~~944

21,~~522~~897

Depreciation and amortization

2725,~~458~~727

27,~~297~~396

7,~~920~~794

97,~~173~~597

Time-charter hire expenses

—

~~2,108~~—

12,~~997~~173

Vessel operating expenses

45,~~782~~826

4443,~~544~~699

118,~~836~~531

12,~~617~~136

Net voyage revenues

~~139~~127,~~062~~519

~~134~~138,~~164~~906

3427,~~429~~514

36,~~515~~826

	LNG Segment		NGL Segment
	Nine Months Ended September 30,		Nine Months Ended September 30,
(in thousands of U.S. Dollars)	2024	2023	2024	2023
Income from vessel operations	184,098	217,748	37,803	33,514
Gain on sales and write-down of vessels	—	(35,819)	(4,339)	(189)
General and administrative expenses	18,104	17,898	4,355	5,233
Depreciation and amortization	82,295	83,357	23,286	26,393
Time-charter hire expenses	—	—	6,409	6,487
Vessel operating expenses	134,519	133,881	36,093	39,911
Net voyage revenues	419,016	417,065	103,607	111,349

FORWARD-LOOKING STATEMENTS

This Report on Form 6-K for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 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 consideration we generally receive in connection with vessel management and other contracts;

•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;

•the expected completion and timing of financing arrangements~~, including the financing of the Marvel Swan purchase~~;

•expected cash distributions from our equity accounted joint ventures;

•expected interest payments;

•the possibility of future resumption of the LNG plant in Yemen operated by YLNG and the repayment of deferred hire amounts from YLNG on our two 52%-owned vessels, the Seapeak Marib and Seapeak Arwa;

•general domestic and international political conditions and geopolitical conflicts, including the impact of the Russia-Ukraine war on the economy, our industry and our business;

•the impact ofon ~~recent~~our ~~accounting~~results ~~pronouncements~~for on2025 ~~our~~by ~~consolidated~~any ~~financial~~LNG ~~statements~~carriers ~~and~~without ~~related~~charter ~~disclosures;~~contracts or LNG carriers rechartered at reduced rates;

•~~expected~~the ~~recoveries~~impact ~~from~~of ~~our~~tariffs ~~equity~~and ~~accounted~~U.S ~~joint~~port ~~ventures~~docking ~~and~~fees ~~from~~on ~~charterers~~the ofeconomy, ~~costs~~our weindustry ~~incur~~and ~~related~~our ~~to EU ETS~~business; ~~and~~

•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; potential for early termination of long-term contracts and our ability to renew or replace long-term contracts; our ability to secure charter contracts for our vessels; loss of any customer, time-charter contract or vessel; changes in production or price of LNG or LPG; 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, ~~including with respect~~ to ~~the Marvel Swan purchase, 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; docking fees applicable to Chinese-built vessels, and tariffs; 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 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, ~~2023~~2024. 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 14, 2024

By:

/s/ Scott Gayton

Date: May 15, 2025

By:

/s/ Scott Gayton

Scott Gayton

Chief Financial Officer

(Principal Financial and Accounting Officer)

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Filing Compare · Seapeak LLC