Seapeak 6-K Q1-26 Doc

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 March 31, 2026

Commission file number 1-32479

_____________________________________________________________

SEAPEAK LLC

(Exact name of Registrant as specified in its charter)

_____________________________________________________________

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

(Address of principal executive office)

_____________________________________________________________

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

Form 20-F ý Form 40-F ¨

2

SEAPEAK LLC AND SUBSIDIARIES

REPORT ON FORM 6-K FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026

INDEX



PART I: FINANCIAL INFORMATION	PAGE
Item 1. Financial Statements (Unaudited)

Unaudited Consolidated Statements of Income for the three months ended March 31, 2026 and 2025	3
Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025	4
Unaudited Consolidated Balance Sheets as at March 31, 2026 and December 31, 2025	5
Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	6
Unaudited Consolidated Statements of Changes in Total Equity for the three months ended March 31, 2026 and 2025	7
Notes to the Unaudited Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

SIGNATURES	30

3

ITEM 1 – FINANCIAL STATEMENTS

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in thousands of U.S. Dollars)


	Three Months Ended March 31,
	2026	2025
	$	$
Voyage revenues (notes 6 and 10a)	147,367	160,430
Voyage expenses	(2,601)	(5,397)
Vessel operating expenses	(54,743)	(54,357)
Depreciation and amortization	(41,883)	(33,521)
General and administrative expenses	(7,104)	(7,144)
Gain on sales of vessels (note 14)	3,007	—
Income from vessel operations	44,043	60,011
Equity income (notes 3b, 7 and 10a)	28,532	17,674
Interest expense	(36,700)	(42,446)
Interest income (note 7)	2,826	3,170
Realized and unrealized gain (loss) on non-designated derivative instruments (note 11)	7,144	(17,008)
Foreign currency exchange loss (notes 8 and 11)	(444)	(1,060)
Other expense (notes 3b and 5)	(4,844)	(12,761)
Net income before income tax (expense) recovery	40,557	7,580
Income tax (expense) recovery (note 9)	(81)	363
Net income	40,476	7,943
Non-controlling interest in net income	(933)	(1,242)
Preferred unitholders' interest in net income	6,279	6,279
Common unitholder's interest in net income	35,130	2,906

Related party transactions (note 10)

Subsequent events (note 16)

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

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SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands of U.S. Dollars)


	Three Months Ended March 31,
	2026	2025
	$	$
Net income	40,476	7,943
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications
Unrealized gain (loss) on qualifying cash flow hedging instruments, net of tax	3,146	(5,573)
Amounts reclassified from accumulated other comprehensive income, net of tax
To equity income:
Realized gain on qualifying cash flow hedging instruments	(1,800)	(2,917)
To interest expense:
Realized loss on qualifying cash flow hedging instruments (note 11)	130	177
Other comprehensive income (loss)	1,476	(8,313)
Comprehensive income (loss)	41,952	(370)
Non-controlling interest in comprehensive income (loss)	(894)	(1,189)
Preferred unitholders' interest in comprehensive income (loss)	6,279	6,279
Common unitholder's interest in comprehensive income (loss)	36,567	(5,460)

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

5

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

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


	As at March 31, 2026	As at December 31, 2025
	$	$
ASSETS
Current
Cash and cash equivalents (note 13)	81,284	122,906
Restricted cash – current (note 13)	9,614	14,455
Accounts receivable, including non-trade of $4,885 (2025 – $6,420) (note 11)	28,502	30,620
Prepaid expenses	13,539	12,489
Vessels held for sale (note 14)	—	24,400
Current portion of derivative assets (note 11)	17,050	32,412
Current portion of net investments in direct financing and sales-type leases, net (notes 3b and 6)	21,218	21,066
Amounts due from affiliates (notes 10b and 12e)	31,272	24,087
Other current assets (note 12e)	14,827	16,501
Total current assets	217,306	298,936
Restricted cash – long-term (note 13)	8,433	7,793
Vessels and equipment
At cost, less accumulated depreciation of $108,055 (2025 – $88,184)	315,376	328,616
Vessels related to finance leases, at cost, less accumulated depreciation of $463,338 (2025 – $447,699) (note 5)	2,138,287	2,156,322
Advances on newbuilding contracts (note 12a)	377,043	301,597
Total vessels and equipment	2,830,706	2,786,535
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7)	1,373,269	1,357,862
Net investments in direct financing and sales-type leases, net (notes 3b and 6)	570,571	581,452
Other assets (note 12e)	40,696	33,707
Derivative assets (note 11)	38,425	20,541
Intangible assets, net	11,766	13,500
Goodwill	37,308	37,308
Total assets	5,128,480	5,137,634
LIABILITIES AND EQUITY
Current
Accounts payable	9,151	8,524
Accrued liabilities and other (note 12e)	121,776	126,826
Unearned revenue (note 6)	29,319	29,300
Current portion of long-term debt (note 8)	334,040	296,188
Current obligations related to finance leases (note 5)	219,021	228,985
Current portion of derivative liabilities (note 11)	12,460	16,045
Amounts due to affiliates (note 10b)	1,050	752
Total current liabilities	726,817	706,620
Long-term debt (note 8)	639,246	595,867
Long-term obligations related to finance leases (note 5)	1,452,388	1,573,541
Other long-term liabilities (notes 3b, 6 and 12)	84,643	71,489
Derivative liabilities (note 11)	—	128
Total liabilities	2,903,094	2,947,645
Commitments and contingencies (notes 5, 7, 8, 11 and 12)
Equity
Common units (99.9 million units issued and outstanding at March 31, 2026 and December 31, 2025)	1,884,322	1,849,192
Preferred units (11.9 million units authorized; 11.5 million issued and outstanding at March 31, 2026 and December 31, 2025)	278,419	278,419
Accumulated other comprehensive income	20,423	18,986
Equity	2,183,164	2,146,597
Non-controlling interest	42,222	43,392
Total equity	2,225,386	2,189,989
Total liabilities and total equity	5,128,480	5,137,634

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

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SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. Dollars)


	Three months ended March 31,
	2026	2025
	$	$
Cash, cash equivalents and restricted cash provided by (used for)
OPERATING ACTIVITIES
Net income	40,476	7,943
Non-cash and non-operating items:
Unrealized (gain) loss on non-designated derivative instruments (note 11)	(2,648)	21,677
Depreciation and amortization	41,883	33,521
Gain on sales of vessels (note 14)	(3,007)	—
Unrealized foreign currency exchange loss	937	1,677
Equity income, net of distributions received of $15,250 (2025 – $8,750) (note 7)	(13,282)	(8,924)
Amortization of deferred financing issuance costs included in interest expense	1,304	891
Change in unrealized credit loss provisions included in other expense (note 3b)	4,800	12,500
Other non-cash items	(1,803)	(2,203)
Change in operating assets and liabilities:
Receipts from direct financing and sales-type leases	5,830	5,468
Expenditures for dry docking	(6,515)	(295)
Other operating assets and liabilities	(2,893)	14,703
Net operating cash flow	65,082	86,958
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	132,236	115,000
Scheduled repayments of long-term debt	(21,304)	(20,655)
Prepayments of long-term debt	(35,000)	(260,000)
Extinguishment of obligations related to finance leases (note 5)	(98,672)	—
Proceeds from financing related to sales and leaseback of vessels	—	213,000
Scheduled repayments of obligations related to finance leases	(32,445)	(32,153)
Financing issuance costs	(891)	(3,515)
Cash distributions paid	(6,279)	(106,279)
Dividends paid to non-controlling interest	(276)	(361)
Net financing cash flow	(62,631)	(94,963)
INVESTING ACTIVITIES
Expenditures for vessels and equipment, including advances on newbuilding contracts	(75,681)	(4,217)
Proceeds from the sales of vessels (note 14)	27,407	—
Net investing cash flow	(48,274)	(4,217)
Decrease in cash, cash equivalents and restricted cash	(45,823)	(12,222)
Cash, cash equivalents and restricted cash, beginning of the period	145,154	187,968
Cash, cash equivalents and restricted cash, end of the period	99,331	175,746

Supplemental cash flow information (note 13)

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

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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 Comprehensive Income	Non- controlling Interest	Total
	#	$	#	$	$	$	$
Balance as at December 31, 2025	99,949	1,849,192	11,529	278,419	18,986	43,392	2,189,989
Net income (loss)	—	35,130	—	6,279	—	(933)	40,476
Other comprehensive income	—	—	—	—	1,437	39	1,476
Distributions declared:
Preferred units Series A ($0.5625 / unit)	—	—	—	(2,775)	—	—	(2,775)
Preferred units Series B ($0.5313 / unit)	—	—	—	(3,504)	—	—	(3,504)
Dividends paid to non-controlling interest	—	—	—	—	—	(276)	(276)
Balance as at March 31, 2026	99,949	1,884,322	11,529	278,419	20,423	42,222	2,225,386


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

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

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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)

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, which is a limited liability company formed under the laws of the Republic of the Marshall Islands, its

wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs) of which it is the primary beneficiary (collectively, the

Company).

Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore,

these unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial

statements for the year ended December 31, 2025, which were included in the Company's Annual Report on Form 20-F for the year ended

December 31, 2025 filed with the U.S. Securities and Exchange Commission (or SEC) on March 18, 2026. In the opinion of the

management of the Company, these unaudited consolidated financial statements reflect all adjustments consisting solely of a normal

recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations,

changes in total equity and cash flows for the interim periods presented. The results of operations for the interim periods presented are not

necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon

consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the

amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. It is possible that

the amounts recorded as derivative liabilities and derivative assets could vary by material amounts prior to their settlement.

2. Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03 – Income Statement – Reporting Comprehensive Income – Expense Disaggregation

Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses (or ASU 2024-03). This ASU improves the disclosures about

a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses

(including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense

captions (such as cost of sales, selling, general and administrative expenses, and research and development). This ASU is effective for

annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The amendments in this ASU

are applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2)

retrospectively to any or all prior periods presented in the financial statements. The Company does not expect that adoption of ASU

2024-03 will have a material impact on the Company's consolidated financial statements.

3.Fair Value Measurements and Financial Instruments

a)Fair Value Measurements

For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see Item 18 – Financial

Statements: Note 3a to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year

ended December 31, 2025. The following table includes the estimated fair value and carrying value of those assets and liabilities that are

measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments

that are not accounted for at fair value on a recurring basis.

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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


		March 31, 2026		December 31, 2025
	Fair Value Hierarchy Level	Carrying Amount Asset (Liability) $	Fair Value Asset (Liability) $	Carrying Amount Asset (Liability) $	Fair Value Asset (Liability) $
Recurring:
Cash and cash equivalents and restricted cash (note 13)	Level 1	99,331	99,331	145,154	145,154
Derivative instruments (note 11)
Interest rate swap agreements – assets	Level 2	56,366	56,366	54,214	54,214
Interest rate swap agreements – (liabilities)	Level 2	(1)	(1)	(128)	(128)
Foreign currency contracts - assets	Level 2	100	100	210	210
Cross currency swap agreements – assets	Level 2	219	219	192	192
Cross currency swap agreements – (liabilities)	Level 2	(12,459)	(12,459)	(16,045)	(16,045)
Non-recurring:
Vessel held for sale (note 14)	Level 2	—	—	24,400	24,400
Other:
Loans to equity-accounted joint ventures (note 7a)	(i)	107,548	(i)	105,970	(i)
Long-term debt – public (note 8)	Level 1	(102,969)	(104,138)	(98,865)	(100,407)
Long-term debt – non-public (note 8)	Level 2	(870,317)	(875,514)	(793,190)	(799,247)
Obligations related to finance leases (note 5)	Level 2	(1,671,409)	(1,667,450)	(1,802,526)	(1,800,536)

(i) The advances to equity-accounted joint ventures together with the Company’s equity investments in the joint ventures form the net aggregate carrying

value of the Company’s interests in the joint ventures in these unaudited consolidated financial statements. The fair values of the individual components

of such aggregate interests are not determinable.

b)Credit Losses

For a description of the Company's exposure to potential credit losses under Accounting Standards Codification 326, see Item 18 –

Financial Statements: Note 3b to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for

the year ended December 31, 2025.

The following table includes the amortized cost basis of the Company’s direct interests in financing receivables and net investment in direct

financing and sales-type leases by class of financing receivables and by period of origination and their associated credit quality as at

March 31, 2026 and December 31, 2025.


		As at March 31, 2026		As at December 31, 2025
	Period of Origination	Credit Quality Grade ⁽ⁱ⁾	Amortized Cost Basis $	Credit Quality Grade ⁽ⁱ⁾	Amortized Cost Basis $
	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	252,913	Performing	257,445
Seapeak Bahrain	2018	Performing	196,297	Performing	197,250
Seapeak Creole	2023	Performing	200,379	Performing	200,723
			649,589		655,418
Loans to equity-accounted joint ventures
Bahrain LNG Joint Venture	2017 and prior	Performing	107,548	Performing	105,970
			757,137		761,388

(i) For a description of how the Company's credit quality grades are determined see Item 18 – Financial Statements: Note 3b to the Company’s audited

consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2025. As at March 31, 2026 and

December 31, 2025, all direct financing and sales-type leases held by the Company and the Company’s equity-accounted joint ventures had a credit

quality grade of performing.

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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 months ended March 31, 2026 and 2025 are as follows:


	Direct Financing and Sales-Type Leases ^{(i) (ii)} $	Direct Financing and Sales-Type Leases and Other within Equity- Accounted Joint Ventures ^{(i) (ii)} $	Loans to Equity- Accounted Joint Ventures ⁽ⁱ⁾ $	Guarantees of Debt ⁽ⁱ⁾ $	Total $
Three Months Ended March 31, 2026
As at January 1, 2026	52,900	50,900	2,900	900	107,600
Provision for (reversal of) potential credit losses	4,900	900	200	(300)	5,700
As at March 31, 2026	57,800	51,800	3,100	600	113,300

Three Months Ended March 31, 2025
As at January 1, 2025	32,000	29,600	1,800	1,200	64,600
Provision for (reversal of) potential credit losses	12,200	12,200	400	(100)	24,700
As at March 31, 2025	44,200	41,800	2,200	1,100	89,300

(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 months ended March 31,

2026 and 2025, see Item 18 – Financial Statements: Note 3b to the Company’s audited consolidated financial statements filed with its Annual Report on

Form 20-F for the year ended December 31, 2025.

(ii) The changes in credit loss provision of $4.9 million and $12.2 million for the Company's consolidated vessels' direct financing and sales-type leases for

the three months ended March 31, 2026 and 2025, respectively, are included in other expense in the Company's consolidated statements of income.

The change in the credit loss provision for the three months ended March 31, 2026 primarily reflects a decrease in the estimated charter-free valuations

for certain types of its liquefied natural gas (or LNG) carriers at the end of their time-charter contracts which are accounted for as direct financing and

sales-type leases in the Company's consolidated balance sheets. These estimated future charter-free values are subject to change based on the

underlying LNG shipping market fundamentals.

The changes in credit loss provision of $0.9 million and $12.2 million for the three months ended March 31, 2026 and 2025, respectively, relating to the

direct financing and sales-type leases and other within the Company's equity-accounted joint ventures are included in equity income in the Company's

consolidated statements of income. The change in the credit loss provision for the three months ended March 31, 2026 primarily reflects a decrease in

the estimated charter-free valuations for certain types of LNG carriers at the end of their time-charter contracts, which are accounted for as direct

financing and sales-type leases within investments in equity-accounted joint ventures in the Company's consolidated balance sheets.

The changes in the credit loss provision for the Company's consolidated vessels and the vessels within the Company's equity-accounted joint ventures

for the three months ended March 31, 2026 do not reflect any material change in expectations of the charterers' ability to make their time-charter hire

payments as they come due compared to the beginning of the period.

4.Segment Reporting

The Company has two reportable segments, the LNG segment and the natural gas liquid (or NGL) segment. The Company’s LNG

segment consists of LNG carriers which generally operate under long-term, fixed-rate time-charter contracts to international energy

companies. The Company's NGL segment consists of LPG, Ethane and multi-gas carriers which generally operate under voyage charters

or time-charters. For additional information about the Company’s segments, please see Item 18 – Financial Statements: Note 4 to the

Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2025.

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

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

statements.


	Three Months Ended March 31,
	2026			2025
	LNG Segment $	NGL Segment $	Total $	LNG Segment $	NGL Segment $	Total $
Voyage revenues	119,142	28,225	147,367	132,602	27,828	160,430
Voyage expenses	(2,502)	(99)	(2,601)	(5,083)	(314)	(5,397)
Vessel operating expenses	(46,467)	(8,276)	(54,743)	(45,826)	(8,531)	(54,357)
Depreciation and amortization	(33,434)	(8,449)	(41,883)	(25,727)	(7,794)	(33,521)
General and administrative expenses ⁽ⁱ⁾	(6,387)	(717)	(7,104)	(6,200)	(944)	(7,144)
Gain on sales of vessels (note 14)	3,007	—	3,007	—	—	—
Income from vessel operations	33,359	10,684	44,043	49,766	10,245	60,011

Equity income (note 7)	21,600	6,932	28,532	14,226	3,448	17,674
Expenditures for vessels and equipment, including advances on newbuilding contracts	(75,489)	—	(75,489)	(3,488)	(419)	(3,907)
Expenditures for dry docking	(8,771)	(197)	(8,968)	(1,920)	(204)	(2,124)


	March 31, 2026			December 31, 2025
	LNG Segment $	NGL Segment $	Total $	LNG Segment $	NGL Segment $	Total $
Investment in and advances to equity-accounted joint ventures, net	1,151,360	221,909	1,373,269	1,142,885	214,977	1,357,862

(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:


	March 31, 2026	December 31, 2025
	$	$
Total assets of the LNG segment	4,192,130	4,157,470
Total assets of the NGL segment	855,066	857,258
Unallocated:
Cash and cash equivalents	81,284	122,906
Consolidated total assets	5,128,480	5,137,634

5.Chartered-in Vessels


	March 31, 2026	December 31, 2025
	$	$
Total obligations related to finance leases	1,671,409	1,802,526
Less current portion	(219,021)	(228,985)
Long-term obligations related to finance leases	1,452,388	1,573,541

As at March 31, 2026 , the Company was a party to finance leases on nine LNG carriers and 10 NGL carriers (December 31, 2025 – 10

LNG carriers and 10 NGL carriers). These nine 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 2027 through to 2035. At inception of these leases, the

weighted-average interest rate implicit in these leases was 6.0% as at March 31, 2026 and December 31, 2025. The bareboat charter

contracts are presented as obligations related to finance leases on the Company's consolidated balance sheets.

The obligations of the Company's applicable subsidiaries under the bareboat charter contracts for the nine LNG carriers and 10 NGL

carriers (December 31, 2025 – 10 LNG carriers and 10 NGL carriers) are guaranteed by the Company. The guarantee agreements require

the Company to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage,

for certain of its finance leases. As at March 31, 2026, the Company was in compliance with all covenants in respect of the bareboat

charter contracts it guarantees.

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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)

As at March 31, 2026, and giving pro forma effect to the refinancing of the Ineos Dolphin and the Ineos Innovation NGL carriers completed

in April 2026 described below, the remaining commitments related to the financial liabilities of these nine LNG carriers and 10 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 $375.0 million, repayable through 2035, as indicated below:


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

In February 2026, the Company exercised a repurchase option to acquire the Seapeak Creole LNG carrier from its Lessor for

$100.0 million, which included unpaid interest of $1.3 million at the time of repurchase, resulting in the termination of the related finance

lease. In April 2026, the Company sold the Seapeak Creole LNG carrier to a Lessor for $165.0 million and concurrently chartered the

vessel back for a period of 20 years under a bareboat charter contract (see Note 16a).

In April 2026, the Company refinanced the Ineos Dolphin and the Ineos Innovation NGL carriers by repurchasing the vessels for

$77.1 million and $43.2 million, respectively, from the existing financing providers and selling them to new financing providers for

$80.0 million and $45.0 million, respectively, and chartering each of the vessels back for a period of 7.9 years under bareboat charter

contracts (see Note 16b).

Certain bareboat charter agreements require that the Company maintain ratios of vessel values to the relevant outstanding underlying loan

balances. As at March 31, 2026, the Company had five bareboat charter agreements, under which the aggregate outstanding loan balance

was $292.6 million, that each requires the Company to maintain minimum vessel-value-to-outstanding-loan obligation balance ratios of

110%,if the vessels are employed under approved charters at such time, or 140%, if the vessels are not employed under approved

charters at such time. As at March 31, 2026, the vessel-value-to-outstanding-loan obligation balance ratios were 159%, 157%, 152%,

151% and 133% under approved charters. The vessel values used in calculating these ratios are the appraised values provided by third

parties.

6.Revenue

The Company’s primary source of revenue is from chartering its vessels to its customers. The Company 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, 2025.

Revenue Table

The following tables contain the Company’s revenue for the three months ended March 31, 2026 and 2025, by contract type and by

segment.


	Three Months Ended March 31,
	2026			2025
	LNG Segment $	NGL Segment $	Total $	LNG Segment $	NGL Segment $	Total $
Time charters	92,807	28,225	121,032	109,030	27,828	136,858
Management fees and other income	26,335	—	26,335	23,572	—	23,572
	119,142	28,225	147,367	132,602	27,828	160,430

13

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

The following table contains the Company’s revenue for the three months ended March 31, 2026 and 2025, by contracts or components of

contracts accounted for as leases and those not accounted for as leases:


	Three Months Ended March 31,
	2026	2025
	$	$
Lease revenue
Lease revenue from lease payments of operating leases	97,498	111,629
Interest income on lease receivables	13,490	15,126
Variable lease payments – cost reimbursements⁽ⁱ⁾	1,373	1,358
	112,361	128,113
Non-lease revenue
Non-lease revenue – related to direct financing and sales-type leases	8,671	8,745
Management fees and other income	26,335	23,572
	35,006	32,317
Total	147,367	160,430

(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 March 31, 2026 and December 31, 2025, the Company had four LNG carriers, excluding the vessels in its equity-accounted joint

ventures, that are accounted for as direct financing and sales-type leases.

For a description of the Company's LNG carriers accounted for as direct financing leases and sales-type leases at December 31, 2025,

see Item 18 – Financial Statements: Note 6 to the Company's audited consolidated financial statements included in its Annual Report on

Form 20-F for the year ended December 31, 2025.

As at March 31, 2026, estimated lease payments to be received by the Company related to its direct financing and sales-type leases in

each of the next five years were approximately $62.9 million (remainder of 2026), $83.6 million (2027), $78.9 million (2028), $50.6 million

(2029), $44.7 million (2030) and an aggregate of $517.5 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 March 31, 2026, the minimum scheduled future rentals to be received by the Company in each of the next five years for the lease

and non-lease elements related to charters that were accounted for as operating leases are approximately $299.1 million (remainder of

2026), $243.4 million (2027), $182.3 million (2028), $154.2 million (2029), and $110.9 million (2030). Minimum scheduled future rentals on

operating lease contracts do not include rentals from vessels in the Company’s equity-accounted joint ventures, rentals from unexercised

option periods of contracts that existed on March 31, 2026, variable or contingent rentals, or rentals from contracts which were entered into

or commenced after March 31, 2026. Therefore, the minimum scheduled future rentals on operating leases should not be construed to

reflect total charter hire revenues for any of these five years.

Contract Liabilities

As at March 31, 2026, the Company had $29.7 million of advanced payments recognized as contract liabilities included in unearned

revenue (December 31, 2025 – $29.1 million, March 31, 2025 – $41.6 million and December 31, 2024 – $37.1 million). The Company

recognized $29.1 million and $37.1 million of revenue for the three months ended March 31, 2026 and 2025, respectively, that was

recognized as a contract liability at the beginning of such three-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, 2025.

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

excluded from the amounts in this note.

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).

14

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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)

a)As of March 31, 2026 and December 31, 2025, 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 months ended

March 31, 2026 and 2025, interest earned on these advances amounted to $1.6 million and $1.5 million, respectively, and is included

in interest income in the Company's consolidated statements of income. As of March 31, 2026 and December 31, 2025, the interest

receivable on these advances was $34.2 million and $32.6 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 March 31, 2026 was $750.0 million (December 31, 2025 – $768.3 million). As at March 31, 2026, 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


	March 31, 2026	December 31, 2025
	$	$
U.S. Dollar-denominated Revolving Credit Facility due from 2026 to 2027	240,000	135,000
U.S. Dollar-denominated Term Loans and Bonds due from 2026 to 2030	635,882	664,849
Norwegian Krone-denominated Bonds due in 2026	103,173	99,142
Total principal	979,055	898,991
Unamortized discount and debt issuance costs	(5,769)	(6,936)
Total debt	973,286	892,055
Less current portion	(334,040)	(296,188)
Long-term debt	639,246	595,867

As at March 31, 2026 and December 31, 2025 , the Company had one revolving credit facility, which provided for borrowings of up to

$350.0 million, of which $110.0 million (December 31, 2025 – $215.0 million) of the credit facility was undrawn. Interest payments are

based on SOFR plus a margin of 1.45%. The borrowing capacity of the revolving credit facility is scheduled to be reduced by $48.8 million

in June 2026 and the revolving credit facility is scheduled to mature in June 2027. The revolving credit facility is unsecured and may be

used by the Company for general corporate purposes.

As at March 31, 2026 and December 31, 2025, the Company had seven U.S. Dollar-denominated term loans and bonds outstanding,

which totaled $635.9 million in aggregate principal amount (December 31, 2025 – $664.8 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%. Five of the combined term

loans and bonds require quarterly interest and principal payments and five have balloon or bullet repayments due at maturity. The term

loans and bonds are collateralized by first-priority mortgages on the 13 Company vessels to which the loans and bonds relate, together

with certain other related security. In addition, as at March 31, 2026, all of the outstanding term loans were guaranteed by either the

Company or the ship-owning entities within Teekay Nakilat Corporation (or the RasGas II Joint Venture), in which the Company has a 70%

ownership interest.

As at March 31, 2026 and December 31, 2025, the Company had Norwegian Krone (or NOK) 1.0 billion of senior unsecured bonds in the

Norwegian bond market that mature in November 2026. As at March 31, 2026, the total amount of the bonds, which are listed on the Oslo

Stock Exchange, was $103.2 million (December 31, 2025 – $99.1 million). The interest payments on the bonds are based on the

Norwegian Interbank Offered Rate (or NIBOR) plus a margin of 4.90%. The Company entered into cross currency rate swaps, to swap all

interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at 6.37% and the transfer of principal fixed

at $117.0 million upon maturity in exchange for NOK 1.0 billion (see Note 11).

The weighted-average interest rates for the Company’s long-term debt outstanding excluding the effect of related interest rate swaps as at

March 31, 2026 and December 31, 2025 were 5.85% and 6.23%, 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 5.29% and

5.24% as at March 31, 2026 and December 31, 2025, respectively.

Non-U.S.-denominated debt is revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the

revaluation of the Company’s NOK-denominated bonds and euro-denominated cash, and the change in the valuation of the Company’s

cross currency swaps, the Company incurred foreign exchange losses of $0.4 million and $1.1 million for the three months ended

March 31, 2026 and 2025, respectively.

The aggregate annual long-term debt principal repayments required under the Company's revolving credit facility, loans and bonds

subsequent to March 31, 2026 are $269.5 million (remainder of 2026), $485.4 million (2027), $54.7 million (2028), $45.5 million (2029),

$124.0 million (2030).

15

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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)

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, 2026, the

Company had three credit facilities with an aggregate outstanding loan balance of $278.9 million that require it to maintain minimum

vessel-value-to-outstanding-loan-principal-balance ratios of 110%, 145%, and 120%, which as at March 31, 2026, were 206%, 191%, and

201%, 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, 2026, the Company was in

compliance with all covenants relating to the Company’s credit facilities and other long-term debt.

9.Income Tax (Expense) Recovery

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


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

Included in the Company's current income tax (expense) recovery are provisions for uncertain tax positions relating to freight taxes. The

Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months;

however, this is dependent on the jurisdictions in which vessel trading activity occurs. The Company reviews its freight tax obligations on a

regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include

additional legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and

interpretation; therefore, the amounts recorded by the Company may change accordingly.

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 March 31,
	2026	2025
	$	$
Voyage revenues ^(i)(ii)	33,729	31,083
Equity income ⁽ⁱⁱⁱ⁾	596	596

(i) In September 2018, the Company’s Floating Storage Unit, the Seapeak Bahrain, commenced its 21-year charter contract with the Bahrain LNG Joint

Venture, in which the Company has a 30% ownership interest. Voyage revenues from the charter of the Seapeak Bahrain to the Bahrain LNG Joint

Venture for the three months ended March 31, 2026 and 2025 amounted to $7.4 million and $7.5 million, 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 months ended March 31, 2026 and 2025 were $4.7

million and $3.1 million, 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 pursuant to management agreements. In addition, the Company is reimbursed for costs incurred by the Company for its seafarers

operating these LNG carriers. During the three months ended March 31, 2026 and 2025, the Company earned management fees and cost

reimbursements pursuant to these management agreements of $21.7 million and $20.5 million, respectively, which are included in voyage revenues in

the Company's consolidated statements of income.

(iii) During the three months ended March 31, 2026 and 2025, the Company charged fees of $0.6 million to the Yamal LNG Joint Venture, in which the

Company has a 50% ownership interest, relating to the successful bid process for the construction and chartering of six ARC7 LNG carriers. The fees

are reflected in equity income in the Company’s consolidated statements of income.

b)As at March 31, 2026 and December 31, 2025, non-interest-bearing amounts due from affiliates totaled $31.3 million and $24.1

million, respectively, and non-interest-bearing amounts due to affiliates totaled $1.1 million and $0.8 million, respectively. These

amounts due to/from affiliates are unsecured and have no fixed repayment terms.

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

16

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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)

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 March 31, 2026, the Company was committed

to the following foreign currency forward contracts:


	Contract Amount in Foreign Currency	Average Contract Rate⁽ⁱ⁾	Fair Value / Carrying Amount of Asset (Liability) $	Expected Maturity of Notional Amounts
Currency	Contract Amount in Foreign Currency	Average Contract Rate⁽ⁱ⁾	Fair Value / Carrying Amount of Asset (Liability) $	2026 $	2027 $
Economic hedges of forecasted expenditures
British Pound Sterling	6,500	0.7478	(108)	5,992	2,700
Canadian Dollar	8,000	1.3641	(74)	3,939	1,926
			(182)	9,931	4,626
Economic hedges of foreign currency cash balances
Euro	71,986	0.8601	282	83,698	—

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

The Company entered into cross currency swaps concurrently with the issuance of its NOK-denominated senior unsecured bonds (see

Note 8), and pursuant to these swaps, the Company receives the principal amount in NOK on maturity dates of the swaps in exchange for

payments of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on

NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the

foreign currency exposure on the payment of interest and principal of the Company’s NOK-denominated bonds due in November 2026,

and to economically hedge the interest rate exposure. The following table reflects information relating to the cross currency swaps as at

March 31, 2026.


		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	117,000	NIBOR	4.90%	6.37%	(12,240)	0.6

Interest Rate Risk

When deemed appropriate, the Company enters into interest rate swaps which exchange a receipt of floating interest for a payment of

fixed interest to reduce the Company’s exposure to interest rate variability on certain of its outstanding floating-rate debt.

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


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

(i) Excludes an additional amount consisting of the margins and the credit adjustment spreads the Company pays on its floating-rate term loans, which, at

March 31, 2026, ranged from 2.00% to 3.45%.

(ii) Principal amount reduces quarterly.

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

that time.

(iv) Principal amount reduces monthly.

17

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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)

(v) Forward-starting interest rate swaps with effective start dates in June 2026. These interest rate swaps are subject to mandatory early termination in

June 2026 whereby the swaps will be settled based on their fair value at that time unless otherwise extended.

(vi) Forward-starting interest rate swap with effective start date in January 2027. These interest rate swaps are subject to mandatory early termination in

July 2028 whereby the swaps will be settled based on their fair value at that time unless otherwise extended.

As at March 31, 2026, 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 March 31, 2026, these

derivative instruments constituted an aggregate fair value asset of $56.8 million (December 31, 2025 – $54.5 million) and an aggregate fair

value liability of $2.3 million (December 31, 2025 – $2.9 million). As at March 31, 2026, the Company had nil (December 31, 2025 – $3.8

million) of cash on deposit as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash –

current on the Company's consolidated balance sheets.

Credit Risk

The Company is exposed to credit loss in the event of non-performance by the counterparties to its derivative instruments. In order to

minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A- or better by Standard

& Poor’s or A3 or better by Moody’s at the time of the transactions. In addition, to the extent practical, derivative instruments are entered

into with different counterparties to reduce concentration risk.

The following table presents the classification and fair value amounts of derivative instruments (none of which are designated as cash flow

hedges), segregated by type of contract, on the Company’s consolidated balance sheets.


	Accounts receivable $	Current portion of derivative assets $	Derivative assets $	Current portion of derivative liabilities $	Derivative liabilities $
As at March 31, 2026
Interest rate swap agreements	991	16,950	38,425	1	—
Foreign currency forward contracts	—	100	—	—	—
Cross currency swap agreements	219	—	—	12,459	—
	1,210	17,050	38,425	12,460	—
As at December 31, 2025
Interest rate swap agreements	1,471	32,202	20,541	—	128
Foreign currency forward contracts	—	210	—	—	—
Cross currency swap agreements	192	—	—	16,045	—
	1,663	32,412	20,541	16,045	128

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 gain (loss) on non-designated derivative instruments in the Company’s

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

is as follows:


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

Realized and unrealized gains (losses) relating to cross currency swap agreements are recognized in earnings and reported in foreign

currency exchange loss in the Company’s consolidated statements of income. The effect of the gain (loss) on these derivatives on the

Company's consolidated statements of income is as follows:

18

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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)


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

For the periods indicated, the following table presents the amounts of losses reclassified from accumulated other comprehensive income

(or OCI) to interest expense for interest rate swaps previously dedesignated but for which the hedged forecasted transaction remains

probable as cash flow hedges (excluding such agreements in equity-accounted investments):


	Three Months Ended March 31,
	2026	2025
	$	$
Amount of loss reclassified from accumulated OCI to interest expense	(130)	(177)

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 carrier newbuildings that have an estimated

total fully built-up cost of $1.2 billion and are scheduled for deliveries throughout 2027. As at March 31, 2026, expenditures incurred

under these newbuilding contracts totaled $327.7 million and the estimated remaining expenditures to be incurred are $194.7 million

(remainder of 2026) and $658.8 million (2027). The Company intends to finance substantially all of the remaining estimated pre-

delivery expenditures with borrowings under two U.S. Dollar-denominated term loans maturing in 2027. In addition, the final

construction installments due on delivery and the repayment of the two U.S. Dollar-denominated term loans maturing in 2027 are

expected to be financed with existing 10-year sale and leaseback financing arrangements, where the LNG carrier newbuildings are

expected to be sold to a Lessor upon their deliveries for approximately $235.0 million per vessel.

During December 2025, the Company entered into contracts with Samsung Heavy Industries Co., Ltd. for the construction of two

174,000-cubic meter low-pressure dual-fueled (X-DF) LNG carrier newbuildings that have an estimated total fully built-up cost of

$511.6 million and are scheduled for deliveries in the second half of 2028. As at March 31, 2026, expenditures incurred under these

newbuilding contracts totaled $49.3 million and the estimated remaining expenditures to be incurred are $2.3 million (remainder of

2026), $153.6 million (2027) and $306.4 million (2028). The Company intends to finance the estimated pre-delivery expenditures with

its existing liquidity and future operating cash flow, as well as long-term debt financing to be arranged for the vessels prior to their

scheduled deliveries.

(b) In March 2023, the Company's 50/50 NGL-related joint venture with Exmar NV (or the Exmar LPG Joint Venture) entered into

contracts with Hyundai Mipo Dockyard Co., Ltd. (or HMD) for the construction of two 45,000-cubic meter ammonia capable dual-

fueled LPG carriers with scheduled deliveries in mid-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 $173.8 million. As

at March 31, 2026, the Company's proportionate share of expenditures incurred under these newbuilding contracts totaled

$67.5 million and the Company's proportionate share of estimated remaining expenditures to be incurred in 2026 is $106.3 million.

In January 2025, the Exmar LPG Joint Venture entered into contracts with Avance Gas Aries Ltd. for the assumption by the joint

venture of shipbuilding contracts for the construction of four 40,000-cubic meter dual-fueled LPG carriers, which are being constructed

by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. During the first quarter of 2026, two of these vessels, the Meribel and

the Menuires, were delivered to the Exmar LPG Joint Venture. The remaining vessels are scheduled to be delivered in the second half

of 2026. The Company's proportionate share of the total fully built-up cost of the remaining two vessels is approximately $76.5 million.

As at March 31, 2026, the Company's proportionate share of expenditures incurred under these newbuilding contracts totaled

$39.5 million and the Company's proportionate share of estimated remaining expenditures to be incurred in 2026 is $37.0 million.

(c) The Company has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal

in Bahrain. In October 2025, the Bahrain LNG Joint Venture agreed on the remaining final construction installment payment and

charges related to a dispute with the Bahrain LNG terminal contractor. The Bahrain LNG Joint Venture intends to finance the final

construction installment payment and charges through its existing undrawn financing, its existing liquidity, and potential cash

contributions from the shareholders (of which the Company’s proportionate share is estimated to be up to $5.9 million).

19

Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

(d) The Company owns 70% of Seapeak BLT Corporation (or the Tangguh Joint Venture), which is a party to operating leases whereby

the Tangguh Joint Venture is leasing the Tangguh Hiri and Tangguh Sago LNG carriers (or the Tangguh LNG Carriers) to a third party,

which is in turn leasing the vessels back to the joint venture. The Company’s minimum charter hire payments to be paid and received

under these leases are described in more detail in Item 18 – Financial Statements: Note 14e to the Company’s audited consolidated

financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2025. Under the terms of the leasing

arrangement for the Tangguh LNG Carriers, whereby the Tangguh Joint Venture is the lessee, the lessor claims tax depreciation on its

lease of these vessels. As is typical in these types of leasing arrangements, tax and change of law risks are assumed by the lessee.

Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the

leases. If an assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax

margin. As at March 31, 2026, the carrying amount of this estimated tax indemnification obligation relating to the leasing arrangement

through the Tangguh Joint Venture was $3.2 million (December 31, 2025 – $3.3 million) and was included as part of other long-term

liabilities in the consolidated balance sheets of the Company.

(e) Effective January 1, 2024, emissions emitted by the maritime industry have been integrated in the European Union Emissions Trading

System (or EU ETS) and are being phased in over a three-year period. Emissions for voyages to or from Europe or within Europe

included within the scope of EU ETS were based on 40% during 2024 and 70% during 2025 and are based on 100% commencing in

2026. The Company is obligated to submit Emissions Allowances (or EUAs) for all vessels under its operational management on an

annual basis prior to September 30^th of each year. Each EUA represents a carbon credit that grants the holder the right to emit one

tonne of CO2 equivalent under the EU ETS. For a description of the Company's environmental emissions' accounting policy, see Item

18 – Financial Statements: Note 1 to the Company’s audited consolidated financial statements filed with its Annual Report on Form

20-F for the year ended December 31, 2025.

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

consolidated balance sheets:


	Amounts due from affiliates $	Other current assets $	Other assets $	Accrued liabilities and other $	Other long-term liabilities $
As at March 31, 2026
Amounts due from equity-accounted investees⁽ⁱ⁾	31,047	—	—	—	—
Amounts due from charterers⁽ⁱ⁾	—	8,752	3,931	—	—
EUAs held by the Company⁽ⁱⁱ⁾	—	5,948	—	—	—
Obligation to submit EUAs^(i)(ii)	—	—	—	35,412	14,323
	31,047	14,700	3,931	35,412	14,323
As at December 31, 2025
Amounts due from equity-accounted investees⁽ⁱ⁾	25,116	—	—	—	—
Amounts due from charterers⁽ⁱ⁾	—	11,157	—	—	—
EUAs held by the Company⁽ⁱⁱ⁾	—	5,216	—	—	—
Obligation to submit EUAs⁽ⁱ⁾ⁱⁱ⁾	—	—	—	41,937	—
	25,116	16,373	—	41,937	—

(i) The amounts were measured using the period end EUA spot price.

(ii) Includes the EUAs transferred to the Company by certain charterers, which are related to emissions for voyages during the year ended

December 31, 2025. The value of these EUAs were measured using the EUA spot price on receipt date of the EUAs.

(f) Management is required to assess whether the Company will have sufficient liquidity to continue as a going concern for the one-year

period following the issuance of its unaudited consolidated financial statements. The Company had a working capital deficit of

$509.5 million as at March 31, 2026. This working capital deficit includes $553.1 million related to scheduled maturities and

repayments of long-term debt and obligations related to finance leases in the 12 months following March 31, 2026. Based on the

Company’s liquidity at the date these unaudited consolidated financial statements were issued, the liquidity it expects to generate from

operations over the following year, the cash distributions it expects to receive from its equity-accounted joint ventures, and the

proceeds it expects to receive related to the financing of certain of its LNG carrier newbuildings, the Company estimates that it will

have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these unaudited

consolidated financial statements.

20

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)

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.


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

The Company maintains restricted cash deposits relating to certain term loans, collateral for derivatives (see Note 11) and amounts

received from charterers to be used only for dry-docking expenditures and emergency repairs.

14.Gain on Sales of Vessels

As at December 31, 2025, the Seapeak Mars and the Seapeak Hispania LNG carriers were classified as held for sale in the Company's

consolidated balance sheet at their combined net book value of $24.4 million. In January 2026, the Company sold the Seapeak Mars for

net proceeds of $12.1 million, which approximated its net book value. In January 2026, the Seapeak Hispania was renamed the Seapeak

Jupiter. In March 2026, the Seapeak Jupiter was sold for net proceeds of $15.3 million resulting in a gain on sale of $3.0 million, which is

included in gain on sales of vessels for the three months ended March 31, 2026 in the Company's consolidated statement of income.

15.Total Capital

Common Unit Distributions

On February 27, 2025, the Company declared and paid a cash distribution of $1.0005 per common unit, totaling $100.0 million, to its sole

common unitholder, Stonepeak Limestone Holdings L.P.

16.Subsequent Events

a)In April 2026, the Company sold the Seapeak Creole LNG carrier to a Lessor for $165.0 million and concurrently chartered the vessel

back for a period of 20 years under a bareboat charter contract. The Company is obligated to repurchase the vessel at the end of the

lease term at a nominal amount.

b)In April 2026, the Company refinanced the existing financing arrangements for the Ineos Dolphin and the Ineos Innovation NGL

carriers by repurchasing the vessels for $77.1 million and $43.2 million, respectively, from the existing financing providers and selling

them to new financing providers for $80.0 million and $45.0 million, respectively, and chartering each of the vessels back for a period

of 7.9 years under bareboat charter contracts. The Company has the option to terminate each of the bareboat charters after a period

of 5.9 years and repurchase the vessels for $42.4 million and $23.9 million, respectively. In conjunction with the refinancing of the

vessels, the Company and the charterer have agreed to extend the term of the existing time-charter contracts by 1.5 years at the

same hire rates.

c)In April 2026, the charterer of the Ineos Independence NGL carrier exercised its five-year option to extend the charter contract to April

2032 at a fixed rate.

In May 2026, the charterer of the Ineos Intuition NGL carrier exercised its two-year option to extend the charter contract to May 2029

at a fixed rate.

In May 2026, the charterer of the Ineos Invention NGL carrier exercised its two-year option to extend the charter contract to May 2029

at a fixed rate.

d)In May 2026, the Company entered into contracts with Samsung Heavy Industries Co., Ltd. for the construction of three, 174,000-

cubic meter low-pressure dual-fueled (X-DF) LNG carrier newbuildings which have an estimated total fully built-up cost of

$756.0 million and are scheduled for deliveries in the first half of 2029. The Company intends to finance the estimated cost with its

existing liquidity and future operating cash flow, as well as long-term debt financing to be arranged for the vessels prior to their

scheduled deliveries.

21

SEAPEAK LLC AND SUBSIDIARIES

MARCH 31, 2026

PART I – FINANCIAL INFORMATION

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

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the

unaudited consolidated financial statements and accompanying notes contained in "Item 1 – Financial Statements" of this Report on Form 6-K

and with our audited consolidated financial statements contained in "Item 18 – Financial Statements" and with "Management’s Discussion and

Analysis of Financial Condition and Results of Operations" in "Item 5 – Operating and Financial Review and Prospects" of our Annual Report on

Form 20-F for the year ended December 31, 2025. Included in our Annual Report on Form 20-F is important information about items that you

should consider when evaluating our results, information about the types of contracts we enter into and certain non-GAAP measures we utilize

to measure our performance. Unless otherwise indicated, references in this Report to “we,” “us” and “our” and similar terms refer to Seapeak

LLC and its subsidiaries.

OVERVIEW

Seapeak LLC is an international provider of marine transportation services focusing on liquefied natural gas (or LNG) and natural gas liquids (or

NGL). Our primary strategy focuses on servicing customers through our owned and leased fleet of vessels under medium to long-term, fixed-

rate charters. We may evaluate and enter into adjacent liquefied gas markets, renewable markets, and other maritime opportunities. In

executing our strategy, we may engage in vessel or business acquisitions or enter into joint ventures and partnerships with companies that

provide increased access to emerging opportunities from global expansion of the LNG and NGL sectors.

SIGNIFICANT DEVELOPMENTS IN 2026

LNG Carrier Newbuildings

In May 2026, we entered into shipbuilding contracts with Samsung Heavy Industries Co., Ltd. for the construction of three, 174,000-cubic meter

low-pressure dual-fueled (X-DF) LNG carrier newbuildings. The three LNG carriers will be constructed for a total estimated fully built-up cost of

$756.0 million.

Concurrently, we secured 10-year fixed-rate charter contracts (with one five-year extension option) with an international energy company for the

three LNG carrier newbuildings, which are expected to commence during the first half of 2029 upon delivery of the vessels.

NGL Carrier Charter Contracts

In May 2026, the charterers of the Ineos Invention and the Ineos Intuition NGL carriers exercised their two-year extension options at fixed rates,

which are expected to commence in May 2027.

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

commence in May 2027.

In January 2026, the charterers of the Ineos Innovation and the Ineos Dolphin NGL carriers agreed to extend the term of their existing charter

contracts by 1.5 years. As a result of the extensions, the firm period of these charter contracts are scheduled to end in July 2028 and February

2031, respectively.

Vessel Sales

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

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

Other Fleet Developments

We have four LNG carriers in our 52%-owned MALT Joint Venture that are currently operating on short-term charter contracts. Additionally, we

have four LNG carriers (including one LNG carrier from our 70%-owned RasGas II Joint Venture and one LNG carrier from our 52%-owned

MALT Joint Venture) which are expected to complete their long-term charter contracts during 2026. LNG project delays have caused a near-

term oversupply of LNG carriers. As a result, our results for 2026 and beyond may be negatively impacted to the extent that there are periods

within 2026 or subsequent years that we have LNG carriers without charter contracts or we have rechartered our LNG carriers at rates lower

than they earned on their prior charter contracts.

22

Russia-Ukraine War

The ongoing Russia-Ukraine war has disrupted energy markets and supply chains, has resulted in various sanctions on Russian entities,

individuals, and sectors, and has caused volatility in global energy markets. While much uncertainty remains regarding the global impact and

remaining duration of the war, and the impact of any additional sanctions that may be imposed on Russia and its trading partners, it is possible

that continued hostilities between Russia and Ukraine and any actions taken by the U.S., EU, UK or by other countries or administrations in

response to those hostilities could adversely affect our business, financial condition, results of operations and cash flows. In October 2025, the

EU announced that effective January 1, 2027, there will be a ban on Russian LNG imported into the EU pursuant to long-term supply contracts.

In November 2025, the UK announced its intention to implement a ban on the provision of UK maritime services and UK insurance services in

connection with Russian LNG exports; however, to date, the UK has not yet formally released specific terms relating to this ban. In April 2026,

the EU announced that effective January 1, 2027, there will be a ban on technical services provided to LNG vessels transporting Russian LNG.

To date, we have not experienced any material adverse financial impact as a result of the Russia-Ukraine war. However, as a result of the

announcements in October 2025 (and as the regulatory landscape continues to evolve), we expect we will be required to restructure our

operations.

Geopolitical and Economic Uncertainty

The U.S. administration continues to negotiate and implement new or increased tariffs on foreign imports, which has resulted in retaliatory tariffs

being levied on certain U.S. goods and commodities and may lead to potential trade wars. This activity has disrupted global markets resulting in

significant volatility in stock and commodity prices and an increase in general global economic uncertainty, including an increased risk of

economic recessions.

Separately, tensions in the Middle East may impact our business. Most recently, in February 2026, the U.S. and Israel launched a major attack

on Iran which has resulted in a retaliation by Iran against U.S. military bases in the Middle East (including in Bahrain) and other targets. The

U.S.-Israel war with Iran has resulted in attacks on commercial vessels, infrastructure, and the effective closure and the U.S. naval blockade of

the Strait of Hormuz, disrupting shipping trade routes. Prior to the war, approximately 20% of the world's oil and LNG typically passed through

the strait. As of the date of this report, although we have operational assets located within the vicinity of the Strait of Hormuz, including our

Bahrain LNG import terminal, we have not been adversely affected by the attacks. However, any future hostility or attacks could lead to

significant damage to our assets, loss of life, and increased vessel operational costs. Attacks, war, hijacking or other events beyond our control

could adversely affect our operations, operating results and financial condition.

RESULTS OF OPERATIONS

The following includes a comparison of the components of our results of operations for the three months ended March 31, 2026 as compared to

the same period of the prior year.

Liquefied Natural Gas Segment

As at March 31, 2026, our LNG segment fleet included 49 LNG carriers (including seven LNG carriers under construction), and one LNG

regasification terminal in Bahrain, in which our interests ranged from 20% to 100%.

The following table compares our LNG segment’s operating results, revenue days, calendar-ship-days and utilization for the three months

ended March 31, 2026 and 2025, and compares its net voyage revenues (which is a non-GAAP financial measure) for the three months ended

March 31, 2026 and 2025 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 19 LNG carriers that are accounted for under the consolidation method of

accounting for the three months ended March 31, 2026 (2025 – 21 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".

23


(in thousands of U.S. Dollars, except for days and percentages)	Three Months Ended March 31,		Change	% Change
	2026	2025	Change	% Change
Voyage revenues	119,142	132,602	(13,460)	(10.2)
Voyage expenses	(2,502)	(5,083)	2,581	(50.8)
Net voyage revenues⁽ⁱ⁾	116,640	127,519	(10,879)	(8.5)
Vessel operating expenses	(46,467)	(45,826)	(641)	1.4
Depreciation and amortization	(33,434)	(25,727)	(7,707)	30.0
General and administrative expenses ⁽ⁱⁱ⁾	(6,387)	(6,200)	(187)	3.0
Gain on sales of vessels	3,007	—	3,007	100.0
Income from vessel operations	33,359	49,766	(16,407)	(33.0)
Equity income	21,600	14,226	7,374	51.8
Operating Data:
Calendar-ship-days (B)	1,724	1,890	(166)	(8.8)
Less:
Scheduled dry-docking days	40	—	40	100.0
Unscheduled off-hire and idle days	139	235	(96)	(40.9)
Revenue days (A)	1,545	1,655	(110)	(6.6)
Utilization (A)/(B)	89.6%	87.6%

(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 three months ended March 31, 2026, total calendar-ship-days of the LNG segment were 1,724 compared to 1,890 days for the same

period of the prior year. The decrease in total calendar-ship-days is primarily due to the sales of the Seapeak Asia, the Seapeak Mars and the

Seapeak Jupiter in December 2025, January 2026 and March 2026, respectively.

Net Voyage Revenues. Net voyage revenues decreased by $10.9 million for the three months ended March 31, 2026, compared to the same

period of the prior year, primarily due to:

• a decrease of $11.9 million for the three months ended March 31, 2026 due to lower charter rates earned and idle days incurred by certain

of our LNG carriers following the scheduled completions of their previous charter contracts;

• a decrease of $4.4 million for the three months ended March 31, 2026 due to the scheduled drydockings of the Marvel Swan and the

Seapeak Creole LNG carriers during the first quarter of 2026; and

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

carriers in December 2025 and March 2026, respectively;

partially offset by:

• an increase of $2.6 million for the three months ended March 31, 2026 due to bunker fuel expenses incurred during the repositioning of the

Seapeak Mars LNG carrier ahead of its cold lay-up in the first quarter of 2025 until its sale in January 2026;

• an increase of $1.6 million primarily due to higher fixed-rate recoveries of operating and maintenance costs from the management and

operations of the Bahrain LNG Terminal, in which we have a 30% ownership interest, during the first quarter of 2026 compared to lower

variable-rate cost recoveries for the same period of 2025;

• an increase of $1.4 million for the three months ended March 31, 2026 due to lower operational claims on certain of our LNG carriers

during the first quarter of 2026; and

• an increase of $1.2 million for the three months ended March 31, 2026 due to higher reimbursement to us of seafarers' costs (offset in

vessel operating expenses) and ship management fees from certain of our equity-accounted joint ventures during the first quarter of 2026.

24

Depreciation and Amortization. Depreciation and amortization increased by $7.7 million for the three months ended March 31, 2026, compared

to the same period of the prior year, primarily due to the reduction in the estimated useful life of our three 70%-owned steam turbine LNG

carriers by five years effective October 1, 2025, partially offset by the write-down of these vessels during the third quarter of 2025.

Gain on Sales of Vessels. Gain on sales of vessels was $3.0 million for the three months ended March 31, 2026, and primarily relates to a gain

on the sale of the Seapeak Jupiter LNG carrier in March 2026.

Equity Income. Equity income increased by $7.4 million for the three months ended March 31, 2026, compared to the same period of the prior

year. The change in equity income includes an increase of $11.3 million related to changes in our unrealized credit loss provisions recorded in

certain of our equity-accounted joint ventures, primarily due to a higher decrease in the estimated charter-free vessel fair values for vessels

servicing time-charter contracts accounted for as direct financing or sales-type leases for the three months ended March 31, 2025 and an

increase of $3.3 million due to unrealized gains on non-designated derivative instruments for the three months ended March 31, 2026,

compared to unrealized losses during the same period of the prior year, primarily due to changes in long-term forward benchmark interest rates.

Excluding the changes in unrealized credit loss provisions and unrealized gains (losses) on non-designated derivative instruments, equity

income decreased by $7.2 million for the three months ended March 31, 2026, compared to the same period of the prior year, primarily due to:

• Yamal LNG Joint Venture: a decrease of $4.7 million for the three months ended March 31, 2026, primarily due to unrealized foreign

exchange losses during the first quarter of 2026 compared to unrealized gains during the same period of the prior year due to the period-

end revaluation of Euro cash deposits for financial reporting purposes into U.S. Dollars; partially offset by lower depreciation expense due

to a change in the expected timing of the next drydock for certain LNG carriers during the first quarter of 2026.

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

rates earned during the first quarter of 2026.

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

of one LNG carrier for repairs during the first quarter of 2026.

partially offset by:

• RasGas III LNG Joint Venture: an increase of $0.9 million for the three months ended March 31, 2026, primarily due to lower interest

expense during the first quarter of 2026 as a result of lower debt balances following scheduled principal repayments.

Natural Gas Liquids Segment

As at March 31, 2026, our NGL segment fleet, which consists of LPG, ethane and multi-gas carriers, included 42 NGL carriers, in which our

interests ranged from 25% to 100% (including five time chartered-in NGL carriers, six NGL carriers under construction and six time chartered-in

NGL carriers under construction).

The following table compares our NGL segment’s operating results, revenue days, calendar-ship-days and utilization for the three months

ended March 31, 2026 and 2025, and compares its net voyage revenues (which is a non-GAAP financial measure) for the three months ended

March 31, 2026 and 2025 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 10 wholly-owned NGL carriers that are accounted for under the consolidation method of

accounting for the three months ended March 31, 2026 and 2025. A comparison of the results from vessels and assets accounted for under the

equity method are described below under "Equity Income".

25


(in thousands of U.S. Dollars, except for days and percentages)	Three Months Ended March 31,		Change	% Change
	2026	2025	Change	% Change
Voyage revenues	28,225	27,828	397	1.4
Voyage expenses	(99)	(314)	215	(68.5)
Net voyage revenues⁽ⁱ⁾	28,126	27,514	612	2.2
Vessel operating expenses	(8,276)	(8,531)	255	(3.0)
Depreciation and amortization	(8,449)	(7,794)	(655)	8.4
General and administrative expenses ⁽ⁱⁱ⁾	(717)	(944)	227	(24.0)
Income from vessel operations	10,684	10,245	439	4.3
Equity income	6,932	3,448	3,484	101.0
Operating Data:
Calendar-ship-days (B)	900	900	—	—
Less:
Scheduled dry-docking days	—	—	—	—
Unscheduled off-hire and idle days	—	25	(25)	(100.0)
Revenue days (A)	900	875	25	2.9
Utilization (A)/(B)	100.0%	97.2%

(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 three months ended March 31, 2026 and 2025, total calendar-ship-days of the NGL segment were 900 days for each period.

Equity Income. Equity income from the Exmar LPG Joint Venture increased by $3.5 million for the three months ended March 31, 2026,

compared to the same period of the prior year, primarily due to:

• an increase of $1.8 million for the three months ended March 31, 2026 due to unrealized gains on non-designated derivative instruments,

compared to unrealized losses during the same period of the prior year primarily due to changes in long-term forward benchmark interest

rates during these periods;

• an increase of $1.0 million for the three months ended March 31, 2026 due to lower interest expense mainly due to lower utilization of the

revolving credit facility and lower floating interest rates; and

• an increase of $0.9 million for the three months ended March 31, 2026 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;

partially offset by:

• a decrease of $0.5 million for the three months ended March 31, 2026 due to the net impact of the sale-leaseback of the in-chartered

Sophie Schulte LPG carrier at higher rates commencing in the second quarter of 2025.

26

Other Operating Results

The following tables compares our other operating results for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,		Change	% Change
(in thousands of U.S. Dollars)	2026	2025	Change	% Change
General and administrative expenses	(7,104)	(7,144)	40	(0.6)
Interest expense	(36,700)	(42,446)	5,746	(13.5)
Interest income	2,826	3,170	(344)	(10.9)
Realized and unrealized gain (loss) on non- designated derivative instruments	7,144	(17,008)	24,152	(142.0)
Foreign currency exchange loss	(444)	(1,060)	616	(58.1)
Other expense	(4,844)	(12,761)	7,917	(62.0)
Income tax (expense) recovery	(81)	363	(444)	(122.3)
Other comprehensive income (loss)	1,476	(8,313)	9,789	(117.8)

Interest Expense. Interest expense was $36.7 million for the three months ended March 31, 2026, as compared to $42.4 million for the same

period of the prior year. Interest expense primarily reflects interest incurred on our long-term debt and obligations related to finance leases. The

decrease was primarily due to lower debt balances as a result of scheduled repayments, including the maturity of certain of our NOK-

denominated bonds in September 2025; and lower floating interest rates during the first quarter of 2026; partially offset by the higher utilization

of our revolving credit facility during the first quarter of 2026.

Realized and Unrealized Gain (Loss) on Non-designated Derivative Instruments. We have entered into 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.S. Dollar-

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 31, 2026 and 2025. 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 gains (losses)

on non-designated derivative instruments were $7.1 million for the three months ended March 31, 2026, as compared to $(17.0) million for the

same period of the prior year, primarily due to changes in the prevailing and forward SOFR rates during these periods.

Foreign Currency Exchange Loss. Foreign currency exchange loss was $0.4 million for the three months ended March 31, 2026, as compared

to $1.1 million for the same period of the prior year. These foreign currency exchange losses were primarily due to the relevant period-end

revaluation of our NOK-denominated debt, net of the realized and unrealized gains and losses on our cross currency swaps. Gains and losses

on NOK-denominated monetary liabilities reflect a stronger (gains) or weaker (losses) U.S. Dollar against the NOK on the date of revaluation or

settlement compared to the rate in effect at the beginning of the period. Our cross currency swaps economically hedge all of the foreign

currency and interest rate exposure on our NOK-denominated debt.

Other Expense. Other expense was $4.8 million for the three months ended March 31, 2026, as compared to $12.8 million for the same period

of the prior year. The change in other expense was primarily due to a decrease of $7.7 million in unrealized credit loss provisions primarily due

to a higher decrease in the estimated charter-free vessel fair values for vessels servicing time-charter contracts accounted for as direct

financing or sales-type leases, and their impact on our expectation of the value of such vessels upon completion of their existing charter

contracts during the three months ended March 31, 2025.

Other Comprehensive Income (Loss). Other comprehensive income (loss) was $1.5 million for the three months ended March 31, 2026, as

compared to $(8.3) million for the same period of the prior year. The change in other comprehensive income (loss) was primarily due to

changes in the prevailing and forward SOFR benchmark interest rates, where the results of our joint ventures reflect the use of hedge

accounting. The change in other comprehensive income (loss) for the three months ended March 31, 2026 was primarily due to unrealized

gains on our interest rate swap agreements, compared to unrealized losses for the same period of the prior year.

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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, 2025.

Our sources of funds include borrowings from debt facilities and borrowings from obligations related to finance leases, which are described in

"Item 1 – Financial Statements: Note 8 – Long-Term Debt and Note 5 – Chartered-in Vessels" of this Report. We also guarantee our

proportionate share of certain loan facilities and obligations on interest rate swaps for certain of our equity-accounted joint ventures. As at

March 31, 2026, this proportionate share, based on the aggregate principal amount of the loan facilities and fair value of the interest rate swaps,

was $750.0 million. As at March 31, 2026, our equity-accounted joint ventures were in compliance with all covenants relating to these loan

facilities that we guarantee.

Certain of our credit facilities and obligations related to finance leases require us to maintain financial covenants. If we do not meet these

financial covenants, the lender or lessor may limit our ability to borrow additional funds under our credit facilities and accelerate the repayment

of our revolving credit facility, term loans and bonds, and obligations related to finance leases, which would have a significant impact on our

short-term liquidity requirements. The terms of and compliance with these financial covenants are described in further detail in "Item 1 –

Financial Statements: Note 5 – Chartered-in Vessels and Note 8 – Long-Term Debt" included in this Report. Certain of our debt facilities and

obligations related to finance leases require us to make interest payments based on NIBOR or SOFR. Significant increases in interest rates

could adversely affect results of operations and our ability to service our debt; however, as part of our strategy to minimize financial risk, we use

interest rate swaps and cross currency swaps to reduce our exposure to market risk from changes in interest rates. Our current positions are

described in further detail in "Item 1 – Financial Statements: Note 11 – Derivative Instruments and Hedging Activities" included in this Report

and the extent of our exposure to changes in interest rates is described in further detail in "Item 11 – Quantitative and Qualitative Disclosures

About Market Risk” in our Annual Report on Form 20-F for the year ended December 31, 2025.

Liquidity

Our total liquidity, which consists of cash, cash equivalents, and undrawn credit facilities, was $191.3 million as at March 31, 2026, compared to

$337.9 million as at December 31, 2025, a decrease of $146.6 million. This decrease was due to a $105.0 million increase in the amounts

drawn on our revolving credit facility (which allows for borrowings of up to $350.0 million) and a decrease in cash and cash equivalents of $41.6

million (as detailed in "Item 1 – Financial Statements: Unaudited Consolidated Statements of Cash Flows" included in this Report, excluding a

decrease in restricted cash of $4.2 million).

We expect that our liquidity at March 31, 2026, combined with the operating cash flows we expect to generate from customer contracts in place

at March 31, 2026, the cash distributions we expect to receive from our equity-accounted joint ventures, and the proceeds we expect to receive

related to the financing of certain of our newbuildings, will be sufficient to pay our obligations coming due in the next 12 months following

March 31, 2026. Our ability to pay our obligations, and to refinance our long-term debt and finance leases coming due subsequent to March 31,

2026, will depend on, among other things, our ability to continue to service our long-term charter contracts, our financial condition and the

condition of credit markets in the months leading up to the maturity dates. We may expand the size of our fleet through the acquisition of new or

second-hand vessels or through the construction of additional new vessels. Our ability to continue to expand the size of our fleet over the long-

term is dependent upon our ability to generate operating cash flow, obtain long-term bank borrowings, sale-leaseback financings and other

debt, as well as our ability to raise debt or equity financing.

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


	Total	12 Months Following March 31, 2026	Remainder of 2027	2028	2029	2030	Beyond 2030
	(in millions of U.S. Dollars)
U.S. Dollar long-term debt principal	875.9	231.8	419.9	54.7	45.5	124.0	—
Norwegian Kroner long-term debt principal ⁽ⁱ⁾	103.2	103.2	—	—	—	—	—
Commitments related to finance leases ⁽ⁱⁱ⁾	2,052.3	310.1	250.8	364.7	209.5	295.1	622.1
Commitments related to operating leases ⁽ⁱⁱⁱ⁾	89.5	28.6	21.6	30.0	6.4	0.5	2.4
Newbuilding installments/shipbuilding supervision ^(iv)(v)	1,315.8	431.3	578.1	306.4	—	—	—
Totals	4,436.7	1,105.0	1,270.4	755.8	261.4	419.6	624.5

(i) NOK-denominated obligations are presented in U.S. Dollars and have been converted using the prevailing exchange rates as of March 31, 2026.

(ii) Includes, in addition to lease payments, amounts to purchase the leased vessels at the end of their respective lease terms. Additionally, the

commitments include the effect of the refinancing of the Ineos Dolphin and the Ineos Innovation NGL carriers completed in April 2026. Where

applicable, accelerated timing of repayments may be required if the Company is not in compliance with certain covenants under its lease agreements.

(iii) We have corresponding leases whereby we are the lessor and expect to receive approximately $63.8 million under these leases from March 31, 2026 to

2029.

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(iv) During November 2022, we entered into contracts with Samsung Heavy Industries Co., Ltd. for the construction of five 174,000-cubic meter M-type,

Electronically Controlled, Gas Admission propulsion LNG carriers, which are scheduled for deliveries throughout 2027. We intend to finance

substantially all of the remaining estimated pre-delivery expenditures with borrowings under two U.S. Dollar-denominated term loans maturing in 2027.

In addition, the final construction installments due on delivery and the repayment of the two U.S. Dollar-denominated term loans maturing in 2027 will be

financed with existing 10-year sale and leaseback financing arrangements, where each LNG carrier newbuilding will be sold to a Lessor upon the

vessel's delivery for approximately $235.0 million per vessel and leased back to us.

(v) During December 2025, we entered into contracts with Samsung Heavy Industries Co., Ltd. for the construction of two 174,000-cubic meter low-

pressure dual-fueled (X-DF) LNG carrier newbuildings, which are scheduled for deliveries in the second half of 2028. We intend to finance the estimated

costs with our existing liquidity and future operating cash flow, as well as short and long-term debt financing to be arranged for the vessels prior to their

scheduled deliveries.

In addition to the commitments in the table above, our equity-accounted joint ventures have commitments to fund newbuilding and other

construction contract costs all of which are non-recourse to us. See "Item 1 – Financial Statements: Note 12 – Commitments and

Contingencies" included in this Report.

Critical Accounting Estimates and Risk Factors

We prepare our consolidated financial statements in accordance with GAAP, which require us to make estimates in the application of our

accounting policies based on our best assumptions, judgments and opinions. On a regular basis, management reviews the accounting policies,

assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with GAAP.

However, because future events and their effects cannot be determined with certainty, actual results could materially differ from our

assumptions and estimates, and such differences could be material. Accounting estimates and assumptions discussed in "Item 5 – Operating

and Financial Review and Prospects – Critical Accounting Estimates" of our Annual Report on Form 20-F for the year ended December 31,

2025, are those that we consider to be the most critical to an understanding of our financial statements, because they inherently involve

significant judgments and uncertainties. For a further description of our critical accounting policies, please read "Item 5 – Operating and

Financial Review and Prospects – Critical Accounting Estimates" and "Item 18 – Financial Statements: Note 1 – Summary of Significant

Accounting Policies" in our Annual Report on Form 20-F for the year ended December 31, 2025. There have been no significant changes in

accounting estimates and assumptions from those discussed in our 2025 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, 2025, 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 vessel operations would be the most directly comparable GAAP financial measure, and net

voyage revenues has been defined as income from vessel operations before gain on sales of vessels, general and administrative expenses,

depreciation and amortization, and vessel operating expenses. The following table reconciles net voyage revenues with income from vessel

operations:

29


	LNG Segment		NGL Segment
	Three Months Ended March 31,		Three Months Ended March 31,
(in thousands of U.S. Dollars)	2026	2025	2026	2025
Income from vessel operations	33,359	49,766	10,684	10,245
Gain on sales of vessels	(3,007)	—	—	—
General and administrative expenses	6,387	6,200	717	944
Depreciation and amortization	33,434	25,727	8,449	7,794
Vessel operating expenses	46,467	45,826	8,276	8,531
Net voyage revenues	116,640	127,519	28,126	27,514

FORWARD-LOOKING STATEMENTS

This Report on Form 6-K for the three months ended March 31, 2026 contains certain forward-looking statements (as such term is defined in

Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future

events and our operations, performance and financial condition, including, in particular, statements regarding:

• our liquidity needs, including our anticipated funds and sources of financing for liquidity and working capital needs and the sufficiency

of cash flows and our expectation that we will have sufficient liquidity for at least a one-year period;

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

Venture's LPG carrier newbuildings;

• expected exposure to interest rate volatility;

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

additional new vessels;

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

• expected interest payments;

• general domestic and international political conditions and geopolitical conflicts, including the impact of the Russia-Ukraine war, the

U.S.-Israel war with Iran, and other conflicts on the economy, our industry and our business;

• the impact on our results for 2026 and beyond by any LNG carriers without charter contracts or LNG carriers rechartered at reduced

rates;

• future sales or chartering opportunities for the RasGas II LNG carriers following expiration of their existing vessel charter contracts;

• the impact of tariffs on the economy, our industry and our business;

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

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

Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or

achievements, and may contain the words believe, anticipate, expect, estimate, project, will be, will continue, will likely result, plan, intend or

words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and

estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may

differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ

materially include, but are not limited to: the competitive factors in the markets in which we operate; changes in the financial stability of our

charterers; changes in our expenses; delays associated with the dry docking of our vessels; potential delays in the deliveries and potential

increases in costs relating to the LNG and LPG carrier newbuildings; sales of vessels; potential for early termination of long-term contracts and

our ability to renew or replace long-term contracts; future demand for steam turbine LNG carriers; our ability to secure charter contracts for our

vessels; loss of any customer, time-charter contract or vessel; changes in production or prices of LNG or LPG; demand for our services;

changes in the world fleet sizes of LNG and LPG carriers; potential development of active short-term or spot LNG or LPG shipping markets;

spot market rate fluctuations; our ability to generate and access additional cash and capital during the next 12 months; our and our joint

ventures’ potential inability to raise financing, to refinance our or their debt maturities, or to purchase additional vessels; our exposure to

inflation, interest rate and currency exchange rate fluctuations; conditions in the public equity and debt markets; political, governmental and

economic instability in the regions and markets in which we operate; changes in laws or regulations, including those relating to the regulation of

greenhouse gases, such as the EU ETS; tariffs and retaliatory measures; the interpretation, enforcement and continuing application of docking

fee measures applicable to Chinese-built and U.S-connected vessels; the application of sanctions to us or any of our counterparties or joint

venture partners; LNG or LPG project delays or abandonment; the impact of the Russia-Ukraine war, the U.S.-Israel war with Iran and other

conflicts on us or on our third party counterparties to our charter contracts or business arrangements; and other factors detailed from time to

time in our periodic reports filed with the SEC, including our Annual Report on Form 20-F for the year ended December 31, 2025. We do not

intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations

with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

30

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: May 15, 2026	By:	/s/ Scott Gayton
		Scott Gayton
		Chief Financial Officer
		(Principal Financial and Accounting Officer)