Seapeak 6-K Q2-25 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 June 30, 2025

Commission file number 1-32479

_____________________________________________________________

SEAPEAK LLC

(Exact name of Registrant as specified in its charter)

_____________________________________________________________

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

(Address of principal executive office)

_____________________________________________________________

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

Form 20-F ý Form 40-F ¨

2

SEAPEAK LLC AND SUBSIDIARIES

REPORT ON FORM 6-K FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

INDEX



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

Unaudited Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024	3
Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024	4
Unaudited Consolidated Balance Sheets as at June 30, 2025 and December 31, 2024	5
Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	6
Unaudited Consolidated Statements of Changes in Total Equity for the three and six months ended June 30, 2025 and 2024	7
Notes to the Unaudited Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

SIGNATURES	35

3

ITEM 1 – FINANCIAL STATEMENTS

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in thousands of U.S. Dollars)


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	$	$	$	$
Voyage revenues (notes 6 and 10a)	158,638	175,502	319,068	354,619
Voyage expenses	(1,671)	(2,102)	(7,068)	(5,487)
Vessel operating expenses	(55,642)	(57,159)	(109,999)	(112,994)
Time-charter hire expenses	—	(2,128)	—	(4,301)
Depreciation and amortization	(34,406)	(35,210)	(67,927)	(70,203)
General and administrative expenses	(7,260)	(6,877)	(14,404)	(15,452)
Gain on sales of vessels (note 14a)	—	267	—	971
Restructuring charges (note 16)	(19,264)	—	(19,264)	—
Income from vessel operations	40,395	72,293	100,406	147,153
Equity income (notes 3b, 7 and 10a)	37,981	34,564	55,655	64,502
Interest expense	(42,326)	(45,516)	(84,772)	(89,204)
Interest income (note 7)	3,082	3,542	6,252	6,866
Realized and unrealized (loss) gain on non-designated derivative instruments (note 11)	(8,207)	8,167	(25,215)	31,530
Foreign currency exchange (loss) gain (notes 8 and 11)	(1,753)	591	(2,813)	1,304
Other expense (notes 3b and 5)	(1,228)	(2,715)	(13,989)	(9,542)
Net income before income tax (expense) recovery	27,944	70,926	35,524	152,609
Income tax (expense) recovery (note 9)	(2,040)	497	(1,677)	679
Net income	25,904	71,423	33,847	153,288
Non-controlling interest in net income	2,382	2,507	1,140	2,386
Preferred unitholders' interest in net income	6,279	6,425	12,558	12,850
Common unitholder's interest in net income	17,243	62,491	20,149	138,052

Related party transactions (note 10)

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

4

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands of U.S. Dollars)


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	$	$	$	$
Net income	25,904	71,423	33,847	153,288
Other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications
Unrealized (loss) gain on qualifying cash flow hedging instruments, net of tax	(2,826)	4,283	(8,399)	17,834
Amounts reclassified from accumulated other comprehensive income, net of tax
To equity income:
Realized gain on qualifying cash flow hedging instruments	(2,930)	(4,385)	(5,847)	(8,688)
To interest expense:
Realized loss on qualifying cash flow hedging instruments (note 11)	162	185	339	382
Other comprehensive (loss) income	(5,594)	83	(13,907)	9,528
Comprehensive income	20,310	71,506	19,940	162,816
Non-controlling interest in comprehensive income	2,430	2,562	1,241	2,501
Preferred unitholders' interest in comprehensive income	6,279	6,425	12,558	12,850
Common unitholder's interest in comprehensive income	11,601	62,519	6,141	147,465

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 June 30, 2025	As at December 31, 2024
	$	$
ASSETS
Current
Cash and cash equivalents (note 13)	141,391	153,726
Restricted cash – current (note 13)	—	9,210
Accounts receivable, including non-trade of $8,853 (2024 – $6,183) (note 11)	31,074	29,058
Prepaid expenses	13,592	15,162
Vessels held for sale (note 14b)	48,650	—
Current portion of derivative assets (note 11)	39,896	35,684
Current portion of net investments in direct financing and sales-type leases, net (notes 3b and 6)	20,800	20,928
Amounts due from affiliates (notes 10b and 12e)	20,686	19,679
Other current assets (note 12e)	14,623	6,619
Total current assets	330,712	290,066
Restricted cash – long-term (note 13)	17,292	25,032
Vessels and equipment
At cost, less accumulated depreciation of $74,316 (2024 – $94,752)	421,823	731,318
Vessels related to finance leases, at cost, less accumulated depreciation of $408,531 (2024 – $367,146) (note 5)	2,186,920	1,979,630
Advances on newbuilding contracts (note 12a)	250,313	243,186
Total vessels and equipment	2,859,056	2,954,134
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7)	1,367,015	1,346,578
Net investments in direct financing and sales-type leases, net (notes 3b and 6)	601,412	625,398
Other assets (note 12e)	35,567	28,858
Derivative assets (note 11)	14,872	50,913
Intangible assets, net	16,967	20,434
Goodwill	37,308	37,308
Total assets	5,280,201	5,378,721
LIABILITIES AND EQUITY
Current
Accounts payable	6,217	7,093
Accrued liabilities and other (note 12e)	125,044	100,060
Unearned revenue (note 6)	33,135	34,733
Current portion of long-term debt (note 8)	198,168	177,093
Current obligations related to finance leases (note 5)	232,447	129,418
Current portion of derivative liabilities (note 11)	12,770	22,283
Amounts due to affiliates (note 10b)	10,703	6,721
Total current liabilities	618,484	477,401
Long-term debt (note 8)	690,505	882,446
Long-term obligations related to finance leases (note 5)	1,638,609	1,598,135
Other long-term liabilities (notes 3b, 6 and 12)	102,761	88,764
Derivative liabilities (note 11)	16,127	25,281
Total liabilities	3,066,486	3,072,027
Commitments and contingencies (notes 5, 7, 8, 11 and 12)
Equity
Common units (99.9 million units issued and outstanding at June 30, 2025 and December 31, 2024)	1,852,028	1,931,879
Preferred units (11.9 million units authorized; 11.5 million issued and outstanding at June 30, 2025 and December 31, 2024)	278,419	278,419
Accumulated other comprehensive income	22,075	36,083
Equity	2,152,522	2,246,381
Non-controlling interest	61,193	60,313
Total equity	2,213,715	2,306,694
Total liabilities and total equity	5,280,201	5,378,721

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

6

SEAPEAK LLC AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. Dollars)


	Six Months Ended June 30,
	2025	2024
	$	$
Cash, cash equivalents and restricted cash provided by (used for)
OPERATING ACTIVITIES
Net income	33,847	153,288
Non-cash and non-operating items:
Unrealized loss (gain) on non-designated derivative instruments (note 11)	32,912	(19,994)
Depreciation and amortization	67,927	70,203
Gain on sales of vessels (note 14a)	—	(971)
Unrealized foreign currency exchange loss (gain)	3,967	(579)
Equity income, net of distributions received of $22,460 (2024 – $26,019) (note 7)	(33,195)	(38,483)
Amortization of deferred financing issuance costs included in interest expense	2,025	2,544
Change in unrealized credit loss provisions included in other expense (note 3b)	13,400	13,200
Gain on extinguishment of obligations related to finance leases included in other expense (note 5)	—	(3,537)
Other non-cash items	(3,464)	(422)
Change in operating assets and liabilities:
Receipts from direct financing and sales-type leases	11,115	10,259
Expenditures for dry docking	(2,183)	(8,293)
Other operating assets and liabilities	18,534	(14,426)
Net operating cash flow	144,885	162,789
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	183,944	285,885
Scheduled repayments of long-term debt	(42,357)	(48,176)
Prepayments of long-term debt	(335,000)	(275,885)
Extinguishment of obligations related to finance leases, net of security deposits (note 5)	—	(252,522)
Proceeds from financing related to sales and leaseback of vessels (note 5)	213,000	349,300
Scheduled repayments of obligations related to finance leases	(66,302)	(59,321)
Financing issuance costs	(6,202)	(4,048)
Cash distributions paid	(112,558)	(212,850)
Dividends paid to non-controlling interest	(361)	(4,050)
Net financing cash flow	(165,836)	(221,667)
INVESTING ACTIVITIES
Expenditures for vessels and equipment, including advances on newbuilding contracts	(8,334)	(7,353)
Capital returned from equity-accounted joint ventures (note 7)	—	29,961
Proceeds from the sales of vessels (note 14a)	—	22,186
Net investing cash flow	(8,334)	44,794
Decrease in cash, cash equivalents and restricted cash	(29,285)	(14,084)
Cash, cash equivalents and restricted cash, beginning of the period	187,968	184,394
Cash, cash equivalents and restricted cash, end of the period	158,683	170,310

Supplemental cash flow information (note 13)

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

7

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, 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 per unit)	—	(100,000)	—	—	—	—	(100,000)
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,775)	—	—	(2,775)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,504)	—	—	(3,504)
Dividends paid to non-controlling interest	—	—	—	—	—	(361)	(361)
Balance as at March 31, 2025	99,949	1,834,785	11,529	278,419	27,717	58,763	2,199,684
Net income	—	17,243	—	6,279	—	2,382	25,904
Other comprehensive (loss) income	—	—	—	—	(5,642)	48	(5,594)
Distributions declared:
Preferred units Series A ($0.5625 per unit)	—	—	—	(2,775)	—	—	(2,775)
Preferred units Series B ($0.5313 per unit)	—	—	—	(3,504)	—	—	(3,504)
Balance as at June 30, 2025	99,949	1,852,028	11,529	278,419	22,075	61,193	2,213,715


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

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

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Table of Contents

SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

1. Basis of Presentation

The unaudited interim consolidated financial statements (or unaudited consolidated financial statements) have been prepared in

accordance with United States generally accepted accounting principles (or GAAP). These unaudited consolidated financial statements

include the accounts of Seapeak LLC (or the Company), which is a limited liability company formed under the laws of the Republic of the

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

beneficiary.

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

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

statements for the year ended December 31, 2024, which were included in the Company's Annual Report on Form 20-F for the year ended

December 31, 2024 filed with the U.S. Securities and Exchange Commission (or SEC) on March 14, 2025. In the opinion of the

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

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

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

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

consolidation.

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

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

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

The Company has made downward revisions to the outlook for its seven steam turbine liquefied natural gas (or LNG) carriers due to a

combination of an oversupply of this type of vessel and reduced charterer interest due to their less efficient design. As such, effective

January 1, 2025, the Company reduced the estimated useful life of these vessels, the oldest vessels in the Company's LNG fleet, from 35

years to 25 years. Had we continued to depreciate these vessels using an estimated useful life of 35 years instead of 25 years from the

beginning of the fiscal period, depreciation and amortization would have decreased and net income would have increased by $5.7 million

and $11.0 million for the three and six months ended June 30, 2025, respectively.

2. Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update (or ASU) 2023-09 – Income

Taxes (Topic 740) Improvements to Income Tax Disclosures (or ASU 2023-09). This ASU enhances the transparency and decision

usefulness of income tax disclosures. More specifically, this ASU requires that additional income tax information be disclosed about the

jurisdictions in which the Company operates within its income tax rate reconciliation, as well as its disclosure about income taxes paid. This

ASU is effective for annual periods beginning after December 15, 2024. The amendments in this ASU are to be applied on a prospective

basis. The Company does not expect that adoption of ASU 2023-09 will have a material impact on the Company's consolidated financial

statements.

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

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

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

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

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

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

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

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

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

3.Fair Value Measurements and Financial Instruments

a)Fair Value Measurements

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

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

ended December 31, 2024. 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)


		June 30, 2025		December 31, 2024
	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	158,683	158,683	187,968	187,968
Derivative instruments (note 11)
Interest rate swap agreements – assets	Level 2	55,218	55,218	88,025	88,025
Interest rate swap agreements – (liabilities)	Level 2	(207)	(207)	—	—
Foreign currency contracts - (liabilities)	Level 2	(755)	(755)	(527)	(527)
Cross currency swap agreements – assets	Level 2	1,777	1,777	937	937
Cross currency swap agreements – (liabilities)	Level 2	(27,935)	(27,935)	(47,037)	(47,037)
Non-recurring:
Vessels and equipment	Level 3	—	—	294,631	294,631
Other:
Loans to equity-accounted joint ventures (note 7a)	(i)	102,817	(i)	99,806	(i)
Long-term debt – public (note 8)	Level 1	(198,006)	(201,445)	(174,720)	(180,334)
Long-term debt – non-public (note 8)	Level 2	(690,667)	(694,805)	(884,819)	(886,224)
Obligations related to finance leases (note 5)	Level 2	(1,871,056)	(1,868,112)	(1,727,553)	(1,715,651)

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

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

of such aggregate interests are not determinable.

b)Credit Losses

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

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

the year ended December 31, 2024.

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

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

June 30, 2025 and December 31, 2024.


		As at June 30, 2025		As at December 31, 2024
	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	266,436	Performing	274,928
Seapeak Bahrain	2018	Performing	199,125	Performing	200,872
Seapeak Creole	2023	Performing	201,651	Performing	202,526
			667,212		678,326
Loans to equity-accounted joint ventures
Bahrain LNG Joint Venture	2017 and prior	Performing	102,817	Performing	99,806
			770,029		778,132

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

consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2024. As at June 30, 2025 and

December 31, 2024, all direct financing and sales-type leases held by the Company and the Company’s equity-accounted joint ventures had a credit

quality grade of performing.

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

Changes in the Company's allowance for credit losses for the three and six months ended June 30, 2025 and 2024 are as follows:


	Direct Financing and Sales-Type Leases (i) (ii) $	Direct Financing and Sales-Type Leases and Other within Equity- Accounted Joint Ventures (i) (ii) $	Loans to Equity- Accounted Joint Ventures (i) $	Guarantees of Debt (i) $	Total $
Three and Six Months Ended June 30, 2025
As at January 1, 2025	32,000	29,600	1,800	1,200	64,600
Provision for (reversal of) potential credit losses	12,200	12,200	400	(100)	24,700
As at March 31, 2025	44,200	41,800	2,200	1,100	89,300
Provision for (reversal of) potential credit losses	800	300	200	(100)	1,200
As at June 30, 2025	45,000	42,100	2,400	1,000	90,500

Three and Six Months Ended June 30, 2024
As at January 1, 2024	9,700	22,700	2,100	900	35,400
Provision for (reversal of) potential credit losses	12,900	7,400	100	(100)	20,300
As at March 31, 2024	22,600	30,100	2,200	800	55,700
Provision for (reversal of) potential credit losses	300	(1,500)	100	(100)	(1,200)
As at June 30, 2024	22,900	28,600	2,300	700	54,500

(i) For a description of how the credit loss provision for direct financing and sales-type leases, direct financing and sales-type leases and other within

equity-accounted joint ventures, loans to equity-accounted joint ventures and guarantees of debt was determined for the three and six months ended

June 30, 2025 and 2024, see Item 18 – Financial Statements: Note 3b to the Company’s audited consolidated financial statements filed with its Annual

Report on Form 20-F for the year ended December 31, 2024.

(ii) The changes in credit loss provision of $0.8 million and $13.0 million for the Company's consolidated vessels' direct financing and sales-type leases for

the three and six months ended June 30, 2025, respectively ($0.3 million and $13.2 million for the three and six months ended June 30, 2024,

respectively), are included in other expense in the Company's consolidated statements of income. The change in the credit loss provision for the six

months ended June 30, 2025 primarily reflects a decrease in the estimated charter-free valuations for certain types of its 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 $0.3 million and $12.5 million for the three and six months ended June 30, 2025, respectively, ($(1.5) million and

$5.9 million for the three and six months ended June 30, 2024, respectively), relating to the direct financing and sales-type leases and other within the

Company's equity-accounted joint ventures are included in equity income in the Company's consolidated statements of income. The change in the credit

loss provision for the six months ended June 30, 2025 primarily reflects a decrease in the estimated charter-free valuations for certain types of LNG

carriers at the end of their time-charter contracts, which are accounted for as direct financing and sales-type leases within investments in equity-

accounted joint ventures in the Company's consolidated balance sheets.

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

for the six months ended June 30, 2025 do not reflect any material change in expectations of the charterers' ability to make their time-charter hire

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

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

4.Segment Reporting

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

statements.


	Three Months Ended June 30,
	2025			2024
	LNG Segment $	NGL Segment $	Total $	LNG Segment $	NGL Segment $	Total $
Voyage revenues	129,892	28,746	158,638	140,394	35,108	175,502
Voyage (expenses) recoveries	(1,683)	12	(1,671)	654	(2,756)	(2,102)
Vessel operating expenses	(47,369)	(8,273)	(55,642)	(45,038)	(12,121)	(57,159)
Time-charter hire expenses	—	—	—	—	(2,128)	(2,128)
Depreciation and amortization	(26,436)	(7,970)	(34,406)	(27,441)	(7,769)	(35,210)
General and administrative expenses (i)	(6,405)	(855)	(7,260)	(5,779)	(1,098)	(6,877)
Gain on sale of vessel (note 14a)	—	—	—	—	267	267
Restructuring charges (note 16)	(19,264)	—	(19,264)	—	—	—
Income from vessel operations	28,735	11,660	40,395	62,790	9,503	72,293

Equity income (note 7)	29,374	8,607	37,981	22,745	11,819	34,564
(Expenditures) recoveries for vessels and equipment, including advances on newbuilding contracts	(3,838)	95	(3,743)	(3,117)	325	(2,792)
Expenditures for dry docking	(272)	(5,449)	(5,721)	(950)	(2,570)	(3,520)


	Six Months Ended June 30,
	2025			2024
	LNG Segment $	NGL Segment $	Total $	LNG Segment $	NGL Segment $	Total $
Voyage revenues	262,494	56,574	319,068	280,392	74,227	354,619
Voyage expenses	(6,766)	(302)	(7,068)	(438)	(5,049)	(5,487)
Vessel operating expenses	(93,195)	(16,804)	(109,999)	(88,737)	(24,257)	(112,994)
Time-charter hire expenses	—	—	—	—	(4,301)	(4,301)
Depreciation and amortization	(52,163)	(15,764)	(67,927)	(54,837)	(15,366)	(70,203)
General and administrative expenses (i)	(12,605)	(1,799)	(14,404)	(12,457)	(2,995)	(15,452)
Gain on sales of vessels (note 14a)	—	—	—	—	971	971
Restructuring charges (note 16)	(19,264)	—	(19,264)	—	—	—
Income from vessel operations	78,501	21,905	100,406	123,923	23,230	147,153

Equity income (note 7)	43,600	12,055	55,655	45,692	18,810	64,502
Expenditures for vessels and equipment, including advances on newbuilding contracts	(7,326)	(324)	(7,650)	(6,366)	(189)	(6,555)
Expenditures for dry docking	(2,192)	(5,653)	(7,845)	(311)	(3,587)	(3,898)

	June 30, 2025			December 31, 2024
	LNG Segment $	NGL Segment $	Total $	LNG Segment $	NGL Segment $	Total $
Investment in and advances to equity-accounted joint ventures, net	1,165,699	201,316	1,367,015	1,158,718	187,860	1,346,578

(i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated

use of corporate resources).

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


	June 30, 2025	December 31, 2024
	$	$
Total assets of the LNG segment	4,286,607	4,378,066
Total assets of the NGL segment	852,203	846,929
Unallocated:
Cash and cash equivalents	141,391	153,726
Consolidated total assets	5,280,201	5,378,721

5.Chartered-in Vessels


	June 30, 2025	December 31, 2024
	$	$
Total obligations related to finance leases	1,871,056	1,727,553
Less current portion	(232,447)	(129,418)
Long-term obligations related to finance leases	1,638,609	1,598,135

As at June 30, 2025, the Company was a party to finance leases on 10 LNG carriers and 10 natural gas liquid (or NGL) carriers

(December 31, 2024 – nine LNG carriers and 10 NGL carriers). These 10 LNG carriers and 10 NGL carriers were sold by the Company to

third parties (or Lessors) and leased back under 5.5 to 15-year bareboat charter contracts ending in 2026 through to 2035. At inception of

these leases, the weighted-average interest rate implicit in these leases was 6.0% as at June 30, 2025 and December 31, 2024. 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 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 June 30, 2025, the Company

was in compliance with all covenants in respect of the bareboat charter contracts it guarantees.

As at June 30, 2025, the remaining commitments related to the financial liabilities of these 10 LNG carriers and 10 NGL carriers, including

the amounts to be paid to repurchase the vessels pursuant to the applicable finance leases, approximated $2.4 billion, including imputed

interest of $481.3 million, repayable through 2035, as indicated below:


	Commitments as at June 30, 2025
Year	$
Remainder of 2025	124,063
2026	330,077
2027	397,609
2028	367,769
2029	211,161
Thereafter	921,631

During the first quarter of 2024, the Company refinanced three of its NGL carriers, the Ineos Marlin, the Ineos Inspiration, and the Ineos

Independence, by acquiring the vessels from their original Lessors for a total cost of $132.5 million , and then selling the vessels to different

Lessors for $204.0 million. As a result of these refinancing transactions, the Company recognized gains totaling $6.2 million on the

extinguishment of the original financing arrangements relating to the vessels. These gains are included in other expense in the Company's

consolidated statement of income for the six months ended June 30, 2024.

During June 2024, the Company refinanced the Seapeak Oak LNG carrier by acquiring the vessel from its original Lessor for a total cost of

$120.8 million, and then selling the vessel to a different Lessor for $145.3 million. As a result of this refinancing transaction, the Company

recognized a loss of $2.7 million on the extinguishment of the original financing arrangement, which is included in other expense in the

Company's consolidated statements of income for the three and six months ended June 30, 2024.

During January 2025, the Company entered into a new financing arrangement for the Marvel Swan LNG carrier whereby it sold the vessel

to a third party for $213.0 million and chartered the vessel back for a period of 13 years under a bareboat charter contract. The quarterly

charter-hire payments to be made by the Company consist of a fixed amount plus variable amounts based on the Secured Overnight

Finance Rate (or SOFR) plus a margin. The Company has an option to repurchase the vessel in July 2032 for $145.7 million.

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

balances. As at June 30, 2025, the Company had five bareboat charter agreements, under which the aggregate outstanding loan balance

was $306.2 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 June 30, 2025, the vessel-value-to-outstanding-loan obligation balance ratios were 171%, 169%, 167%, 166%

and 141% under approved charters. The vessel values used in calculating these ratios are the appraised values provided by third parties.

6.Revenue

The Company’s primary source of revenue is from chartering its vessels to its customers. The Company primarily utilizes two forms of

contracts consisting of time-charter contracts and voyage charter contracts. The Company also generates revenue from the management

and operation of vessels and the Bahrain LNG import terminal owned by the Company's equity-accounted joint ventures, as well as

providing corporate management services to certain of these entities. Such services may include the arrangement of third-party goods and

services for the vessel’s owner. For a description of these contracts, see Item 18 – Financial Statements: Note 6 in the Company's audited

consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2024.

Revenue Table

The following tables contain the Company’s revenue for the three and six months ended June 30, 2025 and 2024, by contract type and by

segment.


	Three Months Ended June 30,
	2025			2024
	LNG Segment $	NGL Segment $	Total $	LNG Segment $	NGL Segment $	Total $
Time charters	103,530	28,746	132,276	115,635	32,765	148,400
Voyage charters	—	—	—	—	2,343	2,343
Management fees and other income	26,362	—	26,362	24,759	—	24,759
	129,892	28,746	158,638	140,394	35,108	175,502

	Six Months Ended June 30,
	2025			2024
	LNG Segment $	NGL Segment $	Total $	LNG Segment $	NGL Segment $	Total $
Time charters	212,560	56,574	269,134	231,505	66,638	298,143
Voyage charters	—	—	—	—	7,589	7,589
Management fees and other income	49,934	—	49,934	48,887	—	48,887
	262,494	56,574	319,068	280,392	74,227	354,619

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

The following table contains the Company’s revenue for the three and six months ended June 30, 2025 and 2024, by contracts or

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	$	$	$	$
Lease revenue
Lease revenue from lease payments of operating leases	106,532	124,878	218,161	253,802
Interest income on lease receivables	15,176	15,639	30,302	31,387
Variable lease payments - cost reimbursements(i)	1,323	1,059	2,681	2,239
	123,031	141,576	251,144	287,428
Non-lease revenue
Non-lease revenue - related to direct financing and sales-type leases	9,245	9,167	17,990	18,304
Management fees and other income	26,362	24,759	49,934	48,887
	35,607	33,926	67,924	67,191
Total	158,638	175,502	319,068	354,619

(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 June 30, 2025 and December 31, 2024, the Company had four LNG carriers, excluding the vessels in its equity-accounted joint

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

For a description of the Company's LNG carriers accounted for as direct financing leases and sales-type leases at December 31, 2024,

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

Form 20-F for the year ended December 31, 2024.

As at June 30, 2025, estimated lease payments to be received by the Company related to its direct financing and sales-type leases in each

of the next five years were approximately $42.1 million (remainder of 2025), $82.3 million (2026), $83.6 million (2027), $78.9 million (2028),

$50.6 million (2029) and an aggregate of $562.0 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 June 30, 2025, the minimum scheduled future rentals to be received by the Company in each of the next five years for the lease and

non-lease elements related to charters that were accounted for as operating leases are approximately $224.1 million (remainder of 2025),

$371.9 million (2026), $220.8 million (2027), $176.3 million (2028), and $149.0 million (2029). Minimum scheduled future rentals on

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

option periods of contracts that existed on June 30, 2025, variable or contingent rentals, or rentals from contracts which were entered into

or commenced after June 30, 2025. Therefore, the minimum scheduled future rentals on operating leases should not be construed to

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

Contract Liabilities

As at June 30, 2025, the Company had $34.9 million of advanced payments recognized as contract liabilities included in unearned revenue

(December 31, 2024 – $37.1 million, June 30, 2024 – $33.7 million and December 31, 2023 – $43.6 million). The Company recognized

$41.6 million and $27.7 million of revenue for the three months ended June 30, 2025 and 2024, respectively, that was recognized as a

contract liability at the beginning of such three-month periods. The Company recognized $37.1 million and $43.6 million of revenue for the

six months ended June 30, 2025 and 2024, respectively, that was recognized as a contract liability at the beginning of each such six-month

period.

7.Equity-Accounted Joint Ventures

For a description of the Company's equity-accounted joint ventures, see Item 18 - Financial Statements: Note 7a in the Company's audited

consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2024.

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

the amounts in this note.

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

Distributions 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).

a)As of June 30, 2025 and December 31, 2024, the Company had advanced $73.4 million to the Bahrain LNG Joint Venture, in which

the Company has a 30% ownership interest. These advances bear interest at an annual rate of 6.0%. For the three and six months

ended June 30, 2025, interest earned on these advances amounted to $1.5 million and $3.0 million, respectively (three and six

months ended June 30, 2024 – $1.4 million and $2.8 million, respectively), and is included in interest income in the Company's

consolidated statements of income. As of June 30, 2025 and December 31, 2024, the interest receivable on these advances was

$29.4 million and $26.4 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 June 30, 2025 was $815.4 million (December 31, 2024 – $859.3 million). As at June 30, 2025, the Company's equity-accounted

joint ventures were in compliance with all covenants relating to these loan facilities that the Company guarantees.

8.Long-Term Debt


	June 30, 2025	December 31, 2024
	$	$
U.S. Dollar-denominated Revolving Credit Facility due from 2026 to 2027	105,000	165,000
U.S. Dollar-denominated Term Loans and Bonds due from 2026 to 2030	591,461	724,874
Norwegian Krone-denominated Bonds due from 2025 to 2026	198,554	175,646
Total principal	895,015	1,065,520
Unamortized discount and debt issuance costs	(6,342)	(5,981)
Total debt	888,673	1,059,539
Less current portion	(198,168)	(177,093)
Long-term debt	690,505	882,446

As at June 30, 2025 and December 31, 2024 , the Company had one revolving credit facility available, which provided for borrowings of up

to $350.0 million, of which $245.0 million (December 31, 2024 – $185.0 million) was undrawn. Interest payments are based on SOFR plus

a margin of 1.45%. In June 2026, the borrowing capacity of the revolving credit facility is scheduled to be reduced by $48.8 million and the

revolving credit facility is scheduled to mature in June 2027. The revolving credit facility is unsecured and may be used by the Company for

general company purposes.

As at June 30, 2025, the Company had six U.S. Dollar-denominated term loans and bonds outstanding, which totaled $591.5 million in

aggregate principal amount (December 31, 2024 – six U.S Dollar-denominated term loans and bonds outstanding, which totaled $724.9

million). Interest payments on these term loans are based on SOFR plus an additional amount consisting of a margin and a credit

adjustment spread, where such additional amount ranged from 2.00% to 3.45%, and interest payments on the bonds are fixed and range

from 4.11% to 4.41%. The six combined term loans and bonds require quarterly interest and principal payments and four have balloon or

bullet repayments due at maturity. The term loans and bonds are collateralized by first-priority mortgages on the ten Company vessels to

which the loans and bonds relate, together with certain other related security. In addition, as at June 30, 2025, all of the outstanding term

loans were guaranteed by either the Company or the ship-owning entities within the RasGas II Joint Venture, in which the Company has a

70% ownership interest.

As at June 30, 2025 and December 31, 2024, the Company had Norwegian Krone (or NOK) 2.0 billion of senior unsecured bonds in the

Norwegian bond market that mature through 2026. As at June 30, 2025, the total amount of the bonds, which are listed on the Oslo Stock

Exchange, was $198.6 million (December 31, 2024 – $175.6 million). The interest payments on the bonds are based on Norwegian

Interbank Offered Rate (or NIBOR) plus a margin, where margins ranged from 4.90% to 5.15%. The Company entered into cross currency

rate swaps, to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at rates ranging

from 5.74% to 6.37% and the transfer of principal fixed at $229.0 million upon maturity in exchange for NOK 2.0 billion (see Note 11).

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

June 30, 2025 and December 31, 2024 were 6.97% and 7.06%, respectively. The Company uses swaps to economically hedge certain of

its floating-rate debt (see Note 11). The weighted-average interest rates including the effect of related interest rate swaps were 5.47% and

5.65% as at June 30, 2025 and December 31, 2024, respectively.

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

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

cross currency swaps, the Company incurred foreign exchange (losses) gains of $(1.8) million and $(2.8) million for the three and six

months ended June 30, 2025, respectively ($0.6 million and $1.3 million for the three and six months ended June 30, 2024, respectively).

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)

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

subsequent to June 30, 2025 are $140.8 million (remainder of 2025), $316.0 million (2026), $214.0 million (2027), $54.7 million (2028),

$45.5 million (2029) and $124.0 million (thereafter).

Certain loan agreements require that (a) the Company maintain minimum levels of tangible net worth and aggregate liquidity, (b) the

Company maintain certain ratios of vessel values related to the relevant outstanding loan principal balance, (c) the Company not exceed a

maximum amount of leverage, and (d) certain of the Company’s subsidiaries maintain restricted cash deposits. As at June 30, 2025, the

Company had three credit facilities with an aggregate outstanding loan balance of $309.2 million that require it to maintain minimum

vessel-value-to-outstanding-loan-principal-balance ratios of 110%, 120%, and 120%, which as at June 30, 2025, were 220%, 204%, and

199%, 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 June 30, 2025, 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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	$	$	$	$
Current	(2,225)	—	(1,935)	(168)
Deferred	185	497	258	847
Income tax (expense) recovery	(2,040)	497	(1,677)	679

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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	$	$	$	$
Voyage revenues (i)(ii)	33,549	32,458	64,632	64,751
Equity income (iii)	603	596	1,199	1,205

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

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

Venture for the three and six months ended June 30, 2025 amounted to $7.2 million and $14.7 million, respectively ($7.7 million and $15.9 million for

the three and six months ended June 30, 2024, respectively). In addition, the Company has an operation and maintenance contract with the Bahrain

LNG Joint Venture relating to the LNG regasification terminal in Bahrain. Fees recognized in relation to the operation and maintenance contract from the

Bahrain LNG Joint Venture for the three and six months ended June 30, 2025 were $5.4 million and $8.5 million, respectively ($5.1 million and $9.0

million for the three and six months ended June 30, 2024, respectively), and are included in voyage revenues in the Company's consolidated

statements of income.

(ii) The Company provides ship management and corporate services to certain of its equity-accounted joint ventures that own and operate LNG carriers on

long-term charters. In addition, the Company is reimbursed for costs incurred by the Company for its seafarers operating these LNG carriers. During the

three and six months ended June 30, 2025, the Company earned management fees and cost reimbursements pursuant to these management

agreements of $20.9 million and $41.4 million, respectively ($19.7 million and $39.9 million for the three and six months ended June 30, 2024,

respectively), which are included in voyage revenues in the Company's consolidated statements of income.

(iii) During the three and six months ended June 30, 2025 and 2024, the Company charged fees of $0.6 million and $1.2 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.

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

b)As at June 30, 2025 and December 31, 2024, non-interest-bearing amounts due from affiliates totaled $20.7 million and $19.7 million,

respectively, and non-interest-bearing amounts due to affiliates totaled $10.7 million and $6.7 million, respectively. These amounts due

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

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

11.Derivative Instruments and Hedging Activities

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

Foreign Exchange Risk

From time to time, the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies and

portions of its foreign currency cash balances with foreign currency forward contracts. As at June 30, 2025, 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) $	2025 $	2026 $
Economic hedges of forecasted expenditures
British Pound Sterling	4,000	0.7884	422	3,833	1,241
Canadian Dollar	7,600	1.3842	130	3,512	1,979
Euro	15,000	0.8992	1,067	16,682	—
			1,619	24,027	3,220
Economic hedges of foreign currency cash balances
Euro	67,751	0.8709	(2,374)	77,794	—

(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 2025 and 2026, and

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

June 30, 2025.


		Floating Rate Receivable
Principal Amount NOK	Principal Amount $	Reference Rate	Margin	Fixed Rate Payable	Fair Value / Carrying Amount of Asset (Liability) $	Weighted- Average Remaining Term (Years)
1,000,000	112,000	NIBOR	5.15%	5.74%	(11,760)	0.2
1,000,000	117,000	NIBOR	4.90%	6.37%	(14,398)	1.4
					(26,158)

Interest Rate Risk

The Company enters into interest rate swaps which exchange a receipt of floating interest for a payment of fixed interest to reduce the

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

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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 June 30, 2025, 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	544,503	19,151	1.9	1.4%
U.S. Dollar-denominated interest rate swaps (ii)(iii)	SOFR	224,007	2,067	4.2	3.4%
U.S. Dollar-denominated interest rate swaps (iv)(v)(vi)	SOFR	107,726	33,793	0.6	3.0%
			55,011

(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

June 30, 2025, ranged from 2.00% to 3.45%.

(ii) Principal amount reduces quarterly.

(iii) These interest rate swaps are subject to mandatory early termination in August 2029 and September 2029, whereby the swaps will be settled based on

their fair value at that time.

(iv) Principal amount reduces monthly.

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

(vi) These interest rate swaps are subject to mandatory early termination in the remainder of 2025 and in 2026 whereby the swaps will be settled based on

their fair value at that time.

As at June 30, 2025, the Company had multiple interest rate swaps, cross currency swaps and foreign currency forward contracts with the

same counterparty that are subject to the same master agreement. Each of these master agreements provides for the net settlement of all

swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of

these derivative instruments is presented on a gross basis in the Company’s consolidated balance sheets. As at June 30, 2025, these

derivative instruments constituted an aggregate fair value asset of $56.6 million (December 31, 2024 – $88.0 million) and an aggregate fair

value liability of $21.3 million (December 31, 2024 – $34.4 million). As at June 30, 2025, the Company had $1.0 million (December 31,

2024 – $19.5 million) of cash on deposit as security for swap liabilities under certain master agreements. The deposit is presented in

restricted cash – current and long-term on the Company's consolidated balance sheets.

Credit Risk

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

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

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

into with different counterparties to reduce concentration risk.

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

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


	Accounts receivable $	Current portion of derivative assets $	Derivative assets $	Current portion of derivative liabilities $	Derivative liabilities $
As at June 30, 2025
Interest rate swap agreements	1,739	38,607	14,872	—	207
Foreign currency forward contracts	—	—	—	755	—
Cross currency swap agreements	488	1,289	—	12,015	15,920
	2,227	39,896	14,872	12,770	16,127
As at December 31, 2024
Interest rate swap agreements	2,070	35,042	50,913	—	—
Foreign currency forward contracts	—	—	—	527	—
Cross currency swap agreements	295	642	—	21,756	25,281
	2,365	35,684	50,913	22,283	25,281

19

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SEAPEAK LLC AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

Realized and unrealized gains (losses) relating to non-designated interest rate swap agreements and foreign currency forward contracts

are recognized in earnings and reported in realized and unrealized (loss) gain on non-designated derivative instruments in the Company’s

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

is as follows:


	Three Months Ended June 30,
	2025			2024
	Realized gains (losses)	Unrealized gains (losses)	Total	Realized gains (losses)	Unrealized gains (losses)	Total
	$	$	$	$	$	$
Interest rate swap agreements	4,687	(10,514)	(5,827)	6,124	2,061	8,185
Foreign currency forward contracts	(1,659)	(721)	(2,380)	(77)	59	(18)
	3,028	(11,235)	(8,207)	6,047	2,120	8,167


	Six Months Ended June 30,
	2025			2024
	Realized gains (losses)	Unrealized gains (losses)	Total	Realized gains (losses)	Unrealized gains (losses)	Total
	$	$	$	$	$	$
Interest rate swap agreements	9,541	(32,684)	(23,143)	11,528	20,228	31,756
Foreign currency forward contracts	(1,844)	(228)	(2,072)	8	(234)	(226)
	7,697	(32,912)	(25,215)	11,536	19,994	31,530

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

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

the Company's consolidated statements of income is as follows:


	Three Months Ended June 30,
	2025			2024
	Realized gains (losses)	Unrealized gains (losses)	Total	Realized gains (losses)	Unrealized gains (losses)	Total
	$	$	$	$	$	$
Cross currency swap agreements	1,214	6,762	7,976	1,061	2,123	3,184


	Six Months Ended June 30,
	2025			2024
	Realized gains (losses) $	Unrealized gains (losses) $	Total $	Realized gains (losses) $	Unrealized gains (losses) $	Total $
Cross currency swap agreements	2,121	19,749	21,870	2,186	(10,404)	(8,218)

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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	$	$	$	$
Amount of Loss Reclassified from Accumulated OCI to Interest Expense	(162)	(185)	(339)	(382)

20

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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)

12.Commitments and Contingencies

(a) During November 2022, the Company entered into contracts with Samsung Heavy Industries Co., Ltd. for the construction of five

174,000-cubic meter M-type, Electronically Controlled, Gas Admission propulsion LNG carriers (or the Samsung LNG Carrier

Newbuildings) that have a total fully built-up cost of $1.2 billion and are scheduled for delivery throughout 2027. As at June 30, 2025,

expenditures incurred under these newbuilding contracts totaled $250.3 million and the estimated remaining expenditures to be

incurred are $52.2 million (remainder of 2025), $243.4 million (2026), and $638.8 million (2027). The Company intends to finance the

remaining estimated expenditures with its existing liquidity and future operating cash flow, as well as long-term financing to be

arranged for the vessels prior to their scheduled deliveries. In March 2025, the Company entered into a U.S. Dollar-denominated term

loan agreement maturing in 2027, which allows for borrowings of up to $172.4 million, of which $103.4 million was undrawn at

June 30, 2025. These borrowings will be used to partially fund construction installment payments for two of these newbuilding

contracts.

(b) In March 2023, 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 2026. In March 2024,

the Exmar LPG Joint Venture entered into contracts with HMD for the construction of two additional 45,000-cubic meter ammonia

capable dual-fueled LPG carriers with scheduled deliveries in late-2026. The Company's proportionate share of the total fully built-up

cost of these four vessels is approximately $173.7 million. As at June 30, 2025, the Company's proportionate share of expenditures

incurred under these newbuilding contracts totaled $47.6 million and the estimated remaining expenditures to be incurred are

$15.3 million (remainder of 2025) and $110.8 million (2026).

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

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

constructed by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd., with scheduled deliveries in late-2025 and 2026. The

Company's proportionate share of the total fully built-up cost of these four vessels is approximately $145.5 million. As at June 30,

2025, the Company's proportionate share of expenditures incurred under these newbuilding contracts totaled $57.4 million and the

estimated remaining expenditures to be incurred are $32.7 million (remainder of 2025) and $55.4 million (2026).

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

in Bahrain. As at June 30, 2025, the Company's proportionate share of the estimated remaining final construction installment on the

LNG terminal is $11.3 million and is expected to be incurred in late-2025. The Bahrain LNG Joint Venture intends to finance the final

construction installment through its existing undrawn financing (of which $7.2 million relates to the Company's proportionate share) its

existing liquidity, and its future operating cash flow.

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

leasing the Tangguh Hiri and Tangguh Sago LNG carriers (or the Tangguh LNG Carriers) to a third party, which is in turn leasing the

vessels back to the joint venture. The Company’s minimum charter hire payments to be paid and received under these leases are

described in more detail in Item 18 – Financial Statements: Note 14e to the Company’s audited consolidated financial statements filed

with its Annual Report on Form 20-F for the year ended December 31, 2024. Under the terms of the leasing arrangement for the

Tangguh LNG Carriers, whereby the Tangguh Joint Venture is the lessee, the lessor claims tax depreciation on its lease of these

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

under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an

assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax margin. As at

June 30, 2025, the carrying amount of this estimated tax indemnification obligation relating to the leasing arrangement through the

Tangguh Joint Venture was $3.6 million (December 31, 2024 – $3.8 million) and was included as part of other long-term liabilities in

the consolidated balance sheets of the Company.

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

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

included within the scope of EU ETS were based on 40% during 2024 and will be based on 70% during 2025 and 100% in 2026. The

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

prior to September 30th of each year. For a description of the Company's environmental emissions' accounting policy, see Item 18 –

Financial Statements: Note 1 to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for

the year ended December 31, 2024.

21

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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 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 June 30, 2025
Amounts due from equity-accounted investees	14,536	—	—	—	—
Amounts due from charterers	—	4,522	5,777	—	—
EUAs held by the Company	—	9,974	4,105	—	—
Obligation to submit EUAs	—	—	—	19,387	20,398
	14,536	14,496	9,882	19,387	20,398
As at December 31, 2024
Amounts due from equity-accounted investees	11,524	—	—	—	—
Amounts due from charterers	—	6,404	—	—	—
EUAs held by the Company	—	70	—	—	—
Obligation to submit EUAs	—	—	—	18,356	—
	11,524	6,474	—	18,356	—

(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

$287.8 million as at June 30, 2025. This working capital deficit includes $198.2 million related to scheduled maturities and repayments

of long-term debt in the 12 months following June 30, 2025. 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 the Samsung 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.

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.


	June 30, 2025	December 31, 2024	June 30, 2024	December 31, 2023
	$	$	$	$
Cash and cash equivalents	141,391	153,726	151,013	168,409
Restricted cash – current	—	9,210	998	2,910
Restricted cash – long-term	17,292	25,032	18,299	13,075
	158,683	187,968	170,310	184,394

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

sale, obligations related to finance leases and amounts received from charterers to be used only for dry-docking expenditures and

emergency repairs.

14.Gain on sales of vessels

a) In February 2024 , the Company sold the Seapeak Napa multi-gas carrier for net proceeds of $10.4 million, resulting in a gain on sale

of $0.5 million, which is included in gain on sales of vessels for the six months ended June 30, 2024 in the Company's consolidated

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

resulting in a gain on sale of $0.2 million, which is included in gain on sales of vessels for the six months ended June 30, 2024 in the

Company's consolidated statement of income. In April 2024, the Company sold the Seapeak Camilla for net proceeds of $6.7 million,

resulting in a gain on sale of $0.3 million, which is included in gain on sales of vessels for the three and six months ended June 30,

2024 in the Company's consolidated statements of income.

b) As at June 30, 2025, the Company's LNG segment included seven steam turbine LNG carriers, the oldest vessels in our LNG fleet. To

reduce the Company's operating costs, three of these vessels were placed in lay-up in early 2025. As at June 30, 2025, these vessels

were presented as held for sale in the Company's consolidated balance sheet.

22

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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)

15.Total Capital

Common Unit Distributions

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

common unitholder, Stonepeak Limestone Holdings L.P. (or Stonepeak).

On March 25, 2024, the Company declared and paid a cash distribution of $2.0010 per common unit, totaling $200.0 million, to Stonepeak.

16.Restructuring Charges

During the three and six months ended June 30, 2025, the Company recognized restructuring charges of $19.3 million. The restructuring

charges primarily relate to anticipated severance costs resulting from the dismissal of substantially all of the Company’s Spanish seafarers.

This severance follows the Company’s decision to restructure the operations of the four steam turbine LNG carriers, which comprise its

Spanish fleet, due to the adverse market conditions affecting steam turbine LNG carriers.

23

SEAPEAK LLC AND SUBSIDIARIES

JUNE 30, 2025

PART I – FINANCIAL INFORMATION

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

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

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

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

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

Form 20-F for the year ended December 31, 2024. Included in our Annual Report on Form 20-F is important information about items that you

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

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

LLC and its subsidiaries.

OVERVIEW

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

NGL). Our primary strategy focuses on servicing customers through our fleet of vessels under medium to long-term, fixed-rate charters. We

may evaluate and enter into adjacent liquefied gas markets, renewable markets, and other maritime opportunities. In executing our strategy, we

may engage in vessel or business acquisitions or enter into joint ventures and partnerships with companies that provide increased access to

emerging opportunities from global expansion of the LNG and NGL sectors.

SIGNIFICANT DEVELOPMENTS IN 2025

Steam Turbine LNG Carriers

As at June 30, 2025, our LNG segment included seven steam turbine LNG carriers, the oldest vessels in our LNG fleet. To reduce our operating

costs, three of these vessels were placed in lay-up in early 2025. As at June 30, 2025, these three vessels were classified as held for sale in our

June 30, 2025 consolidated balance sheet. In addition, we have recognized $19.3 million of restructuring charges in the second quarter of 2025,

which primarily relate to anticipated severance costs resulting from the dismissal of substantially all of our Spanish seafarers. This severance

follows our decision to restructure the operations of the four steam turbine LNG carriers, which comprise our Spanish fleet, due to the adverse

market conditions affecting steam turbine LNG carriers.

MALT LNG Carrier Charter Contracts

Two of the six LNG carriers in our 52%-owned MALT Joint Venture, the Seapeak Marib and Seapeak Arwa, were chartered-out to Yemen LNG

Company Limited (or YLNG) under long-term charter contracts. However, due to the political unrest in Yemen, YLNG decided to temporarily

close operation of its LNG plant in Yemen in 2015. As a result, commencing January 1, 2016, the MALT Joint Venture agreed to successive

deferral arrangements with YLNG pursuant to which a portion of the charter payments was deferred. In March 2025, the MALT Joint Venture

entered into a third suspension agreement (or the Third Suspension Agreement) with YLNG to further extend the charter deferral period for the

Seapeak Marib and the Seapeak Arwa for up to an additional three years until March and April 2028, respectively. Should the LNG plant in

Yemen resume operations during the term of the Third Suspension Agreement, YLNG will be required to repay the applicable deferred amounts

plus interest in installments over a specified time period. However, there are no assurances if or when the LNG plant will resume operations, or

if YLNG will repay, or be able to repay, all or any portion of the deferred amounts. As was the case with the previous suspension agreements,

pursuant to the Third Suspension Agreement, the MALT Joint Venture is permitted to directly charter the Seapeak Marib and the Seapeak Arwa

for its own account to third parties.

Russia-Ukraine War

The ongoing Russia-Ukraine war has disrupted energy markets and supply chains, has resulted in sanctions on Russia, a major global exporter

of natural gas, and has caused volatility in global energy markets. The United States has been in discussions with Russia and Ukraine aimed at

ending the war since the first quarter of 2025. While much uncertainty remains regarding the global impact and remaining duration of the war,

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

between Russia and Ukraine and any actions taken by the U.S. administration in response to those hostilities could adversely affect our

business, financial condition, results of operations and cash flows. Furthermore, it is possible that third parties with which we have charter

contracts or business arrangements may be impacted by the war, which could adversely affect our operations and financial condition. To date,

we have not experienced any material adverse operational or financial impact as a result of the Russia-Ukraine war.

Global Tariffs and Economic Uncertainty

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

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

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

recessions. As a result of this rapidly changing and unpredictable geopolitical climate, the shipping industry is experiencing uncertainty as to

future vessel demand, trade routes, rates and operating costs.

24

Increased U.S. Port Fees for Chinese-Connected Ships

In early 2025, the Office of the U.S. Trade Representative announced that additional port docking fees will apply to vessels connected with

China and that dock at U.S. ports. Commencing on October 14, 2025, Chinese vessel owners and Chinese vessel operators are expected to be

subject to fees starting at $50 per net ton, and non-Chinese operators using Chinese-built vessels are expected to be subject to fees starting at

$18 per net ton, in each case, subject to annual fee increases but up to a cap of 5 visits per year per vessel. As a result, vessels connected with

China (either via Chinese ownership/operations or by virtue of being built in China) and transporting NGL to and/or from the United States may

be subject to significant fees, potentially disrupting the competitive landscape within our industry and global NGL carrier routes. At this time, we

are unable to determine with certainty the impact these additional fees will have on us, our operations or our industry, as there are numerous

exemptions available (including if a non-Chinese operator that uses a Chinese-built vessel arrives to a U.S. port in ballast condition, and a fee

exemption for LNG vessels). A total of 14 of our vessels, including two vessels in which we have a 30% ownership interest and two vessels in

which we have a 20% ownership interest, are Chinese-built.

In addition, in January 2025, our 50%-owned Exmar LPG Joint Venture entered into contracts with Avance Gas Aries Ltd. to assume its

shipbuilding contracts for the construction of four new 40,000-cubic meter LPG carriers being constructed by Chinese shipbuilder, Nantong

CIMC Sinopacific Offshore & Engineering Co., Ltd. The Exmar LPG Joint Venture also entered into contracts for the in-chartering of four new

40,000-cubic meter LPG carriers and two new 48,000-cubic meter LPG carriers in August 2023 and July 2024, respectively, that are currently

being constructed by Chinese shipbuilder, Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd.

Other Fleet Developments

We have three 52%-owned LNG carriers that recently completed their long-term charter contracts and have been operating on short-term

charter contracts since their redeliveries to us. Additionally, we have one wholly-owned LNG carrier which is expected to complete its long-term

charter contract in December 2025. LNG project delays have caused a near-term oversupply of LNG carriers. As a result, our results for 2025

and beyond may be negatively impacted to the extent that there are periods within 2025 or subsequent years that we have LNG carriers without

charter contracts or we have rechartered our LNG carriers at rates lower than they earned on their prior charter contracts.

RESULTS OF OPERATIONS

The following includes a comparison of the components of our results of operations for the three and six months ended June 30, 2025 as

compared to the same periods of the prior year.

Liquefied Natural Gas Segment

As at June 30, 2025, our LNG segment fleet included 50 LNG carriers (including five LNG carriers under construction), and one LNG

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

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

months ended June 30, 2025 and 2024, and compares its net voyage revenues (which is a non-GAAP financial measure) for the three and six

months ended June 30, 2025 and 2024 to income from vessel operations, the most directly comparable GAAP financial measure. With the

exception of equity income, all data in this table only includes 21 LNG carriers that are accounted for under the consolidation method of

accounting for the three and six months ended June 30, 2025 (2024 – 20 LNG carriers) and the ship management and corporate services we

provide to certain of our equity-accounted joint ventures. A comparison of the results from vessels and assets accounted for under the equity

method is described later in this section under "Equity Income".

25


(in thousands of U.S. Dollars, except for days and percentages)	Three Months Ended June 30,		Change	% Change
	2025	2024	Change	% Change
Voyage revenues	129,892	140,394	(10,502)	(7.5)
Voyage (expenses) recoveries	(1,683)	654	(2,337)	(357.3)
Net voyage revenues(i)	128,209	141,048	(12,839)	(9.1)
Vessel operating expenses	(47,369)	(45,038)	(2,331)	5.2
Depreciation and amortization	(26,436)	(27,441)	1,005	(3.7)
General and administrative expenses(ii)	(6,405)	(5,779)	(626)	10.8
Restructuring charges	(19,264)	—	(19,264)	100.0
Income from vessel operations	28,735	62,790	(34,055)	(54.2)
Equity income	29,374	22,745	6,629	29.1
Operating Data:
Calendar-ship-days (B)	1,911	1,820	91	5.0
Less:
Unscheduled off-hire and idle days	293	42	251	597.6
Revenue days (A)	1,618	1,778	(160)	(9.0)
Utilization (A)/(B)	84.7%	97.7%


(in thousands of U.S. Dollars, except for days and percentages)	Six Months Ended June 30,		Change	% Change
	2025	2024	Change	% Change
Voyage revenues	262,494	280,392	(17,898)	(6.4)
Voyage expenses	(6,766)	(438)	(6,328)	1444.7
Net voyage revenues(i)	255,728	279,954	(24,226)	(8.7)
Vessel operating expenses	(93,195)	(88,737)	(4,458)	5.0
Depreciation and amortization	(52,163)	(54,837)	2,674	(4.9)
General and administrative expenses(ii)	(12,605)	(12,457)	(148)	1.2
Restructuring charges	(19,264)	—	(19,264)	100.0
Income from vessel operations	78,501	123,923	(45,422)	(36.7)
Equity income	43,600	45,692	(2,092)	(4.6)
Operating Data:
Calendar-ship-days (B)	3,801	3,640	161	4.4
Less:
Unscheduled off-hire and idle days	528	57	471	826.3
Revenue days (A)	3,273	3,583	(310)	(8.7)
Utilization (A)/(B)	86.1%	98.4%

(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 six months ended June 30, 2025, total calendar-ship-days of the LNG segment were 3,801 compared to 3,640 days for the same period

of the prior year. The increase in total calendar-ship-days is primarily due to the purchase of the Marvel Swan in October 2024.

Net Voyage Revenues. Net voyage revenues decreased by $12.8 million and $24.2 million for the three and six months ended June 30, 2025,

compared to the same periods of the prior year, primarily as a result of:

• decreases of $14.4 million and $32.5 million for the three and six months ended June 30, 2025 due to the lay-up of the Seapeak

Catalunya, the Seapeak Hispania, and the Seapeak Madrid LNG carriers during the first half of 2025 and lower short-term charter rates

earned following the scheduled completion of their previous charter contracts; and

26

• decreases of $7.9 million and $10.1 million for the three and six months ended June 30, 2025 primarily due to lower charter rates earned

by the Seapeak Vancouver LNG carrier following the scheduled completion of its previous charter contract in March 2025;

partially offset by:

• increases of $7.7 million and $15.2 million for the three and six months ended June 30, 2025 due to the purchase of the Marvel Swan LNG

carrier in October 2024;

• increases of $1.3 million and $1.5 million for the three and six months ended June 30, 2025 due to higher reimbursement of seafarers'

costs (offset in vessel operating expenses) and ship management fees from certain of our equity-accounted joint ventures during the first

half of 2025; and

• increases of $0.2 million and $1.4 million for the three and six months ended June 30, 2025 due to fewer off-hire days for unscheduled

repairs on certain of our LNG carriers during the first half of 2025.

Vessel Operating Expenses. Vessel operating expenses increased by $2.3 million and $4.5 million for the three and six months ended June 30,

2025, compared to the same periods of the prior year, primarily due to:

• increases of $1.4 million and $2.7 million for the three and six months ended June 30, 2025 due to the purchase of the Marvel Swan LNG

carrier in October 2024;

• increases of $1.2 million and $2.0 million for the three and six months ended June 30, 2025 due to the timing of repairs and maintenance

on the Bahrain LNG terminal and certain of our LNG carriers; and

• an increase of $0.9 million for the three and six months ended June 30, 2025 due to higher reimbursable seafarers' costs related to vessels

operating in certain of our equity-accounted joint ventures (offset in voyage revenues);

partially offset by:

• decreases of $1.2 million and $1.3 million for the three and six months ended June 30, 2025 due to the lay-up of three of our steam turbine

LNG carriers since early 2025.

Depreciation and Amortization. Depreciation and amortization decreased by $1.0 million and $2.7 million for the three and six months ended

June 30, 2025, compared to the same periods of the prior year, primarily due to:

• decreases of $1.8 million and $4.3 million for the three and six months ended June 30, 2025 due to the write-down of our seven steam

turbine LNG carriers during the fourth quarter of 2024; partially offset by the reduction in the estimated useful life of these LNG carriers

effective January 1, 2025; and

• decreases of $0.8 million and $1.6 million for the three and six months ended June 30, 2025 due to the acquisition cost of the 20-year time-

charter contract for the Seapeak Madrid being fully amortized upon its scheduled completion in December 2024;

partially offset by:

• increases of $1.8 million and $3.4 million for the three and six months ended June 30, 2025 due to the purchase of the Marvel Swan LNG

carrier in October 2024.

Equity Income. Equity income increased (decreased) by $6.6 million and $(2.1) million for the three and six months ended June 30, 2025,

compared to the same periods of the prior year. The changes in equity income include decreases of $1.9 million and $8.1 million due to

unrealized losses on non-designated derivative instruments for the three and six months ended June 30, 2025, compared to unrealized gains

during the same periods of the prior year, primarily due to changes in long-term forward benchmark interest rates, and decreases of $1.8 million

and $6.6 million related to changes in our unrealized credit loss provisions recorded in certain of our equity-accounted joint ventures, primarily

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

or sales-type leases. Excluding the changes in unrealized (losses) gains on non-designated derivative instruments and unrealized credit loss

provisions, equity income increased by $10.3 million and $12.6 million for the three and six months ended June 30, 2025, compared to the

same periods of the prior year, primarily due to:

• Yamal LNG Joint Venture: increases of $8.6 million and $11.1 million for the three and six months ended June 30, 2025, primarily due to

unrealized foreign exchange gains due to the period-end revaluation of Euro cash deposits for financial reporting purposes into U.S.

Dollars; partially offset by higher depreciation expense due to the completion of the first scheduled dry dockings of certain LNG carriers in

the second half of 2024.

27

• Bahrain LNG Joint Venture: increases of $4.7 million and $7.0 million for the three and six months ended June 30, 2025, primarily due to

decreases in legal expenses and associated repair costs during the first half of 2025 related to a dispute with the Bahrain LNG terminal

construction contractor.

partially offset by:

• MALT LNG Joint Venture: decreases of $3.5 million and $4.9 million for the three and six months ended June 30, 2025, primarily due to

lower charter rates earned by certain LNG carriers and the vessels being temporarily idle between short-term charter contracts during the

first half of 2025.

Natural Gas Liquid Segment

As at June 30, 2025, our NGL segment fleet, which consists of LPG, ethane and multi-gas carriers, included 44 NGL carriers, in which our

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

chartered-in NGL carriers under construction).

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

months ended June 30, 2025 and 2024, and compares its net voyage revenues (which is a non-GAAP financial measure) for the three and six

months ended June 30, 2025 and 2024 to income from vessel operations, the most directly comparable GAAP financial measure. With the

exception of equity income, all data in this table only includes an average of 10 wholly-owned NGL carriers that are accounted for under the

consolidation method of accounting for the three and six months ended June 30, 2025 (2024 – 12 wholly-owned NGL carriers and six

chartered-in NGL carriers). A comparison of the results from vessels and assets accounted for under the equity method are described below

under "Equity Income".


(in thousands of U.S. Dollars, except for days and percentages)	Three Months Ended June 30,		Change	% Change
	2025	2024	Change	% Change
Voyage revenues	28,746	35,108	(6,362)	(18.1)
Voyage recoveries (expenses)	12	(2,756)	2,768	(100.4)
Net voyage revenues(i)	28,758	32,352	(3,594)	(11.1)
Vessel operating expenses	(8,273)	(12,121)	3,848	(31.7)
Time-charter hire expenses	—	(2,128)	2,128	(100.0)
Depreciation and amortization	(7,970)	(7,769)	(201)	2.6
General and administrative expenses(ii)	(855)	(1,098)	243	(22.1)
Gain on sales of vessels	—	267	(267)	(100.0)
Income from vessel operations	11,660	9,503	2,157	22.7
Equity income	8,607	11,819	(3,212)	(27.2)
Operating Data:
Calendar-ship-days (B)	910	1,547	(637)	(41.2)
Less:
Scheduled dry-docking days	39	19	20	105.3
Unscheduled off-hire and idle days	—	76	(76)	(100.0)
Revenue days (A)	871	1,452	(581)	(40.0)
Utilization (A)/(B)	95.7%	93.9%

28


(in thousands of U.S. Dollars, except for days and percentages)	Six Months Ended June 30,		Change	% Change
	2025	2024	Change	% Change
Voyage revenues	56,574	74,227	(17,653)	(23.8)
Voyage expenses	(302)	(5,049)	4,747	(94.0)
Net voyage revenues(i)	56,272	69,178	(12,906)	(18.7)
Vessel operating expenses	(16,804)	(24,257)	7,453	(30.7)
Time-charter hire expenses	—	(4,301)	4,301	(100.0)
Depreciation and amortization	(15,764)	(15,366)	(398)	2.6
General and administrative expenses(ii)	(1,799)	(2,995)	1,196	(39.9)
Gain on sales of vessels	—	971	(971)	(100.0)
Income from vessel operations	21,905	23,230	(1,325)	(5.7)
Equity income	12,055	18,810	(6,755)	(35.9)
Operating Data:
Calendar-ship-days (B)	1,810	3,280	(1,470)	(44.8)
Less:
Scheduled dry-docking days	39	46	(7)	(15.2)
Unscheduled off-hire and idle days	25	95	(70)	(73.7)
Revenue days (A)	1,746	3,139	(1,393)	(44.4)
Utilization (A)/(B)	96.5%	95.7%

(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 six months ended June 30, 2025, total calendar-ship-days of the NGL segment were 1,810 compared to 3,280 days for the same period

of the prior year. The decrease in total calendar-ship-days is due to the redelivery of six chartered-in NGL carriers to their owners in December

2024 and the sales of the Seapeak Napa, the Seapeak Cathinka, the Seapeak Camilla and the Seapeak Pan, in February 2024, March 2024,

April 2024 and August 2024, respectively.

Net Voyage Revenues. Net voyage revenues decreased by $3.6 million and $12.9 million for the three and six months ended June 30, 2025,

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

• decreases of $5.0 million and $10.7 million for the three and six months ended June 30, 2025 due to the scheduled redelivery of six time

chartered-in NGL carriers to their owners in December 2024; and

• decreases of $0.5 million and $3.1 million for the three and six months ended June 30, 2025 due to the sales of our multi-gas carriers, the

Seapeak Napa, the Seapeak Cathinka, the Seapeak Camilla, and the Seapeak Pan during 2024;

partially offset by:

• increases of $0.5 million and $0.8 million for the three and six months ended June 30, 2025 primarily due to the reimbursement of dry-

docking expenditures related to certain of our NGL carriers during the second quarter of 2025 and lower scheduled dry-docking days

during the six months ended June 30, 2025; and

• an increase of $0.9 million for the three months ended June 30, 2025 due to unscheduled off-hire days for repairs on one of our NGL

carriers during the second quarter of 2024.

Vessel Operating Expenses. Vessel operating expenses decreased by $3.8 million and $7.5 million for the three and six months ended June 30,

2025, compared to the same periods of the prior year, primarily due to:

• decreases of $3.3 million and $5.8 million for the three and six months ended June 30, 2025 due to the scheduled redelivery of six

chartered-in NGL carriers to their owners in December 2024; and

• decreases of $0.7 million and $2.5 million for the three and six months ended June 30, 2025 due to the sales of the Seapeak Napa, the

Seapeak Cathinka, the Seapeak Camilla and the Seapeak Pan during 2024;

29

partially offset by:

• an increase of $0.9 million for the six months ended June 30, 2025 due to higher seafarers' costs on certain of our NGL carriers during the

first half of 2025 primarily due to the timing and location of crew changes.

Time-Charter Hire Expenses. Time-charter hire expenses decreased by $2.1 million and $4.3 million for the three and six months ended

June 30, 2025, compared to the same periods of the prior year, due to the scheduled redelivery of six chartered-in LPG carriers to their owners

in December 2024.

Gain on Sales of Vessels. Gain on sales of vessels was $0.3 million and $1.0 million for three and six months ended June 30, 2024 and relates

to the sales of the Seapeak Napa, the Seapeak Cathinka, and the Seapeak Camilla in February 2024, March 2024 and April 2024, respectively.

Equity Income. Equity income from the Exmar LPG Joint Venture decreased by $3.2 million and $6.8 million for the three and six months ended

June 30, 2025, compared to the same periods of the prior year, primarily due to:

• decreases of $4.2 million and $5.1 million for the three and six months ended June 30, 2025 due to a $6.5 million gain recognized on the

sale of the Severin Schulte LPG carrier during the second quarter of 2024 and $0.9 million due to an impairment of the right of use asset

associated with the in-chartered Severin Schulte LPG carrier during the first quarter of 2025, as a result of a reduction in our estimated

future hire rates compared to a $2.3 million gain recognized on the sale of the Sophie Schulte LPG carrier during the second quarter of

2025; and

• decreases of $0.7 million and $3.1 million for the three and six months ended June 30, 2025 due to unrealized losses on non-designated

derivative instruments, compared to unrealized gains during the same periods of the prior year primarily due to changes in long-term

forward benchmark interest rates during these periods;

partially offset by:

• increases of $0.8 million and $2.1 million for the three and six months ended June 30, 2025 due to an increase in earnings related to the

deliveries of the Champagny LPG carrier in the first quarter of 2025 and the Courchevel LPG carrier in the second quarter of 2025.

Other Operating Results

The following tables compares our other operating results for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,		Change	% Change
(in thousands of U.S. Dollars)	2025	2024	Change	% Change
General and administrative expenses	(7,260)	(6,877)	(383)	5.6
Restructuring charges	(19,264)	—	(19,264)	100.0
Interest expense	(42,326)	(45,516)	3,190	(7.0)
Interest income	3,082	3,542	(460)	(13.0)
Realized and unrealized (loss) gain on non- designated derivative instruments	(8,207)	8,167	(16,374)	(200.5)
Foreign currency exchange (loss) gain	(1,753)	591	(2,344)	(396.6)
Other expense	(1,228)	(2,715)	1,487	(54.8)
Income tax (expense) recovery	(2,040)	497	(2,537)	(510.5)
Other comprehensive (loss) income	(5,594)	83	(5,677)	(6,839.8)


	Six Months Ended June 30,		Change	% Change
(in thousands of U.S. Dollars)	2025	2024	Change	% Change
General and administrative expenses	(14,404)	(15,452)	1,048	(6.8)
Restructuring charges	(19,264)	—	(19,264)	100.0
Interest expense	(84,772)	(89,204)	4,432	(5.0)
Interest income	6,252	6,866	(614)	(8.9)
Realized and unrealized (loss) gain on non- designated derivative instruments	(25,215)	31,530	(56,745)	(180.0)
Foreign currency exchange (loss) gain	(2,813)	1,304	(4,117)	(315.7)
Other expense	(13,989)	(9,542)	(4,447)	46.6
Income tax (expense) recovery	(1,677)	679	(2,356)	(347.0)
Other comprehensive (expense) income	(13,907)	9,528	(23,435)	(246.0)

30

General and Administrative Expenses. General and administrative expenses were $7.3 million and $14.4 million for the three and six months

ended June 30, 2025, as compared to $6.9 million and $15.5 million for the same periods of the prior year. The decrease for the six months

ended June 30, 2025 was primarily due to a reduction in professional fees.

Restructuring charges. Restructuring charges were $19.3 million for the three and six months ended June 30, 2025, as compared to $nil for the

same periods of the prior year, primarily related to anticipated severance costs resulting from the dismissal of substantially all of our Spanish

seafarers. This severance follows our decision to restructure the operations of the four steam turbine LNG carriers, which comprise our Spanish

fleet, due to the adverse market conditions affecting steam turbine LNG carriers.

Interest Expense. Interest expense was $42.3 million and $84.8 million for the three and six months ended June 30, 2025, as compared to

$45.5 million and $89.2 million for the same periods of the prior year. Interest expense primarily reflects interest incurred on our long-term debt

and obligations related to finance leases. The decreases were primarily due to lower debt balances as a result of scheduled repayments and

the lower utilization of our revolving credit facility, and lower floating interest rates during the first half of 2025; partially offset by the financing of

the Marvel Swan LNG carrier during the first quarter of 2025 and the refinancing of certain of our vessels during 2024.

Realized and Unrealized (Loss) Gain 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 and Euro-denominated floating rate debt. Our interest rate swaps typically require settlements every three months and the receipt

of floating interest is based on the prevailing SOFR rate at the beginning of the settlement period. "Item 1 – Financial Statements: Note 11 –

Derivative Instruments and Hedging Activities" provides details of our current derivative positions and a breakdown of realized and unrealized

gains (losses) relating to these non-designated interest rate swap agreements for the three and six months ended June 30, 2025 and 2024.

Realized gains (losses) during a period reflect prevailing SOFR rates that are higher (lower) than the average fixed rates of our interest rate

swaps. Unrealized gains (losses) will primarily reflect an increase (decrease) in the long-term SOFR yield curve during each relevant period.

Realized and unrealized (losses) gains on non-designated derivative instruments were $(8.2) million and $(25.2) million for the three and six

months ended June 30, 2025, as compared to $8.2 million and $31.5 million for the same periods of the prior year, primarily due to changes in

the prevailing and forward SOFR rates during these periods.

Foreign Currency Exchange (Loss) Gain. Foreign currency exchange (loss) gain was $(1.8) million and $(2.8) million for the three and six

months ended June 30, 2025, as compared to $0.6 million and $1.3 million for the same periods of the prior year. These foreign currency

exchange losses and gains were primarily due to the relevant period-end revaluation of our NOK-denominated debt and, for the three and six

months ended June 30, 2024, our Euro-denominated term loan for financial reporting purposes into U.S. Dollars, net of the realized and

unrealized gains and losses on our cross currency swaps. Gains and losses on NOK-denominated and Euro-denominated monetary liabilities

reflect a stronger (gains) or weaker (losses) U.S. Dollar against the NOK and Euro on the date of revaluation or settlement compared to the rate

in effect at the beginning of the period. Our cross currency swaps economically hedge all of the foreign currency and interest rate exposure on

our NOK-denominated debt. Our Euro-denominated debt was used to purchase two vessels that were on long-term charters which entitled us to

payment of charter-hire in Euros. As such, our Euro-denominated debt was repaid with these fixed Euro charter hire receipts and consequently

our Euro currency exposure was limited by this arrangement. As at June 30, 2025, we have no exposure to Euro-denominated debt as it

matured in December 2024.

Other expense. Other expense was $1.2 million and $14.0 million for the three and six months ended June 30, 2025, as compared to

$2.7 million and $9.5 million for the same periods of the prior year. The decrease in other expense for the three months ended June 30, 2025

was primarily due to a $2.7 million financing extinguishment loss recognized upon the repurchase of the Seapeak Oak LNG carrier during the

second quarter of 2024; partially offset by a $0.6 million increase in unrealized credit loss provisions in three months ended June 30, 2025,

compared to the same period of 2024. The increase in other expense for the six months ended June 30, 2025 was primarily due to $6.2 million

in financing extinguishment gains recognized upon the repurchases of certain NGL carriers during the first quarter of 2024; partially offset by the

$2.7 million financing extinguishment loss recognized upon the repurchase of the Seapeak Oak LNG carrier during the second quarter of 2024.

Income tax (expense) recovery. Income tax (expense) recovery was $(2.0) million and $(1.7) million for the three and six months ended

June 30, 2025, as compared to $0.5 million and $0.7 million for the same periods of the prior year. The changes in income tax expense for the

three and six months ended June 30, 2025 were primarily due to estimated income taxes owing related to the transfer of certain of our NGL

operations from France to Denmark; and changes in current and deferred tax balances related to the timing of deductions in our Tangguh Joint

Venture, in which we have a 70% ownership interest.

Other Comprehensive (Loss) Income. Other comprehensive (loss) income was $(5.6) million and $(13.9) million for the three and six months

ended June 30, 2025, as compared to $0.1 million and $9.5 million for the same periods of the prior year. The changes in other comprehensive

(loss) income for the three and six months ended June 30, 2025 were primarily due to unrealized losses on our interest rate swap agreements

compared to unrealized gains for the same periods of the prior year, where the results of our joint ventures reflect the use of hedge accounting,

due to changes in the forward SOFR benchmark interest rates during these periods.

31

Liquidity and Capital Resources

Sources and Uses of Capital

For a description of our sources and uses of capital, please read “Item 5 – Operating and Financial Review and Prospects – Liquidity and

Capital Resources” in our Annual Report on Form 20-F for the year ended December 31, 2024.

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". 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 June 30, 2025, this

proportionate share, based on the aggregate principal amount of the loan facilities and fair value of the interest rate swaps, was $815.4 million.

As at June 30, 2025, our equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities that we

guarantee.

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

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

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

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

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

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

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

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

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

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

Market Risk” in our Annual Report on Form 20-F for the year ended December 31, 2024.

Liquidity

Our total liquidity, which consists of cash, cash equivalents and undrawn credit facilities, was $386.4 million as at June 30, 2025, compared to

$338.7 million as at December 31, 2024, an increase of $47.7 million. This increase was due to a $60.0 million decrease in the amounts drawn

on our revolving credit facility (which allows for borrowings of up to $350.0 million); partially offset by a decrease in cash and cash equivalents

of $12.3 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 $16.9 million).

The following table summarizes our contractual obligations as at June 30, 2025, excluding those of our equity-accounted joint ventures. We

expect that our liquidity at June 30, 2025, combined with the operating cash flows we expect to generate from customer contracts in place at

June 30, 2025, 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 June 30, 2025. Our ability to pay our obligations, and to refinance our long-term debt

and finance leases coming due subsequent to June 30, 2025, will depend on, among other things, our ability to continue to service our long-

term charter contracts, our financial condition and the condition of credit markets in the months leading up to the maturity dates. We may

expand the size of our fleet through the acquisition of new or second-hand vessels or through the construction of additional new vessels. Our

ability to continue to expand the size of our fleet over the long-term is dependent upon our ability to generate operating cash flow, obtain long-

term bank borrowings, sale-leaseback financings and other debt, as well as our ability to raise debt or equity financing.


	Total	12 Months Following June 30, 2025	Remainder of 2026	2027	2028	2029	Beyond 2029
	(in millions of U.S. Dollars)
U.S. Dollar long-term debt	696.5	99.1	159.2	214.0	54.7	45.5	124.0
Norwegian Kroner long-term debt (i)	198.6	99.3	99.3	—	—	—	—
Commitments related to finance leases (ii)	2,352.3	339.7	114.4	397.6	367.8	211.2	921.6
Commitments related to operating leases (iii)	106.5	28.5	14.1	28.3	29.6	6.0	—
Newbuilding installments/shipbuilding supervision (iv)	934.4	170.5	125.1	638.8	—	—	—
Totals	4,288.3	737.1	512.1	1,278.7	452.1	262.7	1,045.6

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

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

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

(iii) We have corresponding leases whereby we are the lessor and expect to receive approximately $79.7 million under these leases from the remainder of

2025 to 2029.

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

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

remaining estimated newbuilding costs with our existing liquidity and future operating cash flow, as well as long-term debt financing to be arranged for

the vessels prior to their scheduled deliveries.

32

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

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

Contingencies" included in this Report.

Critical Accounting Estimates and Risk Factors

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

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

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

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

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

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

2024, are those that we consider to be the most critical to an understanding of our financial statements, because they inherently involve

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

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

Accounting Policies" in our Annual Report on Form 20-F for the year ended December 31, 2024. Our three RasGas II Joint Venture steam

turbine LNG carriers will complete their 20-year fixed rate charters in late 2026 and early 2027. We and our joint venture partner will be

assessing opportunities for these vessels throughout the remainder of 2025 and 2026. Since the sale of these vessels after they complete their

existing charters is a possible outcome, we would consider them to be at a higher risk of future impairment compared to the other vessels in our

fleet. There have been no other significant changes in accounting estimates and assumptions from those discussed in our 2024 Annual Report

on Form 20-F.

In addition to the other information set forth in this Report on Form 6-K, you should carefully consider the risk factors discussed in Part I, “Item

3. Key Information – Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024, which could materially affect our

business, financial condition or results of operations.

Non-GAAP Financial Measures

Net Voyage Revenues

Net voyage revenues is a non-GAAP financial measure. Consistent with general practice in the shipping industry, we use net voyage revenues

as a measure of equating revenues generated from voyage charters to revenues generated from time-charters, which assists us in making

operating decisions about the deployment of our vessels and their performance. Since, under time-charters, the charterer pays the voyage

expenses, whereas under voyage charters, the shipowner pays these expenses, we include voyage expenses in net voyage revenues. Some

voyage expenses are fixed, and the remainder can be estimated. If we, as the shipowner, pay the voyage expenses, we typically pass on to our

customers the approximate amount of these expenses by charging higher rates under the contract or billing the expenses to them. As a result,

although voyage revenues from different types of contracts may vary, the net voyage revenues are generally comparable across the different

types of contracts. We principally use net voyage revenues because it provides more meaningful information to us than voyage revenues. Net

voyage revenues is also widely used by investors and analysts in the shipping industry for comparing financial performance between

companies and to industry averages.

How we use net voyage revenues and the reasons for such use may be unique to the shipping industry. Given that net voyage revenues is a

measure which deducts certain operating expenses from revenue, this metric may be more commonly viewed as an alternative measure of

gross profit. Viewed in this context, income from operations would be the most directly comparable GAAP financial measure, and net voyage

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

expenses, depreciation and amortization, time-charter hire expenses and vessel operating expenses. The following table reconciles net voyage

revenues with income from vessel operations:


	LNG Segment		NGL Segment
	Three Months Ended June 30,		Three Months Ended June 30,
(in thousands of U.S. Dollars)	2025	2024	2025	2024
Income from vessel operations	28,735	62,790	11,660	9,503
Restructuring charges	19,264	—	—	—
Gain on sales of vessels	—	—	—	(267)
General and administrative expenses	6,405	5,779	855	1,098
Depreciation and amortization	26,436	27,441	7,970	7,769
Time-charter hire expenses	—	—	—	2,128
Vessel operating expenses	47,369	45,038	8,273	12,121
Net voyage revenues	128,209	141,048	28,758	32,352

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	LNG Segment		NGL Segment
	Six Months Ended June 30,		Six Months Ended June 30,
(in thousands of U.S. Dollars)	2025	2024	2025	2024
Income from vessel operations	78,501	123,923	21,905	23,230
Restructuring charges	19,264	—	—	—
Gain on sales of vessels	—	—	—	(971)
General and administrative expenses	12,605	12,457	1,799	2,995
Depreciation and amortization	52,163	54,837	15,764	15,366
Time-charter hire expenses	—	—	—	4,301
Vessel operating expenses	93,195	88,737	16,804	24,257
Net voyage revenues	255,728	279,954	56,272	69,178

FORWARD-LOOKING STATEMENTS

This Report on Form 6-K for the three and six months ended June 30, 2025 contains certain forward-looking statements (as such term is

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

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

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

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

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

Venture's LPG carrier newbuildings;

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

be generated from these vessels;

• expected exposure to interest rate volatility;

• the consideration we generally receive in connection with vessel management and other contracts;

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

additional new vessels;

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

• expected interest payments;

• the possibility of future resumption of the LNG plant in Yemen operated by YLNG and the repayment of deferred hire amounts from

YLNG on our two 52%-owned vessels, the Seapeak Marib and Seapeak Arwa;

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

economy, our industry and our business;

• the impact on our results for 2025 and beyond by any LNG carriers without charter contracts or LNG carriers rechartered at reduced

rates;

• the timing of maturity of the existing RasGas II JV vessel charter contracts and the expected timing of the assessment of post-charter

opportunities for these vessels, and any potential related impairments;

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

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

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

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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; sale of vessels; potential for early termination of long-term contracts and

our ability to renew or replace long-term contracts; our ability to secure charter contracts for our vessels; loss of any customer, time-charter

contract or vessel; changes in production or price of LNG or LPG; potential development of active short-term or spot LNG or LPG shipping

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

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

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

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

greenhouse gases, such as the EU ETS; docking fees applicable to Chinese-built vessels, and tariffs; the application of sanctions to us or any

of our counterparties or joint venture partners; LNG or LPG project delays or abandonment; the impact of the Russia-Ukraine war on us or on

our third party counterparties to our charter contracts or business arrangements; and other factors detailed from time to time in our periodic

reports filed with the SEC, including our Annual Report on Form 20-F for the year ended December 31, 2024. We do not intend to release

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

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

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SIGNATURES

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

undersigned, thereunto duly authorized.


	SEAPEAK LLC

Date: August 14, 2025	By:	/s/ Scott Gayton
		Scott Gayton
		Chief Financial Officer
		(Principal Financial and Accounting Officer)