Seapeak LLC

1. Basis of Presentation

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

Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025, which were included in the Company's Annual Report on Form 20-F for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (or SEC) on March 18, 2026. In the opinion of the management of the Company, these unaudited consolidated financial statements reflect all adjustments consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, changes in total equity and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation.

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

2. Accounting Pronouncements

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

In May 2026, the FASB issued ASU 2026-02 –Environmental Credits and Environmental Credit Obligations (Topic 818)(or ASU 2026-02). This ASU improves the financial accounting for and disclosure of environmental credits and environmental credit obligations. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. An entity should apply the amendments in this update on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet) as of the beginning of the annual reporting period of adoption. An entity should not recast any financial statement information before the period of adoption. The Company does not expect that adoption of ASU 2026-02 will have a material impact on the Company's consolidated financial statements.

3. Fair Value Measurements and Financial Instruments

a) Fair Value Measurements

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

b) Credit Losses

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

The following table includes the amortized cost basis of the Company’s direct interests in financing receivables and net investment in direct financing and sales-type leases by class of financing receivables and by period of origination and their associated credit quality as at June 30, 2026 and December 31, 2025.

(i)For a description of how the Company's credit quality grades are determined see Item 18 – Financial Statements: Note 3b to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2025. As at June 30, 2026 and December 31, 2025, all direct financing and sales-type leases held by the Company and the Company’s equity-accounted joint ventures had a credit quality grade of performing.

Changes in the Company's allowance for credit losses for the three and six months ended June 30, 2026 and 2025 are as follows:

(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, 2026 and 2025, see Item 18 – Financial Statements: Note 3b to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2025.

(ii)The changes in credit loss provision of $1.2 million and $6.1 million for the Company's consolidated vessels' direct financing and sales-type leases for the three and six months ended June 30, 2026, respectively ($0.8 million and $13.0 million for the three and six months ended June 30, 2025, 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, 2026 primarily reflects a decrease in the estimated charter-free valuations for certain types of its liquefied natural gas (or LNG) carriers at the end of their time-charter contracts which are accounted for as direct financing and sales-type leases in the Company's consolidated balance sheets. These estimated future charter-free values are subject to change based on the underlying LNG shipping market fundamentals.

The changes in credit loss provision of $(2.8) million and $(1.9) million for the three and six months ended June 30, 2026, respectively ($0.3 million and $12.5 million for the three and six months ended June 30, 2025, respectively), relating to the direct financing and sales-type leases and other within the Company's equity-accounted joint ventures are included in equity income in the Company's consolidated statements of income. The change in the credit loss provision for the six months ended June 30, 2026 primarily reflects a $5.5 million decrease as the loan to the Bahrain LNG Joint Venture was classified as held for sale in May 2026 (see Note 7a) and thus was no longer accounted for at amortized cost and subject to ASC 326, partially offset by 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 and an increase in the internal historical loss rate related to reductions to the estimated probability of a future resumption of the LNG plant in Yemen operated by Yemen LNG Company Limited.

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, 2026 do not reflect any material change in expectations of the charterers' ability to make their time-charter hire payments as they come due compared to the beginning of the period.

4. Segment Reporting

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

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

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

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

5. Chartered-in Vessels

As at June 30, 2026 and December 31, 2025, the Company was a party to finance leases on 10 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 20-year bareboat charter contracts ending in 2027 through to 2046. At inception of these leases, the weighted-average interest rate implicit in these leases was 5.9% as at June 30, 2026 (6.0% as at December 31, 2025). The bareboat charter contracts are presented as obligations related to finance leases on the Company's consolidated balance sheets.

The obligations of the Company's applicable subsidiaries under the bareboat charter contracts for the 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, 2026, the Company was in compliance with all covenants in respect of the bareboat charter contracts it guarantees.

As at June 30, 2026, 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 $2.2 billion, including imputed interest of $432.1 million, repayable through 2046, as indicated below:

In February 2026, the Company exercised a repurchase option to acquire the Seapeak Creole LNG carrier from its Lessor for $100.0 million, which included unpaid interest of $1.3 million at the time of repurchase, resulting in the termination of the related finance lease. In April 2026, the Company sold the Seapeak Creole LNG carrier to a Lessor for $165.0 million and concurrently chartered the vessel back for a period of 20 years under a bareboat charter contract. 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 is obligated to repurchase the vessel at the end of the lease term at a nominal amount.

In April 2026, the Company exercised repurchase options to acquire the Ineos Dolphin and the Ineos Innovation NGL carriers from their original Lessors for a total cost of $120.3 million. As a result of the repurchases, the Company recognized a loss of $2.2 million, which is included in other expense in the Company's consolidated statements of income for the three and six months ended June 30, 2026. Immediately following the repurchases, the Company entered into new financing arrangements whereby it sold the vessels to new Lessors for a total of $125.0 million and chartered each of the vessels back for a period of 7.9 years under bareboat charter contracts. The quarterly charter-hire payments to be made by the Company consist of a fixed amount plus variable amounts based on SOFR plus a margin. The Company has the option to terminate each of the bareboat charter contracts after a period of 5.9 years and repurchase the vessels for a total cost of $66.3 million. In conjunction with the refinancing of the vessels, the Company and the charterer have agreed to extend the terms of the existing time-charter contracts by 1.5 years at the same hire rates.

Certain bareboat charter agreements require that the Company maintain ratios of vessel values to the relevant outstanding underlying loan balances. As at June 30, 2026, the Company had five bareboat charter agreements, under which the aggregate outstanding loan balance was $286.0 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, 2026, the vessel-value-to-outstanding-loan obligation balance ratios were 174%, 173%, 166%, 167% and 135% under approved charters. The vessel values used in calculating these ratios are the appraised values provided by third parties.

6. Revenue

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

Revenue Table

The following tables contain the Company’s revenue for the three and six months ended June 30, 2026 and 2025, by contract type and by segment.

The following table contains the Company’s revenue for the three and six months ended June 30, 2026 and 2025, by contracts or components of contracts accounted for as leases and those not accounted for as leases:

(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, 2026 and December 31, 2025, the Company had four LNG carriers, excluding the vessels in its equity-accounted joint ventures, that are accounted for as direct financing and sales-type leases.

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

As at June 30, 2026, estimated lease payments to be received by the Company related to its direct financing and sales-type leases in each of the next five years were approximately $42.1 million (remainder of 2026), $83.6 million (2027), $78.9 million (2028), $50.6 million (2029), $44.7 million (2030) and an aggregate of $517.5 million thereafter. Two leases are expected to end in 2028, one lease is scheduled to end in 2039 and the remaining lease is scheduled to end in 2046.

Operating Leases

As at June 30, 2026, the minimum scheduled future rentals to be received by the Company in each of the next five years for the lease and non-lease elements related to charters that were accounted for as operating leases are approximately $195.9 million (remainder of 2026), $265.9 million (2027), $217.8 million (2028), $176.0 million (2029), and $123.2 million (2030). Minimum scheduled future rentals on operating lease contracts do not include rentals from vessels in the Company’s equity-accounted joint ventures, rentals from unexercised option periods of contracts that existed on June 30, 2026, variable or contingent rentals, or rentals from contracts which were entered into or commenced after June 30, 2026. Therefore, the minimum scheduled future rentals on operating leases should not be construed to reflect total charter hire revenues for any of these five years.

Contract Liabilities

As at June 30, 2026, the Company had $30.3 million of advanced payments recognized as contract liabilities included in unearned revenue (December 31, 2025 – $29.1 million, June 30, 2025 – $34.9 million and December 31, 2024 – $37.1 million). The Company recognized $29.7 million and $41.6 million of revenue for the three months ended June 30, 2026 and 2025, respectively, that was recognized as a contract liability at the beginning of such three-month periods. The Company recognized $29.1 million and $37.1 million of revenue for the six months ended June 30, 2026 and 2025, 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, 2025.

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

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

a) In May 2026, Bapco Energies B.S.C. exercised its option under the Bahrain LNG Joint Venture shareholders’ agreement to purchase the Company’s 30% equity interest in the Bahrain LNG Joint Venture and all of its outstanding shareholder loans for an aggregate amount of $48.3 million. It is expected that the sale will be completed during the third quarter of 2026. As a result of this event, the Company recognized a loss of $28.4 million, which is included in other expense in the Company’s consolidated statements of income for the three and six months ended June 30, 2026. As at June 30, 2026, the carrying value of the shareholder loan is included in the Company’s consolidated balance sheet in investments in and advances to joint ventures held for sale, net. For the three and six months ended June 30, 2026, interest income recognized on the shareholder loan amounted to $0.7 million and $2.3 million, respectively (three and six months ended June 30, 2025 – $1.5 million and $3.0 million, respectively), and is included in interest income in the Company's consolidated statements of income.

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, 2026 was $723.4 million (December 31, 2025 – $768.3 million). As at June 30, 2026, the Company's equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities that the Company guarantees.

8. Long-Term Debt

As at June 30, 2026 and December 31, 2025, the Company had one revolving credit facility, which provided for borrowings of up to $335.0 million (December 31, 2025 – $350.0 million), of which $175.0 million (December 31, 2025 – $215.0 million) of the credit facility was undrawn. Interest payments are based on SOFR plus a margin of 1.45%. In August 2026, the Company refinanced the revolving credit facility, which was scheduled to mature in June 2027, with a new revolving credit facility, which provides for borrowings of up to $365.0 million and is scheduled to mature in August 2028. Interest payments on the new revolving credit facility are based on SOFR plus a margin of 1.40%. The revolving credit facility is unsecured and may be used by the Company for general corporate purposes.

As at June 30, 2026 and December 31, 2025, the Company had seven U.S. Dollar-denominated term loans and bonds outstanding, which totaled $648.5 million in aggregate principal amount (December 31, 2025 – $664.8 million). Interest payments on these term loans are based on SOFR plus an additional amount consisting of a margin and a credit adjustment spread, where such additional amount ranged from 2.00% to 3.45%. Interest payments on the bonds are fixed and range from 4.11% to 4.41%. Five of the combined term loans and bonds require quarterly interest and principal payments and five have balloon or bullet repayments due at maturity. The term loans and bonds are collateralized by first-priority mortgages on the 8 Company vessels to which the loans and bonds relate, together with certain other related security. In addition, as at June 30, 2026, all of the outstanding term loans were guaranteed by either the Company or the ship-owning entities within Teekay Nakilat Corporation (orthe RasGas II Joint Venture), in which the Company has a 70% ownership interest.

As at June 30, 2026 and December 31, 2025, the Company had Norwegian Krone (or NOK) 1.0 billion of senior unsecured bonds in the Norwegian bond market that mature in November 2026. As at June 30, 2026, the total amount of the bonds, which are listed on the Oslo Stock Exchange, was $101.0 million (December 31, 2025 – $99.1 million). The interest payments on the bonds are based on the Norwegian Interbank Offered Rate (or NIBOR) plus a margin of 4.90%. The Company entered into cross currency rate swaps, to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at 6.37% and the transfer of principal fixed at $117.0 million upon maturity in exchange for NOK 1.0 billion (see Note 11).

The weighted-average interest rates for the Company’s long-term debt outstanding excluding the effect of related interest rate swaps as at June 30, 2026 and December 31, 2025 were 6.04% and 6.23%, respectively. The Company uses swaps to economically hedge certain of its floating-rate debt (see Note 11). The weighted-average interest rates including the effect of related interest rate swaps were 5.25% and 5.24% as at June 30, 2026 and December 31, 2025, respectively.

Non-U.S.-denominated debt is revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Company’s NOK-denominated bonds and euro-denominated cash, and the change in the valuation of the Company’s cross currency swaps, the Company incurred foreign exchange losses of nil and $0.5 million for the three and six months ended June 30, 2026, respectively ($1.8 million and $2.8 million for the three and six months ended June 30, 2025, respectively).

The aggregate annual long-term debt principal repayments required under the Company's revolving credit facility, loans and bonds subsequent to June 30, 2026 are $212.1 million (remainder of 2026), $313.3 million (2027), $214.7 million (2028), $45.5 million (2029), $123.9 million (2030).

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, 2026, the Company had three credit facilities with an aggregate outstanding loan balance of $268.2 million that require it to maintain minimum vessel-value-to-outstanding-loan-principal-balance ratios of 110%, 145%, and 120%, which as at June 30, 2026, were 222%, 195%, and 206%, 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, 2026, the Company was in compliance with all covenants relating to the Company’s credit facilities and other long-term debt.

9. Income Tax Expense

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

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

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:

(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 as of June 30, 2026 the Company had 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, 2026 amounted to $7.5 million and $14.9 million, respectively ($7.2 million and $14.7 million for the three and six months ended June 30, 2025, respectively). In addition, the Company has an operations 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, 2026 were $4.1 million and $8.8 million, respectively ($5.4 million and $8.5 million for the three and six months ended June 30, 2025, respectively), and are included in voyage revenues in the Company's consolidated statements of income.

(ii)The Company provides ship management and corporate services to certain of its equity-accounted joint ventures that own and operate LNG carriers on long-term charters pursuant to management agreements. In addition, the Company is reimbursed for costs incurred by the Company for its seafarers operating these LNG carriers. During the three and six months ended June 30, 2026, the Company earned management fees and cost reimbursements pursuant to these management agreements of $21.1 million and $42.8 million, respectively ($20.9 million and $41.4 million for the three and six months ended June 30, 2025, 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, 2026 and 2025, 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.

b) As at June 30, 2026 and December 31, 2025, non-interest-bearing amounts due from affiliates totaled $53.3 million and $24.1 million, respectively, and non-interest-bearing amounts due to affiliates totaled $4.4 million and $0.8 million, respectively. These amounts due to/from affiliates are unsecured and have no fixed repayment terms.

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

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, 2026, the Company was committed to the following foreign currency forward contracts:

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

The Company entered into cross currency swaps concurrently with the issuance of its NOK-denominated senior unsecured bonds (see Note 8), and pursuant to these swaps, the Company receives the principal amount in NOK on maturity dates of the swaps in exchange for payments of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal of the Company’s NOK-denominated bonds due in November 2026, and to economically hedge the interest rate exposure. The following table reflects information relating to the cross currency swaps as at June 30, 2026.

Interest Rate Risk

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

As at June 30, 2026, the Company was committed to the following interest rate swap agreements:

(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, 2026, ranged from 2.00% to 3.45%.

(ii)Principal amount reduces quarterly.

(iii)These interest rate swaps are subject to mandatory early termination in 2027, 2028 and 2029, whereby the swaps will be settled based on their fair value at that time.

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

As at June 30, 2026, the Company had multiple interest rate swaps, cross currency swaps and foreign currency forward contracts with the same counterparty that are subject to the same master agreement. Each of these master agreements provides for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these derivative instruments is presented on a gross basis in the Company’s consolidated balance sheets. As at June 30, 2026, these derivative instruments constituted an aggregate fair value asset of $57.6 million (December 31, 2025 – $54.5 million) and an aggregate fair value liability of $2.8 million (December 31, 2025 – $2.9 million). As at June 30, 2026, the Company had nil (December 31, 2025 – $3.8 million) of cash on deposit as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash – current on the Company's consolidated balance sheets.

Credit Risk

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

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

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

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

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):

12. Commitments and Contingencies

a) In November 2022, the Company entered into contracts with Samsung Heavy Industries Co., Ltd. (or SHI) for the construction of five 174,000-cubic meter M-type, Electronically Controlled, Gas Admission propulsion LNG carrier newbuildings that have an estimated total fully built-up cost of $1.2 billion and are scheduled for deliveries throughout 2027. As at June 30, 2026, expenditures incurred under these newbuilding contracts totaled $419.5 million and the estimated remaining expenditures to be incurred are $103.0 million (remainder of 2026) and $658.8 million (2027). The Company intends to finance substantially all of the remaining estimated pre-delivery expenditures with borrowings under two U.S. Dollar-denominated term loans maturing in 2027. In addition, the final construction installments due on delivery and the repayment of the two U.S. Dollar-denominated term loans maturing in 2027 are expected to be financed with existing 10-year sale and leaseback financing arrangements, where the LNG carrier newbuildings are expected to be sold to a Lessor upon their deliveries for approximately $235.0 million per vessel.

In December 2025, the Company entered into contracts with SHI for the construction of two 174,000-cubic meter low-pressure dual-fueled (X-DF) LNG carrier newbuildings that have an estimated total fully built-up cost of $510.2 million and are scheduled for deliveries in the second half of 2028. As at June 30, 2026, expenditures incurred under these newbuilding contracts totaled $50.0 million and the estimated remaining expenditures to be incurred are $1.4 million (remainder of 2026), $154.0 million (2027) and $304.8 million (2028). The Company intends to finance the estimated pre-delivery expenditures with its existing liquidity and future operating cash flow, as well as long-term debt financing to be arranged for the vessels prior to their scheduled deliveries.

In May 2026, the Company entered into contracts with SHI for the construction of three 174,000-cubic meter low-pressure dual-fueled (X-DF) LNG carrier newbuildings that have an estimated total fully built-up cost of $755.8 million and are scheduled for deliveries in the first half of 2029. As at June 30, 2026, expenditures incurred under these newbuilding contracts totaled $71.8 million and the estimated remaining expenditures to be incurred are $2.2 million (remainder of 2026), $53.1 million (2027), $185.9 million (2028) and $442.8 million (2029). The Company intends to finance the estimated pre-delivery expenditures with its existing liquidity and future operating cash flow, as well as long-term debt financing to be arranged for the vessels prior to their scheduled deliveries.

b) In March 2023, the Company's 50/50 NGL-related joint venture with Exmar NV (orthe Exmar LPG Joint Venture) entered into contracts with Hyundai Mipo Dockyard Co., Ltd. (or HMD) for the construction of two 45,000-cubic meter ammonia capable dual-fueled LPG carriers with scheduled deliveries in mid-2026. In March 2024, the Exmar LPG Joint Venture entered into contracts with HMD for the construction of two additional 45,000-cubic meter ammonia capable dual-fueled LPG carriers with scheduled deliveries in late-2026. In June 2026, one of these vessels, the Antwerpen, was delivered to the Exmar LPG Joint Venture.The Company's proportionate share of the total fully built-up cost of the three vessels is approximately $131.1 million. As at June 30, 2026, the Company's proportionate share of expenditures incurred under these newbuilding contracts totaled $55.3 million and the Company's proportionate share of estimated remaining expenditures to be incurred in 2026 is $75.8 million. In July 2026, the second of these vessels, the Arlon, was delivered to the Exmar LPG Joint Venture (see Note 17).

In January 2025, the Exmar LPG Joint Venture entered into contracts with Avance Gas Aries Ltd. for the assumption by the joint venture of shipbuilding contracts for the construction of four 40,000-cubic meter dual-fueled LPG carriers, which are being constructed by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. During the first quarter of 2026, two of these vessels, the Meribel and the Menuires, were delivered to the Exmar LPG Joint Venture. In June 2026, one of these vessels, the Moriond, was delivered to the Exmar LPG Joint Venture. The remaining vessel is scheduled to be delivered in the second half of 2026. The Company's proportionate share of the total fully built-up cost of the remaining vessel is approximately $38.2 million. As at June 30, 2026, the Company's proportionate share of expenditures incurred under the remaining newbuilding contract totaled $20.2 million and the Company's proportionate share of estimated remaining expenditures to be incurred in 2026 is $18.0 million.

c) The Company owns 70% of Seapeak BLT Corporation (or the Tangguh Joint Venture), which is a party to operating leases whereby the Tangguh Joint Venture is leasing the Tangguh Hiri and Tangguh Sago LNG carriers (orthe Tangguh LNG Carriers) to a third party, which is in turn leasing the vessels back to the joint venture. The Company’s minimum charter hire payments to be paid and received under these leases are described in more detail in Item 18 – Financial Statements: Note 14e to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2025. Under the terms of the leasing arrangement for the Tangguh LNG Carriers, whereby the Tangguh Joint Venture is the lessee, the lessor claims tax depreciation on its lease of these vessels. As is typical in these types of leasing arrangements, tax and change of law risks are assumed by the lessee. Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax margin. As at June 30, 2026, the carrying amount of this estimated tax indemnification obligation relating to the leasing arrangement through the Tangguh Joint Venture was $3.1 million (December 31, 2025 – $3.3 million) and was included as part of other long-term liabilities in the consolidated balance sheets of the Company.

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

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

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

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

e) 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 $455.3 million as at June 30, 2026. This working capital deficit includes $586.5 million related to scheduled maturities and repayments of long-term debt and obligations related to finance leases in the 12 months following June 30, 2026. Based on the Company’s liquidity at the date these unaudited consolidated financial statements were issued, the liquidity it expects to generate from operations over the following year, the cash distributions it expects to receive from its equity-accounted joint ventures, and the proceeds it expects to receive related to the financing of certain of its LNG carrier newbuildings, the Company estimates that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these unaudited consolidated financial statements.

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.

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

14. Gain on Sales of Vessels

a) As at December 31, 2025, the Seapeak Mars and the Seapeak Hispania LNG carriers were classified as held for sale in the Company's consolidated balance sheet at their combined net book value of $24.4 million. In January 2026, the Company sold the Seapeak Mars for net proceeds of $12.1 million, which approximated its net book value. In January 2026, the Seapeak Hispania was renamed the Seapeak Jupiter. In March 2026, the Seapeak Jupiterwas sold for net proceeds of $15.3 million resulting in a gain on sale of $3.0 million, which is included in gain on sales of vessels for the six months ended June 30, 2026 in the Company's consolidated statement of income.

b) The 20-year charter contracts for the three steam turbine LNG carriers (orthe RasGas II Joint Venture vessels), of which the Company has a 70% ownership interest, are scheduled to expire during October 2026 to February 2027. It is expected that the RasGas II Joint Venture vessels will be sold following their redelivery to the Company. As at June 30, 2026, the RasGas II Joint Venture vessels were classified as held for sale in the Company's consolidated balance sheet at their combined net book value of $62.7 million. The Company’s 70% share in the pre-tax net (loss) income of these vessels for the three and six months ended June 30, 2026 was $(0.1) million and $(0.4) million, respectively ($4.1 million and $7.9 million – three and six months ended June 30, 2025, respectively).

15. Total Capital

Common Unit Distributions

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

16. 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 severance costs resulting from the dismissal of the Company’s Spanish seafarers. The dismissal of the seafarers followed the Company’s decision to restructure the operations of the four steam turbine LNG carriers, which comprised its Spanish fleet, due to the adverse market conditions affecting steam turbine LNG carriers.

17. Subsequent Event

On July 30, 2026, the Company's 50%-owned Exmar LPG Joint Venture took delivery of the Arlon, the second of the four 45,000-cubic meter ammonia capable dual-fueled LPG carriers with scheduled deliveries in 2026.