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A type-II InAs/AlAs$$_{0.16}$$ 0.16 Sb$$_{0.84}$$ 0.84 multiple-quantum well sample is investigated for the photoexcited carrier dynamics as a function of excitation photon energy and lattice temperature. Time-resolved measurements are performed using a near-infrared pump pulse, with photon energies near to and above the band gap, probed with a terahertz probe pulse. The transient terahertz absorption is characterized by a multi-rise, multi-decay function that captures long-lived decay times and a metastable state for an excess-photon energy of $$>100$$ > 100 meV. For sufficient excess-photon energy, excitation of the metastable state is followed by a transition to the long-lived states. Excitation dependence of the long-lived states map onto a nearly-direct band gap ($$E{_g}$$ E g ) density of states with an Urbach tail below $$E{_g}$$ E g . As temperature increases, the long-lived decay times increase $$ < E g , due to the increased phonon interaction of the unintentional defect states, and by phonon stabilization of the hot carriers $$>E{_g}$$ > E g . Additionally, Auger (and/or trap-assisted Auger) scattering above the onset of the plateau may also contribute to longer hot-carrier lifetimes. Meanwhile, the initial decay component shows strong dependence on excitation energy and temperature, reflecting the complicated initial transfer of energy between valence-band and defect states, indicating methods to further prolong hot carriers for technological applications.