Step 1

Preheat the oven to 250 degrees. Grease two large rimmed baking sheets and set aside.

Step 2

Pop the popcorn kernels, in shifts if needed to ensure your popcorn popper doesn’t burn the popcorn, and place the popcorn in a large bowl, sifting through to remove the unpopped kernels.

Step 3

In a large saucepan over medium heat, melt the butter. When melted add the brown sugar, corn syrup, and salt. Bring to a boil while stirring. Once the mixture starts boiling, reduce the heat to medium-low and simmer, stirring often, for 3 minutes. The mixture will be slightly thickened. Take the pot off the heat and stir in the vanilla and baking soda. The mixture will bubble so be careful. Pour the caramel over the popcorn and mix slightly. Add the peanuts and mix well but gently (so you don’t break apart the popcorn) until the popcorn is evenly coated and the peanuts are distributed through the mixture.

Step 4

Turn the popcorn out onto the baking sheets, spreading into an even layer. Bake the popcorn for one hour, stirring and tossing every 20 minutes. Move the bottom tray to the upper rack and vice versa each time you stir. The popcorn will deepen in color and harden a bit as the caramel bakes and sets. Cool the popcorn to room temperature. Store in an airtight container. I’ve found the popcorn will keep, stored tightly, for 1-2 weeks.