Long-term debt is comprised of the following:


	As of December 31,
	2024			2023
	(In thousands)
Bank Credit Facility	$	415,000		$	480,000
6.75% Senior Notes due 2029:
Principal		1,623,880			1,223,880
(Discount) premium, net of amortization		(20,201	)		5,138
5.875% Senior Notes due 2030:
Principal		965,000			965,000
Debt issuance costs, net of amortization		(31,589	)		(33,627	)
	$	2,952,090		$	2,640,391

The discount and premium on the 6.75% senior notes due 2029 are being amortized over its life using the effective interest rate method. Debt issuance costs are amortized over the lives of the bank credit facility and senior notes on a straight-line basis which approximates the amortization that would be calculated using an effective interest rate method.

The following table summarizes Comstock's principal amount of debt as of December 31, 2024 by year of maturity:


	2025		2026		2027		2028		2029		Thereafter		Total
	(In thousands)
Bank Credit Facility	$	—	$	—	$	415,000	$	—	$	—	$	—	$	415,000
6.75% Senior Notes due 2029		—		—		—		—		1,623,880		—		1,623,880
5.875% Senior Notes due 2030		—		—		—		—		—		965,000		965,000
	$	—	$	—	$	415,000	$	—	$	1,623,880	$	965,000	$	3,003,880

As of December 31, 2024, the Company had $415.0 million outstanding under a bank credit facility. Aggregate commitments under the bank credit facility are $1.5 billion, which matures on November 15, 2027. Borrowings under the bank credit facility are subject to a borrowing base of $2.0 billion, which is re-determined on a semi-annual basis and upon the occurrence of certain other events. Borrowings under the bank credit facility are secured by substantially all of the assets of the Company and its restricted subsidiaries and bear interest at the Company's option, at either adjusted SOFR plus 2.25% to 3.25% or an alternative base rate plus 1.25% to 2.25%, in each case depending on the utilization of the borrowing base. The Company also pays a commitment fee of 0.375% to 0.5%, which is dependent on the utilization of the borrowing base. The weighted average interest rate on borrowings under the bank credit facility were 7.32% and 7.33% during the years ended December 31, 2024 and 2023, respectively. The bank credit facility places certain restrictions upon the Company's and its restricted

subsidiaries' ability to, among other things, incur additional indebtedness, pay cash dividends, repurchase common stock, make certain loans, investments and divestitures and redeem the senior notes. The only financial covenants are the maintenance of a leverage ratio of less than 4.0 to 1.0, which reduces to 3.75 to 1.0 on June 30, 2025 and to 3.5 to 1.0 on September 30, 2025, and an adjusted current ratio of at least 1.0 to 1.0. The Company was in compliance with the covenants as of December 31, 2024.

In April 2024, the Company issued $400.0 million principal amount of 6.75% senior notes due 2029 (the "New 2029 Notes") in a private placement and received net proceeds after offering costs and deducting the initial purchasers' discounts of $365.2 million, which were used to pay down the outstanding borrowings on the Company's bank credit facility. The New 2029 Notes have substantially identical terms as the Company's $1,223.9 million aggregate principal amount of 6.75% senior notes due 2029, which mature on March 1, 2029 and accrue interest at a rate of 6.75% per annum, payable semi-annually on March 1 and September 1 of each year.