In March 2026, we issued $690.0 million aggregate principal amount of 2.750% Convertible Senior Notes due 2031 (the “2031 Convertible Notes”) at par. The 2031 Convertible Notes bear interest at an annual rate of 2.750%, which is payable on March 15 and September 15 of each year, beginning on September 15, 2026, and mature on March 15, 2031, unless earlier converted or redeemed or purchased by the Company. The net proceeds of the 2031 Convertible Notes were approximately $671.0 million after deducting the initial purchasers' discount and offering expenses. The net proceeds of the 2031 Convertible Notes were used in part to redeem all of our outstanding 2028 Notes (as defined below) as discussed below.

Prior to December 15, 2030, the 2031 Convertible Notes are convertible only in certain circumstances and during specified periods. Thereafter, they are convertible at the noteholders' election until shortly before the maturity date. Upon conversion, we may settle the conversions by paying or delivering, as applicable, in cash, shares of Class A Common Stock, or a combination thereof, at our election. The 2031 Convertible Notes have an initial conversion rate of 67.1456 shares of Class A Common Stock per each $1,000 principal amount, which represents an initial conversion price of approximately $14.89 per share of Class A Common Stock. In connection with the issuance of the 2031 Convertible Notes, we paid $56.6 million to enter into capped call transactions with certain financial institution counterparties designed to reduce potential dilution upon conversion of the 2031 Convertible Notes and/or offset cash payments in excess of the principal amount of the converted notes, in each case subject to the initial cap price of $22.48 per share of Class A Common Stock. The capped call transactions reduced APIC.

The 2031 Convertible Notes are the Company’s senior, unsecured obligations and are (i) equal in right of payment with CEC's, as the issuer of the 2031 Convertible Notes, senior unsecured indebtedness; (ii) senior in right of payment to the issuer’s indebtedness that is expressly subordinated to the 2031 Convertible Notes; and (iii) effectively subordinated to the issuer’s secured indebtedness, to the extent of the value of the collateral securing that indebtedness. The 2031 Convertible Notes are not guaranteed by any of the Company's subsidiaries, and the Company's subsidiaries do not have any obligations under the 2031 Convertible Notes. Because the 2031 Convertible Notes are not guaranteed by any of the Company's subsidiaries, the 2031 Convertible Notes are structurally subordinated to all indebtedness and other liabilities, including the Revolving Credit Facility, the CRF Credit Facility, other series of our Senior Notes, trade payables and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company subsidiaries.

At December 31, 2025, we had $500.0 million outstanding aggregate principal amount of 9.250% senior notes due 2028 (the "2028 Notes"). In March 2026, we elected to redeem all of the remaining 2028 Notes (the “2028 Notes Redemption”), at a price of 102.3125%. As a result of the 2028 Notes Redemption, we incurred a loss on the extinguishment of debt of approximately $17.0 million, including $5.4 million related to the non-cash write-off of outstanding deferred financing costs, discounts, and premiums.

At December 31, 2025, we had $298.2 million outstanding aggregate principal amount of 7.750% senior notes due 2029 (the "2029 Notes"). In March 2026, we repurchased $39.1 million of our outstanding 2029 Notes in open market transactions, at an average price of 101.014%. As a result of the repurchases, we incurred a loss on the extinguishment of debt of approximately $0.4 million.

Borrowings under the Revolving Credit Facility bear interest at either (i) a U.S. dollar alternative base rate based on the prime rate, the federal funds effective rate or an adjusted secured overnight financing rate (“SOFR”), plus an applicable margin or (ii) SOFR, plus an applicable margin, at the election of the borrowers. The applicable margin varies based upon our borrowing base utilization then in effect. The fee payable for unused revolving commitments at March 31, 2026 is 0.375% per year and fees incurred are included within interest expense on our condensed consolidated statements of operations. Our weighted average interest rate on loan amounts outstanding as of December 31, 2025 was 5.56%. We had no borrowings outstanding under the Revolving Credit Facility at March 31, 2026.

In February 2026, one of our subsidiaries, CRF, entered into a senior secured reserve-based revolving credit agreement with Wells Fargo Bank, N.A., as administrative agent for the lenders and letter of credit issuer, and the lenders from time to time party thereto (the “CRF Credit Facility”). The CRF Credit Facility provides for a $1.0 billion aggregate maximum credit amount senior secured reserve-based revolving credit facility, with an initial borrowing base of $365.0 million and an initial aggregate elected commitment amount of $230.0 million, and an initial term loan facility with an aggregate commitment amount of $135.0 million ("CRF Term Loan"). Revolving loans under the CRF Credit Facility mature on February 23, 2031 and initial term loans under the CRF Credit Facility mature on February 23, 2029. The borrowing base is subject to semi-annual scheduled redeterminations on or about April 1st and October 1st of each year.

The obligations under the CRF Credit Facility are secured by liens on collateral granted by CRF, as borrower, and the guarantors under the related security documents, including, without limitation, oil and gas properties and related assets, as-extracted collateral in the form of production and proceeds attributable to mortgaged properties, equity interests in restricted subsidiaries owned by the borrower or subsidiary guarantors, certain indebtedness owed to the borrower or subsidiary guarantors, and deposit and securities accounts, in each case subject to permitted liens, excluded assets and other exceptions. The security documents include the security agreement, pledge agreement, mortgages, account control agreements and other instruments executed to secure or perfect the obligations under the facility. In connection with each redetermination of the borrowing base, the borrower must maintain mortgages on properties sufficient to satisfy the collateral coverage minimum, which requires that mortgaged properties represent at least 85% of the PV-9 of the credit parties’ total proved reserves included in the initial reserve report and, thereafter, the most recent reserve report. The borrower’s domestic subsidiaries are required to be guarantors under the CRF Credit Facility, subject to certain exceptions.

Borrowings under the CRF Credit Facility bear interest at either a (i) U.S. dollar alternative base rate based on the prime rate, the federal funds effective rate or an adjusted SOFR, plus an applicable margin or (ii) SOFR, plus an applicable margin, at the election of CRF. The applicable margin and fee payable for the unused revolving commitments varies based upon CRF’s borrowing base utilization then in effect. The weighted average interest rates on the CRF Credit Facility and the CRF Term Loan amounts outstanding as of March 31, 2026 was 6.437% and 6.937%, respectively.

The CRF Credit Facility contains certain covenants that restrict the payment of cash dividends, certain borrowings, sales of assets, loans to others, investments, merger activity and commodity swap agreements, liens and other transactions without the prior consent of our lenders. We are subject to (i) maximum leverage ratio and (ii) current ratio financial covenants calculated as of the last day of each fiscal quarter, beginning with the fiscal quarter ending on June 30, 2026. The CRF Credit Facility also contains representations, warranties, indemnifications and affirmative and negative covenants, including events of default relating to nonpayment of principal, interest or fees, inaccuracy of representations or warranties in any material respect when made or when deemed made, violation of covenants, bankruptcy and insolvency events, certain unsatisfied judgments and a change of control. If an event of default occurs and we are unable to cure such event of default, the lenders will be able to


	Debt Outstanding		Letters of Credit Issued		Borrowing Base		Maturity
	(in thousands)
March 31, 2026
Crescent Energy Company
2.750% Convertible Senior Notes due 2031	$	690,000	$	—	$	—	3/15/2031
Less: Unamortized discount, premium and issuance costs	(19,713)
Crescent Energy Finance LLC
Revolving Credit Facility	—		16,625		3,900,000		10/22/2030

7.750% Senior Notes due 2029	258,678		—		—		7/31/2029
9.750% Senior Notes due 2030	302,149		—		—		10/15/2030
7.875% Senior Notes due 2032	1,000,000		—		—		4/15/2032
7.625% Senior Notes due 2032	1,100,000		—		—		4/1/2032
7.375% Senior Notes due 2033	1,000,000		—		—		1/15/2033
8.375% Senior Notes due 2034	600,000		—		—		1/15/2034
Less: Unamortized discount, premium and issuance costs	(41,083)
Crescent Royalty Finance LLC
CRF Term Loan	119,500		—		—		2/23/2029
CRF Credit Facility	230,000		—		349,500 (1)		2/23/2031
Less: Unamortized discount, premium and issuance costs	(1,797)
Total long-term debt	$	5,237,734

December 31, 2025
Crescent Energy Finance LLC
Revolving Credit Facility	$	772,000	$	16,625	$	3,900,000	10/22/2030
9.250% Senior Notes due 2028	500,000		—		—		2/15/2028
7.750% Senior Notes due 2029	298,214		—		—		7/31/2029
9.750% Senior Notes due 2030	302,364		—		—		10/15/2030
7.875% Senior Notes due 2032	1,000,000		—		—		4/15/2032
7.625% Senior Notes due 2032	1,100,000		—		—		4/1/2032
7.375% Senior Notes due 2033	1,000,000		—		—		1/15/2033
8.375% Senior Notes due 2034	600,000		—		—		1/15/2034
Less: Unamortized discount, premium and issuance costs	(48,450)
Total long-term debt	$	5,524,128