Prepare oven and baking sheet
Preheat the oven to 250°F. Line a large baking sheet with parchment paper and set aside.
Make popcorn
Make caramel sauce
Coat popcorn
Transfer the popcorn to a large mixing bowl. Pour half of the caramel mixture onto the popcorn and use a silicone spatula to fold the mixture into the popcorn. Use the spatula to scrape the bottom of the bowl to coat every piece of popcorn. Pour the remaining caramel onto the popcorn and fold the mixture until every piece of popcorn is evenly coated.
Bake the popcorn
Transfer the coated caramel popcorn onto the lined baking sheet. Use the silicone spatula to gently spread the popcorn to form a single layer. Place the baking sheet onto the middle rack in the oven. Bake for 45 minutes and stir every 15 minutes. Close the oven door when stirring so the heat does not escape.
Remove and break apart
Remove the tray from the oven, let the popcorn cool, and then break apart the pieces before enjoying.