^redacted‌ Thanks for tag. I (and my firm) operates as a HoldCo CFO for independent sponsors. Happy to chat through what you're trying to accomplish. Feel free to shoot me a direct message or email redacted

^redacted‌ The cautions around cross-collateralization and exit flexibility are definitely real. That said, I don’t think HoldCo consolidation is automatically a bad idea. It can actually work well if it’s structured thoughtfully: • Covenant & collateral carve-outs, so one OpCo wobble doesn’t take down the entire portfolio • Hybrid structuring, consolidate the larger seller notes or high-cost debt, but keep flexibility with siloed OpCo facilities • Exit planning upfront, negotiate paydown mechanics so you can still sell an OpCo without triggering a forced de-leveraging of the whole HoldCo In my view, the “don’t do it” advice applies when people just roll everything up without those protections. With the right lender and structuring, consolidation can improve cash flow and simplify the cap stack while still preserving optionality.