The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

By Stephen Gandel and Jonathan Guilford

NEW YORK, July 14 (Reuters Breakingviews) - Small money manager Cox Capital offered to buy shares of non-traded Apollo, Ares and BlackRock HPS loan vehicles at 15% to 30% discounts. Crystallizing losses would sting, but skipping lines to cash out and buy elsewhere is also tempting. The sticky part: pricing the trades.

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CONTEXT NEWS

Cox Capital Partners said on July 14 that it has initiated tender offers to buy the shares of non-traded business development companies Apollo Debt Solutions, Ares Strategic Income and HPS Corporate Lending Fund.

The offers, which are being sent to the BDC investors directly, amount to about $31 million combined. They represent discounts of 15% to 30% to each fund's net asset value as of May 31.