We conducted an informal, small-scale survey during March to May 2023 to gather insights from prominent non-bank lenders on their activity over the past twelve months in the net asset value (NAV) lending market. In this report, we share our findings. Please note that given the small scale of the survey, these findings do not necessarily reflect the broader market, and the visuals below may reflect a heavier weight of parameters which would be more subdued in a larger pool of data.