Building on record‑breaking trading activity in 2025, when volumes reached $971 billion (up 18%), secondary loan trading continued its strong momentum into 2026. According to the LSTA’s 1Q26 Secondary Trading Study, trading activity reached a quarterly high of $288 billion in the first quarter. This sustained strength marked a significant milestone for the broadly syndicated loan market, with secondary trading volume over the trailing twelve months surpassing $1 trillion for the first time.