Amend-and-extend volume in the leveraged loan market reached $106 billion in the first half of 2026, well ahead of the roughly $84 billion recorded in the same period last year. June alone saw $27 billion across 24 transactions, up from $26 billion in May, as borrowers continue to favor extensions over full refinancings. The average yield to maturity for refinancing institutional term loans stands at 6.7% in 2026, down from 7.4% in 2025 and 8.6% in 2024 but still above pre-2023 levels, making extensions a cheaper option. Institutional volume hit $39 billion in the second quarter, the strongest quarterly showing recently, with sponsored borrowers driving $43 billion of the $55 billion in year-to-date institutional activity. The maturity wall through 2027 has narrowed to $32 billion from $62 billion at the end of 2025, while loans due in 2029 and beyond grew by $129 billion over the same period.