Structure of Loop Space at Finite $N$

The space of invariants for a single matrix is generated by traces containing at most $N$ matrices per trace. We extend this analysis to multi-matrix models at finite $N$. Using the Molien-Weyl formula, we compute partition functions for various multi-matrix models at different $N$ and interpret them through trace relations. This allows us to identify a complete set of invariants, naturally divided into two distinct classes: primary and secondary. The full invariant ring of the multi-matrix model is reconstructed via the Hironaka decomposition, where primary invariants act freely, while secondary invariants satisfy quadratic relations. Significantly, while traces with at most $N$ matrices are always present, we also find invariants involving more than $N$ matrices per trace. The primary invariants correspond to perturbative degrees of freedom, whereas the secondary invariants emerge as non-trivial background structures. The growth of secondary invariants aligns with expectations from black hole entropy, suggesting deep structural connections to gravitational systems.