I am told that the probability of measuring $\lambda$ is $$p_\lambda = Tr(\hat{P}_\lambda\hat{\rho}) = Tr(\hat{P}_\lambda\hat{\rho}\hat{P}_\lambda)$$ where $\hat{P}_\lambda = \sum_{n:\lambda_n = \lambda}|n\rangle\langle n|$ is the projection operator for eigenstates $n$ with an eigenvalue $\lambda$.
I have no idea how this is derived or why $$Tr(\hat{P}_\lambda\hat{\rho}) = Tr(\hat{P}_\lambda\hat{\rho}\hat{P}_\lambda).$$