Ladder Capital Q2 GAAP income $45.8M, EPS $0.28; upsizes credit facility to $324M

Ladder Capital Corp

2022-Q2 EPS reported $0.43

GAAP income before taxes $45.8M, diluted EPS $0.28 for Q2 2022.
Distributable earnings $43.7M, or $0.34 per share.
CEO cites growing floating-rate loan portfolio and expects continued NII growth from Fed rate hikes.
After quarter end, upsized revolver by >20% to $324M; maturity extended to 2027.
Borrowing cost reduced ~50bps to 2.50% over index; could drop to 2.00% with certain credit ratings.

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