NEW YORK (AP) _ Ladder Capital Corp. (LADR) on Wednesday reported second-quarter net income of $32.2 million.
On a per-share basis, the New York-based company said it had profit of 30 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 43 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The commercial real estate mortgage origination and finance company posted revenue of $129 million in the period. Its adjusted revenue was $76.7 million, missing Street forecasts. Three analysts surveyed by Zacks expected $79.7 million.
Ladder Capital shares have increased almost 9% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.83, a rise of 5% in the last 12 months.