This work concerns the Edwards-Anderson Ising model of a spin ladder, in wh
ich random bonds +/-J connect nearest-neighbor Ising spins. We calculate th
e exact free energy of the quenched, frustrated, spin-glass-like ladder as
an integral over a probability distribution P(x), the eigenfunction of a st
atistical transfer matrix. Our approach takes advantage of the statistical
homogeneity of the spin glass.