Let’s dig into the relative performance of WaFd Bank (NASDAQ: WAFD) and its peers as we unravel the now-completed Q1 thrifts & mortgage finance earnings season.

Thrifts & Mortgage Finance institutions operate by accepting deposits and extending loans primarily for residential mortgages, earning revenue through interest rate spreads (difference between lending rates and borrowing costs) and origination fees. The industry benefits from demographic tailwinds as millennials enter prime homebuying age, technological advancements streamlining the loan approval process, and potential interest rate stabilization improving affordability. However, significant headwinds include net interest margin compression during rate volatility, increased competition from fintech disruptors offering digital-first experiences, mounting regulatory compliance costs, and potential housing market corrections that could impact loan portfolios and default rates.

The 12 thrifts & mortgage finance stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 4.2% while next quarter’s revenue guidance was 6.6% below.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

WaFd Bank (NASDAQ: WAFD)

Founded in 1917 and rebranded from Washington Federal in 2023, WaFd (NASDAQ: WAFD) is a bank holding company that provides lending, deposit services, and insurance through its Washington Federal Bank subsidiary across eight western states.

WaFd Bank reported revenues of $198.3 million, up 10.5% year on year. This print exceeded analysts’ expectations by 4%. Overall, it was a very strong quarter for the company with an impressive beat of analysts’ net interest income and EPS estimates.

Interestingly, the stock is up 17.3% since reporting and currently trades at $38.14.

Is now the time to buy WaFd Bank? Access our full analysis of the earnings results here, it’s free.

Best Q1: Rocket Companies (NYSE: RKT)

Born in Detroit during the 1980s and evolving into a tech-driven financial powerhouse, Rocket Companies (NYSE: RKT) is a fintech company that provides digital mortgage lending, real estate services, and personal finance solutions through its technology platform.

Rocket Companies reported revenues of $2.82 billion, up 108% year on year, outperforming analysts’ expectations by 2%. The business had an exceptional quarter with a beat of analysts’ EPS estimates.

Rocket Companies achieved the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 6.4% since reporting. It currently trades at $15.06.

Is now the time to buy Rocket Companies? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Franklin BSP Realty Trust (NYSE: FBRT)

Operating as a specialized real estate investment trust (REIT) with roots dating back to 2012, Franklin BSP Realty Trust (NYSE: FBRT) originates and manages a diversified portfolio of commercial real estate debt investments secured by properties in the United States and abroad.

Franklin BSP Realty Trust reported revenues of $60.39 million, up 6.1% year on year, falling short of analysts’ expectations by 17.4%. It was a disappointing quarter as it posted a significant miss of analysts’ net interest income and EPS estimates.

Franklin BSP Realty Trust delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 7.5% since the results and currently trades at $8.30.

Read our full analysis of Franklin BSP Realty Trust’s results here.

Northwest Bancshares (NASDAQ: NWBI)

Founded in 1896 and operating across Pennsylvania, New York, Ohio, and Indiana, Northwest Bancshares (NASDAQ: NWBI) is a bank holding company that operates Northwest Bank, providing personal and business banking, investment management, and trust services.

Northwest Bancshares reported revenues of $175.1 million, up 12.1% year on year. This result topped analysts’ expectations by 0.8%. It was a strong quarter as it also put up a beat of analysts’ EPS estimates.

The stock is up 12.3% since reporting and currently trades at $15.15.

Read our full, actionable report on Northwest Bancshares here, it’s free.

Ellington Financial (NYSE: EFC)

Operating under the guidance of Ellington Management Group, a respected name in structured credit markets, Ellington Financial (NYSE: EFC) acquires and manages a diverse portfolio of mortgage-related, consumer-related, and other financial assets to generate returns for investors.

Ellington Financial reported revenues of $171.3 million, up 107% year on year. This print beat analysts’ expectations by 55.1%. It was a strong quarter as it also recorded a solid beat of analysts’ tangible book value per share and EPS estimates.

Ellington Financial pulled off the biggest analyst estimate beat among its peers. The stock is up 4% since reporting and currently trades at $13.64.

Read our full, actionable report on Ellington Financial here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.