Wall Street is sounding the alarm on private credit — but is the panic warranted? Kyle Brown, CEO of Trinity Capital (NASDAQ: TRIN), sits down with Richard Cunningham, John Coleman, and Luke Roush to separate the signal from the noise in private credit markets, offer a frank assessment of AI infrastructure investing, and share why — despite the headlines — this remains a remarkable time to be building and investing in America.

Brown breaks down why software-sector credit concerns, while real, are being conflated with systemic private credit risk — and how the deeper problem is concentrated capital, compressed spreads, and a cost-of-capital environment that has fundamentally shifted since 2020. Trinity’s approach: conservative underwriting, low LTV, and short-duration AI infrastructure bets that focus on getting repaid before the speculative overbuild catches up.

The hosts also cover the US macro landscape — GDP, unemployment, the US-China summit fallout, the new Fed chair, and the Iran-driven energy price spike — before closing with what God has been teaching them in His Word, including Kyle’s unforgettable concept of “oodles” and the Parable of the Rich Fool.

CHAPTERS

00:00 Introduction & May Marks on the Market

01:07 Meet Kyle Brown, CEO of Trinity Capital

02:13 What’s Really Happening in Private Credit Right Now

05:39 Retail Investors, REIT History & Private Credit Gates

09:08 AI-Driven Fears vs. Actual Credit Quality Issues

11:00 Concentration Risk: 90% of Allocations to 50 Funds

15:31 Credit Quality Erosion & Lower Middle Market Dynamics

16:34 Banking Volatility, SVB & the Shift to Private Credit

18:49 Software Moats in the Age of AI — Where’s the Risk?

20:55 Trinity’s Portfolio: Only 10% Software Exposure

23:00 Incumbency Power & Switching Costs in Enterprise Software

26:59 Valuations, NAV Risk & Attachment Rates

29:16 Trinity’s 20% LTV Strategy & Software at 1x ARR

29:36 Manager Quality Is the Defining Factor

30:40 Macro Overview: China Summit, New Fed Chair, AI Revenue

32:55 AI Picks & Shovels — How Trinity Finances the Infrastructure Boom

37:37 John Coleman: Bullish on the US Economy & AI Long-Term

40:52 Luke Roush: Global Capital Flows Favor the US

42:53 Kyle Brown: A Golden Time to Build, Invest & Worship Freely

43:58 Expansion of Private Markets Fuels Innovation & Growth

45:16 Rapid Fire: What Is God Teaching You in His Word?

47:47 Kyle Brown on “Oodles” — The Economic Unit of Enjoyment

49:34 Closing Remarks

What does it look like when a wealth advisor doesn’t just manage your portfolio — but your legacy? Kyle Kutz, Senior Partner and Private Family Office Director at Blue Trust, joins Luke Roush to talk through the real work of faith-driven stewardship: building a financial finish line, navigating multi-generational wealth, unleashing generosity, and ultimately achieving peace of mind that only comes from stewarding God’s resources His way.

Blue Trust serves 11,000 families with $60 billion in assets under advisory — and last year alone, their clients gave away over $450 million. Kyle unpacks how that culture of generosity was built, what it means to be the “comprehensive financial quarterback” for complex family wealth, and why independence from greed matters far more than independence from financial need.

Luke and Kyle also tackle the tension between business capital and family capital, the “home-going plan” tool Blue Trust uses to prepare families for legacy, and how the firm thinks about equipping next-generation family members to discover their unique calling — even when it has nothing to do with the family business.

CHAPTERS

00:00 Introduction & The Financial Quarterback

01:06 Welcome and Blue Trust Overview

01:59 Getting in the Game: Who’s on Your Team?

03:29 Defining the Quarterback Role as a Family Office Advisor

04:59 Being Proactive: The Financial Finish Line Concept

07:29 Financial Independence vs. Dependence on God

08:43 Biblical Wisdom and Independence from Greed and Fear

10:34 First Building Blocks for Faith-Driven Families

11:14 Clarity → Alignment → Peace of Mind Framework

13:27 Pattern Recognition and the Role of the Advisor

14:55 Wealth Creators vs. Wealth Inheritors: Same Principles, Different Dynamics

16:44 Everyone Is Gen 1 in Something

17:25 Leaving Opportunity on the Table

19:05 Tax Leakage, Fee Inefficiency, and Estate Planning Gaps

21:32 Business Capital vs. Family Capital

24:02 Navigating Family Dynamics Across Generations

25:00 The Tent Analogy: Growing the Family’s Giving Vision

27:43 The Home-Going Plan

29:35 What Makes a Faith-Driven Family Office Different

32:03 Non-Financial Capital: Spiritual, Social, Relational

33:41 Two Practical Steps to Start the Journey

35:22 Unleashing Generosity: $450M Given in One Year

37:41 How Generosity Conversations Deepen Client Relationships

38:32 What God Is Speaking to Kyle Right Now

Tim Macready of Brightlight joins Richard Cunningham and Luke Roush to unpack the third annual State of Faith-Based Investing in Public Markets report — and the picture is both challenging and deeply encouraging. Faith-based funds averaged 16% returns in 2025 but trailed benchmarks by nearly 2.5%, driven largely by exclusions of Magnificent Seven stocks. The question isn’t whether faith-based investing works — it’s whether the right frameworks and products are in place to deliver both conviction and performance.

This Marks on the Market deep-dive covers the full landscape: the explosion of ETF product offerings, why the faith-driven market lags the secular market on roughly a five-year cycle, the theological complexity of screening decisions in a world where human trafficking and online child safety matter as much as tobacco and gambling, and the emerging “nutrition label” approach to fund disclosures that could transform how investors evaluate products. Tim also outlines the practical “core satellite” framework — low-cost passive exposure at the core, active engage/embrace strategies at the satellite — that advisors can use to build portfolios that are both faith-aligned and performance-competitive.

Richard and Luke close with a candid theological question: can a faith-driven investor hold any of the Magnificent Seven to the glory of God? The answer requires the kind of missional clarity, theological depth, and accountability structures that Tim argues the entire market must pursue. This episode is essential listening for any investor, advisor, or fund manager who cares about doing this well.

CHAPTERS

00:00 Introduction & April Marks on the Market

02:00 Tim Macready Background & Brightlight’s Research Mission

03:00 Third Annual Public Markets Report: Overview & Key Findings

04:11 Temperature Check: Mixed Results, Growing Market

05:18 What’s Driving Market Inflows and Outflows

07:00 How Big Is the Market and What Would Accelerate Growth

09:31 Clarity of Faith Screens: Strengths and Gaps

14:37 Where Product Supply Lags Advisor Demand

16:42 Negative Screening vs. Engagement vs. Embrace: What’s Most in Demand

18:37 Explaining the Avoid, Embrace, Engage Framework

20:44 ETFs vs. Mutual Funds: The Shifting Landscape

22:45 The Honest Performance Conversation

29:40 Secular Market Trends & the Core Satellite Framework

32:01 Theological Question: Can Faith Investors Hold the Mag Seven?

37:20 Luke Roush on Missional Clarity and Asset Manager Discernment

39:35 Engaging Fund Families When There’s a Gap Between Talk and Walk

42:42 What’s Next: Nutrition Labels for Faith-Based Funds

44:37 Closing Priorities and What God Is Teaching

46:51 Luke Roush: 1 Corinthians 13 and Seeing in Part

48:12 Tim Macready: Jesus on the Throne, 1 John, and Loving Brothers and Sisters

50:24 Where to Find the Brightlight Report

What happens when a former Goldman Sachs bond trader walks away from Wall Street — not for a bigger paycheck, but to end hunger in Africa? Zac Sicher did exactly that. After trading through the collapse of Silicon Valley Bank, the Credit Suisse crisis, and Russia’s invasion of Ukraine, Zac spent time alone in the mountains asking God what to do with his career. The answer led him across 400+ conversations on the African continent and into a new role as a fund manager for one of FDI’s most ambitious initiatives yet: Solving the World’s Greatest Problems.

Joined by Rebecca Yuschak — who brings a dozen years of corporate philanthropy experience from Prudential Financial — hosts Justin Forman and Henry Kaestner unpack how Collaborative Giving Funds work as professionally managed donor-advised vehicles that deploy 100% of contributions into the field.

Zac lays out the Jenga block framework: instead of trying to eradicate entire problems from the top down, identify the single structural pressure point whose removal causes the whole broken system to crumble. He applies this to Africa’s hunger crisis — 378 million people trapped in structural, solvable food insecurity — breaking down the staggering yield gap between Zimbabwean and American corn farmers (35 kernels vs. 700), and the 30–40% post-harvest food waste that disappears before it ever reaches a consumer.

Henry draws a sharp parallel: in the 1980s, Peter Lynch and the Magellan Fund convinced us to stop stock-picking and trust professional management with our investment capital. But with our charitable giving? We’re still stock-picking. There are 6,100 clean water ministries in America alone. This episode makes the case that it’s time to apply the same discipline, strategy, and community to how we give as we do to how we invest.

CHAPTERS

00:00 Introduction — The Jenga Block Framework

01:24 Why We Need Entrepreneurs at the Problem-Solving Table

04:17 The Eagle Fund Model: Combining Build, Invest & Give

05:27 The Scope of the Problem: $14–16T Housing Gap vs. $592B in US Giving

06:50 How Philanthropic Capital Unlocks Market Capital

07:42 Zac Sicher: The Role of First-Loss Capital in Major Innovations

09:44 Human Trafficking as a Business Model — and How to Bankrupt It

10:36 The Immense Shortage of Capital Willing to Go First

13:24 The Why Behind It All: Under His Power, For His Glory

14:27 Content + Community + Funds: A New Problem-Solving Platform

15:31 What’s New: The Collective Impact Fund Structure

17:18 Rebecca Yuschak’s Journey from Prudential to FDI

19:53 Leaving Corporate Philanthropy to Go All In

21:33 Zac Sicher’s Journey: From Haiti Mission Trip to Goldman Sachs

23:28 Traveling Africa and Listening to 400+ Problem Solvers

25:09 How the Collaborative Giving Funds Are Structured

26:03 Rebecca Explains the Donor-Advised Fund Mechanics

27:51 Investment Committee, Fund Manager Roles & Strategy

29:41 Smart Money vs. Dumb Money — Applied to Giving

31:29 The Hunger Fund Video: Acute vs. Structural Hunger

34:47 Breaking Down the 673 Million Undernourished

36:44 The Corn Yield Gap: 35 Kernels vs. 700

38:10 30–40% Post-Harvest Food Waste in Africa

39:34 Market Innovations Solving Post-Harvest Loss

40:19 Henry’s Magellan Fund Analogy: Stop Stock-Picking Your Giving

42:45 The Full Platform: 8 Funds Across 6 Problem Areas

43:51 Making Complex Problems Accessible

45:41 Next Steps: Foundation Course, Communities & Funds

What if the biggest barrier to faithful stewardship isn’t greed — it’s a theological misunderstanding about reward? Randy Alcorn, author of Treasure Principle and 64 other books, joins Justin Forman to dismantle some of the most persistent misconceptions in Christian investing culture: that happiness and holiness are at odds, that pursuing reward is somehow unspiritual, and that heaven is an endless, passive existence with nothing meaningful to do.

Randy unpacks the Protestant Reformation’s unintended legacy — how a rightful rejection of works-based salvation created a generations-long resistance to the very rewards God promises his faithful stewards. Drawing from Hebrews 11, 2 Corinthians 4, and Acts 20, he makes the case that God designed reward into the fabric of creation — and that ignoring it doesn’t make you more spiritual, it makes you less biblical.

This conversation also explores what the new earth actually looks like for entrepreneurs and investors: resurrected bodies, meaningful work, creative flourishing — and why your bucket list might be shorter than you think. The eternal perspective that has unified Randy’s 65 books carries a direct challenge for every faith-driven investor: are your capital decisions anchored in what lasts?

CHAPTERS

00:00 Introduction & The Treasure Principle Story

02:28 How the Protestant Reformation Created a Reward Problem

06:24 What Scripture Actually Says About Works and Reward

08:18 Hebrews 11 and God as Rewarder

09:45 Why Reward Is Wired Into Creation — Not Just Sin

14:43 The Happiness vs. Holiness Divide

16:52 The Greek Word Makarios and What “Blessed” Really Means

24:18 The Ebenezer Scrooge Model of Joyful Giving

28:31 Jim Elliot: The Martyr Who Was All About Gain

30:33 Alan Barnhart: The Currency Exchange of Generosity

35:50 Entrepreneurs, Heaven, and the Bucket List Problem

36:39 The New Earth: Work, Creativity, and Resurrection Bodies

41:37 What Work Looks Like Before and After the Fall

45:07 Eternal Perspective: The Thread Through 65 Books

49:49 Legacy as What You Set in Motion

54:11 Closing Encouragement: Start with Treasure Principle