diff --git a/server/src/services/heartbeat.ts b/server/src/services/heartbeat.ts
index af0952ac..f4c2715b 100644
--- a/server/src/services/heartbeat.ts
+++ b/server/src/services/heartbeat.ts
@@ -1368,12 +1368,13 @@ export function heartbeatService(db: Db) {
       const onLog = async (stream: "stdout" | "stderr", chunk: string) => {
         if (stream === "stdout") stdoutExcerpt = appendExcerpt(stdoutExcerpt, chunk);
         if (stream === "stderr") stderrExcerpt = appendExcerpt(stderrExcerpt, chunk);
+        const ts = new Date().toISOString();
 
         if (handle) {
           await runLogStore.append(handle, {
             stream,
             chunk,
-            ts: new Date().toISOString(),
+            ts,
           });
         }
 
@@ -1388,6 +1389,7 @@ export function heartbeatService(db: Db) {
           payload: {
             runId: run.id,
             agentId: run.agentId,
+            ts,
             stream,
             chunk: payloadChunk,
             truncated: payloadChunk.length !== chunk.length,
diff --git a/ui/src/components/ActiveAgentsPanel.tsx b/ui/src/components/ActiveAgentsPanel.tsx
index 8712bfda..5991bb9a 100644
--- a/ui/src/components/ActiveAgentsPanel.tsx
+++ b/ui/src/components/ActiveAgentsPanel.tsx
@@ -146,6 +146,7 @@ function AgentRunCard({
           density="compact"
           limit={5}
           streaming={isActive}
+          collapseStdout
           emptyMessage={hasOutput ? "Waiting for transcript parsing..." : isActive ? "Waiting for output..." : "No transcript captured."}
         />
       </div>
diff --git a/ui/src/components/LiveRunWidget.tsx b/ui/src/components/LiveRunWidget.tsx
index f320ce7d..2c0f702e 100644
--- a/ui/src/components/LiveRunWidget.tsx
+++ b/ui/src/components/LiveRunWidget.tsx
@@ -87,7 +87,7 @@ export function LiveRunWidget({ issueId, companyId }: LiveRunWidgetProps) {
   if (runs.length === 0) return null;
 
   return (
-    <div className="overflow-hidden rounded-2xl border border-cyan-500/25 bg-background/80 shadow-[0_18px_50px_rgba(6,182,212,0.08)]">
+    <div className="overflow-hidden rounded-xl border border-cyan-500/25 bg-background/80 shadow-[0_18px_50px_rgba(6,182,212,0.08)]">
       <div className="border-b border-border/60 bg-cyan-500/[0.04] px-4 py-3">
         <div className="text-xs font-semibold uppercase tracking-[0.18em] text-cyan-700 dark:text-cyan-300">
           Live Runs
@@ -147,6 +147,7 @@ export function LiveRunWidget({ issueId, companyId }: LiveRunWidgetProps) {
                   density="compact"
                   limit={8}
                   streaming={isActive}
+                  collapseStdout
                   emptyMessage={hasOutputForRun(run.id) ? "Waiting for transcript parsing..." : "Waiting for run output..."}
                 />
               </div>
diff --git a/ui/src/components/transcript/RunTranscriptView.tsx b/ui/src/components/transcript/RunTranscriptView.tsx
index 298bf6c7..8aec4911 100644
--- a/ui/src/components/transcript/RunTranscriptView.tsx
+++ b/ui/src/components/transcript/RunTranscriptView.tsx
@@ -21,6 +21,7 @@ interface RunTranscriptViewProps {
   density?: TranscriptDensity;
   limit?: number;
   streaming?: boolean;
+  collapseStdout?: boolean;
   emptyMessage?: string;
   className?: string;
 }
@@ -70,6 +71,11 @@ type TranscriptBlock =
         status: "running" | "completed" | "error";
       }>;
     }
+  | {
+      type: "stdout";
+      ts: string;
+      text: string;
+    }
   | {
       type: "event";
       ts: string;
@@ -480,13 +486,16 @@ function normalizeTranscript(entries: TranscriptEntry[], streaming: boolean): Tr
       continue;
     }
 
-    blocks.push({
-      type: "event",
-      ts: entry.ts,
-      label: "stdout",
-      tone: "neutral",
-      text: entry.text,
-    });
+    if (previous?.type === "stdout") {
+      previous.text += previous.text.endsWith("\n") || entry.text.startsWith("\n") ? entry.text : `\n${entry.text}`;
+      previous.ts = entry.ts;
+    } else {
+      blocks.push({
+        type: "stdout",
+        ts: entry.ts,
+        text: entry.text,
+      });
+    }
   }
 
   return groupCommandBlocks(blocks);
@@ -859,6 +868,44 @@ function TranscriptEventRow({
   );
 }
 
+function TranscriptStdoutRow({
+  block,
+  density,
+  collapseByDefault,
+}: {
+  block: Extract<TranscriptBlock, { type: "stdout" }>;
+  density: TranscriptDensity;
+  collapseByDefault: boolean;
+}) {
+  const [open, setOpen] = useState(!collapseByDefault);
+
+  return (
+    <div>
+      <div className="flex items-center gap-2">
+        <span className="text-[10px] font-semibold uppercase tracking-[0.18em] text-muted-foreground">
+          stdout
+        </span>
+        <button
+          type="button"
+          className="inline-flex h-5 w-5 items-center justify-center text-muted-foreground transition-colors hover:text-foreground"
+          onClick={() => setOpen((value) => !value)}
+          aria-label={open ? "Collapse stdout" : "Expand stdout"}
+        >
+          {open ? <ChevronDown className="h-4 w-4" /> : <ChevronRight className="h-4 w-4" />}
+        </button>
+      </div>
+      {open && (
+        <pre className={cn(
+          "mt-2 overflow-x-auto whitespace-pre-wrap break-words font-mono text-foreground/80",
+          density === "compact" ? "text-[11px]" : "text-xs",
+        )}>
+          {block.text}
+        </pre>
+      )}
+    </div>
+  );
+}
+
 function RawTranscriptView({
   entries,
   density,
@@ -903,6 +950,7 @@ export function RunTranscriptView({
   density = "comfortable",
   limit,
   streaming = false,
+  collapseStdout = false,
   emptyMessage = "No transcript yet.",
   className,
 }: RunTranscriptViewProps) {
@@ -937,6 +985,9 @@ export function RunTranscriptView({
           {block.type === "thinking" && <TranscriptThinkingBlock block={block} density={density} />}
           {block.type === "tool" && <TranscriptToolCard block={block} density={density} />}
           {block.type === "command_group" && <TranscriptCommandGroup block={block} density={density} />}
+          {block.type === "stdout" && (
+            <TranscriptStdoutRow block={block} density={density} collapseByDefault={collapseStdout} />
+          )}
           {block.type === "activity" && <TranscriptActivityRow block={block} density={density} />}
           {block.type === "event" && <TranscriptEventRow block={block} density={density} />}
         </div>
diff --git a/ui/src/components/transcript/useLiveRunTranscripts.ts b/ui/src/components/transcript/useLiveRunTranscripts.ts
index acc5b082..993663d8 100644
--- a/ui/src/components/transcript/useLiveRunTranscripts.ts
+++ b/ui/src/components/transcript/useLiveRunTranscripts.ts
@@ -46,7 +46,7 @@ function parsePersistedLogContent(
         ts,
         stream,
         chunk,
-        dedupeKey: `persisted:${runId}:${ts}:${stream}:${chunk}`,
+        dedupeKey: `log:${runId}:${ts}:${stream}:${chunk}`,
       });
     } catch {
       // Ignore malformed log rows.
@@ -202,6 +202,7 @@ export function useLiveRunTranscripts({
         if (event.type === "heartbeat.run.log") {
           const chunk = readString(payload["chunk"]);
           if (!chunk) return;
+          const ts = readString(payload["ts"]) ?? event.createdAt;
           const stream =
             readString(payload["stream"]) === "stderr"
               ? "stderr"
@@ -209,10 +210,10 @@ export function useLiveRunTranscripts({
                 ? "system"
                 : "stdout";
           appendChunks(runId, [{
-            ts: event.createdAt,
+            ts,
             stream,
             chunk,
-            dedupeKey: `socket:log:${runId}:${event.createdAt}:${stream}:${chunk}`,
+            dedupeKey: `log:${runId}:${ts}:${stream}:${chunk}`,
           }]);
           return;
         }