Thanks for the report -- this is a real bug, now fixed in v1.32.
What you're seeing is a CR/LF (carriage-return / line-feed) problem in the
emulator's terminal setup, not anything wrong with your build or your Pi.
When the emulator starts running the ROM it puts your terminal into "raw"
mode. It was doing that with output post-processing fully turned off
(OPOST), which also turns off the kernel's automatic "newline -> CR+LF"
translation. But the emulator only ever sends a bare LF for each line end
(it strips the CR that CP/M emits, expecting the terminal to add one back).
With that translation disabled, nothing puts the CR back, so every line
drops straight down without returning to column 0 -- the stair-step you saw.
It looked fine up through the "[EMU_INIT] Loaded 524288 bytes ROM" line
because that line inherits column 0 from the startup messages; the damage
shows on the very next line, which is exactly where you noticed it.
The reason "anyone else" mostly hasn't hit it: terminals that treat a bare
LF as a full new line (tmux, GNU screen, PuTTY with "implicit CR in every
LF", some emulators) hide the problem. The Raspberry Pi's local Linux
console does not, so it shows up there.
The fix keeps the input side raw but leaves output post-processing on, so
the CR is restored consistently. Grab v1.32 (or build from the latest
source) and it should print correctly on the RPi 400 console.
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