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Quick Notes
Runway launched Aleph 2.0, an upgraded in-context video editing model.
The big shift: edit one frame, then apply that change across the video.
It now supports clips up to 30 seconds at 1080p, including multi-shot sequences.
This is aimed at editing footage you already have, not generating another random clip from scratch.
Q1 2026: $20.8B in BDC Redemption Requests. 0.44% Lifetime Net Loss Rate on Percent.
In Q1 2026, the non-traded BDC market hit $20.8B in redemption requests — most investors received roughly half of what they asked for. Moody's revised the U.S. BDC sector outlook to Negative. Investors who thought they owned liquid private credit found out their fund manager decided whether they could get out.
On Percent's marketplace that same quarter: new issuances, scheduled payments, and a 0.44% lifetime net loss rate on asset-based deals that's held since inception.†
The difference is structural. BDCs often own concentrated corporate loans with quarterly redemption windows that close at the manager's discretion. Percent finances specialty lenders against pools of performing receivables — diversified, overcollateralized, short duration.
Track record through 3/31/26:†
14.6% net ABS returns LTM after losses
0.44% lifetime net loss rate since inception (asset-based deals)
$1.62B+ in ABS originations
870+ offerings completed
Deal terms 6–24 months · Starting at $500
Alternative investments are speculative. No assurance can be given that investors will receive a return of their capital. Secondary market transactions are subject to availability and issuer approval; liquidity is not guaranteed. †Past performance is not indicative of future results. Terms apply.
What Is Aleph?!
Aleph 2.0 Is AI Video Editing, Not Text-To-Video
Runway’s new Aleph 2.0 update is easy to misread if you only skim the headline.
This is not another “type a prompt, get a video” model.
Aleph 2.0 is Runway’s upgraded in-context video editing model. The idea is simple but powerful: upload footage, edit a keyframe, then let Aleph 2.0 carry that edit through the rest of the video while preserving the parts you did not ask to change.
Most AI video tools are still destructive. You ask them to change a jacket colour and suddenly the background shifts, the face drifts, the lighting changes or the shot starts behaving like a new generation. It might look cool, but it is not edit control.
Runway is pitching Aleph 2.0 as the opposite. Change the product colour, hairstyle, outfit, background, object or visual style, while keeping the original action, lighting and scene structure intact.
Edit Studio Makes The Workflow Less Painful
The model is only half the story.
The other half is Edit Studio, Runway’s new editing experience powered by Aleph 2.0.
Edit Studio is built around a very specific workflow:
Upload traditional footage or generated footage.
Select a keyframe from the timeline.
Prompt the change you want.
Preview the keyframe edit as an image.
Generate the video once you like the direction.
That preview step matters.
One of the most annoying parts of AI video is burning credits just to discover the model misunderstood the edit. Runway is trying to reduce that by letting you shape the look as an image before committing to the video generation.
Creative AI Does Not Stop
Literally finished with Google I/O in SF, I am dying from allergies and the heat of being outside in the sun for 2 days and Runway decide to drop Aleph 2.
This is a FANTASTIC release and done to combat the hype around the Gemini Omni Flash update.
However, it’s important to understand that Aleph focuses solely on video whilst Gemini Omni goes further to embed new experiences across the Google workspace.
Some may make direct comparisons, but Gemini Omni is playing a different game here.
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