Hi Adam, thanks for the response. The output is sending a channel and I have been through every combination of audio format options on the encoding page - no dice, they all act the same. I also played with the frame rates and interestingly (or not) the Shogun consistently thinks it’s receiving 60fps no matter what frame rate is set in the encoding setting.
I haven’t tried passing an signal straight through HDMI in to HDMI out for instance so I’ll check that.