Media Encoder is lifting black levels.

Here's the scenario:

Export QT from PRPRO, levels look fine.

Render in AE, bring back into PrPRO levels look fine.

Render AE project in ME, bring back into PrPRO black levels are lifted.

Using same Preset, ProRes 422, for all exports/renders.

This is a recent issue, I've had the same workflow for years and haven't seen this until now.

Any help greatly appreciated.