Ok, this whole thing may have been a red herring. I believe I was checking the voltages on the AC side of the meter instead of the DC side. I'm not familiar with the symbol it is using to denote the AC or DC side. So, switching the meter to the _other_ side, whichever that is shows the right voltage levels. So I went ahead and hooked it up to my DAC and headphones, and it appears to sound great!
I have to apologize for the time wasted. Thanks to you guys for jumping in, now just shoot me.
Very excited to give this thing a listen!
