H.264 Pro Recorder - video feed very dull/flat

Hello All,

I am using an H.264 Pro Recorder to record video to disc for my Lightboard. Everything is fine until the video feed reaches the H.264 pro recorder, where all the life gets sucked out of it. It looks completely flat, low brightness, low contrast, low color. I have to fix it in Premiere afterwards, which is a workaround for now, but I'd prefer the capture to be cleaner.

Here's an example of how it looks when the H.264 Pro Recorder does its thing:



I can adjust it in Premiere to get it to look like this:



But, something must be wrong somewhere for it to be getting so dark/dull looking.

My setup is:
Camcorder (Panasonic AG-UX 180) > SDI out > Blackmagic ATEM TV Studio HD
Laptop with Powerpoint slides > HDMI out > Blackmagic ATEM TV Studio HD
Blackmagic ATEM TV Studio HD > SDI out > Blackmagic SDI to HDMI converter > LCD HDTV
Blackmagic ATEM TV Studio HD > Blackmagic H.264 Pro Recorder > Windows 10 Laptop (capture device)

Everything looks good until the capture device is reached. The camera levels are good, the feed to the HDTV looks great, but as soon as the H.264 Pro Recorder comes into play, everything looks poor. Any ideas?