It’s odd, but both the input and output readings look good, so it might be more of a battery issue. 13.4V from the panel is solid. If it drops while connected, it could mean the battery has a shorted cell.
I’m not convinced the transformer is the problem here.
@SafetySavvy
I found an auxiliary power circuit with a transformer and battery (same model as the one having issues).
I swapped the batteries to see if the voltage would change and follow the battery.
After swapping locations… the battery that read 11.4 on the panel now reads 13.7 on the auxiliary power, and the one that read 14.3 on the auxiliary now reads 13.6 on the panel.
It could be a bad cell in the battery and possibly an aging transformer on the panel.
I’ll monitor it for a few days to see if anything changes.