@sprayer
Yes, that's correct, I applied the HDR Toning (exposure / gamma) settings as depicted during the conversion. Unfortunately, that did not correct the issue.
I can already tell I'm going to have to submit a support ticket because I don't think I will be able to share the project files to the forum.
What's more, saving out a 16-bit image straight out of the VFB also results in tonal loss.
@pokoy
I'm willing to acknowledge that is true, but nevertheless, I need to find a workaround to bring the image that appears in Photoshop correctly in 32-bit down to 16-bit without tonal loss.