Cubase 11 "Render MIDI Click" - sound is delayed on playback

Hi,

I was exporting a project using realtime export audio mixdown in Cubase 11.0.41. The export included the click track. In order to get the click track ready I selected “render MIDI click between locators”.

I noticed the resulting export of the click was out of time with everything else. After going back to the project and listening to playback in realtime, the playback is also delayed. By setting the track delay to -52, it is now in time again.

It’s just the newly-created MIDI track that causes the delay. When I activate the metronome from the transport bar, it sounds correct. When I play back the Click track (which in my case is a VST instrument playing a sound) using the newly-created MIDI track, the sound is delayed although the MIDI click looks to be on the grid.

Oddly enough, when I export offline, the MIDI click sounds correct, so it seems to only be an artifact of playback / realtime rendering.

Best,
-T

Cubase 11.0.41
Windows 10 PC
32 GB RAM

I’ll add that when playing the MIDI click back against the metronome activated in the transport bar, there is an obvious flam between the two