Never really had to mess with these power supplies, but I brought my DVOM to work…
Not connected to the board I get 12.3-12.5V DC.
Connected to the board I get a range from 5V - 11V (nothing else is connected).
I’m surprised that I get a pretty consistent 12v out of the PSU… something inside it must be cycling when a load is applied? This really hasn’t confirmed my diagnosis of a bad PSU since the voltage could just be fluctuating as the board powers up and then powers off. It’s still early for me, but I guess I won’t know for sure until I throw another PSU (arrives this evening) onto one of these boards.