It's not an octave pitch issue. The arpeggiated sequence is different musically. When recording, the notes in the track view are correct. When I stop recording, the notes shift, changing the actual arpeggiated melody.
Also, I'm only playing one note on the keyboard, yet the track view is showing multiple lines as though I'm playing a chord. I opened up a new track and it worked fine. Is there some setting I may have triggered to cause this?