Movie Render Queue Renders Black Frames when MultiSample Effects Are Disabled

Occurs 5/5 times.
When 'Disable Multisampling Effect' is enabled, the Render Warm Up is set to 0, and the Custom Playback Range is set to a small value, frames render out fully black.

Regression does not occur in //UE4/Release-4.27 @ CL 18429761 GH.

Repro Steps:
1. Create an FPS template project.
2. Enable the Movie Render Queue.
3. In MRQ change the following settings:

• In Deferred Rendering check the 'Disable Multisampling Effect' checkbox.
• In Anti-Aliasing set the Render Warm Up Count to 0.
• In Output, set the Custom Playback Range to Start Frame 0, End Frame 2.

Expected: All frames output the camera view of the game's level viewport.
Actual: Certain frames render out fully black.