ad9361-iiostream example transmit not working ZC702 + fmcomms3

The software loopback example ad9361-iiostream is not working correctly on my hardware:

ZC702 REV 1.0 + fmcomms3

I changed the frequency to 200mhz for both RX and TX for my setup.
I'm using a frequency generator (200.005MHZ) on RX and spectrum analyzer on TX.

I have done some debugging:
Verified that RX is working correctly by dumping the I Q values to a file an viewed sine wave in audacity.
Used IIO scope to generate CW tone on TX.
Used IIO scope to enable the RF RX -> RF TX loopback.

All of which worked correctly. What am I missing?