Modeling Mode Vertex Paint Color values are incorrect

There is a mismatch in between the input and output value of vertex colors painted using the "Modeling Mode" vertex painting tool.
The example in the licensee's case is that if they wanted a 0.25f value for the red channel in the material, they would need to paint the vertex at 0.047f using the tool.
This does not occur when using the "Mesh Paint" tool, where the values seem to be correct to what was painted.

• Download licensee's repro project (see addl info URL)
• Try painting on the red channel with a value like .25
• Tune the material instance in the scene to have lower and upper rate of something like 0.2 and 0.3
• See that the mushrooms are painted red.
• If instead you paint 0.047, they become green.
• The expected result was that if one paints .25, the value should be .25.