Originally posted by Adam My only guess would be different development settings in LR. Also, as for the shadow/highlight alert in camera, even if it goes off it's not necessarily the case that the shadows/highlights are blown out in the RAW file. If it's just slight underexposure or underexposure, things should still be recoverable.
Another possibility could be vignetting / lens corrections which are applied in-camera to JPEGs but not RAWs.
All images are visibly on the bright side, nothing is "neutral" in the camera's default output, JPG or RAW.
I've been blaming the software immediately myself. Still , I don't recall seeing such a difference in histogram display at JPG or RAW files from Fuji X100-T, Canon 5D mkII, Canon 5d mkIII and Canon 7D mk II, which I've been rolling thru this version of Lightroom.
I'll read the K-3 II manual again, maybe there are some settings regarding the metering system that need adjustment.