Permalinks Have Strange Syntax - But Do Work

This is a fairly new site I setup and I am getting some strange syntax in the url's being generated for new posts. When I am looking at the post logged in as admin, the url path displays as the permalink structure suggests. However, when the post is created, the actual url is different.

Here is an example of what I am seeing.

Correct Url (what it should be)

Incorrect Url (what worpdress is actually generating)

Not sure where to start with this one, any suggestions?

Thanks in advance,