LM317 only putting out 2.5V?

I just assembled my Ardustation last night and managed to upload the code using an FTDI Basic board, and I'm able to power and test it via the FTDI.  But it won't power on when I plug in a 12V wall wart to the power jack.  Trying to figure out what's going on I tested the voltage coming out of the LM317 and it's only 2.5V.  There's 1.25V on the "adjust" pin.

Is it supposed to be like this?

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  • Just checked, I can also power it by using a 5V BEC going into the "Servo Out" pins.  Just that the regulated supply doesn't seem to be working?

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