The first image is a billboard with a virtual camera, allow virtual.
The second image is a billboard with a virtual camera, not allow virtual.
The third image is a billboard with a tracking camera.
The first image is a billboard with a virtual camera, allow virtual.
The second image is a billboard with a virtual camera, not allow virtual.
The third image is a billboard with a tracking camera.
Hi,
In the second picture, it seems like the billboard is out of focus.
Do you have Allow Virtuals turned on in the third picture?

If so, then it is likely that one of the following settings differs in your billboard within the virtual camera compared to the tracked camera:
Warmest regards,