OS X diff3 using process substitution returns "diff3: logic error"

Question

Consider this trivial example. OS version:

$ sw_vers
ProductName:        macOS
ProductVersion:     15.1.1
BuildVersion:       24B91

diff3 version:

$ diff3 --version
FreeBSD diff3 20220517

Using files:

$ diff3 /etc/hosts /etc/hosts /etc/hosts

Using process substitution:

$ diff3 <(cat /etc/hosts) <(cat /etc/hosts) <(cat /etc/hosts)
====1
1:1,9c
diff3: logic error

If you run it again, you can get different output:

$ diff3 <(cat /etc/hosts) <(cat /etc/hosts) <(cat /etc/hosts)
====2
1:0a
3:0a
2:1,9c
diff3: logic error