I found a work around. I uninstalled the non-functional kernel, then modified /usr/lib/dracut/dracut.conf.d/01-dist.conf by commenting out hostonly="yes" hostonly_cmdline="yes" to build a generic initrd (instead of a hostonly one), then reinstalled the kernel and it worked. This isn't a real fix, but at least it gives me a functioning system using the latest kernel/system; albeit with a larger initrd.