Is it because I am running it from the slave out?
tldr; From a SpeakerLink out RJ45 port, connect the Master line (1/2) to the BNC input of the SW1600.
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This is my opinion based on work I did trying to get a DSP5000 center speaker as Master controlling the volume on a pair of M6 speakers as left and right. I didn't run actual tests or an oscilloscope to verify these ideas. This is purely inference from observations I made while trying to get the above scenario working. Yes, it was one of the more strange combinations I tried because I wanted to figure out how it would work.
Following traces on the PCB for the SL00 slave patch card from an 861 seems to verify these ideas, but again, I don't have conclusive testing to support it.
Running from the slave out of the AC200 shouldn't be a problem.
Which wires are you using for positive and ground out of the slave output?
It's been a while, but the last time I ran through this, the slave output ports and the slave wiring is a little interesting.

All speakers listen for commands on the master lines.
The slave wires in SpeakerLink is what the Master speaker uses to "relay" the commands to the rest of the speakers. On a device like the AC200, the slave return wires of the Master port are mirrored to the Master lines of all the Slave ports. On the speaker, the "relay" of the commands is done on the PCB, so the the output port on the speaker uses the master lines directly. Basically, setting a speaker to Master simply tells the speaker to relay any signal it sees to the Slave line.
On the S5 DIN plugs, I believe it's why pins 1 and 5 are tied together. The input DIN "reads" on pin 1, and the output DIN "writes" on either pin 5. Because the pins are tied in the S5 cable, the downstream speaker sees the signal on pin 1.