All packaged releases still print when earliest-release doesn't have new or changed release files

In my repo, I have serveral packaged releases i.e.:
14.0.1
14.0.2
14.0.3
14.0.4
14.0.5
14.0.6
14.0.7
14.0.8

When I checkout the tag 14.0.4, which has no new or changed release files, then run repo report like so:
git checkout 14.0.4
reno report --earliest-version 14.0.4 | grep '===' -B2

Reno still prints out the release notes before 14.0.4, which is not intended behavior when using the --earliest-version flag:
=============
Release Notes
=============

14.0.3
======
--

14.0.2
======
--

14.0.0
======
--

13.0.0
======

This works fine for tags that *do* have new or changed release files:
git checkout 14.0.3
reno report --earliest-version 14.0.3 | grep '===' -B2
=============
Release Notes
=============

14.0.3
======