Update: So the Ultima reman alternator has a bad voltage regulator... ugh.

Multimeter kept reading ~11.8v all the way up into the mid 15v range. No bueno.
Had them order 2 alternators from Houston since we got the last one that was in town in case the next one also came with a bad regulator. Will be installing it on Tuesday evening. Hopefully that will be the last time there is an alternator problem with the X5 for awhile... but we'll see.