I figured it out. I was given a lower third graphic and it’s matte, neither of which were exported with an alpha channel.
I laid the graphic on the highest layer, with the underlying footage we wanted the graphic over below it, and then the matte below that. I then applied the set matte effect to the graphic, took the matte from the layer the matte was on, and from the drop down, used Luminance for the matte.
I’ve attached some photos. Hopefully this helps some people out!

