letterbox overlay causing letterbox area to disappear

Our docuseries is 2.39:1. I created a .PNG letterbox overlay in Photoshop, brought it into Premiere, and put it on V2. It’s causing the letterbox area to seem to “disappear” (as if it’s being be getting cropped out rather than be black. We burn in metadata in the letterbox area, so I want the letterbox area to be black, not cropped.

Here’s the Program Monitor without the overlay on it (1920x1080):

Here’s the Program Monitor with the overlay: