I think I've figured it out. I am able to create mattes in Photoshop as .tif files and both upload and assign them to my Ultimatte garbage matte and holdout matte.
My current setup is
3 Ultimatte 12 4K units in 1080p24 running version 2.1
1 Smart Remote 4 running version 2.1
I started by making a Photoshop project with these settings:
I'm not sure what about these settings is important since I'm not a Photoshop user and I ended up making some adjustments before I exported anyways but I'm just going to list the steps I took to make this process work.
I had my resident Photoshop expert help me build the black and white mattes based on whatever background, foreground, or holdout layer object I wanted "cut out". Once we got our file to look like the black and white matte, I hit "Image" (in the taskbar) -> "Mode" -> "Grayscale" and went ahead and followed the prompts. Next, I hit "Image" -> "Image Size" and input these settings:
I have a suspicion that the resolution 300 ppi is the culprit for the "Mismatched Formats. The image format must match the video format of 1920 x 1080." error message.
To export, I used "File" -> "Save a Copy" and then made sure I exported a TIFF (.tif) file to my desired location.
From there I was able to upload my files to my specified Ultimatte using the Smart Remote ("Settings" -> "Media" -> "Media Setup" -> "Add Media") and assign them to my Garbage Matte and Holdout Matte inputs ("Settings" -> "Media" -> "Media Setup" -> "Assignment").
Don't forget to activate those Matte Inputs in your "Matte In" tab! I hope this works for you!