Physical clients can’t get IP from DHCP server in a VM

Here's the setup,

Physical machine:

• Win 11 Enterprise LTSC

• Hyper-V Installed

• External Hyper-V Switch setup to allow VM access to physical network

VM

• DHCP, DNS, and WDS Roles installed and fully configured

What can get an IP address from the VM

• Other VMs attached to the External Switch

• The physical machine adapter used for the External Switch

What can't get an IP:

• Any physical machine connected via physical dumb switch.

If I manually set an IP on a physical machine, they can ping the VM just fine. Attempting to ipconfig /renew just results in a DHCP timeout.

I've tried

• Disabling both firewalls

• Setting both to Private Network

• Using a different physical adapter on the host machine

• Enabling MAC Spoofing in the NIC advanced features

• Verified DHCP guard and router guard are disabled

• Disabling NIC sharing

I know it's got to be some absolutely tiny thing that I'll hate myself for overlooking, but