ABM/ABE Managed Lost Mode Not Appearing As An Option

I am currently testing Apple Business Essentials to see if it is the right fit for the organization I work for and cannot find the option to place my testing device (a 9th Gen iPad using iPadOS 17.4.1) into Managed Lost Mode. This device was enrolled with Device Enrollment and the managed account is signed into the iPad. I can erase the device but not put it into Managed Lost Mode. Is there something else I need to do to be able to enable this mode?