NFTables Masquerade Not Working

I am trying to setup NFTables to forward traffic coming in on a specific UDP port to another server with a different IP address. However, it appears my masquerade rule isn't working. When I send packets to this specific UDP port, it attempts to forward the traffic, but it doesn't change the source IP to the forwarding server's IP address. To my understanding, this should happen with a masquerade rule. Though, even an SNAT rule didn't work.

Here's TCPDump output showing what the issue is:

01:04:12.437619 fe:00:02:b8:34:ff > 56:00:02:b8:34:ff, ethertype IPv4 (0x0800), length 51: <MyIP>.7130 > <ForwardIP>.27015: UDP, length 9
01:04:12.437657 56:00:02:b8:34:ff > fe:00:02:b8:34:ff, ethertype IPv4 (0x0800), length 51: <MyIP>.7130 > <DestIP>.27015: UDP, length 9
01:04:14.145003 fe:00:02:b8:34:ff > 56:00:02:b8:34:ff, ethertype IPv4 (0x0800), length 51: <MyIP>.7130 > <ForwardIP>.27015: UDP, length 9
01:04:14.145051 56:00:02:b8:34:ff > fe:00:02:b8:34:ff, ethertype IPv4 (0x0800), length 51: <MyIP>.7130 > <DestIP>.27015: UDP, length 9

I want it to look like this:

01:04:12.437619 fe:00:02:b8:34:ff > 56:00:02:b8:34:ff, ethertype IPv4 (0x0800), length 51: <MyIP>.7130 > <ForwardIP>.27015: UDP, length 9
01:04:12.437657 56:00:02:b8:34:ff > fe:00:02:b8:34:ff, ethertype IPv4 (0x0800), length 51: <ForwardIP>.7130 > <DestIP>.27015: UDP, length 9
01:04:14.145003 fe:00:02:b8:34:ff > 56:00:02:b8:34:ff, ethertype IPv4 (0x0800), length 51: <MyIP>.7130 > <ForwardIP>.27015: UDP, length 9
01:04:14.145051 56:00:02:b8:34:ff > fe:00:02:b8:34:ff, ethertype IPv4 (0x0800), length 51: <ForwardIP>.7130 > <DestIP>.27015: UDP, length 9

Here's how my current NFTables is setup:

root@forwardtest:~# nft list tables
table ip compressor_forward

root@forwardtest:~# nft list table compressor_forward -a
table ip compressor_forward { # handle 1
        chain prerouting { # handle 15
                type nat hook prerouting priority dstnat; policy accept;
                udp dport 27015 dnat to 149.28.45.245 # handle 17
        }

        chain postrouting { # handle 16
                type nat hook postrouting priority srcnat; policy accept;
                masquerade random # handle 18
        }
}

I've tried removing the random NAT flag along with adding the persistent NAT flag. I do need the random NAT flag for my case. Adding/removing the flags didn't make a difference, though.

IPv4 forwarding is also set:

root@forwardtest:~# sysctl net.ipv4.ip_forward
net.ipv4.ip_forward = 1

IPTables (NAT) should also be removed. Here are some commands I've ran:

root@forwardtest:~# rmmod iptable_nat
rmmod: ERROR: Module iptable_nat is not currently loaded

root@forwardtest:~# lsmod | grep "iptable"

root@forwardtest:~# lsmod | grep "nft"
nft_masq               16384  1
nft_nat                16384  1
nft_chain_nat          16384  2
nf_nat                 40960  3 nft_nat,nft_masq,nft_chain_nat
nf_conntrack          139264  3 nf_nat,nft_nat,nft_masq
nf_tables             135168  8 nft_nat,nft_masq,nft_chain_nat

root@forwardtest:~# iptables -t nat -L -n
Chain PREROUTING (policy ACCEPT)
target     prot opt source               destination

Chain INPUT (policy ACCEPT)
target     prot opt source               destination

Chain OUTPUT (policy ACCEPT)
target     prot opt source               destination

Chain POSTROUTING (policy ACCEPT)
target     prot opt source               destination

root@forwardtest:~# iptables -L -n
Chain INPUT (policy ACCEPT)
target     prot opt source               destination

Chain FORWARD (policy ACCEPT)
target     prot opt source               destination

Chain OUTPUT (policy ACCEPT)
target     prot opt source               destination

Please keep in mind lsmod | grep "iptable" returned nothing. I've also tried creating the postrouting chain with priority 1, but that made no difference.

The forwarding server is running Ubuntu 20.04 LTS on kernel 5.4.0-26-generic.

Is there anything I am missing in this case? With that said, I am new to NFTables. Therefore, I apologize if I am missing something obvious.

If you need additional information, please let me know!

Any help is highly appreciated!

Thank you for your time.