How to Record Hardware Inserts?

Evening. Thanks in advance for you time. I have what seems like a simple problem but I’m at a loss as how to resolve it.

I’m multi-tracking a variety of synths and vsts inside Cubase. So each synth or vst is being sent to a unique bus which is then sent to a unique audio track. This way I can record everything onto a separate audio track in real time and then mix the result. This works fine when I use send effects because I just route the send effect to a unique audio track and record that.

My breakdown is happening when I try and record an instrument with a hardware insert on it. While I can hear the instrument through the insert while monitoring; the bus I send that instrument to isn’t picking up the post-insert audio. The bus is picking up pre-insert audio. So when I record said instrument to an audio track it sounds as though there was no hardware insert on the instrument track.

Oddly, if I do the same thing but with software inserts the bus I send the instrument to sounds correct. I can record an instrument with software effects to another audio track just fine. I cannot do the same thing with hardware inserts.

What am I missing here?

And you have set up the external hardware as such in Cubase using the external hardware plugin, set the levels and done a Ping ?
Sorry if You have done all that, but I’m a little unsure from your description, how exactly your routing is done.