Hello Jeremy Wadsworth,
I found a way to reproduce this issue.
It is actually happening if you apply a style (bold, italic etc) on a part of the link. Then when you click on Set Link Properties, you do not get the original link values in the hyperlink editor. I have attached a screenshot, can you confirm you receive this too?
If you apply a style on the whole link, you should not have the problem. This is the only workaround that I could suggest you at the moment. You can also try to select the link first (by highlighting it), then right click -> Set properties.
the Telerik team