Hello Jay,
I just finished reviewing recent bug reports and found one that may, or may not, be relevant.
Since you only shared the template, I can't see the rest of the RadListView to confirm, but it would take less than a minute to apply the suggested workaround as a quick test.
Test
Define the ItemTemplate in the page/app resources and use a StaticResource instead, for example:
Regards,
Lance | Tech Support Engineer, Sr.
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