Membership short code disables hyperlink within content

We are using short code to protect part of the content within posts so that only logged in members can view that protected content. Within that protected content, we sometimes include hyperlinks to other websites and/or email addresses.

I was just alerted to the fact that while a logged-in member can see the additional content, those links are un-clickable.

However, this isn't the case for myself if I were to log in as an admin.

But for a regular user viewing the protected content, they can see that the text is blue and should become a link if they hover and click, but that doesn't work.

NOTE: We are transitioning from category based protection to per-post protection, so this is currently short code placed on a post that is already completely hidden with the category-level restriction. But even when I un-protect that category to troubleshoot, the link still doesn't work for a member.

We noticed that the links stopped working as soon as we started adding the short code to posts - in comparison, links work on posts just protected at the category level.