Graphics.DrawMeshInstanced Doesn't work with transparent materials

Im trying to render multiple quads using Graphics.DrawMeshInstanced. It works fine with opaque materials but when I change the surface type to transparent it doesn't render. (using HDRP btw)
Here are some screenshots demonstrating the issue. Note the cube above the quad using the same material.
Opaque:


Transparent:


Here is the code:

Code (CSharp):

1.  private void RenderClouds() {
2.          cloudMaterial.SetFloat(cloudsWorldPosName, transform.position.y);
3.          cloudMaterial.SetFloat(cloudsHeightName, cloudsHeight);
4.          _offset = cloudsHeight / cloudsResolution / 2f;
5.          var initPos = transform.position + (Vector3.up * (_offset * cloudsResolution / 2f));
6.          for (var i = 0; i < cloudsResolution; i++) {
7.              _cloudsPosMatrix = Matrix4x4.TRS(initPos - (Vector3.up * _offset * i), transform.rotation, transform.localScale);
8.              _cloudMatrices.Add(_cloudsPosMatrix);
9.          }
10.          Graphics.DrawMeshInstanced(cloudMesh, 0, cloudMaterial, _cloudMatrices.ToArray(), cloudsResolution);
11.          _cloudMatrices.Clear();
12.      }
13.  

Is this a bug or am I missing something?
Thank you.

 

I also noticed this and not sure if it's a bug or if I'm missing something. Hopefully someone more knowledgeable can reply with an answer.

Edit:
Apparently it is in fact a bug:
Bug - DrawMeshInstanced not working with transparent - Unity Forum