Alpha Textures reimported via overwriting disappear from level

When you reimport a texture that has an alpha by Importing and then overwriting the previous texture, all versions of that texture in any material or in the level complete disappear until you compile the shader again (via saving the material)

1. Open QA Game Engine
2. Import the attached Alphatest.TGA
3. Make a Translucent Material using the Alphatest.TGA RGB Channel into Base Color and the Alpha into Opacity.
4. Apply new Material to a Mesh in the level.
5. Save All
6. Open the Alphatest.TGA in Photoshop
7. Adjust the Layer 0 and the Alpha Channel.
8. Re-save the TGA as itself
9. From the Content Browser hit Import and select the newly resaved Alphatest.TGA
10. Answer Yes to all overwrite questions.

RESULTS: Texture disappears from Level and Material

EXPECTED: Texture remains in level and Material as if right-click reimported.