Text Mode - Friendly URL displaying when URL hasn't been calculated yet

I am working to make a "Friendly URL" to a Program level Project Brief. I'm building the URL with a calculated field on the Project Brief custom form in the first place, that way I can get the URL to appear on the report when there IS a a Project Brief, and not appear when there isn't.

The problem is that my snippet below is showing plain Project Brief text when there isn't a Project Brief custom form. So something with my valueexpression is wrong, I just don't know what.

displayname=Links

link.url=DE:program:Project Brief URL

linkedname=program

namekey=view.relatedcolumn

namekeyargkey.0=program

namekeyargkey.1=Project Brief URL

querysort=DE:program:Project Brief URL

shortview=false

textmode=true

valueexpression=IF(ISBLANK({DE:program:Project Brief URL}),"","Click Here")

valuefield=program:Project Brief URL

valueformat=HTML

I'd like the yellow ones to just be blank because there isn't a URL (the column to the right is blank). The actually hyperlinked Project Brief is doing the right thing, because there is a URL.

Any ideas?