When ToolbarMode is set to "RibbonBarFloating" the RadEditor height becomes greater than the control height. As a result the wrapper overlaps with the elements box below.

As a temporary workaround for ToolbarMode="RibbonBarFloating" only, the following JavaScript code need to be applied on the page:

   <script type="text/javascript">
            (function () {
                var getToolbarHeight = Telerik.Web.UI.Editor.UI.DimensionsCalculator.prototype._getToolbarHeight;
                Telerik.Web.UI.Editor.UI.DimensionsCalculator.prototype._getToolbarHeight = function (container) {
                    var $container = $telerik.$(container);
                    $container.append($container.find("div"));
                    return getToolbarHeight.call(this, container);
                }
            })();
</script>