diff --git a/src/coreclr/jit/compiler.cpp b/src/coreclr/jit/compiler.cpp
index d68381ad94433..282d2f3e53a7f 100644
--- a/src/coreclr/jit/compiler.cpp
+++ b/src/coreclr/jit/compiler.cpp
@@ -10013,8 +10013,8 @@ var_types Compiler::gtTypeForNullCheck(GenTree* tree)
 // gtChangeOperToNullCheck: helper to change tree oper to a NULLCHECK.
 //
 // Arguments:
-//    tree       - the node to change;
-//    basicBlock - basic block of the node.
+//    tree  - the node to change;
+//    block - basic block of the node.
 //
 // Notes:
 //    the function should not be called after lowering for platforms that do not support
@@ -10026,6 +10026,8 @@ void Compiler::gtChangeOperToNullCheck(GenTree* tree, BasicBlock* block)
     assert(tree->OperIs(GT_FIELD, GT_IND, GT_OBJ, GT_BLK));
     tree->ChangeOper(GT_NULLCHECK);
     tree->ChangeType(gtTypeForNullCheck(tree));
+    assert(fgAddrCouldBeNull(tree->gtGetOp1()));
+    tree->gtFlags |= GTF_EXCEPT;
     block->bbFlags |= BBF_HAS_NULLCHECK;
     optMethodFlags |= OMF_HAS_NULLCHECK;
 }
diff --git a/src/coreclr/jit/gentree.cpp b/src/coreclr/jit/gentree.cpp
index feec2becd40ff..0a51c1c9c666e 100644
--- a/src/coreclr/jit/gentree.cpp
+++ b/src/coreclr/jit/gentree.cpp
@@ -16191,11 +16191,24 @@ void Compiler::gtExtractSideEffList(GenTree*     expr,
             {
                 if (m_compiler->gtNodeHasSideEffects(node, m_flags))
                 {
-                    Append(node);
                     if (node->OperIsBlk() && !node->OperIsStoreBlk())
                     {
-                        JITDUMP("Replace an unused OBJ/BLK node [%06d] with a NULLCHECK\n", dspTreeID(node));
-                        m_compiler->gtChangeOperToNullCheck(node, m_compiler->compCurBB);
+                        // Check for a guaranteed non-faulting IND, and create a NOP node instead of a NULLCHECK in that
+                        // case.
+                        if (m_compiler->fgAddrCouldBeNull(node->AsBlk()->Addr()))
+                        {
+                            Append(node);
+                            JITDUMP("Replace an unused OBJ/BLK node [%06d] with a NULLCHECK\n", dspTreeID(node));
+                            m_compiler->gtChangeOperToNullCheck(node, m_compiler->compCurBB);
+                        }
+                        else
+                        {
+                            JITDUMP("Dropping non-faulting OBJ/BLK node [%06d]\n", dspTreeID(node));
+                        }
+                    }
+                    else
+                    {
+                        Append(node);
                     }
                     return Compiler::WALK_SKIP_SUBTREES;
                 }
diff --git a/src/coreclr/jit/importer.cpp b/src/coreclr/jit/importer.cpp
index d20289ea2f058..c691c64f398a9 100644
--- a/src/coreclr/jit/importer.cpp
+++ b/src/coreclr/jit/importer.cpp
@@ -8215,7 +8215,15 @@ void Compiler::impImportBlockCode(BasicBlock* block)
                             // via an underlying address, just null check the address.
                             if (op1->OperIs(GT_FIELD, GT_IND, GT_OBJ))
                             {
-                                gtChangeOperToNullCheck(op1, block);
+                                GenTree* addr = op1->gtGetOp1();
+                                if ((addr != nullptr) && fgAddrCouldBeNull(addr))
+                                {
+                                    gtChangeOperToNullCheck(op1, block);
+                                }
+                                else
+                                {
+                                    op1 = gtNewNothingNode();
+                                }
                             }
                             else
                             {
diff --git a/src/coreclr/jit/lower.cpp b/src/coreclr/jit/lower.cpp
index 93df4f3c690bf..79c6657717694 100644
--- a/src/coreclr/jit/lower.cpp
+++ b/src/coreclr/jit/lower.cpp
@@ -7283,13 +7283,16 @@ void Lowering::LowerIndir(GenTreeIndir* ind)
 #if defined(TARGET_ARM64)
         // Verify containment safety before creating an LEA that must be contained.
         //
-        const bool isContainable = IsSafeToContainMem(ind, ind->Addr());
+        const bool isContainable = (ind->Addr() != nullptr) && IsSafeToContainMem(ind, ind->Addr());
 #else
         const bool isContainable         = true;
 #endif
 
-        TryCreateAddrMode(ind->Addr(), isContainable, ind);
-        ContainCheckIndir(ind);
+        if (!ind->OperIs(GT_NOP))
+        {
+            TryCreateAddrMode(ind->Addr(), isContainable, ind);
+            ContainCheckIndir(ind);
+        }
 
 #ifdef TARGET_XARCH
         if (ind->OperIs(GT_NULLCHECK) || ind->IsUnusedValue())
@@ -7337,14 +7340,23 @@ void Lowering::TransformUnusedIndirection(GenTreeIndir* ind, Compiler* comp, Bas
     //
     assert(ind->OperIs(GT_NULLCHECK, GT_IND, GT_BLK, GT_OBJ));
 
+    GenTree* const addr = ind->Addr();
+    if (!comp->fgAddrCouldBeNull(addr))
+    {
+        addr->SetUnusedValue();
+        ind->gtBashToNOP();
+        JITDUMP("bash an unused indir [%06u] to NOP.\n", comp->dspTreeID(ind));
+        return;
+    }
+
     ind->ChangeType(comp->gtTypeForNullCheck(ind));
 
 #if defined(TARGET_ARM64) || defined(TARGET_LOONGARCH64)
     bool useNullCheck = true;
-#elif TARGET_ARM
+#elif defined(TARGET_ARM)
     bool           useNullCheck          = false;
 #else  // TARGET_XARCH
-    bool useNullCheck = !ind->Addr()->isContained();
+    bool useNullCheck = !addr->isContained();
     ind->ClearDontExtend();
 #endif // !TARGET_XARCH