diff --git a/src/coreclr/jit/assertionprop.cpp b/src/coreclr/jit/assertionprop.cpp
index 28f88eb2d67389..c4d832dd39d57f 100644
--- a/src/coreclr/jit/assertionprop.cpp
+++ b/src/coreclr/jit/assertionprop.cpp
@@ -5776,6 +5776,8 @@ bool Compiler::optCreateJumpTableImpliedAssertions(BasicBlock* switchBb)
 
 void Compiler::optImpliedByTypeOfAssertions(ASSERT_TP& activeAssertions)
 {
+    assert(!optLocalAssertionProp);
+
     if (BitVecOps::IsEmpty(apTraits, activeAssertions))
     {
         return;
@@ -5804,31 +5806,25 @@ void Compiler::optImpliedByTypeOfAssertions(ASSERT_TP& activeAssertions)
         {
             AssertionDsc* impAssertion = optGetAssertion(impIndex);
 
-            //  The impAssertion must be different from the chkAssertion
+            // The impAssertion must be different from the chkAssertion
             if (impIndex == chkAssertionIndex)
             {
                 continue;
             }
 
-            // impAssertion must be a Non Null assertion on lclNum
-            if ((impAssertion->assertionKind != OAK_NOT_EQUAL) || (impAssertion->op1.kind != O1K_LCLVAR) ||
-                (impAssertion->op2.kind != O2K_CONST_INT) || (impAssertion->op1.vn != chkAssertion->op1.vn))
+            // impAssertion must be a Non Null assertion on op1.vn
+            if ((impAssertion->assertionKind != OAK_NOT_EQUAL) || !impAssertion->CanPropNonNull() ||
+                (impAssertion->op1.vn != chkAssertion->op1.vn))
             {
                 continue;
             }
 
             // The bit may already be in the result set
-            if (!BitVecOps::IsMember(apTraits, activeAssertions, impIndex - 1))
+            if (BitVecOps::TryAddElemD(apTraits, activeAssertions, impIndex - 1))
             {
-                BitVecOps::AddElemD(apTraits, activeAssertions, impIndex - 1);
-#ifdef DEBUG
-                if (verbose)
-                {
-                    printf("\nCompiler::optImpliedByTypeOfAssertions: %s Assertion #%02d, implies assertion #%02d",
-                           (chkAssertion->op1.kind == O1K_SUBTYPE) ? "Subtype" : "Exact-type", chkAssertionIndex,
-                           impIndex);
-                }
-#endif
+                JITDUMP("\nCompiler::optImpliedByTypeOfAssertions: %s Assertion #%02d, implies assertion #%02d",
+                        (chkAssertion->op1.kind == O1K_SUBTYPE) ? "Subtype" : "Exact-type", chkAssertionIndex,
+                        impIndex);
             }
 
             // There is at most one non-null assertion that is implied by the current chkIndex assertion
diff --git a/src/tests/JIT/Regression/JitBlue/Runtime_120792/Runtime_120792.cs b/src/tests/JIT/Regression/JitBlue/Runtime_120792/Runtime_120792.cs
new file mode 100644
index 00000000000000..198d1cd3dd6125
--- /dev/null
+++ b/src/tests/JIT/Regression/JitBlue/Runtime_120792/Runtime_120792.cs
@@ -0,0 +1,28 @@
+// Licensed to the .NET Foundation under one or more agreements.
+// The .NET Foundation licenses this file to you under the MIT license.
+
+using System;
+using System.Runtime.CompilerServices;
+using System.Threading;
+using Xunit;
+
+public class Runtime_120792
+{
+    [Fact]
+    public static void TestEntryPoint()
+    {
+        for (int i = 0; i < 300; i++)
+        {
+            Problem(42);
+            Thread.Sleep(16);
+        }
+    }
+
+    [MethodImpl(MethodImplOptions.NoInlining)]
+    private static void Problem(object value)
+    {
+        Type tt = value == null ? typeof(object) : value.GetType();
+        if (!tt.Equals(typeof(int)) || value == null)
+            throw new InvalidOperationException();
+    }
+}
diff --git a/src/tests/JIT/Regression/JitBlue/Runtime_120792/Runtime_120792.csproj b/src/tests/JIT/Regression/JitBlue/Runtime_120792/Runtime_120792.csproj
new file mode 100644
index 00000000000000..09fb4358127787
--- /dev/null
+++ b/src/tests/JIT/Regression/JitBlue/Runtime_120792/Runtime_120792.csproj
@@ -0,0 +1,13 @@
+<Project Sdk="Microsoft.NET.Sdk">
+  <PropertyGroup>
+    <DebugType>None</DebugType>
+    <Optimize>True</Optimize>
+    <!-- Needed for CLRTestEnvironmentVariable -->
+    <RequiresProcessIsolation>true</RequiresProcessIsolation>
+  </PropertyGroup>
+  <ItemGroup>
+    <Compile Include="$(MSBuildProjectName).cs" />
+    <CLRTestEnvironmentVariable Include="DOTNET_TieredCompilation" Value="1" />
+    <CLRTestEnvironmentVariable Include="DOTNET_TieredPGO" Value="1" />
+  </ItemGroup>
+</Project>