diff --git a/src/coreclr/jit/liveness.cpp b/src/coreclr/jit/liveness.cpp
index d5b20d3fa040a5..c07ced43d5af4b 100644
--- a/src/coreclr/jit/liveness.cpp
+++ b/src/coreclr/jit/liveness.cpp
@@ -51,11 +51,12 @@ class Liveness
         //
         // * Outside SSA: Partial defs are _not_ full defs and are also not
         // considered uses. They do not get included in bbVarUse/bbVarDef.
-        SsaLiveness           = false,
-        ComputeMemoryLiveness = false,
-        IsLIR                 = false,
-        IsEarly               = false,
-        EliminateDeadCode     = false,
+        SsaLiveness               = false,
+        ComputeMemoryLiveness     = false,
+        IsLIR                     = false,
+        IsEarly                   = false,
+        EliminateDeadCode         = false,
+        TrackAddressExposedLocals = false,
     };
 
     Liveness(Compiler* compiler)
@@ -446,7 +447,7 @@ void Liveness<TLiveness>::SelectTrackedLocals()
         // Pinned variables may not be tracked (a condition of the GCInfo representation)
         // or enregistered, on x86 -- it is believed that we can enregister pinned (more properly, "pinning")
         // references when using the general GC encoding.
-        if (varDsc->IsAddressExposed())
+        if (!TLiveness::TrackAddressExposedLocals && varDsc->IsAddressExposed())
         {
             varDsc->lvTracked = 0;
             assert(varDsc->lvType != TYP_STRUCT || varDsc->lvDoNotEnregister); // For structs, should have set this when
@@ -1044,7 +1045,8 @@ void Liveness<TLiveness>::MarkUseDef(GenTreeLclVarCommon* tree)
         // We don't treat stores to tracked locals as modifications of ByrefExposed memory;
         // Make sure no tracked local is addr-exposed, to make sure we don't incorrectly CSE byref
         // loads aliasing it across a store to it.
-        assert(!varDsc->IsAddressExposed());
+        assert(!varDsc->IsAddressExposed() ||
+               (TLiveness::TrackAddressExposedLocals && !TLiveness::ComputeMemoryLiveness));
 
         if (TLiveness::IsLIR && (varDsc->lvType != TYP_STRUCT) && !varTypeIsMultiReg(varDsc))
         {
@@ -2822,11 +2824,12 @@ void Compiler::fgSsaLiveness()
     {
         enum
         {
-            SsaLiveness           = true,
-            ComputeMemoryLiveness = true,
-            IsLIR                 = false,
-            IsEarly               = false,
-            EliminateDeadCode     = true,
+            SsaLiveness               = true,
+            ComputeMemoryLiveness     = true,
+            IsLIR                     = false,
+            IsEarly                   = false,
+            EliminateDeadCode         = true,
+            TrackAddressExposedLocals = false,
         };
 
         SsaLivenessClass(Compiler* comp)
@@ -2848,11 +2851,12 @@ void Compiler::fgAsyncLiveness()
     {
         enum
         {
-            SsaLiveness           = false,
-            ComputeMemoryLiveness = false,
-            IsLIR                 = true,
-            IsEarly               = false,
-            EliminateDeadCode     = false,
+            SsaLiveness               = false,
+            ComputeMemoryLiveness     = false,
+            IsLIR                     = true,
+            IsEarly                   = false,
+            EliminateDeadCode         = false,
+            TrackAddressExposedLocals = true,
         };
 
         AsyncLiveness(Compiler* comp)
@@ -2874,11 +2878,12 @@ void Compiler::fgPostLowerLiveness()
     {
         enum
         {
-            SsaLiveness           = false,
-            ComputeMemoryLiveness = false,
-            IsLIR                 = true,
-            IsEarly               = false,
-            EliminateDeadCode     = true,
+            SsaLiveness               = false,
+            ComputeMemoryLiveness     = false,
+            IsLIR                     = true,
+            IsEarly                   = false,
+            EliminateDeadCode         = true,
+            TrackAddressExposedLocals = false,
         };
 
         PostLowerLiveness(Compiler* comp)
@@ -2918,11 +2923,12 @@ PhaseStatus Compiler::fgEarlyLiveness()
     {
         enum
         {
-            SsaLiveness           = false,
-            ComputeMemoryLiveness = false,
-            IsLIR                 = false,
-            IsEarly               = true,
-            EliminateDeadCode     = true,
+            SsaLiveness               = false,
+            ComputeMemoryLiveness     = false,
+            IsLIR                     = false,
+            IsEarly                   = true,
+            EliminateDeadCode         = true,
+            TrackAddressExposedLocals = false,
         };
 
         EarlyLiveness(Compiler* comp)