diff --git a/src/coreclr/vm/threadstatics.cpp b/src/coreclr/vm/threadstatics.cpp
index 885453073508c5..889e9ea3cf4c63 100644
--- a/src/coreclr/vm/threadstatics.cpp
+++ b/src/coreclr/vm/threadstatics.cpp
@@ -377,7 +377,7 @@ void FreeLoaderAllocatorHandlesForTLSData(Thread *pThread)
 #endif
         for (const auto& entry : g_pThreadStaticCollectibleTypeIndices->CollectibleEntries())
         {
-            _ASSERTE((entry.TlsIndex.GetIndexOffset() <= pThread->cLoaderHandles) || allRemainingIndicesAreNotValid);
+            _ASSERTE((entry.TlsIndex.GetIndexOffset() >= pThread->cLoaderHandles) || !allRemainingIndicesAreNotValid);
             if (entry.TlsIndex.GetIndexOffset() >= pThread->cLoaderHandles)
             {
 #ifndef _DEBUG
@@ -390,7 +390,9 @@ void FreeLoaderAllocatorHandlesForTLSData(Thread *pThread)
             {
                 if (pThread->pLoaderHandles[entry.TlsIndex.GetIndexOffset()] != (LOADERHANDLE)NULL)
                 {
-                    entry.pMT->GetLoaderAllocator()->FreeHandle(pThread->pLoaderHandles[entry.TlsIndex.GetIndexOffset()]);
+                    LoaderAllocator *pLoaderAllocator = entry.pMT->GetLoaderAllocator();
+                    if (pLoaderAllocator->IsExposedObjectLive())
+                        pLoaderAllocator->FreeHandle(pThread->pLoaderHandles[entry.TlsIndex.GetIndexOffset()]);
                     pThread->pLoaderHandles[entry.TlsIndex.GetIndexOffset()] = (LOADERHANDLE)NULL;
                 }
             }
diff --git a/src/tests/Loader/CollectibleAssemblies/Statics/CollectibleTLSStaticCollection.cs b/src/tests/Loader/CollectibleAssemblies/Statics/CollectibleTLSStaticCollection.cs
new file mode 100644
index 00000000000000..d84d3d05769c80
--- /dev/null
+++ b/src/tests/Loader/CollectibleAssemblies/Statics/CollectibleTLSStaticCollection.cs
@@ -0,0 +1,103 @@
+// 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.Reflection;
+using System.Reflection.Emit;
+using System.Runtime.CompilerServices;
+using System.Runtime.InteropServices;
+using System.Threading;
+using Xunit;
+
+namespace CollectibleThreadStaticShutdownRace
+{
+    public class CollectibleThreadStaticShutdownRace
+    {
+        Action? UseTLSStaticFromLoaderAllocator = null;
+        GCHandle IsLoaderAllocatorLive;
+        static ulong s_collectibleIndex;
+
+        [MethodImpl(MethodImplOptions.NoInlining)]
+        void CallUseTLSStaticFromLoaderAllocator()
+        {
+            UseTLSStaticFromLoaderAllocator!();
+            UseTLSStaticFromLoaderAllocator = null;
+        }
+
+        [MethodImpl(MethodImplOptions.NoInlining)]
+        bool CheckLALive()
+        {
+            return IsLoaderAllocatorLive.Target != null;
+        }
+
+
+        void ThreadThatWaitsForLoaderAllocatorToDisappear()
+        {
+            CallUseTLSStaticFromLoaderAllocator();
+            while (CheckLALive())
+            {
+                GC.Collect(2);
+            }
+        }
+
+        void CreateLoaderAllocatorWithTLS()
+        {
+            ulong collectibleIndex = s_collectibleIndex++;
+
+            var ab =
+                AssemblyBuilder.DefineDynamicAssembly(
+                    new AssemblyName($"CollectibleDerivedAssembly{collectibleIndex}"),
+                    AssemblyBuilderAccess.RunAndCollect);
+            var mob = ab.DefineDynamicModule($"CollectibleDerivedModule{collectibleIndex}");
+            var tb =
+                mob.DefineType(
+                    $"CollectibleDerived{collectibleIndex}",
+                    TypeAttributes.Class | TypeAttributes.Public,
+                    typeof(object));
+
+            {
+                var fb =
+                    tb.DefineField(
+                        "Field", typeof(int), FieldAttributes.Static);
+                fb.SetCustomAttribute(typeof(ThreadStaticAttribute).GetConstructors()[0], new byte[0]);
+
+                var mb =
+                    tb.DefineMethod(
+                        "Method",
+                        MethodAttributes.Public | MethodAttributes.Static);
+                var ilg = mb.GetILGenerator();
+                ilg.Emit(OpCodes.Ldc_I4_1);
+                ilg.Emit(OpCodes.Stsfld, fb);
+                ilg.Emit(OpCodes.Ret);
+            }
+
+            Type createdType = tb.CreateType();
+            UseTLSStaticFromLoaderAllocator = (Action)createdType.GetMethods()[0].CreateDelegate(typeof(Action));
+            IsLoaderAllocatorLive = GCHandle.Alloc(createdType, GCHandleType.WeakTrackResurrection);
+        }
+
+        void ForceCollectibleTLSStaticToGoThroughThreadTermination()
+        {
+            int iteration = 0;
+            for (int i = 0; i < 10; i++)
+            {
+                Console.WriteLine($"Iteration {iteration++}");
+                var createLAThread = new Thread(CreateLoaderAllocatorWithTLS);
+                createLAThread.Start();
+                createLAThread.Join();
+
+                var crashThread = new Thread(ThreadThatWaitsForLoaderAllocatorToDisappear);
+                crashThread.Start();
+                crashThread.Join();
+            }
+
+        }
+
+        [Fact]
+        public static void TestEntryPoint()
+        {
+            new CollectibleThreadStaticShutdownRace().ForceCollectibleTLSStaticToGoThroughThreadTermination();
+        }
+    }
+}
+
diff --git a/src/tests/Loader/CollectibleAssemblies/Statics/CollectibleTLSStaticCollection.csproj b/src/tests/Loader/CollectibleAssemblies/Statics/CollectibleTLSStaticCollection.csproj
new file mode 100644
index 00000000000000..b2bf6ae30660e7
--- /dev/null
+++ b/src/tests/Loader/CollectibleAssemblies/Statics/CollectibleTLSStaticCollection.csproj
@@ -0,0 +1,10 @@
+<Project Sdk="Microsoft.NET.Sdk">
+  <PropertyGroup>
+    <!-- Needed for mechanical merging of all remaining tests, this particular project may not actually need process isolation -->
+    <RequiresProcessIsolation>true</RequiresProcessIsolation>
+    <AllowUnsafeBlocks>true</AllowUnsafeBlocks>
+  </PropertyGroup>
+  <ItemGroup>
+    <Compile Include="CollectibleTLSStaticCollection.cs" />
+  </ItemGroup>
+</Project>
diff --git a/src/tests/issues.targets b/src/tests/issues.targets
index 7a2cff6628af3a..918777676ea5cb 100644
--- a/src/tests/issues.targets
+++ b/src/tests/issues.targets
@@ -1010,6 +1010,9 @@
         <ExcludeList Include="$(XunitTestBinBase)/Loader/CollectibleAssemblies/ByRefLocals/ByRefLocals/*">
             <Issue>https://github.com/dotnet/runtimelab/issues/155: Collectible assemblies</Issue>
         </ExcludeList>
+        <ExcludeList Include="$(XunitTestBinBase)/Loader/CollectibleAssemblies/Statics/CollectibleTLSStaticCollection/*">
+            <Issue>https://github.com/dotnet/runtimelab/issues/155: Collectible assemblies</Issue>
+        </ExcludeList>
         <ExcludeList Include="$(XunitTestBinBase)/Loader/CollectibleAssemblies/Statics/CollectibleStatics/*">
             <Issue>https://github.com/dotnet/runtimelab/issues/155: Collectible assemblies</Issue>
         </ExcludeList>