diff --git a/src/coreclr/jit/optimizer.cpp b/src/coreclr/jit/optimizer.cpp
index 57a62af9c742f3..0e4173d4d42400 100644
--- a/src/coreclr/jit/optimizer.cpp
+++ b/src/coreclr/jit/optimizer.cpp
@@ -4812,6 +4812,10 @@ void Compiler::optHoistLoopBlocks(FlowGraphNaturalLoop* loop,
                         {
                             m_canHoistSideEffects = false;
                         }
+                        else if ((call->gtCallMoreFlags & GTF_CALL_M_ALLOC_SIDE_EFFECTS) != 0)
+                        {
+                            m_canHoistSideEffects = false;
+                        }
                         else if (s_helperCallProperties.MayRunCctor(helpFunc) &&
                                  (call->gtFlags & GTF_CALL_HOISTABLE) == 0)
                         {
diff --git a/src/tests/JIT/Regression_ro_2/Runtime_134936.cs b/src/tests/JIT/Regression_ro_2/Runtime_134936.cs
new file mode 100644
index 00000000000000..6a9e44b7ffb07c
--- /dev/null
+++ b/src/tests/JIT/Regression_ro_2/Runtime_134936.cs
@@ -0,0 +1,49 @@
+// 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 Xunit;
+
+public class Runtime_134936
+{
+    private class Finalizable
+    {
+        public static int Count;
+
+        ~Finalizable()
+        {
+            Count++;
+        }
+    }
+
+    [Fact]
+    [SkipOnMono("Requires precise GC")]
+    public static void TestEntryPoint()
+    {
+        try
+        {
+            Test(1, 0, 10);
+        }
+        catch (DivideByZeroException)
+        {
+        }
+
+        GC.Collect();
+        GC.WaitForPendingFinalizers();
+        Assert.Equal(1, Finalizable.Count);
+    }
+
+    [MethodImpl(MethodImplOptions.NoInlining | MethodImplOptions.AggressiveOptimization)]
+    private static int Test(int a, int b, int n)
+    {
+        int sum = 0;
+        for (int i = 0; i < n; i++)
+        {
+            new Finalizable();
+            sum += a / b;
+        }
+
+        return sum;
+    }
+}