diff --git a/src/Compilers/CSharp/Portable/Binder/Binder.ValueChecks.cs b/src/Compilers/CSharp/Portable/Binder/Binder.ValueChecks.cs
index 3b39a6a2d4e4c11cdb9159a397d7ea534d12a34f..d26bc4daf8d5834936a7913d759a5d10cdbd022b 100644
--- a/src/Compilers/CSharp/Portable/Binder/Binder.ValueChecks.cs
+++ b/src/Compilers/CSharp/Portable/Binder/Binder.ValueChecks.cs
@@ -2292,6 +2292,29 @@ internal static bool CheckRefEscape(SyntaxNode node, BoundExpression expr, uint
                         diagnostics,
                         isRefEscape: true);
 
+                case BoundKind.FunctionPointerInvocation:
+                    var functionPointerInvocation = (BoundFunctionPointerInvocation)expr;
+
+                    FunctionPointerMethodSymbol signature = functionPointerInvocation.FunctionPointer.Signature;
+                    if (signature.RefKind == RefKind.None)
+                    {
+                        break;
+                    }
+
+                    return CheckInvocationEscape(
+                        functionPointerInvocation.Syntax,
+                        signature,
+                        functionPointerInvocation.InvokedExpression,
+                        signature.Parameters,
+                        functionPointerInvocation.Arguments,
+                        functionPointerInvocation.ArgumentRefKindsOpt,
+                        argsToParamsOpt: default,
+                        checkingReceiver,
+                        escapeFrom,
+                        escapeTo,
+                        diagnostics,
+                        isRefEscape: true);
+
                 case BoundKind.PropertyAccess:
                     var propertyAccess = (BoundPropertyAccess)expr;
                     var propertySymbol = propertyAccess.PropertySymbol;
diff --git a/src/Compilers/CSharp/Test/Emit/CodeGen/CodeGenFunctionPointersTests.cs b/src/Compilers/CSharp/Test/Emit/CodeGen/CodeGenFunctionPointersTests.cs
index ea13b36aba29cc65b638c53a760040fdb962f208..369ac04468491ea3feed926a78563ef72f06d5e5 100644
--- a/src/Compilers/CSharp/Test/Emit/CodeGen/CodeGenFunctionPointersTests.cs
+++ b/src/Compilers/CSharp/Test/Emit/CodeGen/CodeGenFunctionPointersTests.cs
@@ -10677,6 +10677,328 @@ .maxstack  4
 ");
         }
 
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void ReturnByRefFromRefReturningMethod()
+        {
+            var verifier = CompileAndVerifyFunctionPointers(@"
+unsafe
+{
+    int i = 1;
+    ref int iRef = ref ReturnPtrByRef(&ReturnByRef, ref i);
+    iRef = 2;
+    System.Console.WriteLine(i);
+    
+    static ref int ReturnPtrByRef(delegate*<ref int, ref int> ptr, ref int i)
+        => ref ptr(ref i);
+
+    static ref int ReturnByRef(ref int i) => ref i;
+}", expectedOutput: "2");
+
+            verifier.VerifyIL("<Program>$.<<Main>$>g__ReturnPtrByRef|0_0(delegate*<ref int, int>, ref int)", @"
+{
+  // Code size       10 (0xa)
+  .maxstack  2
+  .locals init (delegate*<ref int, ref int> V_0)
+  IL_0000:  ldarg.0
+  IL_0001:  stloc.0
+  IL_0002:  ldarg.1
+  IL_0003:  ldloc.0
+  IL_0004:  calli      ""delegate*<ref int, ref int>""
+  IL_0009:  ret
+}
+");
+        }
+
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void ReturnByRefFromRefReturningMethod_FunctionPointerDoesNotReturnByRefError()
+        {
+            var comp = CreateCompilationWithFunctionPointers(@"
+unsafe
+{
+    int i = 1;
+    ref int iRef = ref ReturnPtrByRef(&ReturnByRef, ref i);
+    
+    static ref int ReturnPtrByRef(delegate*<ref int, int> ptr, ref int i)
+        => ref ptr(ref i);
+
+    static int ReturnByRef(ref int i) => i;
+}", options: TestOptions.UnsafeReleaseExe);
+
+            comp.VerifyDiagnostics(
+                // (8,16): error CS8156: An expression cannot be used in this context because it may not be passed or returned by reference
+                //         => ref ptr(ref i);
+                Diagnostic(ErrorCode.ERR_RefReturnLvalueExpected, "ptr(ref i)").WithLocation(8, 16)
+            );
+        }
+
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void ReturnByRefFromRefReturningMethod_NotSafeToEscape()
+        {
+            var comp = CreateCompilationWithSpan(@"
+using System;
+unsafe
+{
+    ref Span<int> spanRef = ref ReturnPtrByRef(&ReturnByRef);
+    
+    static ref Span<int> ReturnPtrByRef(delegate*<ref Span<int>, ref Span<int>> ptr)
+    {
+        Span<int> span = stackalloc int[1];
+        return ref ptr(ref span);
+    }
+
+    static ref Span<int> ReturnByRef(ref Span<int> i) => ref i;
+}", options: TestOptions.UnsafeReleaseExe);
+
+            comp.VerifyDiagnostics(
+                // (10,20): error CS8347: Cannot use a result of 'delegate*<ref Span<int>, Span<int>>' in this context because it may expose variables referenced by parameter '' outside of their declaration scope
+                //         return ref ptr(ref span);
+                Diagnostic(ErrorCode.ERR_EscapeCall, "ptr(ref span)").WithArguments("delegate*<ref System.Span<int>, System.Span<int>>", "").WithLocation(10, 20),
+                // (10,28): error CS8168: Cannot return local 'span' by reference because it is not a ref local
+                //         return ref ptr(ref span);
+                Diagnostic(ErrorCode.ERR_RefReturnLocal, "span").WithArguments("span").WithLocation(10, 28)
+            );
+        }
+
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void ReturnByRefFromRefReturningMethod_SafeToEscape()
+        {
+            var comp = CreateCompilationWithSpan(@"
+using System;
+unsafe
+{
+    Span<int> s = stackalloc int[1];
+    s[0] = 1;
+    ref Span<int> sRef = ref ReturnPtrByRef(&ReturnByRef, ref s);
+    sRef[0] = 2;
+    Console.WriteLine(s[0]);
+    
+    static ref Span<int> ReturnPtrByRef(delegate*<ref Span<int>, ref Span<int>> ptr, ref Span<int> s)
+        => ref ptr(ref s);
+
+    static ref Span<int> ReturnByRef(ref Span<int> i) => ref i;
+}", options: TestOptions.UnsafeReleaseExe);
+
+            var verifier = CompileAndVerify(comp, expectedOutput: "2", verify: Verification.Skipped);
+
+            verifier.VerifyIL("<Program>$.<<Main>$>g__ReturnPtrByRef|0_0(delegate*<ref System.Span<int>, System.Span<int>>, ref System.Span<int>)", @"
+{
+  // Code size       10 (0xa)
+  .maxstack  2
+  .locals init (delegate*<ref System.Span<int>, ref System.Span<int>> V_0)
+  IL_0000:  ldarg.0
+  IL_0001:  stloc.0
+  IL_0002:  ldarg.1
+  IL_0003:  ldloc.0
+  IL_0004:  calli      ""delegate*<ref System.Span<int>, ref System.Span<int>>""
+  IL_0009:  ret
+}
+");
+        }
+
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void ReturnByRefFromRefReturningMethod_RefReadonlyToRefError()
+        {
+            var comp = CreateCompilationWithFunctionPointers(@"
+unsafe
+{
+    int i = 1;
+    ref int iRef = ref ReturnPtrByRef(&ReturnByRef, ref i);
+    
+    static ref int ReturnPtrByRef(delegate*<ref int, ref readonly int> ptr, ref int i)
+        => ref ptr(ref i);
+
+    static ref readonly int ReturnByRef(ref int i) => ref i;
+}", options: TestOptions.UnsafeReleaseExe);
+
+            comp.VerifyDiagnostics(
+                // (8,16): error CS8333: Cannot return method 'delegate*<ref int, int>' by writable reference because it is a readonly variable
+                //         => ref ptr(ref i);
+                Diagnostic(ErrorCode.ERR_RefReturnReadonlyNotField, "ptr(ref i)").WithArguments("method", "delegate*<ref int, int>").WithLocation(8, 16)
+            );
+        }
+
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void ReturnByRefFromRefReturningMethod_RefToRefReadonly()
+        {
+            var verifier = CompileAndVerifyFunctionPointers(@"
+unsafe
+{
+    int i = 1;
+    ref readonly int iRef = ref ReturnPtrByRef(&ReturnByRef, ref i);
+    i = 2;
+    System.Console.WriteLine(iRef);
+    
+    static ref readonly int ReturnPtrByRef(delegate*<ref int, ref int> ptr, ref int i)
+        => ref ptr(ref i);
+
+    static ref int ReturnByRef(ref int i) => ref i;
+}", expectedOutput: "2");
+
+            verifier.VerifyIL("<Program>$.<<Main>$>g__ReturnPtrByRef|0_0(delegate*<ref int, int>, ref int)", @"
+{
+  // Code size       10 (0xa)
+  .maxstack  2
+  .locals init (delegate*<ref int, ref int> V_0)
+  IL_0000:  ldarg.0
+  IL_0001:  stloc.0
+  IL_0002:  ldarg.1
+  IL_0003:  ldloc.0
+  IL_0004:  calli      ""delegate*<ref int, ref int>""
+  IL_0009:  ret
+}
+");
+        }
+
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void RefAssignment()
+        {
+            var verifier = CompileAndVerifyFunctionPointers(@"
+unsafe
+{
+    int i = 1;
+    delegate*<ref int, ref int> ptr = &ReturnByRef;
+    ref readonly int iRef = ref ptr(ref i);
+    i = 2;
+    System.Console.WriteLine(iRef);
+    
+    static ref int ReturnByRef(ref int i) => ref i;
+}", expectedOutput: "2");
+
+            verifier.VerifyIL("<top-level-statements-entry-point>", @"
+{
+  // Code size       26 (0x1a)
+  .maxstack  2
+  .locals init (int V_0, //i
+                delegate*<ref int, ref int> V_1)
+  IL_0000:  ldc.i4.1
+  IL_0001:  stloc.0
+  IL_0002:  ldftn      ""ref int <Program>$.<<Main>$>g__ReturnByRef|0_0(ref int)""
+  IL_0008:  stloc.1
+  IL_0009:  ldloca.s   V_0
+  IL_000b:  ldloc.1
+  IL_000c:  calli      ""delegate*<ref int, ref int>""
+  IL_0011:  ldc.i4.2
+  IL_0012:  stloc.0
+  IL_0013:  ldind.i4
+  IL_0014:  call       ""void System.Console.WriteLine(int)""
+  IL_0019:  ret
+}
+");
+        }
+
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void RefAssignmentThroughTernary()
+        {
+            var verifier = CompileAndVerifyFunctionPointers(@"
+unsafe
+{
+    int i = 1;
+    int i2 = 3;
+    delegate*<ref int, ref int> ptr = &ReturnByRef;
+    ref readonly int iRef = ref false ? ref i2 : ref ptr(ref i);
+    i = 2;
+    System.Console.WriteLine(iRef);
+    
+    static ref int ReturnByRef(ref int i) => ref i;
+}", expectedOutput: "2");
+
+            verifier.VerifyIL("<top-level-statements-entry-point>", @"
+{
+  // Code size       26 (0x1a)
+  .maxstack  2
+  .locals init (int V_0, //i
+                delegate*<ref int, ref int> V_1)
+  IL_0000:  ldc.i4.1
+  IL_0001:  stloc.0
+  IL_0002:  ldftn      ""ref int <Program>$.<<Main>$>g__ReturnByRef|0_0(ref int)""
+  IL_0008:  stloc.1
+  IL_0009:  ldloca.s   V_0
+  IL_000b:  ldloc.1
+  IL_000c:  calli      ""delegate*<ref int, ref int>""
+  IL_0011:  ldc.i4.2
+  IL_0012:  stloc.0
+  IL_0013:  ldind.i4
+  IL_0014:  call       ""void System.Console.WriteLine(int)""
+  IL_0019:  ret
+}
+");
+        }
+
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void RefReturnThroughTernary()
+        {
+            var verifier = CompileAndVerifyFunctionPointers(@"
+unsafe
+{
+    int i = 1;
+    int i2 = 3;
+    ref int iRef = ref ReturnPtrByRef(&ReturnByRef, ref i, ref i2);
+    iRef = 2;
+    System.Console.WriteLine(i);
+    
+    static ref int ReturnPtrByRef(delegate*<ref int, ref int> ptr, ref int i, ref int i2)
+        => ref false ? ref i2 : ref ptr(ref i);
+
+    static ref int ReturnByRef(ref int i) => ref i;
+}", expectedOutput: "2");
+
+            verifier.VerifyIL("<Program>$.<<Main>$>g__ReturnPtrByRef|0_0(delegate*<ref int, int>, ref int, ref int)", @"
+{
+  // Code size       10 (0xa)
+  .maxstack  2
+  .locals init (delegate*<ref int, ref int> V_0)
+  IL_0000:  ldarg.0
+  IL_0001:  stloc.0
+  IL_0002:  ldarg.1
+  IL_0003:  ldloc.0
+  IL_0004:  calli      ""delegate*<ref int, ref int>""
+  IL_0009:  ret
+}
+");
+        }
+
+        [Fact, WorkItem(49315, "https://github.com/dotnet/roslyn/issues/49315")]
+        public void PassedAsByRefParameter()
+        {
+            var verifier = CompileAndVerifyFunctionPointers(@"
+unsafe
+{
+    int i = 1;
+    delegate*<ref int, ref int> ptr = &ReturnByRef;
+    ref readonly int iRef = ref ptr(ref ptr(ref i));
+    i = 2;
+    System.Console.WriteLine(iRef);
+    
+    static ref int ReturnByRef(ref int i) => ref i;
+}", expectedOutput: "2");
+
+            verifier.VerifyIL("<top-level-statements-entry-point>", @"
+{
+  // Code size       34 (0x22)
+  .maxstack  2
+  .locals init (int V_0, //i
+                delegate*<ref int, ref int> V_1,
+                delegate*<ref int, ref int> V_2)
+  IL_0000:  ldc.i4.1
+  IL_0001:  stloc.0
+  IL_0002:  ldftn      ""ref int <Program>$.<<Main>$>g__ReturnByRef|0_0(ref int)""
+  IL_0008:  dup
+  IL_0009:  stloc.1
+  IL_000a:  stloc.2
+  IL_000b:  ldloca.s   V_0
+  IL_000d:  ldloc.2
+  IL_000e:  calli      ""delegate*<ref int, ref int>""
+  IL_0013:  ldloc.1
+  IL_0014:  calli      ""delegate*<ref int, ref int>""
+  IL_0019:  ldc.i4.2
+  IL_001a:  stloc.0
+  IL_001b:  ldind.i4
+  IL_001c:  call       ""void System.Console.WriteLine(int)""
+  IL_0021:  ret
+}
+");
+        }
+
         private static readonly Guid s_guid = new Guid("97F4DBD4-F6D1-4FAD-91B3-1001F92068E5");
         private static readonly BlobContentId s_contentId = new BlobContentId(s_guid, 0x04030201);