diff --git a/src/Compilers/CSharp/Portable/Binder/Binder_Expressions.cs b/src/Compilers/CSharp/Portable/Binder/Binder_Expressions.cs
index 624f7eaa2d0e2ba4dd234dfcaef67efdc7effe56..28095859578bb3e784862ec11377a380b0678829 100644
--- a/src/Compilers/CSharp/Portable/Binder/Binder_Expressions.cs
+++ b/src/Compilers/CSharp/Portable/Binder/Binder_Expressions.cs
@@ -981,9 +981,9 @@ private BoundExpression BindRefValue(RefValueExpressionSyntax node, DiagnosticBa
 
             argument = CreateConversion(argument, conversion, typedReferenceType, diagnostics);
 
-            TypeSymbol type = BindType(node.Type, diagnostics).Type;
+            TypeWithAnnotations typeWithAnnotations = BindType(node.Type, diagnostics);
 
-            return new BoundRefValueOperator(node, argument, type, hasErrors);
+            return new BoundRefValueOperator(node, typeWithAnnotations.NullableAnnotation, argument, typeWithAnnotations.Type, hasErrors);
         }
 
         private BoundExpression BindMakeRef(MakeRefExpressionSyntax node, DiagnosticBag diagnostics)
diff --git a/src/Compilers/CSharp/Portable/BoundTree/BoundNodes.xml b/src/Compilers/CSharp/Portable/BoundTree/BoundNodes.xml
index 0b9cb5d54b3707457b92045236ddb7c4f2fa676b..931bf35481fd51685c1152677979e50ff695797c 100644
--- a/src/Compilers/CSharp/Portable/BoundTree/BoundNodes.xml
+++ b/src/Compilers/CSharp/Portable/BoundTree/BoundNodes.xml
@@ -329,6 +329,7 @@
 
   <Node Name="BoundRefValueOperator" Base="BoundExpression">
     <Field Name="Type" Type="TypeSymbol" Override="true" Null="disallow"/>
+    <Field Name="NullableAnnotation" Type="NullableAnnotation" />
     <Field Name="Operand" Type="BoundExpression"/>
   </Node>
 
diff --git a/src/Compilers/CSharp/Portable/FlowAnalysis/NullableWalker.cs b/src/Compilers/CSharp/Portable/FlowAnalysis/NullableWalker.cs
index 14043538940cde60e07c5967fc214409186e459b..e79c637f4006da119994acaebee3c7047227e313 100644
--- a/src/Compilers/CSharp/Portable/FlowAnalysis/NullableWalker.cs
+++ b/src/Compilers/CSharp/Portable/FlowAnalysis/NullableWalker.cs
@@ -5157,7 +5157,7 @@ public override BoundNode VisitMakeRefOperator(BoundMakeRefOperator node)
         public override BoundNode VisitRefValueOperator(BoundRefValueOperator node)
         {
             var result = base.VisitRefValueOperator(node);
-            var type = TypeWithAnnotations.Create(node.Type);
+            var type = TypeWithAnnotations.Create(node.Type, node.NullableAnnotation);
             LvalueResultType = type;
             return result;
         }
diff --git a/src/Compilers/CSharp/Portable/Generated/BoundNodes.xml.Generated.cs b/src/Compilers/CSharp/Portable/Generated/BoundNodes.xml.Generated.cs
index 69f8447c2de8fadec56a6f15327221b56285c9fd..a38952999e6749a23e0d5b606f85f18164a51f24 100644
--- a/src/Compilers/CSharp/Portable/Generated/BoundNodes.xml.Generated.cs
+++ b/src/Compilers/CSharp/Portable/Generated/BoundNodes.xml.Generated.cs
@@ -1237,17 +1237,20 @@ protected override BoundExpression ShallowClone()
 
     internal sealed partial class BoundRefValueOperator : BoundExpression
     {
-        public BoundRefValueOperator(SyntaxNode syntax, BoundExpression operand, TypeSymbol type, bool hasErrors = false)
+        public BoundRefValueOperator(SyntaxNode syntax, NullableAnnotation nullableAnnotation, BoundExpression operand, TypeSymbol type, bool hasErrors = false)
             : base(BoundKind.RefValueOperator, syntax, type, hasErrors || operand.HasErrors())
         {
 
             Debug.Assert((object)operand != null, "Field 'operand' cannot be null (use Null=\"allow\" in BoundNodes.xml to remove this check)");
             Debug.Assert((object)type != null, "Field 'type' cannot be null (use Null=\"allow\" in BoundNodes.xml to remove this check)");
 
+            this.NullableAnnotation = nullableAnnotation;
             this.Operand = operand;
         }
 
 
+        public NullableAnnotation NullableAnnotation { get; }
+
         public BoundExpression Operand { get; }
 
         public override BoundNode Accept(BoundTreeVisitor visitor)
@@ -1255,11 +1258,11 @@ public override BoundNode Accept(BoundTreeVisitor visitor)
             return visitor.VisitRefValueOperator(this);
         }
 
-        public BoundRefValueOperator Update(BoundExpression operand, TypeSymbol type)
+        public BoundRefValueOperator Update(NullableAnnotation nullableAnnotation, BoundExpression operand, TypeSymbol type)
         {
-            if (operand != this.Operand || !TypeSymbol.Equals(type, this.Type, TypeCompareKind.ConsiderEverything))
+            if (nullableAnnotation != this.NullableAnnotation || operand != this.Operand || !TypeSymbol.Equals(type, this.Type, TypeCompareKind.ConsiderEverything))
             {
-                var result = new BoundRefValueOperator(this.Syntax, operand, type, this.HasErrors);
+                var result = new BoundRefValueOperator(this.Syntax, nullableAnnotation, operand, type, this.HasErrors);
                 result.CopyAttributes(this);
                 return result;
             }
@@ -1268,7 +1271,7 @@ public BoundRefValueOperator Update(BoundExpression operand, TypeSymbol type)
 
         protected override BoundExpression ShallowClone()
         {
-            var result = new BoundRefValueOperator(this.Syntax, this.Operand, this.Type, this.HasErrors);
+            var result = new BoundRefValueOperator(this.Syntax, this.NullableAnnotation, this.Operand, this.Type, this.HasErrors);
             result.CopyAttributes(this);
             return result;
         }
@@ -11164,7 +11167,7 @@ public override BoundNode VisitRefValueOperator(BoundRefValueOperator node)
         {
             BoundExpression operand = (BoundExpression)this.Visit(node.Operand);
             TypeSymbol type = this.VisitType(node.Type);
-            return node.Update(operand, type);
+            return node.Update(node.NullableAnnotation, operand, type);
         }
         public override BoundNode VisitFromEndIndexExpression(BoundFromEndIndexExpression node)
         {
@@ -12366,6 +12369,7 @@ public override TreeDumperNode VisitRefValueOperator(BoundRefValueOperator node,
         {
             return new TreeDumperNode("refValueOperator", null, new TreeDumperNode[]
             {
+                new TreeDumperNode("nullableAnnotation", node.NullableAnnotation, null),
                 new TreeDumperNode("operand", null, new TreeDumperNode[] { Visit(node.Operand, null) }),
                 new TreeDumperNode("type", node.Type, null),
                 new TreeDumperNode("isSuppressed", node.IsSuppressed, null)
diff --git a/src/Compilers/CSharp/Test/Semantic/Semantics/NullableReferenceTypesTests.cs b/src/Compilers/CSharp/Test/Semantic/Semantics/NullableReferenceTypesTests.cs
index be307b87d47533748239ac5e3ee1bfa4eb968771..ae4c6552a3ad5012ecb15cd9ef11abcac20d5d42 100644
--- a/src/Compilers/CSharp/Test/Semantic/Semantics/NullableReferenceTypesTests.cs
+++ b/src/Compilers/CSharp/Test/Semantic/Semantics/NullableReferenceTypesTests.cs
@@ -85835,5 +85835,28 @@ public struct Foo<T>
             var comp = CreateCompilation(new[] { source }, options: WithNonNullTypesTrue());
             comp.VerifyDiagnostics();
         }
+
+        [Fact, WorkItem(32446, "https://github.com/dotnet/roslyn/issues/32446")]
+        public void RefValueOfNullableType()
+        {
+            var source =
+@"
+using System;
+public class C 
+{
+    public void M(TypedReference r) 
+    { 
+        _ = __refvalue(r, string?).Length; // 1
+        _ = __refvalue(r, string).Length;
+    }
+}
+";
+            var comp = CreateCompilation(new[] { source }, options: WithNonNullTypesTrue());
+            comp.VerifyDiagnostics(
+                // (7,13): warning CS8602: Possible dereference of a null reference.
+                //         _ = __refvalue(r, string?).Length; // 1
+                Diagnostic(ErrorCode.WRN_NullReferenceReceiver, "__refvalue(r, string?)").WithLocation(7, 13)
+                );
+        }
     }
 }