diff --git a/src/xenia/kernel/xboxkrnl/xboxkrnl_memory.cc b/src/xenia/kernel/xboxkrnl/xboxkrnl_memory.cc
index 9373269ec..31061a697 100644
--- a/src/xenia/kernel/xboxkrnl/xboxkrnl_memory.cc
+++ b/src/xenia/kernel/xboxkrnl/xboxkrnl_memory.cc
@@ -330,9 +330,20 @@ dword_result_t MmAllocatePhysicalMemoryEx(dword_t flags, dword_t region_size,
   uint32_t allocation_type = kMemoryAllocationReserve | kMemoryAllocationCommit;
   uint32_t protect = FromXdkProtectFlags(protect_bits);
   bool top_down = true;
-  auto heap = kernel_memory()->LookupHeapByType(true, page_size);
+  auto heap = static_cast<PhysicalHeap*>(
+      kernel_memory()->LookupHeapByType(true, page_size));
+  // min_addr_range/max_addr_range are bounds in physical memory, not virtual.
+  uint32_t heap_base = heap->heap_base();
+  uint32_t heap_physical_address_offset = heap->GetPhysicalAddress(heap_base);
+  uint32_t heap_min_addr =
+      xe::sat_sub(min_addr_range.value(), heap_physical_address_offset);
+  uint32_t heap_max_addr =
+      xe::sat_sub(max_addr_range.value(), heap_physical_address_offset);
+  uint32_t heap_size = heap->heap_size();
+  heap_min_addr = heap_base + std::min(heap_min_addr, heap_size);
+  heap_max_addr = heap_base + std::min(heap_max_addr, heap_size);
   uint32_t base_address;
-  if (!heap->AllocRange(min_addr_range, max_addr_range, adjusted_size,
+  if (!heap->AllocRange(heap_min_addr, heap_max_addr, adjusted_size,
                         adjusted_alignment, allocation_type, protect, top_down,
                         &base_address)) {
     // Failed - assume no memory available.