diff --git a/crates/ty_python_semantic/resources/mdtest/exception/basic.md b/crates/ty_python_semantic/resources/mdtest/exception/basic.md
index e8befe07d8..6097625eda 100644
--- a/crates/ty_python_semantic/resources/mdtest/exception/basic.md
+++ b/crates/ty_python_semantic/resources/mdtest/exception/basic.md
@@ -62,6 +62,20 @@ def foo(
         reveal_type(i)  # revealed: BaseException
 ```
 
+We do not emit an `invalid-exception-caught` if a class is caught that has `Any` or `Unknown` in its
+MRO, as the dynamic element in the MRO could materialize to some subclass of `BaseException`:
+
+```py
+from compat import BASE_EXCEPTION_CLASS  # error: [unresolved-import] "Cannot resolve imported module `compat`"
+
+class Error(BASE_EXCEPTION_CLASS): ...
+
+try:
+    ...
+except Error as err:
+    ...
+```
+
 ## Invalid exception handlers
 
 ```py
diff --git a/crates/ty_python_semantic/resources/mdtest/type_properties/is_assignable_to.md b/crates/ty_python_semantic/resources/mdtest/type_properties/is_assignable_to.md
index a702f9b56c..597fd4a614 100644
--- a/crates/ty_python_semantic/resources/mdtest/type_properties/is_assignable_to.md
+++ b/crates/ty_python_semantic/resources/mdtest/type_properties/is_assignable_to.md
@@ -204,6 +204,34 @@ static_assert(is_assignable_to(type[AnyMeta], type[object]))
 static_assert(is_assignable_to(type[AnyMeta], type[Any]))
 ```
 
+## Class-literals that inherit from `Any`
+
+Class-literal types that inherit from `Any` are assignable to any type `T` where `T` is assignable
+to `type`:
+
+```py
+from typing import Any
+from ty_extensions import is_assignable_to, static_assert, TypeOf
+
+def test(x: Any):
+    class Foo(x): ...
+    class Bar(Any): ...
+    static_assert(is_assignable_to(TypeOf[Foo], Any))
+    static_assert(is_assignable_to(TypeOf[Foo], type))
+    static_assert(is_assignable_to(TypeOf[Foo], type[int]))
+    static_assert(is_assignable_to(TypeOf[Foo], type[Any]))
+
+    static_assert(is_assignable_to(TypeOf[Bar], Any))
+    static_assert(is_assignable_to(TypeOf[Bar], type))
+    static_assert(is_assignable_to(TypeOf[Bar], type[int]))
+    static_assert(is_assignable_to(TypeOf[Bar], type[Any]))
+
+    static_assert(not is_assignable_to(TypeOf[Foo], int))
+    static_assert(not is_assignable_to(TypeOf[Bar], int))
+```
+
+This is because the `Any` element in the MRO could materialize to any subtype of `type`.
+
 ## Heterogeneous tuple types
 
 ```py
diff --git a/crates/ty_python_semantic/src/types.rs b/crates/ty_python_semantic/src/types.rs
index 2e65524a94..8c8ad9f461 100644
--- a/crates/ty_python_semantic/src/types.rs
+++ b/crates/ty_python_semantic/src/types.rs
@@ -1542,6 +1542,14 @@ impl<'db> Type<'db> {
                 true
             }
 
+            (Type::ClassLiteral(class), Type::SubclassOf(_))
+                if class
+                    .iter_mro(db, None)
+                    .any(class_base::ClassBase::is_dynamic) =>
+            {
+                true
+            }
+
             // Every `type[...]` is assignable to `type`
             (Type::SubclassOf(_), _)
                 if KnownClass::Type
diff --git a/crates/ty_python_semantic/src/types/class_base.rs b/crates/ty_python_semantic/src/types/class_base.rs
index cd0c273cb4..66add36f2c 100644
--- a/crates/ty_python_semantic/src/types/class_base.rs
+++ b/crates/ty_python_semantic/src/types/class_base.rs
@@ -303,6 +303,10 @@ impl<'db> ClassBase<'db> {
             }
         }
     }
+
+    pub(crate) const fn is_dynamic(self) -> bool {
+        matches!(self, Self::Dynamic(_))
+    }
 }
 
 impl<'db> From<ClassType<'db>> for ClassBase<'db> {