diff --git a/src/NSubstitute/Core/Extensions.cs b/src/NSubstitute/Core/Extensions.cs
index 608d98fa..592e7673 100644
--- a/src/NSubstitute/Core/Extensions.cs
+++ b/src/NSubstitute/Core/Extensions.cs
@@ -36,8 +36,9 @@ public static bool IsCompatibleWith(this object? instance, Type type)
                     aCompatibleInstanceType.GetGenericTypeDefinition() == genericTypeDefinition)
                 {
                     // both are the same generic type. If their GenericTypeArguments match then they are equivalent
-                    return CallSpecification.TypesAreAllEquivalent(
-                        aCompatibleInstanceType.GenericTypeArguments, type.GenericTypeArguments);
+                    var typesAreAllEquivalent = CallSpecification.TypesAreAllEquivalent(aCompatibleInstanceType.GenericTypeArguments, type.GenericTypeArguments);
+                    if (typesAreAllEquivalent)
+                        return true;
                 }
             }
         }
diff --git a/tests/NSubstitute.Acceptance.Specs/ArgumentMatching.cs b/tests/NSubstitute.Acceptance.Specs/ArgumentMatching.cs
index 19e3c99c..2a38bb77 100644
--- a/tests/NSubstitute.Acceptance.Specs/ArgumentMatching.cs
+++ b/tests/NSubstitute.Acceptance.Specs/ArgumentMatching.cs
@@ -784,6 +784,24 @@ public void Supports_matching_custom_class_with_derived_class_argument()
         service.Received().MyMethod(Arg.Any<MySampleClassArgument>());
     }
 
+    [Test]
+    public void Supports_matching_custom_with_multiple_generic_arguments_string()
+    {
+        var service = Substitute.For<IMyService>();
+        var argument = new MyStringIntArgument();
+
+        service.MyMethodWithReturnValue<string>().Returns(argument);
+    }
+
+    [Test]
+    public void Supports_matching_custom_with_multiple_generic_arguments_int()
+    {
+        var service = Substitute.For<IMyService>();
+        var argument = new MyStringIntArgument();
+
+        service.MyMethodWithReturnValue<int>().Returns(argument);
+    }
+
     [Test]
     public void Supports_matching_generic_interface_bound_type_ArgAnyType_with_class_argument()
     {
@@ -837,6 +855,9 @@ public void SetUp()
     public interface IMyService
     {
         void MyMethod<T>(IMyArgument<T> argument);
+
+        IMyArgument<T> MyMethodWithReturnValue<T>();
+
     }
 
     public interface IMyArgument<T> { }
@@ -845,6 +866,7 @@ public class MyStringArgument : IMyArgument<string> { }
     public class MyOtherStringArgument : IMyArgument<string> { }
     public class MySampleClassArgument : IMyArgument<SampleClass> { }
     public class MyOtherSampleClassArgument : IMyArgument<SampleClass> { }
+    public class MyStringIntArgument : IMyArgument<string>, IMyArgument<int> { }
     public class MySampleDerivedClassArgument : MySampleClassArgument { }
 
     [Test]