diff --git a/AK/RefPtr.h b/AK/RefPtr.h
index 5d3acff198..3696082e14 100644
--- a/AK/RefPtr.h
+++ b/AK/RefPtr.h
@@ -336,16 +336,16 @@ inline RefPtr<T> adopt_ref_if_nonnull(T* object)
 }
 
 template<typename T, class... Args>
-requires(IsConstructible<T, Args...>) inline RefPtr<T> try_make_ref_counted(Args&&... args)
+requires(IsConstructible<T, Args...>) inline ErrorOr<NonnullRefPtr<T>> try_make_ref_counted(Args&&... args)
 {
-    return adopt_ref_if_nonnull(new (nothrow) T(forward<Args>(args)...));
+    return adopt_nonnull_ref_or_enomem(new (nothrow) T(forward<Args>(args)...));
 }
 
 // FIXME: Remove once P0960R3 is available in Clang.
 template<typename T, class... Args>
-inline RefPtr<T> try_make_ref_counted(Args&&... args)
+inline ErrorOr<NonnullRefPtr<T>> try_make_ref_counted(Args&&... args)
 {
-    return adopt_ref_if_nonnull(new (nothrow) T { forward<Args>(args)... });
+    return adopt_nonnull_ref_or_enomem(new (nothrow) T { forward<Args>(args)... });
 }
 
 template<typename T>
diff --git a/Documentation/SmartPointers.md b/Documentation/SmartPointers.md
index 23253980e2..9d63c2f335 100644
--- a/Documentation/SmartPointers.md
+++ b/Documentation/SmartPointers.md
@@ -98,13 +98,14 @@ NonnullRefPtr<Bar> another_owner = our_object;
 ```
 
 
-The `try_make_ref_counted<T>()` function constructs an object wrapped in `RefPtr<T>` which may be null if the allocation does not succeed. This allows the calling code to handle allocation failure as it wishes. All arguments passed to it are forwarded to `T`'s constructor.
+The `try_make_ref_counted<T>()` function constructs an object wrapped in `ErrorOr<NonnullRefPtr<T>>` which may be an error if the allocation does not succeed. This allows the calling code to handle allocation failure as it wishes. All arguments passed to it are forwarded to `T`'s constructor.
 
 ```cpp
-RefPtr<Bar> our_object = try_make_ref_counted<Bar>();
-if (!our_object) {
+auto our_object_or_error = try_make_ref_counted<Bar>();
+if (our_object_or_error.is_error()) {
     // handle allocation failure...
 }
+NonnullRefPtr<Bar> our_object = our_object_or_error.release_value();
 RefPtr<Bar> another_owner = our_object;
 ```
 
diff --git a/Kernel/Library/ThreadSafeRefPtr.h b/Kernel/Library/ThreadSafeRefPtr.h
index 14cda73d65..b8bda74833 100644
--- a/Kernel/Library/ThreadSafeRefPtr.h
+++ b/Kernel/Library/ThreadSafeRefPtr.h
@@ -486,16 +486,16 @@ inline RefPtr<T> adopt_ref_if_nonnull(T* object)
 }
 
 template<typename T, class... Args>
-requires(IsConstructible<T, Args...>) inline RefPtr<T> try_make_ref_counted(Args&&... args)
+requires(IsConstructible<T, Args...>) inline ErrorOr<NonnullRefPtr<T>> try_make_ref_counted(Args&&... args)
 {
-    return adopt_ref_if_nonnull(new (nothrow) T(forward<Args>(args)...));
+    return adopt_nonnull_ref_or_enomem(new (nothrow) T(forward<Args>(args)...));
 }
 
 // FIXME: Remove once P0960R3 is available in Clang.
 template<typename T, class... Args>
-inline RefPtr<T> try_make_ref_counted(Args&&... args)
+inline ErrorOr<NonnullRefPtr<T>> try_make_ref_counted(Args&&... args)
 {
-    return adopt_ref_if_nonnull(new (nothrow) T { forward<Args>(args)... });
+    return adopt_nonnull_ref_or_enomem(new (nothrow) T { forward<Args>(args)... });
 }
 
 template<typename T>
diff --git a/Kernel/Thread.cpp b/Kernel/Thread.cpp
index c5a945329d..f0551c28e6 100644
--- a/Kernel/Thread.cpp
+++ b/Kernel/Thread.cpp
@@ -45,12 +45,10 @@ ErrorOr<NonnullRefPtr<Thread>> Thread::try_create(NonnullRefPtr<Process> process
     auto kernel_stack_region = TRY(MM.allocate_kernel_region(default_kernel_stack_size, {}, Memory::Region::Access::ReadWrite, AllocationStrategy::AllocateNow));
     kernel_stack_region->set_stack(true);
 
-    auto block_timer = try_make_ref_counted<Timer>();
-    if (!block_timer)
-        return ENOMEM;
+    auto block_timer = TRY(try_make_ref_counted<Timer>());
 
     auto name = TRY(KString::try_create(process->name()));
-    return adopt_nonnull_ref_or_enomem(new (nothrow) Thread(move(process), move(kernel_stack_region), block_timer.release_nonnull(), move(name)));
+    return adopt_nonnull_ref_or_enomem(new (nothrow) Thread(move(process), move(kernel_stack_region), move(block_timer), move(name)));
 }
 
 Thread::Thread(NonnullRefPtr<Process> process, NonnullOwnPtr<Memory::Region> kernel_stack_region, NonnullRefPtr<Timer> block_timer, NonnullOwnPtr<KString> name)