It's entirely possible this affect more general cases, but that's the only one I've run across.
var obj1 = new { date = (DateTime?) null, num = 0 };
var obj2 = new { date = (DateTime?) DateTime.Now, num = 1 };
// Passes
new[] { obj1, obj2 }.Should().BeEquivalentTo(new[] { obj1, obj2 });
// Passes
new[] { obj1, obj2 }.Should().BeEquivalentTo(new[] { obj2, obj1 }, opt => opt.Excluding(o => o.date));
// NullReferenceException
new[] { obj1, obj2 }.Should().BeEquivalentTo(new[] { obj2, obj1 });