diff --git a/netbox/netbox/api/authentication.py b/netbox/netbox/api/authentication.py
index 65f198471..f5454135e 100644
--- a/netbox/netbox/api/authentication.py
+++ b/netbox/netbox/api/authentication.py
@@ -12,22 +12,26 @@ class TokenAuthentication(authentication.TokenAuthentication):
     model = Token
 
     def authenticate(self, request):
-        token_user, token = super().authenticate(request)
+        authenticationresult = super().authenticate(request)
+        if authenticationresult:
+            token_user, token = authenticationresult
 
-        # Verify source IP is allowed
-        if token.allowed_ips:
-            # Replace 'HTTP_X_REAL_IP' with the settings variable choosen in #8867
-            if 'HTTP_X_REAL_IP' in request.META:
-                clientip = request.META['HTTP_X_REAL_IP'].split(",")[0].strip()
-            elif 'REMOTE_ADDR' in request.META:
-                clientip = request.META['REMOTE_ADDR']
-            else:
-                raise exceptions.AuthenticationFailed(f"A HTTP header containing the SourceIP (HTTP_X_REAL_IP, REMOTE_ADDR) is missing from the request.")
+            # Verify source IP is allowed
+            if token.allowed_ips:
+                # Replace 'HTTP_X_REAL_IP' with the settings variable choosen in #8867
+                if 'HTTP_X_REAL_IP' in request.META:
+                    clientip = request.META['HTTP_X_REAL_IP'].split(",")[0].strip()
+                elif 'REMOTE_ADDR' in request.META:
+                    clientip = request.META['REMOTE_ADDR']
+                else:
+                    raise exceptions.AuthenticationFailed(f"A HTTP header containing the SourceIP (HTTP_X_REAL_IP, REMOTE_ADDR) is missing from the request.")
 
-            if not token.validate_client_ip(clientip):
-                raise exceptions.AuthenticationFailed(f"Source IP {clientip} is not allowed to use this token.")
+                if not token.validate_client_ip(clientip):
+                    raise exceptions.AuthenticationFailed(f"Source IP {clientip} is not allowed to use this token.")
 
-        return token_user, token
+            return token_user, token
+        else:
+            return None
 
     def authenticate_credentials(self, key):
         model = self.get_model()
diff --git a/netbox/users/admin/__init__.py b/netbox/users/admin/__init__.py
index ddd1f3d6c..88066fe13 100644
--- a/netbox/users/admin/__init__.py
+++ b/netbox/users/admin/__init__.py
@@ -62,8 +62,9 @@ class TokenAdmin(admin.ModelAdmin):
     ]
 
     def list_allowed_ips(self, obj):
-        return obj.allowed_ips
-    list_allowed_ips.empty_value_display = 'Any'
+        if obj.allowed_ips:
+            return obj.allowed_ips
+        return 'Any'
     list_allowed_ips.short_description = "Allowed IPs"