Preview and renditions are not getting created on image upload in DAM

Preview and renditions are no longer getting created on image upload in our production author instance 6.4.8. (it still works in the lower environments) Here's what we see in the error log:

28.09.2020 10:58:52.776 *ERROR* [JobHandler: /var/workflow/instances/server0/2020-09-27/mfs_update_asset_209:/content/dam/mfs-enterprise/mfscom/images/abstract/us/dietz_calc1.gif/jcr:content/renditions/original] com.day.cq.dam.core.impl.gfx.CommonsGfxRenderer Could not render: wid=48&hei=48&fit=constrain,1&fmt=png-alpha&rszfast=1&layer=comp&layer=0&src=/content/dam/mfs-enterprise/mfscom/images/abstract/us/dietz_calc1.gif/jcr:content/renditions/original
java.lang.NullPointerException: null
	at com.day.cq.dam.core.impl.gfx.CommonsGfxRenderer.createImageLayer(CommonsGfxRenderer.java:486) [com.day.cq.dam.cq-dam-core:5.11.388]
	at com.day.cq.dam.core.impl.gfx.CommonsGfxRenderer.createLayer(CommonsGfxRenderer.java:165) [com.day.cq.dam.cq-dam-core:5.11.388]
	at com.day.cq.dam.core.impl.gfx.CommonsGfxRenderer.render(CommonsGfxRenderer.java:116) [com.day.cq.dam.cq-dam-core:5.11.388]
	at com.adobe.cq.gfx.impl.GfxImpl.render(GfxImpl.java:94) [com.adobe.cq.cq-gfx:1.4.2]
	at com.day.cq.dam.core.impl.RenditionMakerImpl$PlanBasedTemplate.apply(RenditionMakerImpl.java:131) [com.day.cq.dam.cq-dam-core:5.11.388]
	at com.day.cq.dam.core.impl.RenditionMakerImpl.generateRenditions(RenditionMakerImpl.java:210) [com.day.cq.dam.cq-dam-core:5.11.388]
	at com.day.cq.dam.core.process.CreateThumbnailProcess.createThumbnails(CreateThumbnailProcess.java:121) [com.day.cq.dam.cq-dam-core:5.11.388]
	at com.day.cq.dam.core.process.ThumbnailProcess.execute(ThumbnailProcess.java:102) [com.day.cq.dam.cq-dam-core:5.11.388]
	at com.day.cq.workflow.compatibility.CQWorkflowProcessRunner.execute(CQWorkflowProcessRunner.java:93) [com.day.cq.workflow.cq-workflow-impl:6.2.14]
	at com.adobe.granite.workflow.core.job.HandlerBase.executeProcess(HandlerBase.java:194) [com.adobe.granite.workflow.core:2.0.168.CQ640-B0010]
	at com.adobe.granite.workflow.core.job.JobHandler.process(JobHandler.java:261) [com.adobe.granite.workflow.core:2.0.168.CQ640-B0010]
	at org.apache.sling.event.impl.jobs.JobConsumerManager$JobConsumerWrapper.process(JobConsumerManager.java:502) [org.apache.sling.event:4.2.12]
	at org.apache.sling.event.impl.jobs.queues.JobQueueImpl.startJob(JobQueueImpl.java:293) [org.apache.sling.event:4.2.12]
	at org.apache.sling.event.impl.jobs.queues.JobQueueImpl.access$100(JobQueueImpl.java:60) [org.apache.sling.event:4.2.12]
	at org.apache.sling.event.impl.jobs.queues.JobQueueImpl$1.run(JobQueueImpl.java:229) [org.apache.sling.event:4.2.12]
	at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1149)
	at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:624)
	at java.lang.Thread.run(Thread.java:748)