diff --git a/cpus-common.c b/cpus-common.c
index 793364dc0e..39f355de98 100644
--- a/cpus-common.c
+++ b/cpus-common.c
@@ -192,6 +192,11 @@ void start_exclusive(void)
     CPUState *other_cpu;
     int running_cpus;
 
+    if (current_cpu->exclusive_context_count) {
+        current_cpu->exclusive_context_count++;
+        return;
+    }
+
     qemu_mutex_lock(&qemu_cpu_list_lock);
     exclusive_idle();
 
@@ -219,13 +224,16 @@ void start_exclusive(void)
      */
     qemu_mutex_unlock(&qemu_cpu_list_lock);
 
-    current_cpu->in_exclusive_context = true;
+    current_cpu->exclusive_context_count = 1;
 }
 
 /* Finish an exclusive operation.  */
 void end_exclusive(void)
 {
-    current_cpu->in_exclusive_context = false;
+    current_cpu->exclusive_context_count--;
+    if (current_cpu->exclusive_context_count) {
+        return;
+    }
 
     qemu_mutex_lock(&qemu_cpu_list_lock);
     qatomic_set(&pending_cpus, 0);
diff --git a/include/hw/core/cpu.h b/include/hw/core/cpu.h
index 2417597236..671f041bec 100644
--- a/include/hw/core/cpu.h
+++ b/include/hw/core/cpu.h
@@ -349,7 +349,7 @@ struct CPUState {
     bool unplug;
     bool crash_occurred;
     bool exit_request;
-    bool in_exclusive_context;
+    int exclusive_context_count;
     uint32_t cflags_next_tb;
     /* updates protected by BQL */
     uint32_t interrupt_request;
@@ -758,7 +758,7 @@ void async_safe_run_on_cpu(CPUState *cpu, run_on_cpu_func func, run_on_cpu_data
  */
 static inline bool cpu_in_exclusive_context(const CPUState *cpu)
 {
-    return cpu->in_exclusive_context;
+    return cpu->exclusive_context_count;
 }
 
 /**