diff --git a/kernel/events/core.c b/kernel/events/core.c
index dd842a4ca789..e6a4b1e34f84 100644
--- a/kernel/events/core.c
+++ b/kernel/events/core.c
@@ -6344,8 +6344,10 @@ static int mediated_pmu_account_event(struct perf_event *event)
 	if (!is_include_guest_event(event))
 		return 0;
 
-	guard(mutex)(&perf_mediated_pmu_mutex);
+	if (atomic_inc_not_zero(&nr_include_guest_events))
+		return 0;
 
+	guard(mutex)(&perf_mediated_pmu_mutex);
 	if (atomic_read(&nr_mediated_pmu_vms))
 		return -EOPNOTSUPP;
 
@@ -6358,6 +6360,9 @@ static void mediated_pmu_unaccount_event(struct perf_event *event)
 	if (!is_include_guest_event(event))
 		return;
 
+	if (WARN_ON_ONCE(!atomic_read(&nr_include_guest_events)))
+		return;
+
 	atomic_dec(&nr_include_guest_events);
 }
 
@@ -6373,10 +6378,10 @@ static void mediated_pmu_unaccount_event(struct perf_event *event)
  */
 int perf_create_mediated_pmu(void)
 {
-	guard(mutex)(&perf_mediated_pmu_mutex);
 	if (atomic_inc_not_zero(&nr_mediated_pmu_vms))
 		return 0;
 
+	guard(mutex)(&perf_mediated_pmu_mutex);
 	if (atomic_read(&nr_include_guest_events))
 		return -EBUSY;