diff --git a/src/hyperlight_guest/src/exit.rs b/src/hyperlight_guest/src/exit.rs
index 449d1ddc2..40d72e6d2 100644
--- a/src/hyperlight_guest/src/exit.rs
+++ b/src/hyperlight_guest/src/exit.rs
@@ -21,6 +21,9 @@ use hyperlight_common::outb::OutBAction;
 use tracing::instrument;
 
 /// Halt the execution of the guest and returns control to the host.
+/// Halt is generally called for a successful completion of the guest's work,
+/// this means we can instrument it as a trace point because the trace state
+/// shall not be locked at this point (we are not in an exception context).
 #[inline(never)]
 #[instrument(skip_all, level = "Trace")]
 pub fn halt() {
@@ -122,7 +125,12 @@ pub(crate) fn outb(port: u16, data: &[u8]) {
 }
 
 /// OUT function for sending a 32-bit value to the host.
-#[instrument(skip_all, level = "Trace")]
+/// `out32` can be called from an exception context, so we must be careful
+/// with the tracing state that might be locked at that time.
+/// The tracing state calls `try_lock` internally to avoid deadlocks.
+/// Furthermore, the instrument macro is not used here to avoid creating spans
+/// in exception contexts. Because if the trace state is already locked, trying to create a span
+/// would cause a panic, which is undesirable in exception handling.
 pub(crate) unsafe fn out32(port: u16, val: u32) {
     #[cfg(feature = "trace_guest")]
     {
diff --git a/src/hyperlight_guest_tracing/src/lib.rs b/src/hyperlight_guest_tracing/src/lib.rs
index eda7aada5..230ce2d4d 100644
--- a/src/hyperlight_guest_tracing/src/lib.rs
+++ b/src/hyperlight_guest_tracing/src/lib.rs
@@ -55,6 +55,11 @@ mod trace {
     use crate::subscriber::GuestSubscriber;
 
     /// Weak reference to the guest state so we can manually trigger flush to host
+    /// The `GuestState` is ONLY accessed from two places:
+    /// - The tracing subscriber, when spans/events are created in the guest
+    /// - The guest tracing API, when we want manual control to flush the events to the host
+    ///
+    /// The mutex ensures safe access to the state from both places.
     static GUEST_STATE: spin::Once<Weak<Mutex<GuestState>>> = spin::Once::new();
 
     /// Initialize the guest tracing subscriber as global default.
@@ -72,12 +77,27 @@ mod trace {
         let _ = tracing_core::dispatcher::set_global_default(tracing_core::Dispatch::new(sub));
     }
 
-    /// Sets the guset starting timestamp reported to the host on a VMExit
+    /// Sets the guest starting timestamp reported to the host on a VMExit
+    /// NOTE: Panics if unable to lock the guest state.
     pub fn set_start_tsc(guest_start_tsc: u64) {
         if let Some(w) = GUEST_STATE.get()
-            && let Some(state) = w.upgrade()
+            && let Some(state_mutex) = w.upgrade()
         {
-            state.lock().set_start_tsc(guest_start_tsc);
+            // We want to protect against re-entrancy issues produced by tracing code that locks
+            // the state and then causes an exception that tries to lock the state again.
+            //
+            // For example:
+            // - 1. A span is created, locking the state
+            // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+            // - 3. The exception handler uses the tracing API to send the trace data to the host
+            // or just create spans/events for logging purposes.
+            // - 4. The tracing API tries to lock the state again, causing a deadlock.
+            // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+            // the issue.
+            let mut state = state_mutex
+                .try_lock()
+                .expect("guest_tracing: Unable to lock guest tracing state in `set_start_tsc`");
+            state.set_start_tsc(guest_start_tsc);
         }
     }
 
@@ -87,32 +107,78 @@ mod trace {
     /// This expects an outb call to send the spans to the host.
     /// After calling this function, the internal state is marked
     /// for cleaning on the next access.
+    ///
+    /// NOTE: Panics if unable to lock the guest state.
     pub fn end_trace() {
         if let Some(w) = GUEST_STATE.get()
-            && let Some(state) = w.upgrade()
+            && let Some(state_mutex) = w.upgrade()
         {
-            state.lock().end_trace();
+            // We want to protect against re-entrancy issues produced by tracing code that locks
+            // the state and then causes an exception that tries to lock the state again.
+            //
+            // For example:
+            // - 1. A span is created, locking the state
+            // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+            // - 3. The exception handler uses the tracing API to send the trace data to the host
+            // or just create spans/events for logging purposes.
+            // - 4. The tracing API tries to lock the state again, causing a deadlock.
+            // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+            // the issue.
+            let mut state = state_mutex
+                .try_lock()
+                .expect("guest_tracing: Unable to lock guest tracing state in `end_trace`");
+            state.end_trace();
         }
     }
 
     /// Cleans the internal trace state by removing closed spans and events.
     /// This ensures that after a VM exit, we keep the spans that
     /// are still active (in the stack) and remove all other spans and events.
+    /// NOTE: Panics if unable to lock the guest state.
     pub fn clean_trace_state() {
         if let Some(w) = GUEST_STATE.get()
-            && let Some(state) = w.upgrade()
+            && let Some(state_mutex) = w.upgrade()
         {
-            state.lock().clean();
+            // We want to protect against re-entrancy issues produced by tracing code that locks
+            // the state and then causes an exception that tries to lock the state again.
+            //
+            // For example:
+            // - 1. A span is created, locking the state
+            // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+            // - 3. The exception handler uses the tracing API to send the trace data to the host
+            // or just create spans/events for logging purposes.
+            // - 4. The tracing API tries to lock the state again, causing a deadlock.
+            // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+            // the issue.
+            let mut state = state_mutex
+                .try_lock()
+                .expect("guest_tracing: Unable to lock guest tracing state in `clean_trace_state`");
+            state.clean();
         }
     }
 
     /// Returns information about the current trace state needed by the host to read the spans.
+    /// NOTE: Panics if unable to lock the guest state.
     pub fn guest_trace_info() -> Option<TraceBatchInfo> {
         let mut res = None;
         if let Some(w) = GUEST_STATE.get()
-            && let Some(state) = w.upgrade()
+            && let Some(state_mutex) = w.upgrade()
         {
-            res = Some(state.lock().guest_trace_info());
+            // We want to protect against re-entrancy issues produced by tracing code that locks
+            // the state and then causes an exception that tries to lock the state again.
+            //
+            // For example:
+            // - 1. A span is created, locking the state
+            // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+            // - 3. The exception handler uses the tracing API to send the trace data to the host
+            // or just create spans/events for logging purposes.
+            // - 4. The tracing API tries to lock the state again, causing a deadlock.
+            // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+            // the issue.
+            let mut state = state_mutex
+                .try_lock()
+                .expect("guest_tracing: Unable to lock guest tracing state in `guest_trace_info`");
+            res = Some(state.guest_trace_info());
         }
         res
     }
diff --git a/src/hyperlight_guest_tracing/src/subscriber.rs b/src/hyperlight_guest_tracing/src/subscriber.rs
index fca202bb0..e36f71c59 100644
--- a/src/hyperlight_guest_tracing/src/subscriber.rs
+++ b/src/hyperlight_guest_tracing/src/subscriber.rs
@@ -29,6 +29,7 @@ pub(crate) struct GuestSubscriber {
     /// Internal state that holds the spans and events
     /// Protected by a Mutex for inner mutability
     /// A reference to this state is stored in a static variable
+    /// so it can be accessed from the guest tracing API
     state: Arc<Mutex<GuestState>>,
 }
 
@@ -49,27 +50,123 @@ impl Subscriber for GuestSubscriber {
     }
 
     fn new_span(&self, attrs: &Attributes<'_>) -> Id {
-        self.state.lock().new_span(attrs)
+        // We want to protect against re-entrancy issues produced by tracing code that locks
+        // the state and then causes an exception that tries to lock the state again.
+        //
+        // For example:
+        // - 1. A span is created, locking the state
+        // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+        // - 3. The exception handler uses the tracing API to send the trace data to the host
+        // or just create spans/events for logging purposes.
+        // - 4. The tracing API tries to lock the state again, causing a deadlock.
+        // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+        // the issue.
+        let mut state = self
+            .state
+            .try_lock()
+            .expect("guest_tracing: Unable to lock guest tracing state in `new_span`");
+
+        state.new_span(attrs)
     }
 
     fn record(&self, id: &Id, values: &Record<'_>) {
-        self.state.lock().record(id, values)
+        // We want to protect against re-entrancy issues produced by tracing code that locks
+        // the state and then causes an exception that tries to lock the state again.
+        //
+        // For example:
+        // - 1. A span is created, locking the state
+        // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+        // - 3. The exception handler uses the tracing API to send the trace data to the host
+        // or just create spans/events for logging purposes.
+        // - 4. The tracing API tries to lock the state again, causing a deadlock.
+        // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+        // the issue.
+        let mut state = self
+            .state
+            .try_lock()
+            .expect("guest_tracing: Unable to lock guest tracing state in `record`");
+
+        state.record(id, values)
     }
 
     fn event(&self, event: &Event<'_>) {
-        self.state.lock().event(event)
+        // We want to protect against re-entrancy issues produced by tracing code that locks
+        // the state and then causes an exception that tries to lock the state again.
+        //
+        // For example:
+        // - 1. A span is created, locking the state
+        // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+        // - 3. The exception handler uses the tracing API to send the trace data to the host
+        // or just create spans/events for logging purposes.
+        // - 4. The tracing API tries to lock the state again, causing a deadlock.
+        // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+        // the issue.
+        let mut state = self
+            .state
+            .try_lock()
+            .expect("guest_tracing: Unable to lock guest tracing state in `event`");
+
+        state.event(event)
     }
 
     fn enter(&self, id: &Id) {
-        self.state.lock().enter(id)
+        // We want to protect against re-entrancy issues produced by tracing code that locks
+        // the state and then causes an exception that tries to lock the state again.
+        //
+        // For example:
+        // - 1. A span is created, locking the state
+        // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+        // - 3. The exception handler uses the tracing API to send the trace data to the host
+        // or just create spans/events for logging purposes.
+        // - 4. The tracing API tries to lock the state again, causing a deadlock.
+        // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+        // the issue.
+        let mut state = self
+            .state
+            .try_lock()
+            .expect("guest_tracing: Unable to lock guest tracing state in `enter`");
+
+        state.enter(id)
     }
 
     fn exit(&self, id: &Id) {
-        self.state.lock().exit(id)
+        // We want to protect against re-entrancy issues produced by tracing code that locks
+        // the state and then causes an exception that tries to lock the state again.
+        //
+        // For example:
+        // - 1. A span is created, locking the state
+        // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+        // - 3. The exception handler uses the tracing API to send the trace data to the host
+        // or just create spans/events for logging purposes.
+        // - 4. The tracing API tries to lock the state again, causing a deadlock.
+        // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+        // the issue.
+        let mut state = self
+            .state
+            .try_lock()
+            .expect("guest_tracing: Unable to lock guest tracing state in `exit`");
+
+        state.exit(id)
     }
 
     fn try_close(&self, id: Id) -> bool {
-        self.state.lock().try_close(id)
+        // We want to protect against re-entrancy issues produced by tracing code that locks
+        // the state and then causes an exception that tries to lock the state again.
+        //
+        // For example:
+        // - 1. A span is created, locking the state
+        // - 2. An exception occurs while the span is being created (e.g. not enough memory, etc.)
+        // - 3. The exception handler uses the tracing API to send the trace data to the host
+        // or just create spans/events for logging purposes.
+        // - 4. The tracing API tries to lock the state again, causing a deadlock.
+        // To avoid this, we use try_lock and if we cannot acquire the lock, we panic to signal
+        // the issue.
+        let mut state = self
+            .state
+            .try_lock()
+            .expect("guest_tracing: Unable to lock guest tracing state in `try_close`");
+
+        state.try_close(id)
     }
 
     fn record_follows_from(&self, _span: &Id, _follows: &Id) {
diff --git a/src/hyperlight_guest_tracing/src/visitor.rs b/src/hyperlight_guest_tracing/src/visitor.rs
index df0baea3b..05ac25fbf 100644
--- a/src/hyperlight_guest_tracing/src/visitor.rs
+++ b/src/hyperlight_guest_tracing/src/visitor.rs
@@ -34,8 +34,7 @@ impl<'a> Visit for FieldsVisitor<'a> {
     /// * `value` - The byte slice value
     fn record_bytes(&mut self, f: &Field, v: &[u8]) {
         let k = String::from(f.name());
-        let mut val = String::new();
-        val.push_str(&alloc::format!("{v:?}"));
+        let val = alloc::format!("{v:?}");
         self.out.push(KeyValue { key: k, value: val });
     }
 
@@ -45,8 +44,7 @@ impl<'a> Visit for FieldsVisitor<'a> {
     /// * `v` - The string value
     fn record_str(&mut self, f: &Field, v: &str) {
         let k = String::from(f.name());
-        let mut val = String::new();
-        val.push_str(v);
+        let val = String::from(v);
         self.out.push(KeyValue { key: k, value: val });
     }
 
@@ -56,8 +54,7 @@ impl<'a> Visit for FieldsVisitor<'a> {
     /// * `v` - The debug value
     fn record_debug(&mut self, f: &Field, v: &dyn Debug) {
         let k = String::from(f.name());
-        let mut val = String::new();
-        val.push_str(&alloc::format!("{v:?}"));
+        let val = alloc::format!("{v:?}");
         self.out.push(KeyValue { key: k, value: val });
     }
 }
diff --git a/src/tests/rust_guests/dummyguest/Cargo.lock b/src/tests/rust_guests/dummyguest/Cargo.lock
index 2109679a7..725c332ce 100644
--- a/src/tests/rust_guests/dummyguest/Cargo.lock
+++ b/src/tests/rust_guests/dummyguest/Cargo.lock
@@ -135,9 +135,9 @@ dependencies = [
 
 [[package]]
 name = "log"
-version = "0.4.28"
+version = "0.4.29"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "34080505efa8e45a4b816c349525ebe327ceaa8559756f0356cba97ef3bf7432"
+checksum = "5e5032e24019045c762d3c0f28f5b6b8bbf38563a65908389bf7978758920897"
 
 [[package]]
 name = "memchr"
@@ -265,9 +265,9 @@ dependencies = [
 
 [[package]]
 name = "tracing"
-version = "0.1.41"
+version = "0.1.43"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "784e0ac535deb450455cbfa28a6f0df145ea1bb7ae51b821cf5e7927fdcfbdd0"
+checksum = "2d15d90a0b5c19378952d479dc858407149d7bb45a14de0142f6c534b16fc647"
 dependencies = [
  "pin-project-lite",
  "tracing-attributes",
@@ -276,9 +276,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-attributes"
-version = "0.1.30"
+version = "0.1.31"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "81383ab64e72a7a8b8e13130c49e3dab29def6d0c7d76a03087b3cf71c5c6903"
+checksum = "7490cfa5ec963746568740651ac6781f701c9c5ea257c58e057f3ba8cf69e8da"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/src/tests/rust_guests/simpleguest/Cargo.lock b/src/tests/rust_guests/simpleguest/Cargo.lock
index 8d6d915b5..1b9611f7b 100644
--- a/src/tests/rust_guests/simpleguest/Cargo.lock
+++ b/src/tests/rust_guests/simpleguest/Cargo.lock
@@ -127,9 +127,9 @@ dependencies = [
 
 [[package]]
 name = "log"
-version = "0.4.28"
+version = "0.4.29"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "34080505efa8e45a4b816c349525ebe327ceaa8559756f0356cba97ef3bf7432"
+checksum = "5e5032e24019045c762d3c0f28f5b6b8bbf38563a65908389bf7978758920897"
 
 [[package]]
 name = "memchr"
@@ -269,9 +269,9 @@ dependencies = [
 
 [[package]]
 name = "tracing"
-version = "0.1.41"
+version = "0.1.43"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "784e0ac535deb450455cbfa28a6f0df145ea1bb7ae51b821cf5e7927fdcfbdd0"
+checksum = "2d15d90a0b5c19378952d479dc858407149d7bb45a14de0142f6c534b16fc647"
 dependencies = [
  "pin-project-lite",
  "tracing-attributes",
@@ -280,9 +280,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-attributes"
-version = "0.1.30"
+version = "0.1.31"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "81383ab64e72a7a8b8e13130c49e3dab29def6d0c7d76a03087b3cf71c5c6903"
+checksum = "7490cfa5ec963746568740651ac6781f701c9c5ea257c58e057f3ba8cf69e8da"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/src/tests/rust_guests/witguest/Cargo.lock b/src/tests/rust_guests/witguest/Cargo.lock
index dba84d7a3..bad77a91b 100644
--- a/src/tests/rust_guests/witguest/Cargo.lock
+++ b/src/tests/rust_guests/witguest/Cargo.lock
@@ -320,9 +320,9 @@ dependencies = [
 
 [[package]]
 name = "log"
-version = "0.4.28"
+version = "0.4.29"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "34080505efa8e45a4b816c349525ebe327ceaa8559756f0356cba97ef3bf7432"
+checksum = "5e5032e24019045c762d3c0f28f5b6b8bbf38563a65908389bf7978758920897"
 
 [[package]]
 name = "memchr"
@@ -510,9 +510,9 @@ dependencies = [
 
 [[package]]
 name = "tracing"
-version = "0.1.41"
+version = "0.1.43"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "784e0ac535deb450455cbfa28a6f0df145ea1bb7ae51b821cf5e7927fdcfbdd0"
+checksum = "2d15d90a0b5c19378952d479dc858407149d7bb45a14de0142f6c534b16fc647"
 dependencies = [
  "pin-project-lite",
  "tracing-attributes",
@@ -521,9 +521,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-attributes"
-version = "0.1.30"
+version = "0.1.31"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "81383ab64e72a7a8b8e13130c49e3dab29def6d0c7d76a03087b3cf71c5c6903"
+checksum = "7490cfa5ec963746568740651ac6781f701c9c5ea257c58e057f3ba8cf69e8da"
 dependencies = [
  "proc-macro2",
  "quote",