diff --git a/block/block-backend.c b/block/block-backend.c
index 9c4de79e6b6a..28af1eb17ab3 100644
--- a/block/block-backend.c
+++ b/block/block-backend.c
@@ -599,14 +599,14 @@ BlockDriverState *bdrv_next(BdrvNextIterator *it)
     /* Must be called from the main loop */
     assert(qemu_get_current_aio_context() == qemu_get_aio_context());
 
+    old_bs = it->bs;
+
     /* First, return all root nodes of BlockBackends. In order to avoid
      * returning a BDS twice when multiple BBs refer to it, we only return it
      * if the BB is the first one in the parent list of the BDS. */
     if (it->phase == BDRV_NEXT_BACKEND_ROOTS) {
         BlockBackend *old_blk = it->blk;
 
-        old_bs = old_blk ? blk_bs(old_blk) : NULL;
-
         do {
             it->blk = blk_all_next(it->blk);
             bs = it->blk ? blk_bs(it->blk) : NULL;
@@ -620,11 +620,10 @@ BlockDriverState *bdrv_next(BdrvNextIterator *it)
         if (bs) {
             bdrv_ref(bs);
             bdrv_unref(old_bs);
+            it->bs = bs;
             return bs;
         }
         it->phase = BDRV_NEXT_MONITOR_OWNED;
-    } else {
-        old_bs = it->bs;
     }
 
     /* Then return the monitor-owned BDSes without a BB attached. Ignore all