diff --git a/arch/x86/kvm/vmx/nested.c b/arch/x86/kvm/vmx/nested.c
index 1d00f7824da1..8e56ec6e72e9 100644
--- a/arch/x86/kvm/vmx/nested.c
+++ b/arch/x86/kvm/vmx/nested.c
@@ -3845,7 +3845,12 @@ static void nested_vmx_inject_exception_vmexit(struct kvm_vcpu *vcpu)
 		exit_qual = 0;
 	}
 
-	if (ex->has_error_code) {
+	/*
+	 * Unlike AMD's Paged Real Mode, which reports an error code on #PF
+	 * VM-Exits even if the CPU is in Real Mode, Intel VMX never sets the
+	 * "has error code" flags on VM-Exit if the CPU is in Real Mode.
+	 */
+	if (ex->has_error_code && is_protmode(vcpu)) {
 		/*
 		 * Intel CPUs do not generate error codes with bits 31:16 set,
 		 * and more importantly VMX disallows setting bits 31:16 in the