diff --git a/mm/page_owner.c b/mm/page_owner.c
index d17d1351ec84..52d1ced0b57f 100644
--- a/mm/page_owner.c
+++ b/mm/page_owner.c
@@ -228,9 +228,58 @@ static void dec_stack_record_count(depot_stack_handle_t handle)
 		refcount_dec(&stack_record->count);
 }
 
-void __reset_page_owner(struct page *page, unsigned short order)
+static inline void __update_page_owner_handle(struct page_ext *page_ext,
+					      depot_stack_handle_t handle,
+					      unsigned short order,
+					      gfp_t gfp_mask,
+					      short last_migrate_reason, u64 ts_nsec,
+					      pid_t pid, pid_t tgid, char *comm)
 {
 	int i;
+	struct page_owner *page_owner;
+
+	for (i = 0; i < (1 << order); i++) {
+		page_owner = get_page_owner(page_ext);
+		page_owner->handle = handle;
+		page_owner->order = order;
+		page_owner->gfp_mask = gfp_mask;
+		page_owner->last_migrate_reason = last_migrate_reason;
+		page_owner->pid = pid;
+		page_owner->tgid = tgid;
+		page_owner->ts_nsec = ts_nsec;
+		strscpy(page_owner->comm, comm,
+			sizeof(page_owner->comm));
+		__set_bit(PAGE_EXT_OWNER, &page_ext->flags);
+		__set_bit(PAGE_EXT_OWNER_ALLOCATED, &page_ext->flags);
+		page_ext = page_ext_next(page_ext);
+	}
+}
+
+static inline void __update_page_owner_free_handle(struct page_ext *page_ext,
+						   depot_stack_handle_t handle,
+						   unsigned short order,
+						   pid_t pid, pid_t tgid,
+						   u64 free_ts_nsec)
+{
+	int i;
+	struct page_owner *page_owner;
+
+	for (i = 0; i < (1 << order); i++) {
+		page_owner = get_page_owner(page_ext);
+		/* Only __reset_page_owner() wants to clear the bit */
+		if (handle) {
+			__clear_bit(PAGE_EXT_OWNER_ALLOCATED, &page_ext->flags);
+			page_owner->free_handle = handle;
+		}
+		page_owner->free_ts_nsec = free_ts_nsec;
+		page_owner->free_pid = current->pid;
+		page_owner->free_tgid = current->tgid;
+		page_ext = page_ext_next(page_ext);
+	}
+}
+
+void __reset_page_owner(struct page *page, unsigned short order)
+{
 	struct page_ext *page_ext;
 	depot_stack_handle_t handle;
 	depot_stack_handle_t alloc_handle;
@@ -245,16 +294,10 @@ void __reset_page_owner(struct page *page, unsigned short order)
 	alloc_handle = page_owner->handle;
 
 	handle = save_stack(GFP_NOWAIT | __GFP_NOWARN);
-	for (i = 0; i < (1 << order); i++) {
-		__clear_bit(PAGE_EXT_OWNER_ALLOCATED, &page_ext->flags);
-		page_owner->free_handle = handle;
-		page_owner->free_ts_nsec = free_ts_nsec;
-		page_owner->free_pid = current->pid;
-		page_owner->free_tgid = current->tgid;
-		page_ext = page_ext_next(page_ext);
-		page_owner = get_page_owner(page_ext);
-	}
+	__update_page_owner_free_handle(page_ext, handle, order, current->pid,
+					current->tgid, free_ts_nsec);
 	page_ext_put(page_ext);
+
 	if (alloc_handle != early_handle)
 		/*
 		 * early_handle is being set as a handle for all those
@@ -266,36 +309,11 @@ void __reset_page_owner(struct page *page, unsigned short order)
 		dec_stack_record_count(alloc_handle);
 }
 
-static inline void __set_page_owner_handle(struct page_ext *page_ext,
-					depot_stack_handle_t handle,
-					unsigned short order, gfp_t gfp_mask)
-{
-	struct page_owner *page_owner;
-	int i;
-	u64 ts_nsec = local_clock();
-
-	for (i = 0; i < (1 << order); i++) {
-		page_owner = get_page_owner(page_ext);
-		page_owner->handle = handle;
-		page_owner->order = order;
-		page_owner->gfp_mask = gfp_mask;
-		page_owner->last_migrate_reason = -1;
-		page_owner->pid = current->pid;
-		page_owner->tgid = current->tgid;
-		page_owner->ts_nsec = ts_nsec;
-		strscpy(page_owner->comm, current->comm,
-			sizeof(page_owner->comm));
-		__set_bit(PAGE_EXT_OWNER, &page_ext->flags);
-		__set_bit(PAGE_EXT_OWNER_ALLOCATED, &page_ext->flags);
-
-		page_ext = page_ext_next(page_ext);
-	}
-}
-
 noinline void __set_page_owner(struct page *page, unsigned short order,
 					gfp_t gfp_mask)
 {
 	struct page_ext *page_ext;
+	u64 ts_nsec = local_clock();
 	depot_stack_handle_t handle;
 
 	handle = save_stack(gfp_mask);
@@ -303,7 +321,9 @@ noinline void __set_page_owner(struct page *page, unsigned short order,
 	page_ext = page_ext_get(page);
 	if (unlikely(!page_ext))
 		return;
-	__set_page_owner_handle(page_ext, handle, order, gfp_mask);
+	__update_page_owner_handle(page_ext, handle, order, gfp_mask, -1,
+				   current->pid, current->tgid, ts_nsec,
+				   current->comm);
 	page_ext_put(page_ext);
 	inc_stack_record_count(handle, gfp_mask);
 }
@@ -342,7 +362,7 @@ void __folio_copy_owner(struct folio *newfolio, struct folio *old)
 {
 	struct page_ext *old_ext;
 	struct page_ext *new_ext;
-	struct page_owner *old_page_owner, *new_page_owner;
+	struct page_owner *old_page_owner;
 
 	old_ext = page_ext_get(&old->page);
 	if (unlikely(!old_ext))
@@ -355,31 +375,21 @@ void __folio_copy_owner(struct folio *newfolio, struct folio *old)
 	}
 
 	old_page_owner = get_page_owner(old_ext);
-	new_page_owner = get_page_owner(new_ext);
-	new_page_owner->order = old_page_owner->order;
-	new_page_owner->gfp_mask = old_page_owner->gfp_mask;
-	new_page_owner->last_migrate_reason =
-		old_page_owner->last_migrate_reason;
-	new_page_owner->handle = old_page_owner->handle;
-	new_page_owner->pid = old_page_owner->pid;
-	new_page_owner->tgid = old_page_owner->tgid;
-	new_page_owner->free_pid = old_page_owner->free_pid;
-	new_page_owner->free_tgid = old_page_owner->free_tgid;
-	new_page_owner->ts_nsec = old_page_owner->ts_nsec;
-	new_page_owner->free_ts_nsec = old_page_owner->ts_nsec;
-	strcpy(new_page_owner->comm, old_page_owner->comm);
-
+	__update_page_owner_handle(new_ext, old_page_owner->handle,
+				   old_page_owner->order, old_page_owner->gfp_mask,
+				   old_page_owner->last_migrate_reason,
+				   old_page_owner->ts_nsec, old_page_owner->pid,
+				   old_page_owner->tgid, old_page_owner->comm);
 	/*
-	 * We don't clear the bit on the old folio as it's going to be freed
-	 * after migration. Until then, the info can be useful in case of
-	 * a bug, and the overall stats will be off a bit only temporarily.
-	 * Also, migrate_misplaced_transhuge_page() can still fail the
-	 * migration and then we want the old folio to retain the info. But
-	 * in that case we also don't need to explicitly clear the info from
-	 * the new page, which will be freed.
+	 * Do not proactively clear PAGE_EXT_OWNER{_ALLOCATED} bits as the folio
+	 * will be freed after migration. Keep them until then as they may be
+	 * useful.
 	 */
-	__set_bit(PAGE_EXT_OWNER, &new_ext->flags);
-	__set_bit(PAGE_EXT_OWNER_ALLOCATED, &new_ext->flags);
+	__update_page_owner_free_handle(new_ext, 0, old_page_owner->order,
+					old_page_owner->free_pid,
+					old_page_owner->free_tgid,
+					old_page_owner->free_ts_nsec);
+
 	page_ext_put(new_ext);
 	page_ext_put(old_ext);
 }
@@ -787,8 +797,9 @@ static void init_pages_in_zone(pg_data_t *pgdat, struct zone *zone)
 				goto ext_put_continue;
 
 			/* Found early allocated page */
-			__set_page_owner_handle(page_ext, early_handle,
-						0, 0);
+			__update_page_owner_handle(page_ext, early_handle, 0, 0,
+						   -1, local_clock(), current->pid,
+						   current->tgid, current->comm);
 			count++;
 ext_put_continue:
 			page_ext_put(page_ext);