diff --git a/arch/powerpc/kvm/book3s_hv_p9_entry.c b/arch/powerpc/kvm/book3s_hv_p9_entry.c
index fa080533bd8d..6bef509bccb8 100644
--- a/arch/powerpc/kvm/book3s_hv_p9_entry.c
+++ b/arch/powerpc/kvm/book3s_hv_p9_entry.c
@@ -287,11 +287,20 @@ bool load_vcpu_state(struct kvm_vcpu *vcpu,
 {
 	bool ret = false;
 
+#ifdef CONFIG_PPC_TRANSACTIONAL_MEM
 	if (cpu_has_feature(CPU_FTR_TM) ||
 	    cpu_has_feature(CPU_FTR_P9_TM_HV_ASSIST)) {
-		kvmppc_restore_tm_hv(vcpu, vcpu->arch.shregs.msr, true);
-		ret = true;
+		unsigned long guest_msr = vcpu->arch.shregs.msr;
+		if (MSR_TM_ACTIVE(guest_msr)) {
+			kvmppc_restore_tm_hv(vcpu, guest_msr, true);
+			ret = true;
+		} else {
+			mtspr(SPRN_TEXASR, vcpu->arch.texasr);
+			mtspr(SPRN_TFHAR, vcpu->arch.tfhar);
+			mtspr(SPRN_TFIAR, vcpu->arch.tfiar);
+		}
 	}
+#endif
 
 	load_spr_state(vcpu, host_os_sprs);
 
@@ -315,9 +324,19 @@ void store_vcpu_state(struct kvm_vcpu *vcpu)
 #endif
 	vcpu->arch.vrsave = mfspr(SPRN_VRSAVE);
 
+#ifdef CONFIG_PPC_TRANSACTIONAL_MEM
 	if (cpu_has_feature(CPU_FTR_TM) ||
-	    cpu_has_feature(CPU_FTR_P9_TM_HV_ASSIST))
-		kvmppc_save_tm_hv(vcpu, vcpu->arch.shregs.msr, true);
+	    cpu_has_feature(CPU_FTR_P9_TM_HV_ASSIST)) {
+		unsigned long guest_msr = vcpu->arch.shregs.msr;
+		if (MSR_TM_ACTIVE(guest_msr)) {
+			kvmppc_save_tm_hv(vcpu, guest_msr, true);
+		} else {
+			vcpu->arch.texasr = mfspr(SPRN_TEXASR);
+			vcpu->arch.tfhar = mfspr(SPRN_TFHAR);
+			vcpu->arch.tfiar = mfspr(SPRN_TFIAR);
+		}
+	}
+#endif
 }
 EXPORT_SYMBOL_GPL(store_vcpu_state);