diff --git a/fs/xfs/libxfs/xfs_refcount.c b/fs/xfs/libxfs/xfs_refcount.c
index 327ba25e9e17..a07ebaecba73 100644
--- a/fs/xfs/libxfs/xfs_refcount.c
+++ b/fs/xfs/libxfs/xfs_refcount.c
@@ -960,6 +960,7 @@ xfs_refcount_adjust_extents(
 			 * Either cover the hole (increment) or
 			 * delete the range (decrement).
 			 */
+			cur->bc_ag.refc.nr_ops++;
 			if (tmp.rc_refcount) {
 				error = xfs_refcount_insert(cur, &tmp,
 						&found_tmp);
@@ -970,7 +971,6 @@ xfs_refcount_adjust_extents(
 					error = -EFSCORRUPTED;
 					goto out_error;
 				}
-				cur->bc_ag.refc.nr_ops++;
 			} else {
 				fsbno = XFS_AGB_TO_FSB(cur->bc_mp,
 						cur->bc_ag.pag->pag_agno,
@@ -1001,11 +1001,11 @@ xfs_refcount_adjust_extents(
 		ext.rc_refcount += adj;
 		trace_xfs_refcount_modify_extent(cur->bc_mp,
 				cur->bc_ag.pag->pag_agno, &ext);
+		cur->bc_ag.refc.nr_ops++;
 		if (ext.rc_refcount > 1) {
 			error = xfs_refcount_update(cur, &ext);
 			if (error)
 				goto out_error;
-			cur->bc_ag.refc.nr_ops++;
 		} else if (ext.rc_refcount == 1) {
 			error = xfs_refcount_delete(cur, &found_rec);
 			if (error)
@@ -1014,7 +1014,6 @@ xfs_refcount_adjust_extents(
 				error = -EFSCORRUPTED;
 				goto out_error;
 			}
-			cur->bc_ag.refc.nr_ops++;
 			goto advloop;
 		} else {
 			fsbno = XFS_AGB_TO_FSB(cur->bc_mp,
diff --git a/fs/xfs/libxfs/xfs_refcount.h b/fs/xfs/libxfs/xfs_refcount.h
index 9eb01edbd89d..37145637d7d8 100644
--- a/fs/xfs/libxfs/xfs_refcount.h
+++ b/fs/xfs/libxfs/xfs_refcount.h
@@ -67,6 +67,14 @@ extern int xfs_refcount_recover_cow_leftovers(struct xfs_mount *mp,
  * log (plus any key updates) so we'll conservatively assume 32 bytes
  * per record.  We must also leave space for btree splits on both ends
  * of the range and space for the CUD and a new CUI.
+ *
+ * Each EFI that we attach to the transaction is assumed to consume ~32 bytes.
+ * This is a low estimate for an EFI tracking a single extent (16 bytes for the
+ * EFI header, 16 for the extent, and 12 for the xlog op header), but the
+ * estimate is acceptable if there's more than one extent being freed.
+ * In the worst case of freeing every other block during a refcount decrease
+ * operation, we amortize the space used for one EFI log item across 16
+ * extents.
  */
 #define XFS_REFCOUNT_ITEM_OVERHEAD	32