diff --git a/fs/dcache.c b/fs/dcache.c
index 407095188f83a7faeec0a8c0542fb6598952b7be..66515fbc9dd7082780c07fc14177ca21f3175427 100644
--- a/fs/dcache.c
+++ b/fs/dcache.c
@@ -355,7 +355,11 @@ static inline void __d_clear_type_and_inode(struct dentry *dentry)
 	flags &= ~DCACHE_ENTRY_TYPE;
 	WRITE_ONCE(dentry->d_flags, flags);
 	dentry->d_inode = NULL;
-	if (flags & DCACHE_LRU_LIST)
+	/*
+	 * The negative counter only tracks dentries on the LRU. Don't inc if
+	 * d_lru is on another list.
+	 */
+	if ((flags & (DCACHE_LRU_LIST|DCACHE_SHRINK_LIST)) == DCACHE_LRU_LIST)
 		this_cpu_inc(nr_dentry_negative);
 }
 
@@ -1844,9 +1848,11 @@ static void __d_instantiate(struct dentry *dentry, struct inode *inode)
 
 	spin_lock(&dentry->d_lock);
 	/*
-	 * Decrement negative dentry count if it was in the LRU list.
+	 * The negative counter only tracks dentries on the LRU. Don't dec if
+	 * d_lru is on another list.
 	 */
-	if (dentry->d_flags & DCACHE_LRU_LIST)
+	if ((dentry->d_flags &
+	     (DCACHE_LRU_LIST|DCACHE_SHRINK_LIST)) == DCACHE_LRU_LIST)
 		this_cpu_dec(nr_dentry_negative);
 	hlist_add_head(&dentry->d_u.d_alias, &inode->i_dentry);
 	raw_write_seqcount_begin(&dentry->d_seq);