diff --git a/runtime/gc/reference_processor.cc b/runtime/gc/reference_processor.cc
index a58df8e..7988af7 100644
--- a/runtime/gc/reference_processor.cc
+++ b/runtime/gc/reference_processor.cc
@@ -61,15 +61,20 @@
     }
     // Try to see if the referent is already marked by using the is_marked_callback. We can return
     // it to the mutator as long as the GC is not preserving references. If the GC is
-    // preserving references, the mutator could take a white field and move it somewhere else
-    // in the heap causing corruption since this field would get swept.
     IsMarkedCallback* const is_marked_callback = process_references_args_.is_marked_callback_;
-    if (!preserving_references_ && is_marked_callback != nullptr) {
+    if (LIKELY(is_marked_callback != nullptr)) {
       mirror::Object* const obj = is_marked_callback(referent, process_references_args_.arg_);
       // If it's null it means not marked, but it could become marked if the referent is reachable
-      // by finalizer referents. So we can not return in this case and must block.
+      // by finalizer referents. So we can not return in this case and must block. Otherwise, we
+      // can return it to the mutator as long as the GC is not preserving references, in which
+      // case only black nodes can be safely returned. If the GC is preserving references, the
+      // mutator could take a white field from a grey or white node and move it somewhere else
+      // in the heap causing corruption since this field would get swept.
       if (obj != nullptr) {
-        return obj;
+        if (!preserving_references_ ||
+           (LIKELY(!reference->IsFinalizerReferenceInstance()) && !reference->IsEnqueued())) {
+          return obj;
+        }
       }
     }
     condition_.WaitHoldingLocks(self);
@@ -113,14 +118,14 @@
   timings->StartSplit(concurrent ? "ProcessReferences" : "(Paused)ProcessReferences");
   // Unless required to clear soft references with white references, preserve some white referents.
   if (!clear_soft_references) {
-    TimingLogger::ScopedSplit split(concurrent ? "PreserveSomeSoftReferences" :
-        "(Paused)PreserveSomeSoftReferences", timings);
+    TimingLogger::ScopedSplit split(concurrent ? "ForwardSoftReferences" :
+        "(Paused)ForwardSoftReferences", timings);
     if (concurrent) {
       StartPreservingReferences(self);
     }
-    // References with a marked referent are removed from the list.
-    soft_reference_queue_.PreserveSomeSoftReferences(&PreserveSoftReferenceCallback,
-                                                     &process_references_args_);
+
+    soft_reference_queue_.ForwardSoftReferences(&PreserveSoftReferenceCallback,
+                                                &process_references_args_);
     process_mark_stack_callback(arg);
     if (concurrent) {
       StopPreservingReferences(self);
diff --git a/runtime/gc/reference_queue.cc b/runtime/gc/reference_queue.cc
index caacef5..3910c29 100644
--- a/runtime/gc/reference_queue.cc
+++ b/runtime/gc/reference_queue.cc
@@ -160,22 +160,23 @@
   }
 }
 
-void ReferenceQueue::PreserveSomeSoftReferences(IsMarkedCallback* preserve_callback, void* arg) {
-  ReferenceQueue cleared;
-  while (!IsEmpty()) {
-    mirror::Reference* ref = DequeuePendingReference();
+void ReferenceQueue::ForwardSoftReferences(IsMarkedCallback* preserve_callback,
+                                                void* arg) {
+  if (UNLIKELY(IsEmpty())) {
+    return;
+  }
+  mirror::Reference* const head = list_;
+  mirror::Reference* ref = head;
+  do {
     mirror::Object* referent = ref->GetReferent<kWithoutReadBarrier>();
     if (referent != nullptr) {
       mirror::Object* forward_address = preserve_callback(referent, arg);
-      if (forward_address == nullptr) {
-        // Either the reference isn't marked or we don't wish to preserve it.
-        cleared.EnqueuePendingReference(ref);
-      } else if (forward_address != referent) {
+      if (forward_address != nullptr && forward_address != referent) {
         ref->SetReferent<false>(forward_address);
       }
     }
-  }
-  list_ = cleared.GetList();
+    ref = ref->GetPendingNext();
+  } while (LIKELY(ref != head));
 }
 
 }  // namespace gc
diff --git a/runtime/gc/reference_queue.h b/runtime/gc/reference_queue.h
index 4f223e2..1d8cc1a 100644
--- a/runtime/gc/reference_queue.h
+++ b/runtime/gc/reference_queue.h
@@ -65,7 +65,7 @@
   // Walks the reference list marking any references subject to the reference clearing policy.
   // References with a black referent are removed from the list.  References with white referents
   // biased toward saving are blackened and also removed from the list.
-  void PreserveSomeSoftReferences(IsMarkedCallback* preserve_callback, void* arg)
+  void ForwardSoftReferences(IsMarkedCallback* preserve_callback, void* arg)
       SHARED_LOCKS_REQUIRED(Locks::mutator_lock_);
   // Unlink the reference list clearing references objects with white referents.  Cleared references
   // registered to a reference queue are scheduled for appending by the heap worker thread.