static int sm_disk_dec_block(struct dm_space_map *sm, dm_block_t b)
 {
+       int r;
+       uint32_t old_count;
        enum allocation_event ev;
        struct sm_disk *smd = container_of(sm, struct sm_disk, sm);
 
-       return sm_ll_dec(&smd->ll, b, &ev);
+       r = sm_ll_dec(&smd->ll, b, &ev);
+       if (!r && (ev == SM_FREE)) {
+               /*
+                * It's only free if it's also free in the last
+                * transaction.
+                */
+               r = sm_ll_lookup(&smd->old_ll, b, &old_count);
+               if (!r && !old_count)
+                       smd->nr_allocated_this_transaction--;
+       }
+
+       return r;
 }
 
 static int sm_disk_new_block(struct dm_space_map *sm, dm_block_t *b)