time_after_eq(jiffies, base->next_expiry)) {
                levels = collect_expired_timers(base, heads);
                /*
-                * The only possible reason for not finding any expired
-                * timer at this clk is that all matching timers have been
-                * dequeued.
+                * The two possible reasons for not finding any expired
+                * timer at this clk are that all matching timers have been
+                * dequeued or no timer has been queued since
+                * base::next_expiry was set to base::clk +
+                * NEXT_TIMER_MAX_DELTA.
                 */
-               WARN_ON_ONCE(!levels && !base->next_expiry_recalc);
+               WARN_ON_ONCE(!levels && !base->next_expiry_recalc
+                            && base->timers_pending);
                base->clk++;
                base->next_expiry = __next_timer_interrupt(base);