diff --git a/include/block/nbd.h b/include/block/nbd.h
index 416257a..8fa5ce5 100644
--- a/include/block/nbd.h
+++ b/include/block/nbd.h
@@ -162,7 +162,7 @@ void nbd_client_new(NBDExport *exp,
                     QIOChannelSocket *sioc,
                     QCryptoTLSCreds *tlscreds,
                     const char *tlsaclname,
-                    void (*close)(NBDClient *));
+                    void (*close_fn)(NBDClient *, bool));
 void nbd_client_get(NBDClient *client);
 void nbd_client_put(NBDClient *client);

diff --git a/blockdev-nbd.c b/blockdev-nbd.c
index dd0860f..28f551a 100644
--- a/blockdev-nbd.c
+++ b/blockdev-nbd.c
@@ -27,6 +27,10 @@ typedef struct NBDServerData {

 static NBDServerData *nbd_server;

+static void nbd_blockdev_client_closed(NBDClient *client, bool ignored)
+{
+    nbd_client_put(client);
+}

 static gboolean nbd_accept(QIOChannel *ioc, GIOCondition condition,
                            gpointer opaque)
@@ -46,7 +50,7 @@ static gboolean nbd_accept(QIOChannel *ioc, GIOCondition condition,
     qio_channel_set_name(QIO_CHANNEL(cioc), "nbd-server");
     nbd_client_new(NULL, cioc,
                    nbd_server->tlscreds, NULL,
-                   nbd_client_put);
+                   nbd_blockdev_client_closed);
     object_unref(OBJECT(cioc));
     return TRUE;
 }
diff --git a/nbd/server.c b/nbd/server.c
index 49b55f6..f2b1aa4 100644
--- a/nbd/server.c
+++ b/nbd/server.c
@@ -81,7 +81,7 @@ static QTAILQ_HEAD(, NBDExport) exports = QTAILQ_HEAD_INITIALIZER(exports);

 struct NBDClient {
     int refcount;
-    void (*close)(NBDClient *client);
+    void (*close_fn)(NBDClient *client, bool negotiated);

     bool no_zeroes;
     NBDExport *exp;
@@ -778,7 +778,7 @@ void nbd_client_put(NBDClient *client)
     }
 }

-static void client_close(NBDClient *client)
+static void client_close(NBDClient *client, bool negotiated)
 {
     if (client->closing) {
         return;
@@ -793,8 +793,8 @@ static void client_close(NBDClient *client)
                          NULL);

     /* Also tell the client, so that they release their reference.  */
-    if (client->close) {
-        client->close(client);
+    if (client->close_fn) {
+        client->close_fn(client, negotiated);
     }
 }

@@ -975,7 +975,7 @@ void nbd_export_close(NBDExport *exp)

     nbd_export_get(exp);
     QTAILQ_FOREACH_SAFE(client, &exp->clients, next, next) {
-        client_close(client);
+        client_close(client, true);
     }
     nbd_export_set_name(exp, NULL);
     nbd_export_set_description(exp, NULL);
@@ -1337,7 +1337,7 @@ done:

 out:
     nbd_request_put(req);
-    client_close(client);
+    client_close(client, true);
     nbd_client_put(client);
 }

@@ -1363,7 +1363,7 @@ static coroutine_fn void nbd_co_client_start(void *opaque)
     qemu_co_mutex_init(&client->send_lock);

     if (nbd_negotiate(data)) {
-        client_close(client);
+        client_close(client, false);
         goto out;
     }

@@ -1373,11 +1373,17 @@ out:
     g_free(data);
 }

+/*
+ * Create a new client listener on the given export @exp, using the
+ * given channel @sioc.  Begin servicing it in a coroutine.  When the
+ * connection closes, call @close_fn with an indication of whether the
+ * client completed negotiation.
+ */
 void nbd_client_new(NBDExport *exp,
                     QIOChannelSocket *sioc,
                     QCryptoTLSCreds *tlscreds,
                     const char *tlsaclname,
-                    void (*close_fn)(NBDClient *))
+                    void (*close_fn)(NBDClient *, bool))
 {
     NBDClient *client;
     NBDClientNewData *data = g_new(NBDClientNewData, 1);
@@ -1394,7 +1400,7 @@ void nbd_client_new(NBDExport *exp,
     object_ref(OBJECT(client->sioc));
     client->ioc = QIO_CHANNEL(sioc);
     object_ref(OBJECT(client->ioc));
-    client->close = close_fn;
+    client->close_fn = close_fn;

     data->client = client;
     data->co = qemu_coroutine_create(nbd_co_client_start, data);
diff --git a/qemu-nbd.c b/qemu-nbd.c
index 651f85e..9464a04 100644
--- a/qemu-nbd.c
+++ b/qemu-nbd.c
@@ -336,10 +336,10 @@ static void nbd_export_closed(NBDExport *exp)

 static void nbd_update_server_watch(void);

-static void nbd_client_closed(NBDClient *client)
+static void nbd_client_closed(NBDClient *client, bool negotiated)
 {
     nb_fds--;
-    if (nb_fds == 0 && !persistent && state == RUNNING) {
+    if (negotiated && nb_fds == 0 && !persistent && state == RUNNING) {
         state = TERMINATE;
     }
     nbd_update_server_watch();
