int rc = 0;
        int i;
 
-       /*
-        * steal buffer from other CPTs, and delay it if nothing to steal,
-        * this function is more expensive than a regular match, but we
-        * don't expect it can happen a lot
+       /**
+        * Steal buffer from other CPTs, and delay msg if nothing to
+        * steal. This function is more expensive than a regular
+        * match, but we don't expect it can happen a lot. The return
+        * code contains one of LNET_MATCHMD_OK, LNET_MATCHMD_DROP, or
+        * LNET_MATCHMD_NONE.
         */
        LASSERT(lnet_ptl_is_wildcard(ptl));
 
                lnet_res_lock(cpt);
                lnet_ptl_lock(ptl);
 
-               if (!i) { /* the first try, attach on stealing list */
+               if (!i) {
+                       /* The first try, add to stealing list. */
                        list_add_tail(&msg->msg_list,
                                      &ptl->ptl_msg_stealing);
                }
 
-               if (!list_empty(&msg->msg_list)) { /* on stealing list */
+               if (!list_empty(&msg->msg_list)) {
+                       /* On stealing list. */
                        rc = lnet_mt_match_md(mtable, info, msg);
 
                        if ((rc & LNET_MATCHMD_EXHAUSTED) &&
                            mtable->mt_enabled)
                                lnet_ptl_disable_mt(ptl, cpt);
 
-                       if (rc & LNET_MATCHMD_FINISH)
+                       if (rc & LNET_MATCHMD_FINISH) {
+                               /* Match found, remove from stealing list. */
+                               list_del_init(&msg->msg_list);
+                       } else if (i == LNET_CPT_NUMBER - 1 ||  /* (1) */
+                                  !ptl->ptl_mt_nmaps ||        /* (2) */
+                                  (ptl->ptl_mt_nmaps == 1 &&   /* (3) */
+                                   ptl->ptl_mt_maps[0] == cpt)) {
+                               /**
+                                * No match found, and this is either
+                                * (1) the last cpt to check, or
+                                * (2) there is no active cpt, or
+                                * (3) this is the only active cpt.
+                                * There is nothing to steal: delay or
+                                * drop the message.
+                                */
                                list_del_init(&msg->msg_list);
 
+                               if (lnet_ptl_is_lazy(ptl)) {
+                                       msg->msg_rx_delayed = 1;
+                                       list_add_tail(&msg->msg_list,
+                                                     &ptl->ptl_msg_delayed);
+                                       rc = LNET_MATCHMD_NONE;
+                               } else {
+                                       rc = LNET_MATCHMD_DROP;
+                               }
+                       } else {
+                               /* Do another iteration. */
+                               rc = 0;
+                       }
                } else {
-                       /*
-                        * could be matched by lnet_ptl_attach_md()
-                        * which is called by another thread
+                       /**
+                        * No longer on stealing list: another thread
+                        * matched the message in lnet_ptl_attach_md().
+                        * We are now expected to handle the message.
                         */
                        rc = !msg->msg_md ?
                             LNET_MATCHMD_DROP : LNET_MATCHMD_OK;
                }
 
-               if (!list_empty(&msg->msg_list) && /* not matched yet */
-                   (i == LNET_CPT_NUMBER - 1 || /* the last CPT */
-                    !ptl->ptl_mt_nmaps ||   /* no active CPT */
-                    (ptl->ptl_mt_nmaps == 1 &&  /* the only active CPT */
-                     ptl->ptl_mt_maps[0] == cpt))) {
-                       /* nothing to steal, delay or drop */
-                       list_del_init(&msg->msg_list);
-
-                       if (lnet_ptl_is_lazy(ptl)) {
-                               msg->msg_rx_delayed = 1;
-                               list_add_tail(&msg->msg_list,
-                                             &ptl->ptl_msg_delayed);
-                               rc = LNET_MATCHMD_NONE;
-                       } else {
-                               rc = LNET_MATCHMD_DROP;
-                       }
-               }
-
                lnet_ptl_unlock(ptl);
                lnet_res_unlock(cpt);
 
-               if ((rc & LNET_MATCHMD_FINISH) || msg->msg_rx_delayed)
+               /**
+                * Note that test (1) above ensures that we always
+                * exit the loop through this break statement.
+                *
+                * LNET_MATCHMD_NONE means msg was added to the
+                * delayed queue, and we may no longer reference it
+                * after lnet_ptl_unlock() and lnet_res_unlock().
+                */
+               if (rc & (LNET_MATCHMD_FINISH | LNET_MATCHMD_NONE))
                        break;
        }
 
 
                lnet_ptl_unlock(ptl);
                lnet_res_unlock(mtable->mt_cpt);
-
+               rc = LNET_MATCHMD_NONE;
        } else  {
                lnet_res_unlock(mtable->mt_cpt);
                rc = lnet_ptl_match_delay(ptl, info, msg);
        }
 
-       if (msg->msg_rx_delayed) {
+       /* LNET_MATCHMD_NONE means msg was added to the delay queue */
+       if (rc & LNET_MATCHMD_NONE) {
                CDEBUG(D_NET,
                       "Delaying %s from %s ptl %d MB %#llx off %d len %d\n",
                       info->mi_opc == LNET_MD_OP_PUT ? "PUT" : "GET",