diff --git a/target/alpha/helper.c b/target/alpha/helper.c
index 10602fb339..e21c488aa3 100644
--- a/target/alpha/helper.c
+++ b/target/alpha/helper.c
@@ -46,19 +46,8 @@ void cpu_alpha_store_fpcr(CPUAlphaState *env, uint64_t val)
     uint32_t fpcr = val >> 32;
     uint32_t t = 0;
 
-    t |= CONVERT_BIT(fpcr, FPCR_INED, FPCR_INE);
-    t |= CONVERT_BIT(fpcr, FPCR_UNFD, FPCR_UNF);
-    t |= CONVERT_BIT(fpcr, FPCR_OVFD, FPCR_OVF);
-    t |= CONVERT_BIT(fpcr, FPCR_DZED, FPCR_DZE);
-    t |= CONVERT_BIT(fpcr, FPCR_INVD, FPCR_INV);
-
+    /* Record the raw value before adjusting for linux-user.  */
     env->fpcr = fpcr;
-    env->fpcr_exc_enable = ~t & FPCR_STATUS_MASK;
-
-    env->fpcr_dyn_round = rm_map[(fpcr & FPCR_DYN_MASK) >> FPCR_DYN_SHIFT];
-
-    env->fpcr_flush_to_zero = (fpcr & FPCR_UNFD) && (fpcr & FPCR_UNDZ);
-    env->fp_status.flush_inputs_to_zero = (fpcr & FPCR_DNZ) != 0;
 
 #ifdef CONFIG_USER_ONLY
     /*
@@ -67,13 +56,29 @@ void cpu_alpha_store_fpcr(CPUAlphaState *env, uint64_t val)
      * which point the kernel's handler would emulate and apply
      * the software exception mask.
      */
+    uint32_t soft_fpcr = alpha_ieee_swcr_to_fpcr(env->swcr) >> 32;
+    fpcr |= soft_fpcr & FPCR_STATUS_MASK;
+#endif
+
+    t |= CONVERT_BIT(fpcr, FPCR_INED, FPCR_INE);
+    t |= CONVERT_BIT(fpcr, FPCR_UNFD, FPCR_UNF);
+    t |= CONVERT_BIT(fpcr, FPCR_OVFD, FPCR_OVF);
+    t |= CONVERT_BIT(fpcr, FPCR_DZED, FPCR_DZE);
+    t |= CONVERT_BIT(fpcr, FPCR_INVD, FPCR_INV);
+
+    env->fpcr_exc_enable = ~t & FPCR_STATUS_MASK;
+
+    env->fpcr_dyn_round = rm_map[(fpcr & FPCR_DYN_MASK) >> FPCR_DYN_SHIFT];
+
+    env->fpcr_flush_to_zero = (fpcr & FPCR_UNFD) && (fpcr & FPCR_UNDZ);
+    env->fp_status.flush_inputs_to_zero = (fpcr & FPCR_DNZ) != 0;
+#ifdef CONFIG_USER_ONLY
     if (env->swcr & SWCR_MAP_DMZ) {
         env->fp_status.flush_inputs_to_zero = 1;
     }
     if (env->swcr & SWCR_MAP_UMZ) {
         env->fpcr_flush_to_zero = 1;
     }
-    env->fpcr_exc_enable &= ~(alpha_ieee_swcr_to_fpcr(env->swcr) >> 32);
 #endif
 }