diff --git a/blockstore/splitstore/splitstore.go b/blockstore/splitstore/splitstore.go
index 038d762af..c9727e4d0 100644
--- a/blockstore/splitstore/splitstore.go
+++ b/blockstore/splitstore/splitstore.go
@@ -798,11 +798,7 @@ func (s *SplitStore) doCompact(curTs *types.TipSet) error {
 	defer s.debug.Flush()
 
 	// 0. Prepare the transaction
-	s.txnLk.Lock()
-	s.txnRefs = make(map[cid.Cid]struct{})
-	s.txnActive = true
-	s.txnLookbackEpoch = lookbackEpoch
-	s.txnLk.Unlock()
+	s.prepareTxnProtect(lookbackEpoch)
 
 	// 1. mark reachable objects by walking the chain from the current epoch to the boundary epoch
 	log.Info("marking reachable objects")
@@ -827,22 +823,9 @@ func (s *SplitStore) doCompact(curTs *types.TipSet) error {
 
 	log.Infow("marking done", "took", time.Since(startMark), "marked", count)
 
-	// fetch references taken during marking and create the transaction protect filter
-	s.txnLk.Lock()
-	txnRefs := s.txnRefs
-	s.txnRefs = nil
-	s.txnMissing = make(map[cid.Cid]struct{})
-	s.txnProtect = markSet
-	s.txnLk.Unlock()
-
-	defer func() {
-		s.txnLk.Lock()
-		_ = s.txnProtect.Close()
-		s.txnActive = false
-		s.txnProtect = nil
-		s.txnMissing = nil
-		s.txnLk.Unlock()
-	}()
+	// begin transactional protection and fetch references created while marking
+	txnRefs := s.beginTxnProtect(markSet)
+	defer s.endTxnProtect()
 
 	// 1.1 Update markset for references created during marking
 	if len(txnRefs) > 0 {
@@ -958,7 +941,8 @@ func (s *SplitStore) doCompact(curTs *types.TipSet) error {
 	stats.Record(context.Background(), metrics.SplitstoreCompactionCold.M(int64(coldCnt)))
 
 	// now that we have collected cold objects, check for missing references from transactional i/o
-	// and disable further collection of such references (they will not be acted upon)
+	// and disable further collection of such references (they will not be acted upon as we can't
+	// possibly delete objects we didn't have when we were collecting cold objects)
 	s.waitForMissingRefs()
 
 	// 3. copy the cold objects to the coldstore -- if we have one
@@ -1003,6 +987,7 @@ func (s *SplitStore) doCompact(curTs *types.TipSet) error {
 	log.Infow("purging cold objects from hotstore done", "took", time.Since(startPurge))
 
 	// we are done; do some housekeeping
+	s.endTxnProtect()
 	s.gcHotstore()
 
 	err = s.setBaseEpoch(boundaryEpoch)
@@ -1018,6 +1003,37 @@ func (s *SplitStore) doCompact(curTs *types.TipSet) error {
 	return nil
 }
 
+func (s *SplitStore) prepareTxnProtect(lookbackEpoch abi.ChainEpoch) {
+	s.txnLk.Lock()
+	defer s.txnLk.Unlock()
+
+	s.txnRefs = make(map[cid.Cid]struct{})
+	s.txnActive = true
+	s.txnLookbackEpoch = lookbackEpoch
+}
+
+func (s *SplitStore) beginTxnProtect(markSet MarkSet) map[cid.Cid]struct{} {
+	s.txnLk.Lock()
+	defer s.txnLk.Unlock()
+
+	txnRefs := s.txnRefs
+	s.txnRefs = nil
+	s.txnMissing = make(map[cid.Cid]struct{})
+	s.txnProtect = markSet
+
+	return txnRefs
+}
+
+func (s *SplitStore) endTxnProtect() {
+	s.txnLk.Lock()
+	defer s.txnLk.Unlock()
+
+	_ = s.txnProtect.Close()
+	s.txnActive = false
+	s.txnProtect = nil
+	s.txnMissing = nil
+}
+
 func (s *SplitStore) walkChain(ts *types.TipSet, boundary abi.ChainEpoch, inclMsgs bool,
 	f func(cid.Cid) error) error {
 	visited := cid.NewSet()