diff --git a/Utilities/Thread.h b/Utilities/Thread.h
index bc50dbbc6c..3e5c909d38 100644
--- a/Utilities/Thread.h
+++ b/Utilities/Thread.h
@@ -276,8 +276,8 @@ public:
 	}
 
 	// Wait for both thread sync var and provided atomic var
-	template <atomic_wait::op Op = atomic_wait::op::eq, typename T, typename U>
-	static inline void wait_on(T& wait, U old, u64 usec = -1)
+	template <uint Max, typename Func>
+	static inline void wait_on_custom(Func&& setter, u64 usec = -1)
 	{
 		auto _this = g_tls_this_thread;
 
@@ -286,13 +286,19 @@ public:
 			return;
 		}
 
-		atomic_wait::list<3> list{};
-		list.set<0, Op>(wait, old);
-		list.set<1>(_this->m_sync, 0, 4 + 1);
-		list.set<2>(_this->m_taskq, nullptr);
+		atomic_wait::list<Max + 2> list{};
+		list.template set<Max>(_this->m_sync, 0, 4 + 1);
+		list.template set<Max + 1>(_this->m_taskq, nullptr);
+		setter(list);
 		list.wait(atomic_wait_timeout{usec <= 0xffff'ffff'ffff'ffff / 1000 ? usec * 1000 : 0xffff'ffff'ffff'ffff});
 	}
 
+	template <atomic_wait::op Op = atomic_wait::op::eq, typename T, typename U>
+	static inline void wait_on(T& wait, U old, u64 usec = -1)
+	{
+		wait_on_custom<1>([&](atomic_wait::list<3>& list){ list.set<0, Op>(wait, old); }, usec);
+	}
+
 	// Exit.
 	[[noreturn]] static void emergency_exit(std::string_view reason);
 
diff --git a/rpcs3/Emu/Cell/SPUThread.cpp b/rpcs3/Emu/Cell/SPUThread.cpp
index f51ff98246..928f19a1ac 100644
--- a/rpcs3/Emu/Cell/SPUThread.cpp
+++ b/rpcs3/Emu/Cell/SPUThread.cpp
@@ -3942,40 +3942,46 @@ s64 spu_thread::get_ch_value(u32 ch)
 
 		spu_function_logger logger(*this, "MFC Events read");
 
-		if (mask1 & SPU_EVENT_LR && raddr)
+		state += cpu_flag::wait;
+
+		using resrv_ptr = std::add_pointer_t<decltype(rdata)>;
+	
+		resrv_ptr resrv_mem{};
+		std::shared_ptr<utils::shm> rdata_shm;
+
+		if (raddr && mask1 & SPU_EVENT_LR)
 		{
-			if (mask1 != SPU_EVENT_LR && mask1 != SPU_EVENT_LR + SPU_EVENT_TM)
+			auto area = vm::get(vm::any, raddr);
+
+			if (area && (area->flags & vm::preallocated) && vm::check_addr(raddr))
 			{
-				// Combining LR with other flags needs another solution
-				fmt::throw_exception("Not supported: event mask 0x%x", mask1);
+				// Obtain pointer to pre-allocated storage
+				resrv_mem = vm::get_super_ptr<decltype(rdata)>(raddr);
+			}
+			else if (area)
+			{
+				// Ensure possesion over reservation memory so it won't be deallocated
+				auto [base_addr, shm_] = area->peek(raddr);
+
+				if (shm_)
+				{
+					const u32 data_offs = raddr - base_addr;
+					rdata_shm = std::move(shm_);
+					vm::writer_lock{}, resrv_mem = reinterpret_cast<resrv_ptr>(rdata_shm->map_self() + data_offs);
+				}
 			}
 
-			for (; !events.count; events = get_events(mask1, false, true))
+			if (!resrv_mem)
 			{
-				const auto old = state.add_fetch(cpu_flag::wait);
-
-				if (is_stopped(old))
-				{
-					return -1;
-				}
-
-				if (is_paused(old))
-				{
-					// Ensure reservation data won't change while paused for debugging purposes
-					check_state();
-					continue;
-				}
-
-				vm::reservation_notifier(raddr).wait(rtime, -128, atomic_wait_timeout{100'000});
+				spu_log.error("A dangling reservation address has been found while reading SPU_RdEventStat channel. (addr=0x%x, events_mask=0x%x)", raddr, mask1);
+				raddr = 0;
+				set_events(SPU_EVENT_LR);
 			}
-
-			check_state();
-			return events.events & mask1;
 		}
 
-		for (; !events.count; events = get_events(mask1, true, true))
+		for (; !events.count; events = get_events(mask1 & ~SPU_EVENT_LR, true, true))
 		{
-			const auto old = state.add_fetch(cpu_flag::wait);
+			const auto old = +state;
 
 			if (is_stopped(old))
 			{
@@ -3984,7 +3990,28 @@ s64 spu_thread::get_ch_value(u32 ch)
 
 			if (is_paused(old))
 			{
+				// Ensure spu_thread::rdata's stagnancy while the thread is paused for debugging purposes
 				check_state();
+				state += cpu_flag::wait;
+				continue;
+			}
+
+			// Optimized check
+			if (raddr && (!vm::check_addr(raddr) || rtime != vm::reservation_acquire(raddr) || !cmp_rdata(rdata, *resrv_mem)))
+			{
+				raddr = 0;
+				set_events(SPU_EVENT_LR);
+				continue;
+			}
+
+			if (raddr)
+			{
+				thread_ctrl::wait_on_custom<2>([&](atomic_wait::list<4>& list)
+				{
+					list.set<0>(state, old);
+					list.set<1>(vm::reservation_notifier(raddr), rtime, -128);
+				}, 100);
+
 				continue;
 			}