diff --git a/src/xenia/kernel/xmutant.cc b/src/xenia/kernel/xmutant.cc
index 5bb03cc9a..0e950c32b 100644
--- a/src/xenia/kernel/xmutant.cc
+++ b/src/xenia/kernel/xmutant.cc
@@ -54,12 +54,14 @@ X_STATUS XMutant::ReleaseMutant(uint32_t priority_increment, bool abandon,
 }
 
 bool XMutant::Save(ByteStream* stream) {
-  XELOGD("XMutant %.8X", handle());
   if (!SaveObject(stream)) {
     return false;
   }
 
-  stream->Write(owning_thread_->handle());
+  uint32_t owning_thread_handle = owning_thread_ ? owning_thread_->handle() : 0;
+  stream->Write<uint32_t>(owning_thread_handle);
+  XELOGD("XMutant %.8X (owner: %.8X)", handle(), owning_thread_handle);
+
   return true;
 }
 
@@ -75,11 +77,13 @@ object_ref<XMutant> XMutant::Restore(KernelState* kernel_state,
 
   mutant->Initialize(false);
 
-  // TODO: Make the thread acquire this mutex... Somehow.
   auto owning_thread_handle = stream->Read<uint32_t>();
-  mutant->owning_thread_ = kernel_state->object_table()
-                               ->LookupObject<XThread>(owning_thread_handle)
-                               .get();
+  if (owning_thread_handle) {
+    mutant->owning_thread_ = kernel_state->object_table()
+                                 ->LookupObject<XThread>(owning_thread_handle)
+                                 .get();
+    mutant->owning_thread_->AcquireMutantOnStartup(retain_object(mutant));
+  }
 
   return object_ref<XMutant>(mutant);
 }
diff --git a/src/xenia/kernel/xthread.cc b/src/xenia/kernel/xthread.cc
index 72e7c9e74..6e996455f 100644
--- a/src/xenia/kernel/xthread.cc
+++ b/src/xenia/kernel/xthread.cc
@@ -27,6 +27,7 @@
 #include "xenia/kernel/kernel_state.h"
 #include "xenia/kernel/user_module.h"
 #include "xenia/kernel/xevent.h"
+#include "xenia/kernel/xmutant.h"
 
 DEFINE_bool(ignore_thread_priorities, true,
             "Ignores game-specified thread priorities.");
@@ -1218,13 +1219,21 @@ object_ref<XThread> XThread::Restore(KernelState* kernel_state,
       Clock::SetGuestTickCount(state.tick_count_);
       Clock::SetGuestSystemTime(state.system_time_);
 
-      // Execute user code.
-      thread->running_ = true;
       current_thread_tls_ = thread;
 
+      // Acquire any mutants
+      for (auto mutant : thread->pending_mutant_acquires_) {
+        uint64_t timeout = 0;
+        auto status = mutant->Wait(0, 0, 0, &timeout);
+        assert_true(status == X_STATUS_SUCCESS);
+      }
+      thread->pending_mutant_acquires_.clear();
+
+      // Execute user code.
+      thread->running_ = true;
+
       uint32_t pc = state.context.pc;
-      thread->kernel_state()->processor()->ExecuteRaw(thread->thread_state_,
-                                                      pc);
+      thread->kernel_state_->processor()->ExecuteRaw(thread->thread_state_, pc);
 
       current_thread_tls_ = nullptr;
 
diff --git a/src/xenia/kernel/xthread.h b/src/xenia/kernel/xthread.h
index a8a137702..63a9087a7 100644
--- a/src/xenia/kernel/xthread.h
+++ b/src/xenia/kernel/xthread.h
@@ -18,6 +18,7 @@
 #include "xenia/cpu/thread_state.h"
 #include "xenia/kernel/util/native_list.h"
 #include "xenia/kernel/xobject.h"
+#include "xenia/kernel/xmutant.h"
 #include "xenia/xbox.h"
 
 namespace xe {
@@ -190,6 +191,11 @@ class XThread : public XObject {
   static object_ref<XThread> Restore(KernelState* kernel_state,
                                      ByteStream* stream);
 
+  // Internal - do not use.
+  void AcquireMutantOnStartup(object_ref<XMutant> mutant) {
+    pending_mutant_acquires_.push_back(mutant);
+  }
+
   // Steps the thread to a point where it's safe to terminate or read its
   // context. Returns the PC after we've finished stepping.
   // Pass true for ignore_host if you've stopped the thread yourself
@@ -210,6 +216,8 @@ class XThread : public XObject {
 
   CreationParams creation_params_ = {0};
 
+  std::vector<object_ref<XMutant>> pending_mutant_acquires_;
+
   uint32_t thread_id_ = 0;
   std::unique_ptr<xe::threading::Thread> thread_;
   uint32_t scratch_address_ = 0;