diff --git a/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/DevSupportManagerBase.kt b/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/DevSupportManagerBase.kt
index e6ac477e44c..f6f4faa3bf6 100644
--- a/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/DevSupportManagerBase.kt
+++ b/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/DevSupportManagerBase.kt
@@ -78,7 +78,6 @@ import java.io.File
 import java.net.MalformedURLException
 import java.net.URL
 import java.util.Locale
-import javax.inject.Provider
 
 public abstract class DevSupportManagerBase(
     protected val applicationContext: Context,
@@ -185,6 +184,7 @@ public abstract class DevSupportManagerBase(
         }
 
   private var perfMonitorOverlayManager: PerfMonitorOverlayManager? = null
+  private var perfMonitorInitialized = false
   private var tracingStateProvider: TracingStateProvider? = null
 
   init {
@@ -222,13 +222,6 @@ public abstract class DevSupportManagerBase(
       perfMonitorOverlayManager =
           PerfMonitorOverlayManager(
               reactInstanceDevHelper,
-              Provider {
-                val context = reactInstanceDevHelper.currentActivity
-                if (context == null || context.isFinishing) {
-                  return@Provider null
-                }
-                context
-              },
               { openDebugger(DebuggerFrontendPanelName.PERFORMANCE.toString()) },
           )
     }
@@ -552,14 +545,16 @@ public abstract class DevSupportManagerBase(
   }
 
   override fun onNewReactContextCreated(reactContext: ReactContext) {
-    resetCurrentContext(reactContext)
-
-    if (reactInstanceDevHelper is PerfMonitorDevHelper) {
+    if (!perfMonitorInitialized && reactInstanceDevHelper is PerfMonitorDevHelper) {
       perfMonitorOverlayManager?.let { manager ->
         reactInstanceDevHelper.inspectorTarget?.addPerfMonitorListener(manager)
       }
       perfMonitorOverlayManager?.enable()
+      perfMonitorOverlayManager?.startBackgroundTrace()
+      perfMonitorInitialized = true
     }
+
+    resetCurrentContext(reactContext)
   }
 
   override fun onReactInstanceDestroyed(reactContext: ReactContext) {
@@ -877,8 +872,6 @@ public abstract class DevSupportManagerBase(
         devLoadingViewManager?.showMessage("Reloading...")
       }
 
-      perfMonitorOverlayManager?.reset()
-
       devServerHelper.openPackagerConnection(
           javaClass.simpleName,
           object : PackagerCommandListener {
@@ -928,7 +921,7 @@ public abstract class DevSupportManagerBase(
       hideRedboxDialog()
       hideDevOptionsDialog()
       devLoadingViewManager?.hide()
-      perfMonitorOverlayManager?.reset()
+      perfMonitorOverlayManager?.disable()
 
       devServerHelper.closePackagerConnection()
     }
diff --git a/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/perfmonitor/PerfMonitorDevHelper.kt b/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/perfmonitor/PerfMonitorDevHelper.kt
index 86e39ad3921..8d24ff3154f 100644
--- a/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/perfmonitor/PerfMonitorDevHelper.kt
+++ b/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/perfmonitor/PerfMonitorDevHelper.kt
@@ -7,11 +7,15 @@
 
 package com.facebook.react.devsupport.perfmonitor
 
+import android.app.Activity
+
 /**
  * Interface implemented by [com.facebook.react.runtime.ReactHostImplDevHelper] exposing additional
  * hooks used to implement the V2 Perf Monitor overlay (experimental).
  */
 internal interface PerfMonitorDevHelper {
+  public val currentActivity: Activity?
+
   /**
    * The inspector target object. Matches the lifetime of the ReactHost. May be null if modern JS
    * debugging is disabled.
diff --git a/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/perfmonitor/PerfMonitorOverlayManager.kt b/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/perfmonitor/PerfMonitorOverlayManager.kt
index 9773eb34cb1..9442152e3c9 100644
--- a/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/perfmonitor/PerfMonitorOverlayManager.kt
+++ b/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/devsupport/perfmonitor/PerfMonitorOverlayManager.kt
@@ -7,42 +7,24 @@
 
 package com.facebook.react.devsupport.perfmonitor
 
-import android.content.Context
 import com.facebook.react.bridge.UiThreadUtil
 import com.facebook.react.devsupport.interfaces.TracingState
-import javax.inject.Provider
 
 internal class PerfMonitorOverlayManager(
     private val devHelper: PerfMonitorDevHelper,
-    private val contextProvider: Provider<Context?>,
     private val onRequestOpenDevTools: () -> Unit,
 ) : PerfMonitorUpdateListener {
   private var enabled: Boolean = false
-  private var initialized: Boolean = false
   private var view: PerfMonitorOverlayView? = null
   private var tracingState: TracingState = TracingState.ENABLEDINCDPMODE
 
-  private fun init() {
-    if (initialized || !enabled) {
-      return
-    }
-
-    UiThreadUtil.runOnUiThread {
-      val context = contextProvider.get() ?: return@runOnUiThread
-      view = PerfMonitorOverlayView(context, ::handleRecordingButtonPress)
-
-      // Start background tracing
-      devHelper.inspectorTarget?.resumeBackgroundTrace()
-
-      view?.show()
-      initialized = true
-    }
-  }
-
-  /** Enable the Perf Monitor overlay. Will be shown when updates are received. */
+  /** Enable the Perf Monitor overlay. */
   fun enable() {
     enabled = true
-    init()
+    UiThreadUtil.runOnUiThread {
+      val context = devHelper.currentActivity ?: return@runOnUiThread
+      view = PerfMonitorOverlayView(context, ::handleRecordingButtonPress)
+    }
   }
 
   /** Disable the Perf Monitor overlay. Will remain hidden when updates are received. */
@@ -52,24 +34,31 @@ internal class PerfMonitorOverlayManager(
     enabled = false
   }
 
-  /** Reset the Perf Monitor overlay, e.g. after a reload. */
-  fun reset() {
-    // Update with current recording state
-    onRecordingStateChanged(
-        devHelper.inspectorTarget?.getTracingState() ?: TracingState.ENABLEDINCDPMODE
-    )
+  /** Start background trace recording. */
+  fun startBackgroundTrace() {
+    if (!enabled) {
+      return
+    }
+
+    devHelper.inspectorTarget?.let { target ->
+      target.resumeBackgroundTrace()
+      onRecordingStateChanged(target.getTracingState())
+    }
   }
 
   override fun onRecordingStateChanged(state: TracingState) {
     tracingState = state
-    view?.updateRecordingState(state)
+    UiThreadUtil.runOnUiThread {
+      view?.updateRecordingState(state)
+      view?.show()
+    }
   }
 
   private fun handleRecordingButtonPress() {
     when (tracingState) {
       TracingState.ENABLEDINBACKGROUNDMODE -> {
-        devHelper.inspectorTarget?.let {
-          if (!it.pauseAndAnalyzeBackgroundTrace()) {
+        devHelper.inspectorTarget?.let { target ->
+          if (!target.pauseAndAnalyzeBackgroundTrace()) {
             onRequestOpenDevTools()
           }
         }