diff --git a/src/WinRT.Runtime2/InteropServices/ObjectReference/ContextCallback.cs b/src/WinRT.Runtime2/InteropServices/ObjectReference/ContextCallback.cs
index 01941a99f..b87630265 100644
--- a/src/WinRT.Runtime2/InteropServices/ObjectReference/ContextCallback.cs
+++ b/src/WinRT.Runtime2/InteropServices/ObjectReference/ContextCallback.cs
@@ -11,6 +11,12 @@ namespace WindowsRuntime.InteropServices;
 /// </summary>
 internal static unsafe class ContextCallback
 {
+    /// <summary>
+    /// Storage for the user-provided state for <see cref="CallInContextUnsafe"/>.
+    /// </summary>
+    [ThreadStatic]
+    private static object? LocalContextCallbackState;
+
     /// <summary>
     /// Calls the given callback in the right context, and returns the result of that invocation.
     /// </summary>
@@ -38,21 +44,10 @@ public static HRESULT CallInContextUnsafe(
             return WellKnownErrorCodes.S_OK;
         }
 
-        ComCallData comCallData;
-        comCallData.dwDispid = 0;
-        comCallData.dwReserved = 0;
-
-        CallbackData callbackData;
-        callbackData.Callback = callback;
-        callbackData.State = state;
-
-        // We can just store a pointer to the callback to invoke in the context,
-        // so we don't need to allocate another closure or anything. The callback
-        // will be kept alive automatically, because 'comCallData' is address exposed.
-        // In 'InvokeCallback' below, we then invoke the current caller-provided callback.
-        comCallData.pUserDefined = &callbackData;
-
-        // Stub to invoke on the target context
+        // Native method that invokes the callback on the target context. The state object is guaranteed to be pinned,
+        // so we can access it from a pointer. Note that the object will be stored in a static field, and it will not
+        // be on the stack of the original thread, so it's safe with respect to cross-thread access of managed objects.
+        // See: https://github.com/dotnet/runtime/blob/main/docs/design/specs/Memory-model.md#cross-thread-access-to-local-variables.
         [UnmanagedCallersOnly]
         static int InvokeCallback(ComCallData* comCallData)
         {
@@ -60,7 +55,7 @@ static int InvokeCallback(ComCallData* comCallData)
             {
                 CallbackData* callbackData = (CallbackData*)comCallData->pUserDefined;
 
-                callbackData->Callback(callbackData->State);
+                callbackData->Callback(*callbackData->StatePtr);
 
                 return WellKnownErrorCodes.S_OK;
             }
@@ -70,10 +65,49 @@ static int InvokeCallback(ComCallData* comCallData)
             }
         }
 
+        ref object? localContextCallbackState = ref LocalContextCallbackState;
+
+        // Store the state object in the thread static to pass to the callback.
+        // A thread local is the most efficient solution for this, given that
+        // we need the state to be somewhere on the managed heap to be valid.
+        // The GC doesn't allow cross-thread access to managed stack variables.
+        // We're not using a volatile write, as it wouldn't actually help at all.
+        // Volatile writes disallow the write operations to be moved before memory
+        // operations that precede them, but they have nothing to say with respect
+        // to memory operations after them (whereas here we specifically need this
+        // write to not be reordered before following reads from that static field).
+        if (localContextCallbackState is null)
+        {
+            localContextCallbackState = state;
+        }
+        else
+        {
+            // In case we recursed on this thread, meaning the local storage already holds a state
+            // for some other caller above us in the stack, we can use a throwaway array to store
+            // the current state. This isn't very efficient, but in practice this case should not
+            // ever happen (it was validated in our entire test suite as well as in stress tests
+            // with the Microsoft Store app, and we never detected recursion on this code path).
+            // However just to be extra safe, we still want to keep this branch functional too.
+            object[] objects = [state];
+
+            localContextCallbackState = ref MemoryMarshal.GetArrayDataReference(objects)!;
+        }
+
         HRESULT hresult;
 
+        // Pin the state storage, which we can now safely pass to the target thread
+        fixed (object* statePtr = &localContextCallbackState)
         fixed (Guid* riid = &WellKnownWindowsInterfaceIIDs.IID_ICallbackWithNoReentrancyToApplicationSTA)
         {
+            CallbackData callbackData;
+            callbackData.Callback = callback;
+            callbackData.StatePtr = statePtr;
+
+            ComCallData comCallData;
+            comCallData.dwDispid = 0;
+            comCallData.dwReserved = 0;
+            comCallData.pUserDefined = &callbackData;
+
             // Marshal the supplied callback on the target context
             hresult = IContextCallbackVftbl.ContextCallbackUnsafe(
                 thisPtr: contextCallbackPtr,
@@ -84,6 +118,9 @@ static int InvokeCallback(ComCallData* comCallData)
                 pUnk: null);
         }
 
+        // Reset the static field to avoid keeping the state alive for longer
+        LocalContextCallbackState = null;
+
         return hresult;
     }
 
@@ -98,8 +135,8 @@ private struct CallbackData
         public delegate*<object, void> Callback;
 
         /// <summary>
-        /// The additional argument to supply to <see cref="Callback"/>.
+        /// A pointer to the additional argument to supply to <see cref="Callback"/>.
         /// </summary>
-        public object State;
+        public object* StatePtr;
     }
 }
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