diff --git a/activesupport/lib/active_support/notifications/fanout.rb b/activesupport/lib/active_support/notifications/fanout.rb
index 2bc782ecee2cc..af70faf407293 100644
--- a/activesupport/lib/active_support/notifications/fanout.rb
+++ b/activesupport/lib/active_support/notifications/fanout.rb
@@ -17,26 +17,30 @@ def initialize(exceptions)
     end
 
     module FanoutIteration # :nodoc:
-      def iterate_guarding_exceptions(listeners)
-        exceptions = nil
-
-        listeners.each do |s|
-          yield s
-        rescue Exception => e
-          exceptions ||= []
-          exceptions << e
-        end
+      private
+        def iterate_guarding_exceptions(collection)
+          exceptions = nil
 
-        if exceptions
-          if exceptions.size == 1
-            raise exceptions.first
-          else
-            raise InstrumentationSubscriberError.new(exceptions), cause: exceptions.first
+          collection.each do |s|
+            yield s
+          rescue Exception => e
+            exceptions ||= []
+            exceptions << e
           end
-        end
 
-        listeners
-      end
+          if exceptions
+            exceptions = exceptions.flat_map do |exception|
+              exception.is_a?(InstrumentationSubscriberError) ? exception.exceptions : [exception]
+            end
+            if exceptions.size == 1
+              raise exceptions.first
+            else
+              raise InstrumentationSubscriberError.new(exceptions), cause: exceptions.first
+            end
+          end
+
+          collection
+        end
     end
 
     # This is a default queue implementation that ships with Notifications.
@@ -222,6 +226,8 @@ def groups_for(name) # :nodoc:
       #     handle.finish
       #   end
       class Handle
+        include FanoutIteration
+
         def initialize(notifier, name, id, payload) # :nodoc:
           @name = name
           @id = id
@@ -236,7 +242,7 @@ def start
           ensure_state! :initialized
           @state = :started
 
-          @groups.each do |group|
+          iterate_guarding_exceptions(@groups) do |group|
             group.start(@name, @id, @payload)
           end
         end
@@ -249,7 +255,7 @@ def finish_with_values(name, id, payload) # :nodoc:
           ensure_state! :started
           @state = :finished
 
-          @groups.each do |group|
+          iterate_guarding_exceptions(@groups) do |group|
             group.finish(name, id, payload)
           end
         end
diff --git a/activesupport/test/notifications/evented_notification_test.rb b/activesupport/test/notifications/evented_notification_test.rb
index 2933b46d25bb1..fa96faff20fbd 100644
--- a/activesupport/test/notifications/evented_notification_test.rb
+++ b/activesupport/test/notifications/evented_notification_test.rb
@@ -126,6 +126,9 @@ def test_listen_finish_multiple_exception_consistency
         listener = Listener.new
         notifier.subscribe nil, BadFinishListener.new
         notifier.subscribe nil, BadFinishListener.new
+        notifier.subscribe(nil) { |*args| raise "foo" }
+        notifier.subscribe(nil) { |obj| raise "foo" }
+        notifier.subscribe(nil, monotonic: true) { |obj| raise "foo" }
         notifier.subscribe nil, listener
 
         notifier.start  "hello", 1, {}
@@ -133,11 +136,13 @@ def test_listen_finish_multiple_exception_consistency
         error = assert_raises InstrumentationSubscriberError do
           notifier.finish  "world", 1, {}
         end
+        assert_equal 5, error.exceptions.count
         assert_instance_of BadListenerException, error.cause
 
         error = assert_raises InstrumentationSubscriberError do
           notifier.finish  "hello", 1, {}
         end
+        assert_equal 5, error.exceptions.count
         assert_instance_of BadListenerException, error.cause
 
         assert_equal 4, listener.events.length