diff --git a/web/src/main/java/org/springframework/security/web/context/DelegatingSecurityContextRepository.java b/web/src/main/java/org/springframework/security/web/context/DelegatingSecurityContextRepository.java
index a2ae4c810a..10c6d1e429 100644
--- a/web/src/main/java/org/springframework/security/web/context/DelegatingSecurityContextRepository.java
+++ b/web/src/main/java/org/springframework/security/web/context/DelegatingSecurityContextRepository.java
@@ -1,5 +1,5 @@
 /*
- * Copyright 2002-2022 the original author or authors.
+ * Copyright 2002-2023 the original author or authors.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -46,7 +46,14 @@ public final class DelegatingSecurityContextRepository implements SecurityContex
 
 	@Override
 	public SecurityContext loadContext(HttpRequestResponseHolder requestResponseHolder) {
-		return loadDeferredContext(requestResponseHolder.getRequest()).get();
+		SecurityContext result = null;
+		for (SecurityContextRepository delegate : this.delegates) {
+			SecurityContext delegateResult = delegate.loadContext(requestResponseHolder);
+			if (result == null || delegate.containsContext(requestResponseHolder.getRequest())) {
+				result = delegateResult;
+			}
+		}
+		return result;
 	}
 
 	@Override
diff --git a/web/src/test/java/org/springframework/security/web/context/DelegatingSecurityContextRepositoryTests.java b/web/src/test/java/org/springframework/security/web/context/DelegatingSecurityContextRepositoryTests.java
index ae3220e6bf..56b1a1f3bf 100644
--- a/web/src/test/java/org/springframework/security/web/context/DelegatingSecurityContextRepositoryTests.java
+++ b/web/src/test/java/org/springframework/security/web/context/DelegatingSecurityContextRepositoryTests.java
@@ -1,5 +1,5 @@
 /*
- * Copyright 2002-2022 the original author or authors.
+ * Copyright 2002-2023 the original author or authors.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -141,4 +141,64 @@ public class DelegatingSecurityContextRepositoryTests {
 		verifyNoInteractions(delegates.get(2));
 	}
 
+	// gh-12314
+	@Test
+	public void loadContextWhenSecondDelegateReturnsThenContextFromSecondDelegate() {
+		SecurityContextRepository delegate1 = mock(SecurityContextRepository.class);
+		SecurityContextRepository delegate2 = mock(SecurityContextRepository.class);
+		HttpRequestResponseHolder holder = new HttpRequestResponseHolder(this.request, this.response);
+		SecurityContext securityContext1 = mock(SecurityContext.class);
+		SecurityContext securityContext2 = mock(SecurityContext.class);
+
+		given(delegate1.loadContext(holder)).willReturn(securityContext1);
+		given(delegate1.containsContext(holder.getRequest())).willReturn(false);
+		given(delegate2.loadContext(holder)).willReturn(securityContext2);
+		given(delegate2.containsContext(holder.getRequest())).willReturn(true);
+
+		DelegatingSecurityContextRepository repository = new DelegatingSecurityContextRepository(delegate1, delegate2);
+		SecurityContext returnedSecurityContext = repository.loadContext(holder);
+
+		assertThat(returnedSecurityContext).isSameAs(securityContext2);
+	}
+
+	// gh-12314
+	@Test
+	public void loadContextWhenBothDelegateReturnsThenContextFromSecondDelegate() {
+		SecurityContextRepository delegate1 = mock(SecurityContextRepository.class);
+		SecurityContextRepository delegate2 = mock(SecurityContextRepository.class);
+		HttpRequestResponseHolder holder = new HttpRequestResponseHolder(this.request, this.response);
+		SecurityContext securityContext1 = mock(SecurityContext.class);
+		SecurityContext securityContext2 = mock(SecurityContext.class);
+
+		given(delegate1.loadContext(holder)).willReturn(securityContext1);
+		given(delegate1.containsContext(holder.getRequest())).willReturn(true);
+		given(delegate2.loadContext(holder)).willReturn(securityContext2);
+		given(delegate2.containsContext(holder.getRequest())).willReturn(true);
+
+		DelegatingSecurityContextRepository repository = new DelegatingSecurityContextRepository(delegate1, delegate2);
+		SecurityContext returnedSecurityContext = repository.loadContext(holder);
+
+		assertThat(returnedSecurityContext).isSameAs(securityContext2);
+	}
+
+	// gh-12314
+	@Test
+	public void loadContextWhenFirstDelegateReturnsThenContextFromFirstDelegate() {
+		SecurityContextRepository delegate1 = mock(SecurityContextRepository.class);
+		SecurityContextRepository delegate2 = mock(SecurityContextRepository.class);
+		HttpRequestResponseHolder holder = new HttpRequestResponseHolder(this.request, this.response);
+		SecurityContext securityContext1 = mock(SecurityContext.class);
+		SecurityContext securityContext2 = mock(SecurityContext.class);
+
+		given(delegate1.loadContext(holder)).willReturn(securityContext1);
+		given(delegate1.containsContext(holder.getRequest())).willReturn(true);
+		given(delegate2.loadContext(holder)).willReturn(securityContext2);
+		given(delegate2.containsContext(holder.getRequest())).willReturn(false);
+
+		DelegatingSecurityContextRepository repository = new DelegatingSecurityContextRepository(delegate1, delegate2);
+		SecurityContext returnedSecurityContext = repository.loadContext(holder);
+
+		assertThat(returnedSecurityContext).isSameAs(securityContext1);
+	}
+
 }