diff --git a/multischleuder/processor.py b/multischleuder/processor.py
index a9eb2a2..a42ef5d 100644
--- a/multischleuder/processor.py
+++ b/multischleuder/processor.py
@@ -98,11 +98,14 @@ class MultiList:
                 continue
             new_subs.add(s)
         # Compare the key blobs to the ones present before this run
-        unchanged_subs = {s for s in new_subs if s.key.blob in {o.key.blob for o in current_subs if o.key is not None}}
+        old_keys = {s.key.blob for s in current_subs if s.key is not None}
+        unchanged_subs = {s for s in new_subs if s.key is not None and s.key.blob in old_keys}
+        unchanged_fprs = {s.key.fingerprint for s in unchanged_subs if s.key is not None}
         # Remove the unchanged keys from the changesets so that they are not included in the admin report
         to_subscribe = {s for s in to_subscribe if s not in unchanged_subs}
         to_update = {s for s in to_update if s not in unchanged_subs}
-        to_add = {k for k in to_add if k.fingerprint not in {s.key.fingerprint for s in unchanged_subs}}
+        # need to compare by fpr because == includes the (potentially different) blob
+        to_add = {k for k in to_add if k.fingerprint not in unchanged_fprs}
 
         if len(to_add) + len(to_subscribe) + len(to_unsubscribe) + len(to_remove) == 0:
             logging.info(f'No changes for {self._target}')