diff --git a/django/contrib/staticfiles/storage.py b/django/contrib/staticfiles/storage.py
index 04a5edbd30..dfc3137f76 100644
--- a/django/contrib/staticfiles/storage.py
+++ b/django/contrib/staticfiles/storage.py
@@ -308,22 +308,23 @@ class HashedFilesMixin:
                 processed_adjustable_paths[name] = (name, hashed_name, processed)
 
         paths = {path: paths[path] for path in adjustable_paths}
-        substitutions = False
-
+        unresolved_paths = []
         for i in range(self.max_post_process_passes):
-            substitutions = False
+            unresolved_paths = []
             for name, hashed_name, processed, subst in self._post_process(
                 paths, adjustable_paths, hashed_files
             ):
                 # Overwrite since hashed_name may be newer.
                 processed_adjustable_paths[name] = (name, hashed_name, processed)
-                substitutions = substitutions or subst
+                if subst:
+                    unresolved_paths.append(name)
 
-            if not substitutions:
+            if not unresolved_paths:
                 break
 
-        if substitutions:
-            yield "All", None, RuntimeError("Max post-process passes exceeded.")
+        if unresolved_paths:
+            problem_paths = ", ".join(sorted(unresolved_paths))
+            yield problem_paths, None, RuntimeError("Max post-process passes exceeded.")
 
         # Store the processed paths
         self.hashed_files.update(hashed_files)
diff --git a/tests/staticfiles_tests/project/loop/baz.css b/tests/staticfiles_tests/project/loop/baz.css
new file mode 100644
index 0000000000..4021a1b1e6
--- /dev/null
+++ b/tests/staticfiles_tests/project/loop/baz.css
@@ -0,0 +1,3 @@
+body {
+    background-color: #fafafa;
+}
diff --git a/tests/staticfiles_tests/test_storage.py b/tests/staticfiles_tests/test_storage.py
index d6ea03b744..9ca4d62553 100644
--- a/tests/staticfiles_tests/test_storage.py
+++ b/tests/staticfiles_tests/test_storage.py
@@ -186,7 +186,9 @@ class TestHashedFiles:
         err = StringIO()
         with self.assertRaisesMessage(RuntimeError, "Max post-process passes exceeded"):
             call_command("collectstatic", interactive=False, verbosity=0, stderr=err)
-        self.assertEqual("Post-processing 'All' failed!\n\n", err.getvalue())
+        self.assertEqual(
+            "Post-processing 'bar.css, foo.css' failed!\n\n", err.getvalue()
+        )
         self.assertPostCondition()
 
     def test_post_processing(self):