diff --git a/mm/hugetlb.c b/mm/hugetlb.c
index 44f1e6366d04..3d651fc1dd66 100644
--- a/mm/hugetlb.c
+++ b/mm/hugetlb.c
@@ -3029,21 +3029,9 @@ static int alloc_and_dissolve_hugetlb_folio(struct hstate *h,
 {
 	gfp_t gfp_mask = htlb_alloc_mask(h) | __GFP_THISNODE;
 	int nid = folio_nid(old_folio);
-	struct folio *new_folio;
+	struct folio *new_folio = NULL;
 	int ret = 0;
 
-	/*
-	 * Before dissolving the folio, we need to allocate a new one for the
-	 * pool to remain stable.  Here, we allocate the folio and 'prep' it
-	 * by doing everything but actually updating counters and adding to
-	 * the pool.  This simplifies and let us do most of the processing
-	 * under the lock.
-	 */
-	new_folio = alloc_buddy_hugetlb_folio(h, gfp_mask, nid, NULL, NULL);
-	if (!new_folio)
-		return -ENOMEM;
-	__prep_new_hugetlb_folio(h, new_folio);
-
 retry:
 	spin_lock_irq(&hugetlb_lock);
 	if (!folio_test_hugetlb(old_folio)) {
@@ -3073,6 +3061,16 @@ retry:
 		cond_resched();
 		goto retry;
 	} else {
+		if (!new_folio) {
+			spin_unlock_irq(&hugetlb_lock);
+			new_folio = alloc_buddy_hugetlb_folio(h, gfp_mask, nid,
+							      NULL, NULL);
+			if (!new_folio)
+				return -ENOMEM;
+			__prep_new_hugetlb_folio(h, new_folio);
+			goto retry;
+		}
+
 		/*
 		 * Ok, old_folio is still a genuine free hugepage. Remove it from
 		 * the freelist and decrease the counters. These will be
@@ -3100,9 +3098,11 @@ retry:
 
 free_new:
 	spin_unlock_irq(&hugetlb_lock);
-	/* Folio has a zero ref count, but needs a ref to be freed */
-	folio_ref_unfreeze(new_folio, 1);
-	update_and_free_hugetlb_folio(h, new_folio, false);
+	if (new_folio) {
+		/* Folio has a zero ref count, but needs a ref to be freed */
+		folio_ref_unfreeze(new_folio, 1);
+		update_and_free_hugetlb_folio(h, new_folio, false);
+	}
 
 	return ret;
 }