diff --git a/kernel/futex.c b/kernel/futex.c
index fafc54fef88..6b320c2ad6f 100644
--- a/kernel/futex.c
+++ b/kernel/futex.c
@@ -486,8 +486,14 @@ static struct futex_pi_state * alloc_pi_state(void)
 	return pi_state;
 }
 
+/*
+ * Must be called with the hb lock held.
+ */
 static void free_pi_state(struct futex_pi_state *pi_state)
 {
+	if (!pi_state)
+		return;
+
 	if (!atomic_dec_and_test(&pi_state->refcount))
 		return;
 
@@ -1401,15 +1407,6 @@ static int futex_requeue(u32 __user *uaddr1, unsigned int flags,
 	}
 
 retry:
-	if (pi_state != NULL) {
-		/*
-		 * We will have to lookup the pi_state again, so free this one
-		 * to keep the accounting correct.
-		 */
-		free_pi_state(pi_state);
-		pi_state = NULL;
-	}
-
 	ret = get_futex_key(uaddr1, flags & FLAGS_SHARED, &key1, VERIFY_READ);
 	if (unlikely(ret != 0))
 		goto out;
@@ -1497,6 +1494,8 @@ retry_private:
 		case 0:
 			break;
 		case -EFAULT:
+			free_pi_state(pi_state);
+			pi_state = NULL;
 			double_unlock_hb(hb1, hb2);
 			put_futex_key(&key2);
 			put_futex_key(&key1);
@@ -1506,6 +1505,8 @@ retry_private:
 			goto out;
 		case -EAGAIN:
 			/* The owner was exiting, try again. */
+			free_pi_state(pi_state);
+			pi_state = NULL;
 			double_unlock_hb(hb1, hb2);
 			put_futex_key(&key2);
 			put_futex_key(&key1);
@@ -1582,6 +1583,7 @@ retry_private:
 	}
 
 out_unlock:
+	free_pi_state(pi_state);
 	double_unlock_hb(hb1, hb2);
 
 	/*
@@ -1598,8 +1600,6 @@ out_put_keys:
 out_put_key1:
 	put_futex_key(&key1);
 out:
-	if (pi_state != NULL)
-		free_pi_state(pi_state);
 	return ret ? ret : task_count;
 }