diff --git a/refs/ref-cache.c b/refs/ref-cache.c
index 35bae7e05d..02f09e4df8 100644
--- a/refs/ref-cache.c
+++ b/refs/ref-cache.c
@@ -68,8 +68,9 @@ static void free_ref_entry(struct ref_entry *entry)
 		 * trigger the reading of loose refs.
 		 */
 		clear_ref_dir(&entry->u.subdir);
+	} else {
+		free(entry->u.value.referent);
 	}
-	free(entry->u.value.referent);
 	free(entry);
 }