diff --git a/mm/swap_state.c b/mm/swap_state.c
index e671266ad772..7255c01a1e4e 100644
--- a/mm/swap_state.c
+++ b/mm/swap_state.c
@@ -680,9 +680,10 @@ skip:
 	/* The page was likely read above, so no need for plugging here */
 	folio = __read_swap_cache_async(entry, gfp_mask, mpol, ilx,
 					&page_allocated, false);
-	if (unlikely(page_allocated))
+	if (unlikely(page_allocated)) {
+		zswap_folio_swapin(folio);
 		swap_read_folio(folio, false, NULL);
-	zswap_folio_swapin(folio);
+	}
 	return folio;
 }
 
@@ -855,9 +856,10 @@ skip:
 	/* The folio was likely read above, so no need for plugging here */
 	folio = __read_swap_cache_async(targ_entry, gfp_mask, mpol, targ_ilx,
 					&page_allocated, false);
-	if (unlikely(page_allocated))
+	if (unlikely(page_allocated)) {
+		zswap_folio_swapin(folio);
 		swap_read_folio(folio, false, NULL);
-	zswap_folio_swapin(folio);
+	}
 	return folio;
 }
 
diff --git a/mm/zswap.c b/mm/zswap.c
index d2423247acfd..36903d938c15 100644
--- a/mm/zswap.c
+++ b/mm/zswap.c
@@ -377,10 +377,9 @@ void zswap_folio_swapin(struct folio *folio)
 {
 	struct lruvec *lruvec;
 
-	if (folio) {
-		lruvec = folio_lruvec(folio);
-		atomic_long_inc(&lruvec->zswap_lruvec_state.nr_zswap_protected);
-	}
+	VM_WARN_ON_ONCE(!folio_test_locked(folio));
+	lruvec = folio_lruvec(folio);
+	atomic_long_inc(&lruvec->zswap_lruvec_state.nr_zswap_protected);
 }
 
 /*********************************