diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2025-02-06-17-57-33.gh-issue-129732.yl97oq.rst b/Misc/NEWS.d/next/Core_and_Builtins/2025-02-06-17-57-33.gh-issue-129732.yl97oq.rst
new file mode 100644
index 00000000000000..a4b104af61692a
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2025-02-06-17-57-33.gh-issue-129732.yl97oq.rst
@@ -0,0 +1 @@
+Fixed a race in ``_Py_qsbr_reserve`` in the free threading build.
diff --git a/Python/qsbr.c b/Python/qsbr.c
index a40219acfe2c29..0df1285cc8e063 100644
--- a/Python/qsbr.c
+++ b/Python/qsbr.c
@@ -205,15 +205,15 @@ _Py_qsbr_reserve(PyInterpreterState *interp)
         }
         _PyEval_StartTheWorld(interp);
     }
-    PyMutex_Unlock(&shared->mutex);
-
-    if (qsbr == NULL) {
-        return -1;
-    }
 
     // Return an index rather than the pointer because the array may be
     // resized and the pointer invalidated.
-    return (struct _qsbr_pad *)qsbr - shared->array;
+    Py_ssize_t index = -1;
+    if (qsbr != NULL) {
+        index = (struct _qsbr_pad *)qsbr - shared->array;
+    }
+    PyMutex_Unlock(&shared->mutex);
+    return index;
 }
 
 void