diff --git a/io/ftw.c b/io/ftw.c
index 2742541f36..08ccbdd523 100644
--- a/io/ftw.c
+++ b/io/ftw.c
@@ -323,8 +323,8 @@ open_dir_stream (int *dfdp, struct ftw_data *data, struct dir_data *dirp)
 	  buf[actsize++] = '\0';
 
 	  /* Shrink the buffer to what we actually need.  */
-	  data->dirstreams[data->actdir]->content = realloc (buf, actsize);
-	  if (data->dirstreams[data->actdir]->content == NULL)
+	  void *content = realloc (buf, actsize);
+	  if (content == NULL)
 	    {
 	      int save_err = errno;
 	      free (buf);
@@ -338,6 +338,7 @@ open_dir_stream (int *dfdp, struct ftw_data *data, struct dir_data *dirp)
 	      data->dirstreams[data->actdir]->streamfd = -1;
 	      data->dirstreams[data->actdir] = NULL;
 	    }
+	  data->dirstreams[data->actdir]->content = content;
 	}
     }