diff --git a/lib/rubygems/core_ext/kernel_warn.rb b/lib/rubygems/core_ext/kernel_warn.rb
index e10a845b989c09..e030ef815c9de0 100644
--- a/lib/rubygems/core_ext/kernel_warn.rb
+++ b/lib/rubygems/core_ext/kernel_warn.rb
@@ -38,10 +38,11 @@ class << self
 
           start += 1
 
-          path = loc.path
-          unless path.start_with?(rubygems_path) or path.start_with?('<internal:')
-            # Non-rubygems frames
-            uplevel -= 1
+          if path = loc.path
+            unless path.start_with?(rubygems_path) or path.start_with?('<internal:')
+              # Non-rubygems frames
+              uplevel -= 1
+            end
           end
         end
         uplevel = start