diff --git a/common/channel.cc b/common/channel.cc
index b1d0095..1d6bb44 100644
--- a/common/channel.cc
+++ b/common/channel.cc
@@ -666,13 +666,16 @@ MessageSlot *Channel::NextSlot(MessageSlot *slot, bool reliable, int owner,
     Prefix(slot)->flags |= kMessageSeen;
     return slot;
   }
-  // Going to move to another slot.  Decrement refs on current slot.
-  IncDecRefCount(slot, reliable, -1);
-  slot->owners.Clear(owner);
   if (slot->element.next == 0) {
     // No more active slots.
+    // We need to hold onto the slot because when we call NextSlot again
+    // for the next batch of messages this slot needs still to allocated
+    // to the subsciber.
     return nullptr;
   }
+  // Going to move to another slot.  Decrement refs on current slot.
+  IncDecRefCount(slot, reliable, -1);
+  slot->owners.Clear(owner);
 
   slot = reinterpret_cast<MessageSlot *>(FromCCBOffset(slot->element.next));
   IncDecRefCount(slot, reliable, +1);