diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2026-04-21-14-36-44.gh-issue-148820.XhOGhA.rst b/Misc/NEWS.d/next/Core_and_Builtins/2026-04-21-14-36-44.gh-issue-148820.XhOGhA.rst
new file mode 100644
index 00000000000000..392becaffb73cf
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2026-04-21-14-36-44.gh-issue-148820.XhOGhA.rst
@@ -0,0 +1,5 @@
+Fix a race in :c:type:`!_PyRawMutex` on the free-threaded build where a
+``Py_PARK_INTR`` return from ``_PySemaphore_Wait`` could let the waiter
+destroy its semaphore before the unlocking thread's
+``_PySemaphore_Wakeup`` completed, causing a fatal ``ReleaseSemaphore``
+error.
diff --git a/Python/lock.c b/Python/lock.c
index 752a5899e088a5..af136fefd299d3 100644
--- a/Python/lock.c
+++ b/Python/lock.c
@@ -248,7 +248,16 @@ _PyRawMutex_LockSlow(_PyRawMutex *m)
 
         // Wait for us to be woken up. Note that we still have to lock the
         // mutex ourselves: it is NOT handed off to us.
-        _PySemaphore_Wait(&waiter.sema, -1);
+        //
+        // Loop until we observe an actual wakeup. A return of Py_PARK_INTR
+        // could otherwise let us exit _PySemaphore_Wait and destroy
+        // `waiter.sema` while _PyRawMutex_UnlockSlow's matching
+        // _PySemaphore_Wakeup is still pending, since the unlocker has
+        // already CAS-removed us from the waiter list without any handshake.
+        int res;
+        do {
+            res = _PySemaphore_Wait(&waiter.sema, -1);
+        } while (res != Py_PARK_OK);
     }
 
     _PySemaphore_Destroy(&waiter.sema);
diff --git a/Python/parking_lot.c b/Python/parking_lot.c
index 99c1ad848be795..8823d77719cb9a 100644
--- a/Python/parking_lot.c
+++ b/Python/parking_lot.c
@@ -61,7 +61,9 @@ _PySemaphore_Init(_PySemaphore *sema)
         NULL    //  unnamed
     );
     if (!sema->platform_sem) {
-        Py_FatalError("parking_lot: CreateSemaphore failed");
+        _Py_FatalErrorFormat(__func__,
+            "parking_lot: CreateSemaphore failed (error: %u)",
+            GetLastError());
     }
 #elif defined(_Py_USE_SEMAPHORES)
     if (sem_init(&sema->platform_sem, /*pshared=*/0, /*value=*/0) < 0) {
@@ -141,8 +143,8 @@ _PySemaphore_Wait(_PySemaphore *sema, PyTime_t timeout)
     }
     else {
         _Py_FatalErrorFormat(__func__,
-            "unexpected error from semaphore: %u (error: %u)",
-            wait, GetLastError());
+            "unexpected error from semaphore: %u (error: %u, handle: %p)",
+            wait, GetLastError(), sema->platform_sem);
     }
 #elif defined(_Py_USE_SEMAPHORES)
     int err;
@@ -230,7 +232,9 @@ _PySemaphore_Wakeup(_PySemaphore *sema)
 {
 #if defined(MS_WINDOWS)
     if (!ReleaseSemaphore(sema->platform_sem, 1, NULL)) {
-        Py_FatalError("parking_lot: ReleaseSemaphore failed");
+        _Py_FatalErrorFormat(__func__,
+            "parking_lot: ReleaseSemaphore failed (error: %u, handle: %p)",
+            GetLastError(), sema->platform_sem);
     }
 #elif defined(_Py_USE_SEMAPHORES)
     int err = sem_post(&sema->platform_sem);