diff --git a/src/core/dbus.c b/src/core/dbus.c
index 3f0f40e702b..df0979756b4 100644
--- a/src/core/dbus.c
+++ b/src/core/dbus.c
@@ -860,6 +860,10 @@ int bus_init_api(Manager *m) {
         if (r < 0)
                 return log_error_errno(r, "Failed to set up API bus: %m");
 
+        r = bus_track_coldplug(bus, &m->subscribed, /* recursive= */ false, m->deserialized_subscribed);
+        if (r < 0)
+                return r;
+        m->deserialized_subscribed = strv_free(m->deserialized_subscribed);
         m->api_bus = TAKE_PTR(bus);
 
         return 0;
@@ -1004,8 +1008,19 @@ static void destroy_bus(Manager *m, sd_bus **bus) {
         }
 
         /* Get rid of tracked clients on this bus */
-        if (m->subscribed && sd_bus_track_get_bus(m->subscribed) == *bus)
+        if (m->subscribed && sd_bus_track_get_bus(m->subscribed) == *bus) {
+                _cleanup_strv_free_ char **subscribed = NULL;
+                int r;
+
+                r = bus_track_to_strv(m->subscribed, &subscribed);
+                if (r < 0)
+                        log_error_errno(r, "Failed to serialize api subscribers: %m");
+                r = strv_extend_strv_consume(&m->deserialized_subscribed, TAKE_PTR(subscribed), /* filter_duplicates = */ false);
+                if (r < 0)
+                        log_error_errno(r, "Failed to record api subscribers: %m");
+
                 m->subscribed = sd_bus_track_unref(m->subscribed);
+        }
 
         HASHMAP_FOREACH(j, m->jobs)
                 if (j->bus_track && sd_bus_track_get_bus(j->bus_track) == *bus)
@@ -1064,7 +1079,6 @@ void bus_done(Manager *m) {
 
         assert(!m->subscribed);
 
-        m->deserialized_subscribed = strv_free(m->deserialized_subscribed);
         m->polkit_registry = hashmap_free(m->polkit_registry);
 }
 
@@ -1153,20 +1167,19 @@ void bus_track_serialize(sd_bus_track *t, FILE *f, const char *prefix) {
         }
 }
 
-int bus_track_coldplug(Manager *m, sd_bus_track **t, bool recursive, char **l) {
+int bus_track_coldplug(sd_bus *bus, sd_bus_track **t, bool recursive, char **l) {
         int r;
 
-        assert(m);
         assert(t);
 
         if (strv_isempty(l))
                 return 0;
 
-        if (!m->api_bus)
+        if (!bus)
                 return 0;
 
         if (!*t) {
-                r = sd_bus_track_new(m->api_bus, t, NULL, NULL);
+                r = sd_bus_track_new(bus, t, NULL, NULL);
                 if (r < 0)
                         return r;
         }
diff --git a/src/core/dbus.h b/src/core/dbus.h
index d00c14d3b72..eb1baf60493 100644
--- a/src/core/dbus.h
+++ b/src/core/dbus.h
@@ -19,7 +19,7 @@ void bus_done(Manager *m);
 int bus_fdset_add_all(Manager *m, FDSet *fds);
 
 void bus_track_serialize(sd_bus_track *t, FILE *f, const char *prefix);
-int bus_track_coldplug(Manager *m, sd_bus_track **t, bool recursive, char **l);
+int bus_track_coldplug(sd_bus *bus, sd_bus_track **t, bool recursive, char **l);
 
 int bus_foreach_bus(Manager *m, sd_bus_track *subscribed2, int (*send_message)(sd_bus *bus, void *userdata), void *userdata);
 
diff --git a/src/core/manager.c b/src/core/manager.c
index f21a4f7ceb8..8fb52666c0f 100644
--- a/src/core/manager.c
+++ b/src/core/manager.c
@@ -1803,6 +1803,9 @@ Manager* manager_free(Manager *m) {
         free(m->switch_root);
         free(m->switch_root_init);
 
+        sd_bus_track_unref(m->subscribed);
+        strv_free(m->deserialized_subscribed);
+
         unit_defaults_done(&m->defaults);
 
         FOREACH_ARRAY(map, m->units_needing_mounts_for, _UNIT_MOUNT_DEPENDENCY_TYPE_MAX) {
@@ -2139,7 +2142,7 @@ int manager_startup(Manager *m, FILE *serialization, FDSet *fds, const char *roo
                 manager_setup_bus(m);
 
                 /* Now that we are connected to all possible buses, let's deserialize who is tracking us. */
-                r = bus_track_coldplug(m, &m->subscribed, false, m->deserialized_subscribed);
+                r = bus_track_coldplug(m->api_bus, &m->subscribed, false, m->deserialized_subscribed);
                 if (r < 0)
                         log_warning_errno(r, "Failed to deserialized tracked clients, ignoring: %m");
                 m->deserialized_subscribed = strv_free(m->deserialized_subscribed);
@@ -3813,9 +3816,6 @@ int manager_reload(Manager *m) {
         /* Clean up runtime objects no longer referenced */
         manager_vacuum(m);
 
-        /* Clean up deserialized tracked clients */
-        m->deserialized_subscribed = strv_free(m->deserialized_subscribed);
-
         /* Consider the reload process complete now. */
         assert(m->n_reloading > 0);
         m->n_reloading--;
diff --git a/src/shared/bus-util.c b/src/shared/bus-util.c
index 8313dfdd14e..f6d88564b6c 100644
--- a/src/shared/bus-util.c
+++ b/src/shared/bus-util.c
@@ -698,6 +698,28 @@ int bus_track_add_name_many(sd_bus_track *t, char **l) {
         return r;
 }
 
+int bus_track_to_strv(sd_bus_track *t, char ***ret) {
+        _cleanup_strv_free_ char **subscribed = NULL;
+        int r = 0;
+
+        assert(ret);
+
+        for (const char *n = sd_bus_track_first(t); n; n = sd_bus_track_next(t)) {
+                r = sd_bus_track_count_name(t, n);
+                if (r < 0)
+                        return r;
+
+                for (int j = 0; j < r; j++) {
+                        r = strv_extend(&subscribed, n);
+                        if (r < 0)
+                                return r;
+                }
+        }
+
+        *ret = TAKE_PTR(subscribed);
+        return r;
+}
+
 int bus_open_system_watch_bind_with_description(sd_bus **ret, const char *description) {
         _cleanup_(sd_bus_close_unrefp) sd_bus *bus = NULL;
         const char *e;
diff --git a/src/shared/bus-util.h b/src/shared/bus-util.h
index e1908ecbaaf..95b9adb7b1b 100644
--- a/src/shared/bus-util.h
+++ b/src/shared/bus-util.h
@@ -66,6 +66,7 @@ int bus_path_encode_unique(sd_bus *b, const char *prefix, const char *sender_id,
 int bus_path_decode_unique(const char *path, const char *prefix, char **ret_sender, char **ret_external);
 
 int bus_track_add_name_many(sd_bus_track *t, char **l);
+int bus_track_to_strv(sd_bus_track *t, char ***ret);
 
 int bus_open_system_watch_bind_with_description(sd_bus **ret, const char *description);
 static inline int bus_open_system_watch_bind(sd_bus **ret) {