diff --git a/lib/Doctrine/ODM/MongoDB/Proxy/Factory/StaticProxyFactory.php b/lib/Doctrine/ODM/MongoDB/Proxy/Factory/StaticProxyFactory.php
index 9d5e56938..96fe25dbd 100644
--- a/lib/Doctrine/ODM/MongoDB/Proxy/Factory/StaticProxyFactory.php
+++ b/lib/Doctrine/ODM/MongoDB/Proxy/Factory/StaticProxyFactory.php
@@ -15,6 +15,7 @@
 use ProxyManager\Factory\LazyLoadingGhostFactory;
 use ProxyManager\Proxy\GhostObjectInterface;
 use ReflectionProperty;
+use Throwable;
 
 use function array_filter;
 use function count;
@@ -108,7 +109,15 @@ private function createInitializer(
             $initializer         = null;
             $identifier          = $metadata->getIdentifierValue($ghostObject);
 
-            if (! $documentPersister->load(['_id' => $identifier], $ghostObject)) {
+            try {
+                $document = $documentPersister->load(['_id' => $identifier], $ghostObject);
+            } catch (Throwable $exception) {
+                $initializer = $originalInitializer;
+
+                throw $exception;
+            }
+
+            if (! $document) {
                 $initializer = $originalInitializer;
 
                 if (! $this->lifecycleEventManager->documentNotFound($ghostObject, $identifier)) {
diff --git a/tests/Doctrine/ODM/MongoDB/Tests/Proxy/Factory/StaticProxyFactoryTest.php b/tests/Doctrine/ODM/MongoDB/Tests/Proxy/Factory/StaticProxyFactoryTest.php
new file mode 100644
index 000000000..c70a46cfc
--- /dev/null
+++ b/tests/Doctrine/ODM/MongoDB/Tests/Proxy/Factory/StaticProxyFactoryTest.php
@@ -0,0 +1,100 @@
+<?php
+
+declare(strict_types=1);
+
+namespace Doctrine\ODM\MongoDB\Tests\Proxy\Factory;
+
+use Closure;
+use Doctrine\ODM\MongoDB\DocumentManager;
+use Doctrine\ODM\MongoDB\Event\DocumentNotFoundEventArgs;
+use Doctrine\ODM\MongoDB\Events;
+use Doctrine\ODM\MongoDB\LockException;
+use Doctrine\ODM\MongoDB\Tests\BaseTestCase;
+use Documents\Cart;
+use MongoDB\Client;
+use MongoDB\Collection;
+use MongoDB\Database;
+use PHPUnit\Framework\MockObject\MockObject;
+use ProxyManager\Proxy\GhostObjectInterface;
+
+class StaticProxyFactoryTest extends BaseTestCase
+{
+    /** @var Client|MockObject */
+    private Client $client;
+
+    public function setUp(): void
+    {
+        parent::setUp();
+
+        $this->dm = $this->createMockedDocumentManager();
+    }
+
+    public function testProxyInitializeWithException(): void
+    {
+        $collection = $this->createMock(Collection::class);
+        $database   = $this->createMock(Database::class);
+
+        $this->client->expects($this->once())
+            ->method('selectDatabase')
+            ->willReturn($database);
+
+        $database->expects($this->once())
+            ->method('selectCollection')
+            ->willReturn($collection);
+
+        $collection->expects($this->once())
+            ->method('findOne')
+            ->willThrowException(LockException::lockFailed(null));
+
+        $uow = $this->dm->getUnitOfWork();
+
+        $proxy = $this->dm->getReference(Cart::class, '123');
+        self::assertInstanceOf(GhostObjectInterface::class, $proxy);
+
+        $closure = static function (DocumentNotFoundEventArgs $eventArgs) {
+            self::fail('DocumentNotFoundListener should not be called');
+        };
+        $this->dm->getEventManager()->addEventListener(Events::documentNotFound, new DocumentNotFoundListener($closure));
+
+        try {
+            $proxy->initializeProxy();
+            self::fail('An exception should have been thrown');
+        } catch (LockException $exception) {
+            self::assertInstanceOf(LockException::class, $exception);
+        }
+
+        $uow->computeChangeSets();
+
+        self::assertFalse($proxy->isProxyInitialized(), 'Proxy should not be initialized');
+    }
+
+    public function tearDown(): void
+    {
+        // db connection is mocked, nothing to clean up
+    }
+
+    private function createMockedDocumentManager(): DocumentManager
+    {
+        $config = $this->getConfiguration();
+
+        $this->client = $this->createMock(Client::class);
+
+        return DocumentManager::create($this->client, $config);
+    }
+}
+
+class DocumentNotFoundListener
+{
+    private Closure $closure;
+
+    public function __construct(Closure $closure)
+    {
+        $this->closure = $closure;
+    }
+
+    public function documentNotFound(DocumentNotFoundEventArgs $eventArgs): void
+    {
+        $closure = $this->closure;
+        $closure($eventArgs);
+    }
+}