diff --git a/pdoc/__init__.py b/pdoc/__init__.py
index 3ceb3ee1..a592def5 100644
--- a/pdoc/__init__.py
+++ b/pdoc/__init__.py
@@ -686,9 +686,10 @@ def __init__(self, module: Union[ModuleType, str], *,
                 except AttributeError:
                     warn(f"Module {self.module!r} doesn't contain identifier `{name}` "
                          "exported in `__all__`")
-                if not _is_blacklisted(name, self):
-                    obj = inspect.unwrap(obj)
-                public_objs.append((name, obj))
+                else:
+                    if not _is_blacklisted(name, self):
+                        obj = inspect.unwrap(obj)
+                    public_objs.append((name, obj))
         else:
             def is_from_this_module(obj):
                 mod = inspect.getmodule(inspect.unwrap(obj))