diff --git a/lib/concurrent-ruby/concurrent/promises.rb b/lib/concurrent-ruby/concurrent/promises.rb
index c5df8fe9c..7010c1951 100644
--- a/lib/concurrent-ruby/concurrent/promises.rb
+++ b/lib/concurrent-ruby/concurrent/promises.rb
@@ -1014,9 +1014,11 @@ def exception(*args)
         raise Concurrent::Error, 'it is not rejected' unless rejected?
         raise ArgumentError unless args.size <= 1
         reason = Array(internal_state.reason).flatten.compact
+        locations_supported = RUBY_VERSION >= '3.4'
+        callsites = locations_supported ? caller_locations : caller
         if reason.size > 1
           ex = Concurrent::MultipleErrors.new reason
-          ex.set_backtrace(caller)
+          ex.set_backtrace(callsites)
           ex
         else
           ex = if reason[0].respond_to? :exception
@@ -1024,7 +1026,11 @@ def exception(*args)
                else
                  RuntimeError.new(reason[0]).exception(*args)
                end
-          ex.set_backtrace Array(ex.backtrace) + caller
+          if locations_supported && (locations = ex.backtrace_locations)
+            ex.set_backtrace locations + callsites
+          else
+            ex.set_backtrace Array(ex.backtrace) + callsites.map(&:to_s)
+          end
           ex
         end
       end
diff --git a/spec/concurrent/promises_spec.rb b/spec/concurrent/promises_spec.rb
index 2aa88fdfa..4fd5df976 100644
--- a/spec/concurrent/promises_spec.rb
+++ b/spec/concurrent/promises_spec.rb
@@ -566,6 +566,44 @@ def behaves_as_delay(delay, value)
       expect(exception).to be_a Concurrent::MultipleErrors
       expect(strip_methods[backtrace] - strip_methods[exception.backtrace]).to be_empty
     end
+
+    it 'sets a consistent backtrace and backtrace_locations for an exception with captured locations' do
+      skip 'backtrace_locations is only populated on Ruby >= 3.4' if RUBY_VERSION < '3.4'
+
+      raised    = (raise TypeError, 'boom' rescue $!)
+      exception = rejected_future(raised).exception
+
+      expect(exception).to be_a TypeError
+      expect(exception.backtrace).not_to be_nil
+      expect(exception.backtrace_locations).not_to be_nil
+      expect(exception.backtrace_locations.map(&:to_s)).to eq exception.backtrace
+    end
+
+    it 'preserves a String-only backtrace when no locations are available' do
+      skip 'backtrace_locations is only populated on Ruby >= 3.4' if RUBY_VERSION < '3.4'
+
+      string_only = TypeError.new
+      string_only.set_backtrace %W[/a /b /c]
+      expect(string_only.backtrace_locations).to be_nil
+
+      exception = rejected_future(string_only).exception
+
+      expect(exception).to be_a TypeError
+      expect(exception.backtrace).not_to be_nil
+      expect(exception.backtrace_locations).to be_nil
+      expect(exception.backtrace).to start_with %W[/a /b /c]
+    end
+
+    it 'sets a consistent backtrace and backtrace_locations for MultipleErrors' do
+      skip 'backtrace_locations is only populated on Ruby >= 3.4' if RUBY_VERSION < '3.4'
+
+      exception = (rejected_future(TypeError.new) & rejected_future(TypeError.new)).exception
+
+      expect(exception).to be_a Concurrent::MultipleErrors
+      expect(exception.backtrace).not_to be_nil
+      expect(exception.backtrace_locations).not_to be_nil
+      expect(exception.backtrace_locations.map(&:to_s)).to eq exception.backtrace
+    end
   end
 
   describe 'ResolvableEvent' do