diff --git a/UnityPy/files/SerializedFile.py b/UnityPy/files/SerializedFile.py
index 309dd106..9ce1342d 100644
--- a/UnityPy/files/SerializedFile.py
+++ b/UnityPy/files/SerializedFile.py
@@ -407,14 +407,14 @@ def load_dependencies(self, possible_dependencies: Optional[list] = None):
             where the target file is not listed as external.
         """
         for file_id in self.externals:
-            self.environment.load_file(file_id.path, True)
+            self.environment.load_file(file_id.path, is_dependency=True)
 
         if possible_dependencies is None:
             return
 
         for dependency in possible_dependencies:
             try:
-                self.environment.load_file(dependency, True)
+                self.environment.load_file(dependency, is_dependency=True)
             except FileNotFoundError:
                 pass
 
diff --git a/tests/test_dependencies.py b/tests/test_dependencies.py
new file mode 100644
index 00000000..864862b8
--- /dev/null
+++ b/tests/test_dependencies.py
@@ -0,0 +1,39 @@
+import os
+
+import UnityPy
+from UnityPy.files import SerializedFile
+from UnityPy.files.SerializedFile import FileIdentifier
+
+SAMPLES = os.path.join(os.path.dirname(os.path.abspath(__file__)), "samples")
+
+
+def write_serialized_files(directory):
+    """main.assets, which lists dep.assets as an external, and dep.assets, both copies of a sample file"""
+    env = UnityPy.load(os.path.join(SAMPLES, "banner_1"))
+    bundle = next(iter(env.files.values()))
+    serialized = next(f for f in bundle.files.values() if isinstance(f, SerializedFile))
+    with open(os.path.join(directory, "dep.assets"), "wb") as f:
+        f.write(serialized.save())
+
+    external = object.__new__(FileIdentifier)
+    external.path = "dep.assets"
+    external.temp_empty = ""
+    external.guid = bytes(16)
+    external.type = 0
+    serialized.externals.append(external)
+    with open(os.path.join(directory, "main.assets"), "wb") as f:
+        f.write(serialized.save())
+    return len(serialized.objects)
+
+
+def test_dependencies_are_not_listed_as_objects(tmp_path):
+    object_count = write_serialized_files(str(tmp_path))
+    env = UnityPy.load(os.path.join(str(tmp_path), "main.assets"))
+    assert len(env.objects) == object_count
+    main = next(iter(env.files.values()))
+
+    main.load_dependencies()
+    dependency = env.get_cab("dep.assets")
+    assert isinstance(dependency, SerializedFile)
+    assert dependency.is_dependency
+    assert len(env.objects) == object_count