diff --git a/lib/jekyll/document.rb b/lib/jekyll/document.rb
index 3840375c..5ba740a1 100644
--- a/lib/jekyll/document.rb
+++ b/lib/jekyll/document.rb
@@ -246,7 +246,7 @@ module Jekyll
     #
     # Returns the content of the document
     def to_s
-      output || content
+      content || ''
     end
 
     # Compare this document against another document.
diff --git a/lib/jekyll/renderer.rb b/lib/jekyll/renderer.rb
index f5d30133..b105093d 100644
--- a/lib/jekyll/renderer.rb
+++ b/lib/jekyll/renderer.rb
@@ -49,14 +49,17 @@ module Jekyll
         output = render_liquid(output, payload, info)
       end
 
+      output = convert(output)
+      document.content = output
+
       if document.place_in_layout?
         place_in_layouts(
-          convert(output),
+          output,
           payload,
           info
         )
       else
-        convert(output)
+        output
       end
     end