load_target will return the target. it also will not load if loaded? is true.

activerecord/lib/active_record/associations/association_collection.rb

@@ -553,9 +553,8 @@ def first_or_last(type, *args)
           if fetch_first_or_last_using_find?(args)
             scoped.send(type, *args)
           else
-            load_target unless loaded?
             args.shift if args.first.kind_of?(Hash) && args.first.empty?
-            @target.send(type, *args)
+            load_target.send(type, *args)
           end
         end
     end