diff --git a/node-graph/node-macro/src/codegen.rs b/node-graph/node-macro/src/codegen.rs
index f75c7f28a3..2d43e9b937 100644
--- a/node-graph/node-macro/src/codegen.rs
+++ b/node-graph/node-macro/src/codegen.rs
@@ -2510,13 +2510,25 @@ pub(crate) fn generate_node_impl(crate_ident: &CrateIdent, parsed: &ParsedNodeFn
 			type Output = #trait_output;
 
 			fn eval(&self, __input: &#ctx_ident) -> #core_types::gpoll::GPoll<Self::Output> {
+				// The exit trace rides a guard so early returns report too, which
+				// is what pins a frame leak to its node.
 				#[cfg(debug_assertions)]
-				{
+				let __sp_trace = {
 					static __SP_TRACE: ::std::sync::OnceLock<bool> = ::std::sync::OnceLock::new();
-					if *__SP_TRACE.get_or_init(|| ::std::env::var_os("GRAPHENE_SP_DEBUG").is_some()) {
-						::std::eprintln!("node> {} enter sp {}", ::std::stringify!(#fn_name), #core_types::record::stack::sp());
+					struct __SpTrace(&'static str, usize);
+					impl ::core::ops::Drop for __SpTrace {
+						fn drop(&mut self) {
+							::std::eprintln!("node> {} exit sp {} -> {}", self.0, self.1, #core_types::record::stack::sp());
+						}
 					}
-				}
+					match *__SP_TRACE.get_or_init(|| ::std::env::var_os("GRAPHENE_SP_DEBUG").is_some()) {
+						true => {
+							::std::eprintln!("node> {} enter sp {}", ::std::stringify!(#fn_name), #core_types::record::stack::sp());
+							Some(__SpTrace(::std::stringify!(#fn_name), #core_types::record::stack::sp()))
+						}
+						false => None,
+					}
+				};
 				let _entry_sp = #core_types::record::stack::sp();
 				let __cell = #cell_constructor;
 				#reclaim_guard
diff --git a/node-graph/nodes/gcore/src/memo.rs b/node-graph/nodes/gcore/src/memo.rs
index a36eabf2b2..034527b60b 100644
--- a/node-graph/nodes/gcore/src/memo.rs
+++ b/node-graph/nodes/gcore/src/memo.rs
@@ -35,6 +35,7 @@ fn memoize<'e>(
 	#[data] cache: Arc<Mutex<Option<MemoLevel>>>,
 	content: impl Node<Context<'_>, Output = RecordValue<'e>>,
 ) -> GPoll<RecordValue<'e>> {
+	let entry_sp = core_types::record::stack::sp();
 	// A scalar wire's value may depend on the consuming lane (index readers),
 	// so only a leveled wire, whose level covers every lane by construction,
 	// keys with the lane normalized away.
@@ -99,12 +100,16 @@ fn memoize<'e>(
 				*cache.lock().unwrap() = Some(entry);
 				result
 			}
+			// A valueless materialization caches nothing, so the frames it left
+			// behind have no reader and must not be counted against this node.
 			LevelStatus::Pending => {
-				claim_frame(content.layout());
+				// SAFETY: nothing borrows the frames above the entry mark.
+				unsafe { core_types::record::interrupt_frame(entry_sp, content.layout()) };
 				GPoll::Pending
 			}
 			LevelStatus::Error(error) => {
-				claim_frame(content.layout());
+				// SAFETY: nothing borrows the frames above the entry mark.
+				unsafe { core_types::record::interrupt_frame(entry_sp, content.layout()) };
 				GPoll::Error(Box::new(error))
 			}
 		};