diff --git a/CHANGELOG.md b/CHANGELOG.md
index b31f875751..009a8e57ab 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,7 @@ All notable changes to elephc, a PHP-to-native compiler written in Rust.
 Releases are listed newest first.
 
 ## [Unreleased]
+- Fixed the caught-exception leak (issue #448): every handled `throw` leaked its throwable (~48 bytes per `catch`), because the catch binding moved the in-flight exception into the variable's slot without ever scheduling a release — the slot escaped rebind, function-epilogue, and program-exit cleanup alike. Catch-bound slots now follow the ordinary owned-local lifecycle (released on rebind and at the frame epilogue, zero-initialized so untaken catch paths stay safe), a variable-less `catch` consumes the reference through a hidden temporary, and rethrowing a caught variable (`throw $e`) retains it so inner and outer bindings each own their reference. Long-running throw/catch loops now keep a flat heap.
 - Fixed a constant-propagation miscompile with by-reference calls in a `match` subject (issue #384): `echo match(bump($i)) { ... } . "|" . $i` kept the pre-call constant for `$i` and printed the stale value, because a call's unknown write set was treated as "no writes" instead of forcing conservative invalidation. A read sequenced after any by-reference-mutating call in the same expression now observes the post-call value, matching PHP; pure calls (`gettype`, `strlen`, …) keep their operands foldable.
 - Fixed PHP parser/codegen parity for parenthesis-free object instantiation (issue #371): `new Foo`, `new self`, `new static`, `new parent`, and `new $class` now compile with empty constructor arguments, while immediate postfix forms such as `new Foo->bar`, `new Foo::bar()`, `new Foo?->bar`, and `new Foo[0]` are rejected instead of being misparsed.
 - Fixed three PHP parity regressions in the EIR backend: indexed array elements such as `$a[0]` can now be passed to by-reference parameters with copy-on-write storage split before mutation (issue #360); `IteratorAggregate::getIterator()` may declare the marker `Traversable` return type while `foreach` still dispatches through the returned object's concrete `Iterator` methods (issue #385); and catchable private/protected method access plus readonly-property write errors now preserve PHP's receiver/RHS evaluation order before throwing `Error` (issue #383). The merge also removes a duplicate `_spl_error_class_id` data symbol that could make post-merge user assembly fail to assemble.
diff --git a/src/codegen/runtime/arrays/decref_any.rs b/src/codegen/runtime/arrays/decref_any.rs
index 9f10d80b61..018f44c8ee 100644
--- a/src/codegen/runtime/arrays/decref_any.rs
+++ b/src/codegen/runtime/arrays/decref_any.rs
@@ -133,6 +133,8 @@ fn emit_decref_any_linux_x86_64(emitter: &mut Emitter) {
     emitter.instruction("je __rt_decref_any_object");                           // objects release through the x86_64 object decref helper
     emitter.instruction("cmp r10, 5");                                          // does this heap-backed payload point at a boxed mixed cell?
     emitter.instruction("je __rt_decref_any_mixed");                            // mixed cells release through the x86_64 mixed decref helper
+    emitter.instruction("cmp r10, 6");                                          // does this heap-backed payload point at a throwable object (issue #448)?
+    emitter.instruction("je __rt_decref_any_object");                           // throwables release through the x86_64 object decref helper like plain objects
     emitter.instruction("jmp __rt_decref_any_done");                            // unknown/raw heap kinds need no release work in the current x86_64 bootstrap runtime
 
     emitter.label("__rt_decref_any_string");
diff --git a/src/codegen/runtime/arrays/decref_object.rs b/src/codegen/runtime/arrays/decref_object.rs
index 8b6cc978e6..6bac63ef14 100644
--- a/src/codegen/runtime/arrays/decref_object.rs
+++ b/src/codegen/runtime/arrays/decref_object.rs
@@ -110,8 +110,12 @@ fn emit_decref_object_linux_x86_64(emitter: &mut Emitter) {
     emitter.instruction(&format!("cmp r11d, 0x{:x}", X86_64_HEAP_MAGIC_HI32));  // ignore foreign pointers that do not carry the elephc x86_64 heap marker
     emitter.instruction("jne __rt_decref_object_skip");                         // only elephc-owned objects participate in x86_64 decref bookkeeping
     emitter.instruction("and r10, 0xff");                                       // isolate the low-byte uniform heap kind tag for a final ownership sanity check
-    emitter.instruction("cmp r10, 4");                                          // is this heap-backed payload really an object instance?
+    emitter.instruction("cmp r10, 4");                                          // is this heap-backed payload a plain object instance?
+    emitter.instruction("je __rt_decref_object_counted");                       // plain objects release through the shared refcount bookkeeping
+    emitter.instruction("cmp r10, 6");                                          // is this heap-backed payload a throwable object instance (issue #448)?
     emitter.instruction("jne __rt_decref_object_skip");                         // other heap kinds must not be released through the object decref helper
+
+    emitter.label("__rt_decref_object_counted");
     emitter.instruction("mov r10d, DWORD PTR [rax - 12]");                      // load the 32-bit object refcount from the uniform heap header
     emitter.instruction("sub r10d, 1");                                         // decrement the object refcount for the releasing x86_64 owner
     emitter.instruction("mov DWORD PTR [rax - 12], r10d");                      // store the decremented object refcount back into the uniform heap header
diff --git a/src/codegen/runtime/arrays/object_free_deep.rs b/src/codegen/runtime/arrays/object_free_deep.rs
index 5a8ceda5e1..5c18eee0cc 100644
--- a/src/codegen/runtime/arrays/object_free_deep.rs
+++ b/src/codegen/runtime/arrays/object_free_deep.rs
@@ -283,8 +283,12 @@ fn emit_object_free_deep_linux_x86_64(emitter: &mut Emitter) {
     emitter.instruction(&format!("cmp r11d, 0x{:x}", X86_64_HEAP_MAGIC_HI32));  // ignore foreign pointers that do not carry the elephc x86_64 heap marker
     emitter.instruction("jne __rt_object_free_deep_done");                      // only elephc-owned objects participate in x86_64 deep-free bookkeeping
     emitter.instruction("and r10, 0xff");                                       // isolate the low-byte uniform heap kind tag for a final ownership sanity check
-    emitter.instruction("cmp r10, 4");                                          // is this heap-backed payload really an object instance?
+    emitter.instruction("cmp r10, 4");                                          // is this heap-backed payload a plain object instance?
+    emitter.instruction("je __rt_object_free_deep_kind_ok");                    // plain objects release through the shared deep-free walk
+    emitter.instruction("cmp r10, 6");                                          // is this heap-backed payload a throwable object instance (issue #448)?
     emitter.instruction("jne __rt_object_free_deep_done");                      // other heap kinds must not be released through the object deep-free helper
+
+    emitter.label("__rt_object_free_deep_kind_ok");
     emitter.instruction("push rbp");                                            // preserve the caller frame pointer before reserving object deep-free spill slots
     emitter.instruction("mov rbp, rsp");                                        // establish a stable frame base for the saved object pointer, descriptor pointer, count, and loop index
     emitter.instruction("sub rsp, 32");                                         // reserve local storage for the object pointer, descriptor pointer, property count, and loop index
diff --git a/src/codegen_ir/frame.rs b/src/codegen_ir/frame.rs
index ea18af5e00..44203b8fae 100644
--- a/src/codegen_ir/frame.rs
+++ b/src/codegen_ir/frame.rs
@@ -346,7 +346,8 @@ fn emit_main_local_epilogue_cleanup(ctx: &mut FunctionContext<'_>) {
     }
 }
 
-/// Returns main local slots that receive owned refcounted values through `StoreLocal`.
+/// Returns main local slots that receive owned refcounted values through `StoreLocal`
+/// or take ownership of a caught exception through `CatchBind`.
 fn main_cleanup_locals(ctx: &FunctionContext<'_>) -> Vec<(String, LocalSlotId, PhpType, usize)> {
     let param_names = ctx
         .function
@@ -449,10 +450,14 @@ fn ref_cell_owner_locals(ctx: &FunctionContext<'_>) -> Vec<(String, LocalSlotId,
     locals
 }
 
-/// Returns true when a local slot is written by an explicit EIR `StoreLocal`.
+/// Returns true when a local slot is written by an explicit EIR `StoreLocal` or takes
+/// ownership of the in-flight exception through a `CatchBind` (issue #448). Both make
+/// the slot own a reference that the epilogue must release (and that the prologue must
+/// zero-initialize, since a catch may never fire on some paths).
 fn local_slot_has_store(function: &Function, slot: LocalSlotId) -> bool {
     function.instructions.iter().any(|inst| {
-        inst.op == Op::StoreLocal && matches!(inst.immediate, Some(Immediate::LocalSlot(candidate)) if candidate == slot)
+        matches!(inst.op, Op::StoreLocal | Op::CatchBind)
+            && matches!(inst.immediate, Some(Immediate::LocalSlot(candidate)) if candidate == slot)
     })
 }
 
@@ -557,7 +562,8 @@ fn emit_function_local_epilogue_cleanup(ctx: &mut FunctionContext<'_>) {
     }
 }
 
-/// Returns function local slots that receive owned refcounted values through `StoreLocal`.
+/// Returns function local slots that receive owned refcounted values through `StoreLocal`
+/// or take ownership of a caught exception through `CatchBind`.
 ///
 /// `include_returned` controls whether slots directly returned by a `Return` terminator are
 /// part of the set. The zero-initialization pass requests them (`true`) so a returned slot
@@ -607,7 +613,7 @@ fn function_cleanup_locals(
     locals
 }
 
-/// Returns whether a local kind can own values through ordinary `StoreLocal`.
+/// Returns whether a local kind can own values through ordinary `StoreLocal` or `CatchBind`.
 fn local_kind_needs_epilogue_cleanup(kind: LocalKind) -> bool {
     matches!(
         kind,
diff --git a/src/ir_lower/stmt/mod.rs b/src/ir_lower/stmt/mod.rs
index bef17b5bba..15e31162d5 100644
--- a/src/ir_lower/stmt/mod.rs
+++ b/src/ir_lower/stmt/mod.rs
@@ -1465,6 +1465,17 @@ fn lower_include_once_guard(ctx: &mut LoweringContext<'_, '_>, label: &str, body
 /// Lowers a throwing statement into a terminator.
 fn lower_throw(ctx: &mut LoweringContext<'_, '_>, expr: &Expr) {
     let value = lower_expr(ctx, expr);
+    // The in-flight exception cell owns one reference to the thrown object. Throwing
+    // an owning temporary (e.g. `throw new E()`, `throw f()`) transfers that
+    // reference; throwing a borrowed value — a load of an owned local such as a
+    // rethrown catch variable (`throw $e`) — must retain it, so the local's own
+    // release (rebind or epilogue) stays balanced with the catch-side release of
+    // the in-flight reference (issue #448).
+    let value = if ctx.value_is_owning_temporary(value) {
+        value
+    } else {
+        crate::ir_lower::ownership::acquire_if_refcounted(ctx, value, Some(expr.span))
+    };
     terminate_throw(ctx, value.value);
 }
 
@@ -1703,18 +1714,30 @@ fn lower_current_exception(ctx: &mut LoweringContext<'_, '_>, span: Span) -> Low
     )
 }
 
-/// Binds and clears the active exception for a matched catch clause.
+/// Binds and clears the active exception for a matched catch clause. The bound slot
+/// takes over the in-flight reference (the runtime cell is zeroed by the bind), so it
+/// participates in the owned-local lifecycle: the previous binding is released before
+/// the rebind, and the frame epilogue releases whatever the slot still holds (issue
+/// #448). A variable-less catch consumes the reference through a hidden owned
+/// temporary so it flows through the same lifecycle instead of leaking.
 fn lower_catch_bind(ctx: &mut LoweringContext<'_, '_>, catch: &CatchClause, span: Span) {
-    let (immediate, php_type) = catch.variable.as_ref().map_or((None, PhpType::Void), |variable| {
-        let php_type = catch_variable_type(catch);
-        let slot = ctx.declare_local(variable, php_type.clone());
-        ctx.set_local_type(variable, php_type.clone());
-        (Some(Immediate::LocalSlot(slot)), php_type)
-    });
+    let php_type = catch_variable_type(catch);
+    let variable = match catch.variable.as_ref() {
+        Some(variable) => variable.clone(),
+        None => ctx.declare_owned_hidden_temp(php_type.clone()),
+    };
+    let slot = ctx.declare_local(&variable, php_type.clone());
+    ctx.set_local_type(&variable, php_type.clone());
+    // Release the slot's previous exception before rebinding: a catch that fires
+    // again (next loop iteration, later try block) would otherwise overwrite the
+    // only owned reference. Catch-bound slots are zero-initialized in the prologue,
+    // so the release is a runtime no-op the first time through.
+    ctx.release_stored_local_value(&variable, slot, Some(span));
+    ctx.mark_local_initialized(&variable);
     ctx.builder.emit_with_effects(
         Op::CatchBind,
         Vec::new(),
-        immediate,
+        Some(Immediate::LocalSlot(slot)),
         IrType::Void,
         php_type,
         Ownership::NonHeap,
diff --git a/tests/codegen/runtime_gc/regressions.rs b/tests/codegen/runtime_gc/regressions.rs
index c871eac725..59f70cdea1 100644
--- a/tests/codegen/runtime_gc/regressions.rs
+++ b/tests/codegen/runtime_gc/regressions.rs
@@ -1083,3 +1083,201 @@ echo "done";
         "promoting an indexed array literal to hash storage must free the source array (issue #408)"
     );
 }
+
+/// Regression for #448: a caught exception object must be released once the catch
+/// handler is done with it. Before the fix the catch binding moved the throwable into
+/// the variable's slot without ever scheduling a release (the slot is written by
+/// `CatchBind`, not `StoreLocal`, so it escaped every cleanup point), leaking one
+/// ~48-byte block per catch. A throw/catch loop must leave the heap clean.
+#[test]
+fn test_regression_caught_exception_released_per_catch() {
+    let out = compile_and_run_with_heap_debug(
+        r#"<?php
+for ($n = 0; $n < 50; $n++) {
+    try { throw new TypeError("x"); } catch (\Throwable $e) {}
+}
+echo "done";
+"#,
+    );
+    assert!(out.success, "program failed: {}", out.stderr);
+    assert_eq!(out.stdout, "done");
+    assert!(
+        out.stderr.contains("HEAP DEBUG: leak summary: clean"),
+        "expected a clean heap after caught exceptions, got: {}",
+        out.stderr
+    );
+}
+
+/// Regression for #448: a catch clause without a variable must still consume and
+/// release the in-flight exception instead of dropping the reference.
+#[test]
+fn test_regression_unbound_catch_releases_exception() {
+    let out = compile_and_run_with_heap_debug(
+        r#"<?php
+for ($n = 0; $n < 50; $n++) {
+    try { throw new RuntimeException("x"); } catch (\Throwable) {}
+}
+echo "done";
+"#,
+    );
+    assert!(out.success, "program failed: {}", out.stderr);
+    assert_eq!(out.stdout, "done");
+    assert!(
+        out.stderr.contains("HEAP DEBUG: leak summary: clean"),
+        "expected a clean heap after unbound catches, got: {}",
+        out.stderr
+    );
+}
+
+/// Regression for #448: rethrowing the caught variable (`throw $e`) hands the same
+/// object to an outer handler. With catch slots owned and released, the rethrow must
+/// retain the borrowed local so inner and outer bindings each own a reference —
+/// neither a leak nor a double free.
+#[test]
+fn test_regression_rethrow_chain_balances_references() {
+    let out = compile_and_run_with_heap_debug(
+        r#"<?php
+for ($n = 0; $n < 50; $n++) {
+    try {
+        try { throw new LogicException("x"); } catch (\Throwable $e) { throw $e; }
+    } catch (\Throwable $outer) {}
+}
+echo "done";
+"#,
+    );
+    assert!(out.success, "program failed: {}", out.stderr);
+    assert_eq!(out.stdout, "done");
+    assert!(
+        out.stderr.contains("HEAP DEBUG: leak summary: clean"),
+        "expected a clean heap after rethrow chains, got: {}",
+        out.stderr
+    );
+}
+
+/// Regression for #448: aliasing the caught exception (`$x = $e`) acquires its own
+/// reference; both locals release at scope exit and the heap stays clean.
+#[test]
+fn test_regression_caught_exception_alias_balances_references() {
+    let out = compile_and_run_with_heap_debug(
+        r#"<?php
+for ($n = 0; $n < 50; $n++) {
+    try { throw new TypeError("x"); } catch (\Throwable $e) { $x = $e; }
+}
+echo "done";
+"#,
+    );
+    assert!(out.success, "program failed: {}", out.stderr);
+    assert_eq!(out.stdout, "done");
+    assert!(
+        out.stderr.contains("HEAP DEBUG: leak summary: clean"),
+        "expected a clean heap after aliased catches, got: {}",
+        out.stderr
+    );
+}
+
+/// Regression for #448: a function that throws and catches internally must release
+/// the caught exception in its epilogue like any owned object local.
+#[test]
+fn test_regression_function_scoped_catch_releases_exception() {
+    let out = compile_and_run_with_heap_debug(
+        r#"<?php
+function poke(int $n): int {
+    try { throw new RuntimeException("r$n"); } catch (\Throwable $e) { return $n; }
+}
+$acc = 0;
+for ($n = 0; $n < 50; $n++) { $acc += poke($n); }
+echo $acc;
+"#,
+    );
+    assert!(out.success, "program failed: {}", out.stderr);
+    assert_eq!(out.stdout, "1225");
+    assert!(
+        out.stderr.contains("HEAP DEBUG: leak summary: clean"),
+        "expected a clean heap after function-scoped catches, got: {}",
+        out.stderr
+    );
+}
+
+/// Regression for #448: a caught exception that legitimately escapes the catch (pushed
+/// into an array) is retained by the container and NOT freed by the catch slot's own
+/// cleanup — exactly the escaped objects stay live, nothing more (no double free, no
+/// extra leak on top of the retention). `return $e` from inside a catch is a separate,
+/// pre-existing unsupported shape, so the array escape is the coverable transfer path.
+#[test]
+fn test_regression_escaped_caught_exception_retained_once() {
+    let out = compile_and_run_with_heap_debug(
+        r#"<?php
+$keep = [];
+for ($n = 0; $n < 5; $n++) {
+    try { throw new LogicException("boom"); } catch (\Throwable $e) { $keep[] = $e; }
+}
+echo count($keep), "|", strlen($keep[4]->getMessage());
+"#,
+    );
+    assert!(out.success, "program failed: {}", out.stderr);
+    assert_eq!(out.stdout, "5|4");
+    // Exactly the 5 escaped exceptions remain live: the retaining array itself is
+    // released by main's epilogue (its element teardown semantics are pre-existing
+    // and identical to a no-try control pushing fresh objects). The catch slot's own
+    // cleanup must not free them a second time — a double free would abort the run
+    // with a bad-refcount fatal before this assertion.
+    assert!(
+        out.stderr.contains("HEAP DEBUG: leak summary: live_blocks=5"),
+        "expected exactly the 5 escaped exceptions to remain live, got: {}",
+        out.stderr
+    );
+}
+
+/// Regression for #448: `finally` on both paths — a caught exception with a finally
+/// block, and a propagating exception whose finally runs before the outer catch —
+/// must keep the heap flat like the plain catch shapes.
+#[test]
+fn test_regression_finally_paths_release_exception() {
+    let out = compile_and_run_with_heap_debug(
+        r#"<?php
+function g(): int {
+    try { throw new RuntimeException("inner"); } finally { }
+}
+$hits = 0;
+for ($n = 0; $n < 50; $n++) {
+    try { throw new TypeError("x"); } catch (\Throwable $e) { $hits++; } finally { }
+    try { g(); } catch (\Throwable $e) { $hits++; }
+}
+echo $hits;
+"#,
+    );
+    assert!(out.success, "program failed: {}", out.stderr);
+    assert_eq!(out.stdout, "100");
+    assert!(
+        out.stderr.contains("HEAP DEBUG: leak summary: clean"),
+        "expected a clean heap across finally paths, got: {}",
+        out.stderr
+    );
+}
+
+/// Regression for #448: a multi-type catch clause (`catch (A | B $e)`) types the slot
+/// as Throwable; both matching arms must release through the same owned-slot lifecycle.
+#[test]
+fn test_regression_multi_type_catch_releases_exception() {
+    let out = compile_and_run_with_heap_debug(
+        r#"<?php
+$hits = 0;
+for ($n = 0; $n < 50; $n++) {
+    try {
+        if ($n % 2 == 0) { throw new LogicException("a"); }
+        throw new RuntimeException("b");
+    } catch (LogicException | RuntimeException $e) {
+        $hits++;
+    }
+}
+echo $hits;
+"#,
+    );
+    assert!(out.success, "program failed: {}", out.stderr);
+    assert_eq!(out.stdout, "50");
+    assert!(
+        out.stderr.contains("HEAP DEBUG: leak summary: clean"),
+        "expected a clean heap for multi-type catches, got: {}",
+        out.stderr
+    );
+}