diff --git a/Sources/Sharing/Internal/PersistentReferences.swift b/Sources/Sharing/Internal/PersistentReferences.swift
index 87a1a12..506c219 100644
--- a/Sources/Sharing/Internal/PersistentReferences.swift
+++ b/Sources/Sharing/Internal/PersistentReferences.swift
@@ -6,9 +6,8 @@ final class PersistentReferences: @unchecked Sendable, DependencyKey {
   static var liveValue: PersistentReferences { PersistentReferences() }
   static var testValue: PersistentReferences { PersistentReferences() }
 
-  struct Pair<Key: SharedReaderKey> {
-    var cachedValue: Key.Value
-    var reference: _PersistentReference<Key>?
+  struct Weak<Key: SharedReaderKey> {
+    weak var reference: _PersistentReference<Key>?
   }
 
   private var storage: [AnyHashable: Any] = [:]
@@ -18,37 +17,33 @@ final class PersistentReferences: @unchecked Sendable, DependencyKey {
     forKey key: Key,
     default value: @autoclosure () throws -> Key.Value,
     skipInitialLoad: Bool
-  ) rethrows -> _ManagedReference<Key> {
-    try lock.withLock {
-      guard var pair = storage[key.id] as? Pair<Key> else {
-        let value = try value()
-        let persistentReference = _PersistentReference(
-          key: key,
-          value: value,
-          skipInitialLoad: skipInitialLoad
-        )
-        storage[key.id] = Pair(cachedValue: value, reference: persistentReference)
-        return _ManagedReference(persistentReference)
+  ) rethrows -> _PersistentReference<Key> {
+    if let reference = lock.withLock({ (storage[key.id] as? Weak<Key>)?.reference }) {
+      return reference
+    } else {
+      let value = try value()
+      let reference = _PersistentReference(
+        key: key,
+        value: value,
+        skipInitialLoad: skipInitialLoad
+      )
+      return lock.withLock {
+        if let reference = (storage[key.id] as? Weak<Key>)?.reference {
+          return reference
+        } else {
+          storage[key.id] = Weak(reference: reference)
+          reference.onDeinit = { [self] in
+            removeReference(forKey: key)
+          }
+          return reference
+        }
       }
-      guard let persistentReference = pair.reference else {
-        let persistentReference = _PersistentReference(
-          key: key,
-          value: skipInitialLoad ? (try? value()) ?? pair.cachedValue : pair.cachedValue,
-          skipInitialLoad: skipInitialLoad
-        )
-        pair.reference = persistentReference
-        storage[key.id] = pair
-        return _ManagedReference(persistentReference)
-      }
-      return _ManagedReference(persistentReference)
     }
   }
 
   func removeReference<Key: SharedReaderKey>(forKey key: Key) {
     lock.withLock {
-      guard var pair = storage[key.id] as? Pair<Key> else { return }
-      pair.reference = nil
-      storage[key.id] = pair
+      _ = storage.removeValue(forKey: key.id)
     }
   }
 }
diff --git a/Sources/Sharing/Internal/Reference.swift b/Sources/Sharing/Internal/Reference.swift
index b537a52..8610bbd 100644
--- a/Sources/Sharing/Internal/Reference.swift
+++ b/Sources/Sharing/Internal/Reference.swift
@@ -194,8 +194,8 @@ final class _PersistentReference<Key: SharedReaderKey>:
   private var _isLoading = false
   private var _loadError: (any Error)?
   private var _saveError: (any Error)?
-  private var _referenceCount = 0
   private var subscription: SharedSubscription?
+  internal var onDeinit: (() -> Void)?
 
   init(key: Key, value initialValue: Key.Value, skipInitialLoad: Bool) {
     self.key = key
@@ -231,6 +231,10 @@ final class _PersistentReference<Key: SharedReaderKey>:
     )
   }
 
+  deinit {
+    onDeinit?()
+  }
+
   var id: ObjectIdentifier { ObjectIdentifier(self) }
 
   var isLoading: Bool {
@@ -309,20 +313,6 @@ final class _PersistentReference<Key: SharedReaderKey>:
     withMutation(keyPath: \._saveError) {}
   }
 
-  func retain() {
-    lock.withLock { _referenceCount += 1 }
-  }
-
-  func release() {
-    let shouldRelease = lock.withLock {
-      _referenceCount -= 1
-      return _referenceCount <= 0
-    }
-    guard shouldRelease else { return }
-    @Dependency(PersistentReferences.self) var persistentReferences
-    persistentReferences.removeReference(forKey: key)
-  }
-
   func access<Member>(
     keyPath: KeyPath<_PersistentReference, Member>,
     fileID: StaticString = #fileID,
@@ -454,85 +444,6 @@ extension _PersistentReference: MutableReference, Equatable where Key: SharedKey
   }
 }
 
-final class _ManagedReference<Key: SharedReaderKey>: Reference, Observable {
-  private let base: _PersistentReference<Key>
-
-  init(_ base: _PersistentReference<Key>) {
-    base.retain()
-    self.base = base
-  }
-
-  deinit {
-    base.release()
-  }
-
-  var id: ObjectIdentifier {
-    base.id
-  }
-
-  var isLoading: Bool {
-    base.isLoading
-  }
-
-  var loadError: (any Error)? {
-    base.loadError
-  }
-
-  var wrappedValue: Key.Value {
-    base.wrappedValue
-  }
-
-  func load() async throws {
-    try await base.load()
-  }
-
-  func touch() {
-    base.touch()
-  }
-
-  #if canImport(Combine)
-    var publisher: any Publisher<Key.Value, Never> {
-      base.publisher
-    }
-  #endif
-
-  var description: String {
-    base.description
-  }
-}
-
-extension _ManagedReference: MutableReference, Equatable where Key: SharedKey {
-  var saveError: (any Error)? {
-    base.saveError
-  }
-
-  var snapshot: Key.Value? {
-    base.snapshot
-  }
-
-  func takeSnapshot(
-    _ value: Key.Value,
-    fileID: StaticString,
-    filePath: StaticString,
-    line: UInt,
-    column: UInt
-  ) {
-    base.takeSnapshot(value, fileID: fileID, filePath: filePath, line: line, column: column)
-  }
-
-  func withLock<R>(_ body: (inout Key.Value) throws -> R) rethrows -> R {
-    try base.withLock(body)
-  }
-
-  func save() async throws {
-    try await base.save()
-  }
-
-  static func == (lhs: _ManagedReference, rhs: _ManagedReference) -> Bool {
-    lhs.base == rhs.base
-  }
-}
-
 final class _AppendKeyPathReference<
   Base: Reference, Value, Path: KeyPath<Base.Value, Value> & Sendable
 >: Reference, Observable {
diff --git a/Sources/Sharing/SharedContinuations.swift b/Sources/Sharing/SharedContinuations.swift
index aaac3a0..dbf1bc2 100644
--- a/Sources/Sharing/SharedContinuations.swift
+++ b/Sources/Sharing/SharedContinuations.swift
@@ -210,7 +210,6 @@ public struct SaveContinuation: Sendable {
 private final class ContinuationBox<Value>: Sendable {
   private let callback: Mutex<(@Sendable (Result<Value?, any Error>) -> Void)?>
   private let description: @Sendable () -> String
-  private let resumeCount = Mutex(0)
 
   init(
     callback: @escaping @Sendable (Result<Value?, any Error>) -> Void,
@@ -221,24 +220,23 @@ private final class ContinuationBox<Value>: Sendable {
   }
 
   deinit {
-    let isComplete = resumeCount.withLock { $0 } > 0
-    if !isComplete {
+    if let callback = callback.withLock({ $0 }) {
       reportIssue(
         """
         \(description()) leaked its continuation without one of its resume methods being \
         invoked. This will cause tasks waiting on it to resume immediately.
         """
       )
-      callback.withLock { $0?(.success(nil)) }
+      callback(.success(nil))
     }
   }
 
   func resume(with result: Result<Value?, any Error>) {
-    let resumeCount = resumeCount.withLock {
-      $0 += 1
-      return $0
+    let callback = callback.withLock { callback in
+      defer { callback = nil }
+      return callback
     }
-    guard resumeCount == 1 else {
+    guard let callback else {
       reportIssue(
         """
         \(description()) tried to resume its continuation more than once.
@@ -246,9 +244,6 @@ private final class ContinuationBox<Value>: Sendable {
       )
       return
     }
-    callback.withLock { callback in
-      defer { callback = nil }
-      callback?(result)
-    }
+    callback(result)
   }
 }
diff --git a/Tests/SharingTests/SharedTests.swift b/Tests/SharingTests/SharedTests.swift
index 0262420..a461555 100644
--- a/Tests/SharingTests/SharedTests.swift
+++ b/Tests/SharingTests/SharedTests.swift
@@ -1,3 +1,4 @@
+import Dependencies
 import Foundation
 import IdentifiedCollections
 import PerceptionCore
@@ -35,6 +36,45 @@ import Testing
       let a = A()
       #expect(a.b.c == C())
     }
+
+    @Test func lockingOrderWithDependencies() async {
+      struct D: TestDependencyKey {
+        @Shared(.inMemory("count")) var count = 0
+        init() {
+          Thread.sleep(forTimeInterval: 0.2)
+          $count.withLock { $0 += 1 }
+        }
+        static var testValue: D { D() }
+      }
+      let a = Task {
+        do {
+          try await Task.sleep(nanoseconds: 100_000_000)
+          @Dependency(D.self) var d
+          #expect(d.count == 1)
+        } catch {}
+      }
+      let b = Task {
+        @Shared(.inMemory("count")) var count: Int = {
+          Thread.sleep(forTimeInterval: 0.2)
+          return 2
+        }()
+        #expect(count == 1)
+      }
+      let c = Task {
+        do {
+          try await Task.sleep(nanoseconds: 500_000_000)
+          Issue.record("Deadlock detected")
+          exit(1)
+        } catch {}
+      }
+      await withTaskGroup(of: Void.self) { taskGroup in
+        taskGroup.addTask {
+          _ = await (a.value, b.value)
+          c.cancel()
+        }
+        taskGroup.addTask { await c.value }
+      }
+    }
   }
 
   @Suite struct BoxReference {