--- /dev/null
+# Stack references (`_PyStackRef`)
+
+Stack references are the interpreter's tagged representation of values on the evaluation stack.
+They carry metadata to track ownership and support optimizations such as tagged small ints.
+
+## Shape and tagging
+
+- A `_PyStackRef` is a tagged pointer-sized value (see `Include/internal/pycore_stackref.h`).
+- Tag bits distinguish three cases:
+ - `Py_TAG_REFCNT` unset - reference count lives on the pointed-to object.
+ - `Py_TAG_REFCNT` set - ownership is "borrowed" (no refcount to drop on close) or the object is immortal.
+ - `Py_INT_TAG` set - tagged small integer stored directly in the stackref (no heap allocation).
+- Special constants: `PyStackRef_NULL`, `PyStackRef_ERROR`, and embedded `None`/`True`/`False`.
+
+In GIL builds, most objects carry their refcount; tagged borrowed refs skip decref on close. In free
+threading builds, the tag is also used to mark deferred refcounted objects so the GC can see them and
+to avoid refcount contention on commonly shared objects.
+
+## Converting to and from PyObject*
+
+Three conversions control ownership:
+
+- `PyStackRef_FromPyObjectNew(obj)` - create a new reference (INCREF if mortal).
+- `PyStackRef_FromPyObjectSteal(obj)` - take over ownership without changing the count unless the
+ object is immortal.
+- `PyStackRef_FromPyObjectBorrow(obj)` - create a borrowed stackref (never decref on close).
+
+The `obj` argument must not be `NULL`.
+
+Going back to `PyObject*` mirrors this:
+
+- `PyStackRef_AsPyObjectBorrow(ref)` - borrow the underlying pointer
+- `PyStackRef_AsPyObjectSteal(ref)` - transfer ownership from the stackref; if ref is borrowed or
+ deferred, this creates a new owning `PyObject*` reference.
+- `PyStackRef_AsPyObjectNew(ref)` - create a new owning reference
+
+Only `PyStackRef_AsPyObjectBorrow` allows ref to be `PyStackRef_NULL`.
+
+## Operations on stackrefs
+
+The interpreter treats `_PyStackRef` as the unit of stack storage. Ownership must be managed with
+the stackref primitives:
+
+- `PyStackRef_DUP` - like `Py_NewRef` for stackrefs; preserves the original.
+- `PyStackRef_Borrow` - create a borrowed stackref from another stackref.
+- `PyStackRef_CLOSE` / `PyStackRef_XCLOSE` - like `Py_DECREF`; invalidates the stackref.
+- `PyStackRef_CLEAR` - like `Py_CLEAR`; closes and sets the stackref to `PyStackRef_NULL`
+- `PyStackRef_MakeHeapSafe` - converts borrowed reference to owning reference
+
+Borrow tracking (for debug builds with `Py_STACKREF_DEBUG`) records who you borrowed from and reports
+double-close, leaked borrows, or use-after-close via fatal errors.
+
+## Borrow-friendly opcodes
+
+The interpreter can push borrowed references directly. For example, `LOAD_FAST_BORROW` loads a local
+variable as a borrowed `_PyStackRef`, avoiding both INCREF and DECREF for the temporary lifetime on
+the evaluation stack.
+
+## Tagged integers on the stack
+
+Small ints can be stored inline with `Py_INT_TAG`, so no heap object is involved. Helpers like
+`PyStackRef_TagInt`, `PyStackRef_UntagInt`, and `PyStackRef_IncrementTaggedIntNoOverflow` operate on
+these values. Type checks use `PyStackRef_IsTaggedInt` and `PyStackRef_LongCheck`.
+
+## Free threading considerations
+
+With `Py_GIL_DISABLED`, `Py_TAG_DEFERRED` is an alias for `Py_TAG_REFCNT`.
+Objects that support deferred reference counting can be pushed to the evaluation
+stack and stored in local variables without directly incrementing the reference
+count because they are only freed during cyclic garbage collection. This avoids
+reference count contention on commonly shared objects such as methods and types. The GC
+scans each thread's locals and evaluation stack to keep objects that use
+deferred reference counting alive.
+
+## Debugging support
+
+`Py_STACKREF_DEBUG` builds replace the inline tags with table-backed IDs so the runtime can track
+creation sites, borrows, closes, and leaks. Enabling `Py_STACKREF_CLOSE_DEBUG` additionally records
+double closes. The tables live on `PyInterpreterState` and are initialized in `pystate.c`; helper
+routines reside in `Python/stackrefs.c`.