diff --git a/compiler/packages/babel-plugin-react-compiler/src/CompilerError.ts b/compiler/packages/babel-plugin-react-compiler/src/CompilerError.ts
index 5ea6f98628..3a3010dd2f 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/CompilerError.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/CompilerError.ts
@@ -188,6 +188,7 @@ export class CompilerError extends Error {
   constructor(...args: Array<any>) {
     super(...args);
     this.name = 'ReactCompilerError';
+    this.details = [];
   }
 
   override get message(): string {
@@ -197,7 +198,10 @@ export class CompilerError extends Error {
   override set message(_message: string) {}
 
   override toString(): string {
-    return this.details.map(detail => detail.toString()).join('\n\n');
+    if (Array.isArray(this.details)) {
+      return this.details.map(detail => detail.toString()).join('\n\n');
+    }
+    return this.name;
   }
 
   push(options: CompilerErrorDetailOptions): CompilerErrorDetail {
diff --git a/packages/react-client/src/ReactFlightClient.js b/packages/react-client/src/ReactFlightClient.js
index 0eaf513a67..3234814952 100644
--- a/packages/react-client/src/ReactFlightClient.js
+++ b/packages/react-client/src/ReactFlightClient.js
@@ -64,7 +64,10 @@ import {
   rendererPackageName,
 } from './ReactFlightClientConfig';
 
-import {createBoundServerReference} from './ReactFlightReplyClient';
+import {
+  createBoundServerReference,
+  registerBoundServerReference,
+} from './ReactFlightReplyClient';
 
 import {readTemporaryReference} from './ReactFlightTemporaryReferences';
 
@@ -1096,7 +1099,14 @@ function loadServerReference<A: Iterable<any>, T>(
   let promise: null | Thenable<any> = preloadModule(serverReference);
   if (!promise) {
     if (!metaData.bound) {
-      return (requireModule(serverReference): any);
+      const resolvedValue = (requireModule(serverReference): any);
+      registerBoundServerReference(
+        resolvedValue,
+        metaData.id,
+        metaData.bound,
+        response._encodeFormAction,
+      );
+      return resolvedValue;
     } else {
       promise = Promise.resolve(metaData.bound);
     }
@@ -1128,6 +1138,13 @@ function loadServerReference<A: Iterable<any>, T>(
       resolvedValue = resolvedValue.bind.apply(resolvedValue, boundArgs);
     }
 
+    registerBoundServerReference(
+      resolvedValue,
+      metaData.id,
+      metaData.bound,
+      response._encodeFormAction,
+    );
+
     parentObject[key] = resolvedValue;
 
     // If this is the root object for a model reference, where `handler.value`
diff --git a/packages/react-client/src/ReactFlightReplyClient.js b/packages/react-client/src/ReactFlightReplyClient.js
index 65d1129b53..3fa37cd00c 100644
--- a/packages/react-client/src/ReactFlightReplyClient.js
+++ b/packages/react-client/src/ReactFlightReplyClient.js
@@ -1125,11 +1125,12 @@ function createFakeServerFunction<A: Iterable<any>, T>(
   }
 }
 
-function registerServerReference(
-  proxy: any,
-  reference: {id: ServerReferenceId, bound: null | Thenable<Array<any>>},
+export function registerBoundServerReference<T: Function>(
+  reference: T,
+  id: ServerReferenceId,
+  bound: null | Thenable<Array<any>>,
   encodeFormAction: void | EncodeFormActionCallback,
-) {
+): void {
   // Expose encoder for use by SSR, as well as a special bind that can be used to
   // keep server capabilities.
   if (usedWithSSR) {
@@ -1147,13 +1148,22 @@ function registerServerReference(
               encodeFormAction,
             );
           };
-    Object.defineProperties((proxy: any), {
+    Object.defineProperties((reference: any), {
       $$FORM_ACTION: {value: $$FORM_ACTION},
       $$IS_SIGNATURE_EQUAL: {value: isSignatureEqual},
       bind: {value: bind},
     });
   }
-  knownServerReferences.set(proxy, reference);
+  knownServerReferences.set(reference, {id, bound});
+}
+
+export function registerServerReference<T: Function>(
+  reference: T,
+  id: ServerReferenceId,
+  encodeFormAction?: EncodeFormActionCallback,
+): ServerReference<T> {
+  registerBoundServerReference(reference, id, null, encodeFormAction);
+  return reference;
 }
 
 // $FlowFixMe[method-unbinding]
@@ -1258,7 +1268,7 @@ export function createBoundServerReference<A: Iterable<any>, T>(
       );
     }
   }
-  registerServerReference(action, {id, bound}, encodeFormAction);
+  registerBoundServerReference(action, id, bound, encodeFormAction);
   return action;
 }
 
@@ -1358,6 +1368,6 @@ export function createServerReference<A: Iterable<any>, T>(
       );
     }
   }
-  registerServerReference(action, {id, bound: null}, encodeFormAction);
+  registerBoundServerReference(action, id, null, encodeFormAction);
   return action;
 }
diff --git a/packages/react-dom-bindings/src/client/ReactDOMComponent.js b/packages/react-dom-bindings/src/client/ReactDOMComponent.js
index efdfc66ff2..48b4d9472f 100644
--- a/packages/react-dom-bindings/src/client/ReactDOMComponent.js
+++ b/packages/react-dom-bindings/src/client/ReactDOMComponent.js
@@ -1280,6 +1280,8 @@ export function setInitialProperties(
       return;
     }
     case 'dialog': {
+      listenToNonDelegatedEvent('beforetoggle', domElement);
+      listenToNonDelegatedEvent('toggle', domElement);
       listenToNonDelegatedEvent('cancel', domElement);
       listenToNonDelegatedEvent('close', domElement);
       break;
diff --git a/packages/react-dom/src/__tests__/ReactDOMEventPropagation-test.js b/packages/react-dom/src/__tests__/ReactDOMEventPropagation-test.js
index 1598329340..ebd3f9a540 100644
--- a/packages/react-dom/src/__tests__/ReactDOMEventPropagation-test.js
+++ b/packages/react-dom/src/__tests__/ReactDOMEventPropagation-test.js
@@ -1302,6 +1302,38 @@ describe('ReactDOMEventListener', () => {
       });
     });
 
+    it('onBeforeToggle Dialog API', async () => {
+      await testEmulatedBubblingEvent({
+        type: 'dialog',
+        reactEvent: 'onBeforeToggle',
+        reactEventType: 'beforetoggle',
+        nativeEvent: 'beforetoggle',
+        dispatch(node) {
+          const e = new Event('beforetoggle', {
+            bubbles: false,
+            cancelable: true,
+          });
+          node.dispatchEvent(e);
+        },
+      });
+    });
+
+    it('onToggle Dialog API', async () => {
+      await testEmulatedBubblingEvent({
+        type: 'dialog',
+        reactEvent: 'onToggle',
+        reactEventType: 'toggle',
+        nativeEvent: 'toggle',
+        dispatch(node) {
+          const e = new Event('toggle', {
+            bubbles: false,
+            cancelable: true,
+          });
+          node.dispatchEvent(e);
+        },
+      });
+    });
+
     it('onVolumeChange', async () => {
       await testEmulatedBubblingEvent({
         type: 'video',
diff --git a/packages/react-dom/src/__tests__/ReactDOMFizzForm-test.js b/packages/react-dom/src/__tests__/ReactDOMFizzForm-test.js
index f64cdd8bb8..c7f52b1c68 100644
--- a/packages/react-dom/src/__tests__/ReactDOMFizzForm-test.js
+++ b/packages/react-dom/src/__tests__/ReactDOMFizzForm-test.js
@@ -201,25 +201,24 @@ describe('ReactDOMFizzForm', () => {
     await act(async () => {
       ReactDOMClient.hydrateRoot(container, <App isClient={true} />);
     });
-    assertConsoleErrorDev(
-      [
-        "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
-          "This won't be patched up. This can happen if a SSR-ed Client Component used:\n\n" +
-          "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
-          "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
-          "- Date formatting in a user's locale which doesn't match the server.\n" +
-          '- External changing data without sending a snapshot of it along with the HTML.\n' +
-          '- Invalid HTML tag nesting.\n\n' +
-          'It can also happen if the client has a browser extension installed which messes with the HTML before React loaded.\n\n' +
-          'https://react.dev/link/hydration-mismatch\n\n' +
-          '  <App isClient={true}>\n' +
-          '    <form\n' +
-          '+     action="action"\n' +
-          '-     action="function"\n' +
-          '    >\n',
-      ],
-      {withoutStack: true},
-    );
+    assertConsoleErrorDev([
+      "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
+        "This won't be patched up. This can happen if a SSR-ed Client Component used:\n\n" +
+        "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
+        "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
+        "- Date formatting in a user's locale which doesn't match the server.\n" +
+        '- External changing data without sending a snapshot of it along with the HTML.\n' +
+        '- Invalid HTML tag nesting.\n\n' +
+        'It can also happen if the client has a browser extension installed which messes with the HTML before React loaded.\n\n' +
+        'https://react.dev/link/hydration-mismatch\n\n' +
+        '  <App isClient={true}>\n' +
+        '    <form\n' +
+        '+     action="action"\n' +
+        '-     action="function"\n' +
+        '    >\n' +
+        '\n    in form (at **)' +
+        '\n    in App (at **)',
+    ]);
   });
 
   it('should ideally warn when passing a string during SSR and function during hydration', async () => {
@@ -392,40 +391,39 @@ describe('ReactDOMFizzForm', () => {
     await act(async () => {
       root = ReactDOMClient.hydrateRoot(container, <App />);
     });
-    assertConsoleErrorDev(
-      [
-        "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
-          "This won't be patched up. This can happen if a SSR-ed Client Component used:\n\n" +
-          "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
-          "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
-          "- Date formatting in a user's locale which doesn't match the server.\n" +
-          '- External changing data without sending a snapshot of it along with the HTML.\n' +
-          '- Invalid HTML tag nesting.\n\n' +
-          'It can also happen if the client has a browser extension installed which messes with the HTML before React loaded.\n\n' +
-          'https://react.dev/link/hydration-mismatch\n\n' +
-          '  <App>\n' +
-          '    <form\n' +
-          '      action={function action}\n' +
-          '      ref={{current:null}}\n' +
-          '+     method="DELETE"\n' +
-          '-     method={null}\n' +
-          '    >\n' +
-          '      <input\n' +
-          '        type="submit"\n' +
-          '        formAction={function action}\n' +
-          '        ref={{current:null}}\n' +
-          '+       formTarget="elsewhere"\n' +
-          '-       formTarget={null}\n' +
-          '      >\n' +
-          '      <button\n' +
-          '        formAction={function action}\n' +
-          '        ref={{current:null}}\n' +
-          '+       formEncType="text/plain"\n' +
-          '-       formEncType={null}\n' +
-          '      >\n',
-      ],
-      {withoutStack: true},
-    );
+    assertConsoleErrorDev([
+      "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
+        "This won't be patched up. This can happen if a SSR-ed Client Component used:\n\n" +
+        "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
+        "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
+        "- Date formatting in a user's locale which doesn't match the server.\n" +
+        '- External changing data without sending a snapshot of it along with the HTML.\n' +
+        '- Invalid HTML tag nesting.\n\n' +
+        'It can also happen if the client has a browser extension installed which messes with the HTML before React loaded.\n\n' +
+        'https://react.dev/link/hydration-mismatch\n\n' +
+        '  <App>\n' +
+        '    <form\n' +
+        '      action={function action}\n' +
+        '      ref={{current:null}}\n' +
+        '+     method="DELETE"\n' +
+        '-     method={null}\n' +
+        '    >\n' +
+        '      <input\n' +
+        '        type="submit"\n' +
+        '        formAction={function action}\n' +
+        '        ref={{current:null}}\n' +
+        '+       formTarget="elsewhere"\n' +
+        '-       formTarget={null}\n' +
+        '      >\n' +
+        '      <button\n' +
+        '        formAction={function action}\n' +
+        '        ref={{current:null}}\n' +
+        '+       formEncType="text/plain"\n' +
+        '-       formEncType={null}\n' +
+        '      >\n' +
+        '\n    in input (at **)' +
+        '\n    in App (at **)',
+    ]);
     await act(async () => {
       root.render(<App isUpdate={true} />);
     });
diff --git a/packages/react-dom/src/__tests__/ReactDOMFizzServer-test.js b/packages/react-dom/src/__tests__/ReactDOMFizzServer-test.js
index 5b44d9e02e..7542582528 100644
--- a/packages/react-dom/src/__tests__/ReactDOMFizzServer-test.js
+++ b/packages/react-dom/src/__tests__/ReactDOMFizzServer-test.js
@@ -10233,7 +10233,7 @@ describe('ReactDOMFizzServer', () => {
           '\n+         client' +
           '\n-         server' +
           '\n' +
-          '\n    in Suspense (at **)' +
+          '\n    in meta (at **)' +
           '\n    in ClientApp (at **)',
       ]);
     }
diff --git a/packages/react-dom/src/__tests__/ReactDOMHydrationDiff-test.js b/packages/react-dom/src/__tests__/ReactDOMHydrationDiff-test.js
index 2efcfd01d6..c445f458e5 100644
--- a/packages/react-dom/src/__tests__/ReactDOMHydrationDiff-test.js
+++ b/packages/react-dom/src/__tests__/ReactDOMHydrationDiff-test.js
@@ -23,6 +23,7 @@ function errorHandler() {
 
 describe('ReactDOMServerHydration', () => {
   let container;
+  let ownerStacks;
 
   beforeEach(() => {
     jest.resetModules();
@@ -32,7 +33,15 @@ describe('ReactDOMServerHydration', () => {
     act = React.act;
 
     window.addEventListener('error', errorHandler);
-    console.error = jest.fn();
+    ownerStacks = [];
+    console.error = jest.fn(() => {
+      const ownerStack = React.captureOwnerStack();
+      if (typeof ownerStack === 'string') {
+        ownerStacks.push(ownerStack === '' ? ' <empty>' : ownerStack);
+      } else {
+        ownerStacks.push(' ' + String(ownerStack));
+      }
+    });
     container = document.createElement('div');
     document.body.appendChild(container);
   });
@@ -44,15 +53,25 @@ describe('ReactDOMServerHydration', () => {
   });
 
   function normalizeCodeLocInfo(str) {
-    return (
-      typeof str === 'string' &&
-      str.replace(/\n +(?:at|in) ([\S]+)[^\n]*/g, function (m, name) {
-        return '\n    in ' + name + ' (at **)';
-      })
-    );
+    return typeof str === 'string'
+      ? str.replace(/\n +(?:at|in) ([\S]+)[^\n]*/g, function (m, name) {
+          return '\n    in ' + name + ' (at **)';
+        })
+      : str;
   }
 
-  function formatMessage(args) {
+  function formatMessage(args, index) {
+    const ownerStack = ownerStacks[index];
+
+    if (ownerStack === undefined) {
+      throw new Error(
+        'Expected an owner stack for message ' +
+          index +
+          ':\n' +
+          util.format(...args),
+      );
+    }
+
     const [format, ...rest] = args;
     if (format instanceof Error) {
       if (format.cause instanceof Error) {
@@ -61,13 +80,23 @@ describe('ReactDOMServerHydration', () => {
           format.message +
           ']\n  Cause [' +
           format.cause.message +
-          ']'
+          ']\n  Owner Stack:' +
+          normalizeCodeLocInfo(ownerStack)
         );
       }
-      return 'Caught [' + format.message + ']';
+      return (
+        'Caught [' +
+        format.message +
+        ']\n  Owner Stack:' +
+        normalizeCodeLocInfo(ownerStack)
+      );
     }
     rest[rest.length - 1] = normalizeCodeLocInfo(rest[rest.length - 1]);
-    return util.format(format, ...rest);
+    return (
+      util.format(format, ...rest) +
+      '\n  Owner Stack:' +
+      normalizeCodeLocInfo(ownerStack)
+    );
   }
 
   function formatConsoleErrors() {
@@ -115,7 +144,10 @@ describe('ReactDOMServerHydration', () => {
                 <main className="child">
           +       client
           -       server
-          ]",
+          ]
+            Owner Stack:
+              in main (at **)
+              in Mismatch (at **)",
           ]
         `);
       } else {
@@ -138,7 +170,10 @@ describe('ReactDOMServerHydration', () => {
                 <main className="child">
           +       client
           -       server
-          ",
+
+            Owner Stack:
+              in main (at **)
+              in Mismatch (at **)",
           ]
         `);
       }
@@ -177,7 +212,10 @@ describe('ReactDOMServerHydration', () => {
               <div>
           +     This markup contains an nbsp entity:   client text
           -     This markup contains an nbsp entity:   server text
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       } else {
@@ -199,7 +237,10 @@ describe('ReactDOMServerHydration', () => {
               <div>
           +     This markup contains an nbsp entity:   client text
           -     This markup contains an nbsp entity:   server text
-          ",
+
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       }
@@ -245,7 +286,10 @@ describe('ReactDOMServerHydration', () => {
         -         __html: "<span>server</span>"
                 }}
               >
-        ",
+
+          Owner Stack:
+            in main (at **)
+            in Mismatch (at **)",
         ]
       `);
     });
@@ -286,7 +330,10 @@ describe('ReactDOMServerHydration', () => {
         +       dir="ltr"
         -       dir="rtl"
               >
-        ",
+
+          Owner Stack:
+            in main (at **)
+            in Mismatch (at **)",
         ]
       `);
     });
@@ -327,7 +374,10 @@ describe('ReactDOMServerHydration', () => {
         +       dir="ltr"
         -       dir={null}
               >
-        ",
+
+          Owner Stack:
+            in main (at **)
+            in Mismatch (at **)",
         ]
       `);
     });
@@ -368,7 +418,10 @@ describe('ReactDOMServerHydration', () => {
         +       dir={null}
         -       dir="rtl"
               >
-        ",
+
+          Owner Stack:
+            in main (at **)
+            in Mismatch (at **)",
         ]
       `);
     });
@@ -409,7 +462,10 @@ describe('ReactDOMServerHydration', () => {
         +       dir={null}
         -       dir="rtl"
               >
-        ",
+
+          Owner Stack:
+            in main (at **)
+            in Mismatch (at **)",
         ]
       `);
     });
@@ -449,7 +505,78 @@ describe('ReactDOMServerHydration', () => {
         +       style={{opacity:1}}
         -       style={{opacity:"0"}}
               >
-        ",
+
+          Owner Stack:
+            in main (at **)
+            in Mismatch (at **)",
+        ]
+      `);
+    });
+
+    // @gate __DEV__
+    it('picks the DFS-first Fiber as the error Owner', () => {
+      function LeftMismatch({isClient}) {
+        return <div className={isClient ? 'client' : 'server'} />;
+      }
+
+      function LeftIndirection({isClient}) {
+        return <LeftMismatch isClient={isClient} />;
+      }
+
+      function MiddleMismatch({isClient}) {
+        return <span className={isClient ? 'client' : 'server'} />;
+      }
+
+      function RightMisMatch({isClient}) {
+        return <p className={isClient ? 'client' : 'server'} />;
+      }
+
+      function App({isClient}) {
+        return (
+          <>
+            <LeftIndirection isClient={isClient} />
+            <MiddleMismatch isClient={isClient} />
+            <RightMisMatch isClient={isClient} />
+          </>
+        );
+      }
+      expect(testMismatch(App)).toMatchInlineSnapshot(`
+        [
+          "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. This won't be patched up. This can happen if a SSR-ed Client Component used:
+
+        - A server/client branch \`if (typeof window !== 'undefined')\`.
+        - Variable input such as \`Date.now()\` or \`Math.random()\` which changes each time it's called.
+        - Date formatting in a user's locale which doesn't match the server.
+        - External changing data without sending a snapshot of it along with the HTML.
+        - Invalid HTML tag nesting.
+
+        It can also happen if the client has a browser extension installed which messes with the HTML before React loaded.
+
+        https://react.dev/link/hydration-mismatch
+
+          <App isClient={true}>
+            <LeftIndirection isClient={true}>
+              <LeftMismatch isClient={true}>
+                <div
+        +         className="client"
+        -         className="server"
+                >
+            <MiddleMismatch isClient={true}>
+              <span
+        +       className="client"
+        -       className="server"
+              >
+            <RightMisMatch isClient={true}>
+              <p
+        +       className="client"
+        -       className="server"
+              >
+
+          Owner Stack:
+            in div (at **)
+            in LeftMismatch (at **)
+            in LeftIndirection (at **)
+            in App (at **)",
         ]
       `);
     });
@@ -483,7 +610,10 @@ describe('ReactDOMServerHydration', () => {
             <Mismatch isClient={true}>
               <div className="parent">
           +     <main className="only">
-          ]",
+          ]
+            Owner Stack:
+              in main (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -518,7 +648,10 @@ describe('ReactDOMServerHydration', () => {
           +     <header className="1">
           -     <main className="2">
                 ...
-          ]",
+          ]
+            Owner Stack:
+              in header (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -554,7 +687,10 @@ describe('ReactDOMServerHydration', () => {
           +     <main className="2">
           -     <footer className="3">
                 ...
-          ]",
+          ]
+            Owner Stack:
+              in main (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -589,7 +725,10 @@ describe('ReactDOMServerHydration', () => {
                 <header>
                 <main>
           +     <footer className="3">
-          ]",
+          ]
+            Owner Stack:
+              in footer (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -620,7 +759,10 @@ describe('ReactDOMServerHydration', () => {
                 <div className="parent">
             +     only
             -     
-            ]",
+            ]
+              Owner Stack:
+                in div (at **)
+                in Mismatch (at **)",
             ]
           `);
         } else {
@@ -642,7 +784,10 @@ describe('ReactDOMServerHydration', () => {
                 <div className="parent">
             +     only
             -     
-            ",
+
+              Owner Stack:
+                in div (at **)
+                in Mismatch (at **)",
             ]
           `);
         }
@@ -679,7 +824,10 @@ describe('ReactDOMServerHydration', () => {
           +     second
           -     <footer className="3">
                 ...
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -714,7 +862,10 @@ describe('ReactDOMServerHydration', () => {
           +     first
           -     <main className="2">
                 ...
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -749,7 +900,10 @@ describe('ReactDOMServerHydration', () => {
                 <header>
                 <main>
           +     third
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -784,7 +938,10 @@ describe('ReactDOMServerHydration', () => {
             <Mismatch isClient={true}>
               <div className="parent">
           -     <main className="only">
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -819,7 +976,10 @@ describe('ReactDOMServerHydration', () => {
           +     <main className="2">
           -     <header className="1">
                 ...
-          ]",
+          ]
+            Owner Stack:
+              in main (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -854,7 +1014,10 @@ describe('ReactDOMServerHydration', () => {
                 <header>
           +     <footer className="3">
           -     <main className="2">
-          ]",
+          ]
+            Owner Stack:
+              in footer (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -887,7 +1050,10 @@ describe('ReactDOMServerHydration', () => {
             <Mismatch isClient={true}>
               <div className="parent">
           -     <footer className="3">
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -916,7 +1082,10 @@ describe('ReactDOMServerHydration', () => {
             <Mismatch isClient={true}>
               <div className="parent">
           -     only
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -951,7 +1120,10 @@ describe('ReactDOMServerHydration', () => {
           +     <main className="2">
           -     first
                 ...
-          ]",
+          ]
+            Owner Stack:
+              in main (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -986,7 +1158,10 @@ describe('ReactDOMServerHydration', () => {
                 <header>
           +     <footer className="3">
           -     second
-          ]",
+          ]
+            Owner Stack:
+              in footer (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1019,7 +1194,10 @@ describe('ReactDOMServerHydration', () => {
             <Mismatch isClient={true}>
               <div className="parent">
           -     third
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1062,7 +1240,10 @@ describe('ReactDOMServerHydration', () => {
             <Mismatch isClient={true}>
               <div className="parent">
           +     <Suspense fallback={<p>}>
-          ]",
+          ]
+            Owner Stack:
+              in Suspense (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1097,7 +1278,10 @@ describe('ReactDOMServerHydration', () => {
             <Mismatch isClient={true}>
               <div className="parent">
           -     <Suspense>
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1134,7 +1318,10 @@ describe('ReactDOMServerHydration', () => {
             <Mismatch isClient={true}>
               <div className="parent">
           +     <Suspense fallback={<p>}>
-          ]",
+          ]
+            Owner Stack:
+              in Suspense (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1175,7 +1362,10 @@ describe('ReactDOMServerHydration', () => {
             <Mismatch isClient={true}>
               <div className="parent">
           -     <Suspense>
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1214,7 +1404,10 @@ describe('ReactDOMServerHydration', () => {
           +       <main className="second">
           -       <footer className="3">
                   ...
-          ]",
+          ]
+            Owner Stack:
+              in main (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1252,7 +1445,10 @@ describe('ReactDOMServerHydration', () => {
                   <header>
           +       <footer className="3">
           -       <main className="second">
-          ]",
+          ]
+            Owner Stack:
+              in footer (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1280,7 +1476,8 @@ describe('ReactDOMServerHydration', () => {
           [
             "Caught [Switched to client rendering because the server rendering aborted due to:
 
-          The server used "renderToString" which does not support Suspense. If you intended for this Suspense boundary to render the fallback content on the server consider throwing an Error somewhere within the Suspense boundary. If you intended to have the server wait for the suspended component please switch to "renderToPipeableStream" which supports Suspense on the server]",
+          The server used "renderToString" which does not support Suspense. If you intended for this Suspense boundary to render the fallback content on the server consider throwing an Error somewhere within the Suspense boundary. If you intended to have the server wait for the suspended component please switch to "renderToPipeableStream" which supports Suspense on the server]
+            Owner Stack: null",
           ]
         `);
       });
@@ -1308,7 +1505,8 @@ describe('ReactDOMServerHydration', () => {
           [
             "Caught [Switched to client rendering because the server rendering aborted due to:
 
-          The server used "renderToString" which does not support Suspense. If you intended for this Suspense boundary to render the fallback content on the server consider throwing an Error somewhere within the Suspense boundary. If you intended to have the server wait for the suspended component please switch to "renderToPipeableStream" which supports Suspense on the server]",
+          The server used "renderToString" which does not support Suspense. If you intended for this Suspense boundary to render the fallback content on the server consider throwing an Error somewhere within the Suspense boundary. If you intended to have the server wait for the suspended component please switch to "renderToPipeableStream" which supports Suspense on the server]
+            Owner Stack: null",
           ]
         `);
       });
@@ -1348,7 +1546,10 @@ describe('ReactDOMServerHydration', () => {
               <div className="parent">
           +     <header className="1">
                 ...
-          ]",
+          ]
+            Owner Stack:
+              in header (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1387,7 +1588,10 @@ describe('ReactDOMServerHydration', () => {
           -     <header className="1">
           -     <main className="2">
           -     <footer className="3">
-          ]",
+          ]
+            Owner Stack:
+              in div (at **)
+              in Mismatch (at **)",
           ]
         `);
       });
@@ -1451,7 +1655,12 @@ describe('ReactDOMServerHydration', () => {
                   <header>
                   <main>
         +         <footer className="3">
-        ]",
+        ]
+          Owner Stack:
+            in footer (at **)
+            in Panel (at **)
+            in ProfileSettings (at **)
+            in Mismatch (at **)",
         ]
       `);
     });
@@ -1508,7 +1717,11 @@ describe('ReactDOMServerHydration', () => {
             <ProfileSettings>
               <div className="parent">
         -       <footer className="3">
-        ]",
+        ]
+          Owner Stack:
+            in div (at **)
+            in ProfileSettings (at **)
+            in Mismatch (at **)",
         ]
       `);
     });
diff --git a/packages/react-dom/src/__tests__/ReactDOMRoot-test.js b/packages/react-dom/src/__tests__/ReactDOMRoot-test.js
index c447430f20..25503d3a3c 100644
--- a/packages/react-dom/src/__tests__/ReactDOMRoot-test.js
+++ b/packages/react-dom/src/__tests__/ReactDOMRoot-test.js
@@ -164,28 +164,26 @@ describe('ReactDOMRoot', () => {
       </div>,
     );
     await waitForAll([]);
-    assertConsoleErrorDev(
-      [
-        "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
-          "This won't be patched up. This can happen if a SSR-ed Client Component used:\n" +
-          '\n' +
-          "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
-          "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
-          "- Date formatting in a user's locale which doesn't match the server.\n" +
-          '- External changing data without sending a snapshot of it along with the HTML.\n' +
-          '- Invalid HTML tag nesting.\n' +
-          '\n' +
-          'It can also happen if the client has a browser extension installed which messes with the HTML before React loaded.\n' +
-          '\n' +
-          'https://react.dev/link/hydration-mismatch\n' +
-          '\n' +
-          '  <div>\n' +
-          '    <span\n' +
-          '-     className="extra"\n' +
-          '    >\n',
-      ],
-      {withoutStack: true},
-    );
+    assertConsoleErrorDev([
+      "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
+        "This won't be patched up. This can happen if a SSR-ed Client Component used:\n" +
+        '\n' +
+        "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
+        "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
+        "- Date formatting in a user's locale which doesn't match the server.\n" +
+        '- External changing data without sending a snapshot of it along with the HTML.\n' +
+        '- Invalid HTML tag nesting.\n' +
+        '\n' +
+        'It can also happen if the client has a browser extension installed which messes with the HTML before React loaded.\n' +
+        '\n' +
+        'https://react.dev/link/hydration-mismatch\n' +
+        '\n' +
+        '  <div>\n' +
+        '    <span\n' +
+        '-     className="extra"\n' +
+        '    >\n' +
+        '\n    in span (at **)',
+    ]);
   });
 
   it('clears existing children', async () => {
diff --git a/packages/react-dom/src/__tests__/ReactDOMSingletonComponents-test.js b/packages/react-dom/src/__tests__/ReactDOMSingletonComponents-test.js
index b47014dee9..84db05bc77 100644
--- a/packages/react-dom/src/__tests__/ReactDOMSingletonComponents-test.js
+++ b/packages/react-dom/src/__tests__/ReactDOMSingletonComponents-test.js
@@ -547,32 +547,30 @@ describe('ReactDOM HostSingleton', () => {
     );
     expect(hydrationErrors).toEqual([]);
     await waitForAll([]);
-    assertConsoleErrorDev(
-      [
-        "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
-          "This won't be patched up. This can happen if a SSR-ed Client Component used:\n" +
-          '\n' +
-          "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
-          "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
-          "- Date formatting in a user's locale which doesn't match the server.\n" +
-          '- External changing data without sending a snapshot of it along with the HTML.\n' +
-          '- Invalid HTML tag nesting.\n\nIt can also happen if the client has a browser extension installed ' +
-          'which messes with the HTML before React loaded.\n' +
-          '\n' +
-          'https://react.dev/link/hydration-mismatch\n' +
-          '\n' +
-          '  <html\n' +
-          '+   data-client-foo="foo"\n' +
-          '-   data-client-foo={null}\n' +
-          '  >\n' +
-          '    <head>\n' +
-          '    <body\n' +
-          '+     data-client-baz="baz"\n' +
-          '-     data-client-baz={null}\n' +
-          '    >\n',
-      ],
-      {withoutStack: true},
-    );
+    assertConsoleErrorDev([
+      "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
+        "This won't be patched up. This can happen if a SSR-ed Client Component used:\n" +
+        '\n' +
+        "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
+        "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
+        "- Date formatting in a user's locale which doesn't match the server.\n" +
+        '- External changing data without sending a snapshot of it along with the HTML.\n' +
+        '- Invalid HTML tag nesting.\n\nIt can also happen if the client has a browser extension installed ' +
+        'which messes with the HTML before React loaded.\n' +
+        '\n' +
+        'https://react.dev/link/hydration-mismatch\n' +
+        '\n' +
+        '  <html\n' +
+        '+   data-client-foo="foo"\n' +
+        '-   data-client-foo={null}\n' +
+        '  >\n' +
+        '    <head>\n' +
+        '    <body\n' +
+        '+     data-client-baz="baz"\n' +
+        '-     data-client-baz={null}\n' +
+        '    >\n' +
+        '\n    in body (at **)',
+    ]);
     expect(persistentElements).toEqual([
       document.documentElement,
       document.head,
diff --git a/packages/react-dom/src/__tests__/ReactRenderDocument-test.js b/packages/react-dom/src/__tests__/ReactRenderDocument-test.js
index 09ac92aad9..8395d2afde 100644
--- a/packages/react-dom/src/__tests__/ReactRenderDocument-test.js
+++ b/packages/react-dom/src/__tests__/ReactRenderDocument-test.js
@@ -311,9 +311,10 @@ describe('rendering React components at document', () => {
                 '+       Hello world\n' +
                 '-       Goodbye world\n' +
                 '+       Hello world\n' +
-                '-       Goodbye world\n',
+                '-       Goodbye world\n' +
+                '\n    in body (at **)' +
+                '\n    in Component (at **)',
             ],
-        {withoutStack: true},
       );
 
       assertLog(
diff --git a/packages/react-dom/src/__tests__/ReactServerRenderingHydration-test.js b/packages/react-dom/src/__tests__/ReactServerRenderingHydration-test.js
index a23e709047..e8435bd1ce 100644
--- a/packages/react-dom/src/__tests__/ReactServerRenderingHydration-test.js
+++ b/packages/react-dom/src/__tests__/ReactServerRenderingHydration-test.js
@@ -163,9 +163,10 @@ describe('ReactDOMServerHydration', () => {
                 '  <TestComponent name="y" ref={function ref}>\n' +
                 '    <span ref={{current:null}} onClick={function}>\n' +
                 '+     y\n' +
-                '-     x\n',
+                '-     x\n' +
+                '\n    in span (at **)' +
+                '\n    in TestComponent (at **)',
             ],
-        {withoutStack: true},
       );
       expect(mountCount).toEqual(4);
       expect(element.innerHTML.length > 0).toBe(true);
@@ -269,9 +270,9 @@ describe('ReactDOMServerHydration', () => {
               '\n' +
               '  <button autoFocus={false} onFocus={function mockConstructor}>\n' +
               '+   client\n' +
-              '-   server\n',
+              '-   server\n' +
+              '\n    in button (at **)',
           ],
-      {withoutStack: true},
     );
 
     expect(onFocusBeforeHydration).not.toHaveBeenCalled();
@@ -294,31 +295,29 @@ describe('ReactDOMServerHydration', () => {
         />,
       );
     });
-    assertConsoleErrorDev(
-      [
-        "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
-          "This won't be patched up. This can happen if a SSR-ed Client Component used:\n" +
-          '\n' +
-          "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
-          "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
-          "- Date formatting in a user's locale which doesn't match the server.\n" +
-          '- External changing data without sending a snapshot of it along with the HTML.\n' +
-          '- Invalid HTML tag nesting.\n\nIt can also happen if the client has a browser extension ' +
-          'installed which messes with the HTML before React loaded.\n' +
-          '\n' +
-          'https://react.dev/link/hydration-mismatch\n' +
-          '\n' +
-          '  <div\n    style={{\n+     textDecoration: "none"\n' +
-          '+     color: "white"\n' +
-          '-     color: "black"\n' +
-          '+     height: "10px"\n' +
-          '-     height: "10px"\n' +
-          '-     text-decoration: "none"\n' +
-          '    }}\n' +
-          '  >\n',
-      ],
-      {withoutStack: true},
-    );
+    assertConsoleErrorDev([
+      "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
+        "This won't be patched up. This can happen if a SSR-ed Client Component used:\n" +
+        '\n' +
+        "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
+        "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
+        "- Date formatting in a user's locale which doesn't match the server.\n" +
+        '- External changing data without sending a snapshot of it along with the HTML.\n' +
+        '- Invalid HTML tag nesting.\n\nIt can also happen if the client has a browser extension ' +
+        'installed which messes with the HTML before React loaded.\n' +
+        '\n' +
+        'https://react.dev/link/hydration-mismatch\n' +
+        '\n' +
+        '  <div\n    style={{\n+     textDecoration: "none"\n' +
+        '+     color: "white"\n' +
+        '-     color: "black"\n' +
+        '+     height: "10px"\n' +
+        '-     height: "10px"\n' +
+        '-     text-decoration: "none"\n' +
+        '    }}\n' +
+        '  >\n' +
+        '\n    in div (at **)',
+    ]);
   });
 
   it('should not warn when the style property differs on whitespace or order in IE', async () => {
@@ -362,33 +361,31 @@ describe('ReactDOMServerHydration', () => {
         />,
       );
     });
-    assertConsoleErrorDev(
-      [
-        "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
-          "This won't be patched up. This can happen if a SSR-ed Client Component used:\n" +
-          '\n' +
-          "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
-          "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
-          "- Date formatting in a user's locale which doesn't match the server.\n" +
-          '- External changing data without sending a snapshot of it along with the HTML.\n' +
-          '- Invalid HTML tag nesting.\n\nIt can also happen if the client has a browser extension ' +
-          'installed which messes with the HTML before React loaded.\n' +
-          '\n' +
-          'https://react.dev/link/hydration-mismatch\n' +
-          '\n' +
-          '  <div\n' +
-          '    style={{\n' +
-          '+     textDecoration: "none"\n' +
-          '+     color: "black"\n' +
-          '-     color: "black"\n' +
-          '+     height: "10px"\n' +
-          '-     height: "10px"\n' +
-          '-     text-decoration: "none"\n' +
-          '    }}\n' +
-          '  >\n',
-      ],
-      {withoutStack: true},
-    );
+    assertConsoleErrorDev([
+      "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. " +
+        "This won't be patched up. This can happen if a SSR-ed Client Component used:\n" +
+        '\n' +
+        "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
+        "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
+        "- Date formatting in a user's locale which doesn't match the server.\n" +
+        '- External changing data without sending a snapshot of it along with the HTML.\n' +
+        '- Invalid HTML tag nesting.\n\nIt can also happen if the client has a browser extension ' +
+        'installed which messes with the HTML before React loaded.\n' +
+        '\n' +
+        'https://react.dev/link/hydration-mismatch\n' +
+        '\n' +
+        '  <div\n' +
+        '    style={{\n' +
+        '+     textDecoration: "none"\n' +
+        '+     color: "black"\n' +
+        '-     color: "black"\n' +
+        '+     height: "10px"\n' +
+        '-     height: "10px"\n' +
+        '-     text-decoration: "none"\n' +
+        '    }}\n' +
+        '  >\n' +
+        '\n    in div (at **)',
+    ]);
   });
 
   it('should throw rendering portals on the server', () => {
@@ -652,9 +649,9 @@ describe('ReactDOMServerHydration', () => {
               '  <div dangerouslySetInnerHTML={undefined}>\n' +
               '    <p>\n' +
               '+     client\n' +
-              '-     server\n',
+              '-     server\n' +
+              '\n    in p (at **)',
           ],
-      {withoutStack: true},
     );
 
     if (favorSafetyOverHydrationPerf) {
diff --git a/packages/react-reconciler/src/ReactFiberHydrationContext.js b/packages/react-reconciler/src/ReactFiberHydrationContext.js
index 23f13bbcad..f6589b7445 100644
--- a/packages/react-reconciler/src/ReactFiberHydrationContext.js
+++ b/packages/react-reconciler/src/ReactFiberHydrationContext.js
@@ -67,6 +67,7 @@ import {
 import {queueRecoverableErrors} from './ReactFiberWorkLoop';
 import {getRootHostContainer, getHostContext} from './ReactFiberHostContext';
 import {describeDiff} from './ReactFiberHydrationDiffs';
+import {runWithFiberInDEV} from './ReactCurrentFiber';
 
 // The deepest Fiber on the stack involved in a hydration context.
 // This may have been an insertion or a hydration.
@@ -749,22 +750,32 @@ export function emitPendingHydrationWarnings() {
     if (diffRoot !== null) {
       hydrationDiffRootDEV = null;
       const diff = describeDiff(diffRoot);
-      console.error(
-        "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. This won't be patched up. " +
-          'This can happen if a SSR-ed Client Component used:\n' +
-          '\n' +
-          "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
-          "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
-          "- Date formatting in a user's locale which doesn't match the server.\n" +
-          '- External changing data without sending a snapshot of it along with the HTML.\n' +
-          '- Invalid HTML tag nesting.\n' +
-          '\n' +
-          'It can also happen if the client has a browser extension installed which messes with the HTML before React loaded.\n' +
-          '\n' +
-          '%s%s',
-        'https://react.dev/link/hydration-mismatch',
-        diff,
-      );
+
+      // Just pick the DFS-first leaf as the owner.
+      // Should be good enough since most warnings only have a single error.
+      let diffOwner: HydrationDiffNode = diffRoot;
+      while (diffOwner.children.length > 0) {
+        diffOwner = diffOwner.children[0];
+      }
+
+      runWithFiberInDEV(diffOwner.fiber, () => {
+        console.error(
+          "A tree hydrated but some attributes of the server rendered HTML didn't match the client properties. This won't be patched up. " +
+            'This can happen if a SSR-ed Client Component used:\n' +
+            '\n' +
+            "- A server/client branch `if (typeof window !== 'undefined')`.\n" +
+            "- Variable input such as `Date.now()` or `Math.random()` which changes each time it's called.\n" +
+            "- Date formatting in a user's locale which doesn't match the server.\n" +
+            '- External changing data without sending a snapshot of it along with the HTML.\n' +
+            '- Invalid HTML tag nesting.\n' +
+            '\n' +
+            'It can also happen if the client has a browser extension installed which messes with the HTML before React loaded.\n' +
+            '\n' +
+            '%s%s',
+          'https://react.dev/link/hydration-mismatch',
+          diff,
+        );
+      });
     }
   }
 }
diff --git a/packages/react-server-dom-esm/src/client/ReactFlightDOMClientBrowser.js b/packages/react-server-dom-esm/src/client/ReactFlightDOMClientBrowser.js
index afabc29104..9ae47e3b55 100644
--- a/packages/react-server-dom-esm/src/client/ReactFlightDOMClientBrowser.js
+++ b/packages/react-server-dom-esm/src/client/ReactFlightDOMClientBrowser.js
@@ -25,9 +25,11 @@ import {
   injectIntoDevTools,
 } from 'react-client/src/ReactFlightClient';
 
-import {
-  processReply,
+import {processReply} from 'react-client/src/ReactFlightReplyClient';
+
+export {
   createServerReference,
+  registerServerReference,
 } from 'react-client/src/ReactFlightReplyClient';
 
 import type {TemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
@@ -151,12 +153,7 @@ function encodeReply(
   });
 }
 
-export {
-  createFromFetch,
-  createFromReadableStream,
-  encodeReply,
-  createServerReference,
-};
+export {createFromFetch, createFromReadableStream, encodeReply};
 
 if (__DEV__) {
   injectIntoDevTools();
diff --git a/packages/react-server-dom-esm/src/client/ReactFlightDOMClientNode.js b/packages/react-server-dom-esm/src/client/ReactFlightDOMClientNode.js
index 2e1c556642..75c569e5ac 100644
--- a/packages/react-server-dom-esm/src/client/ReactFlightDOMClientNode.js
+++ b/packages/react-server-dom-esm/src/client/ReactFlightDOMClientNode.js
@@ -26,6 +26,8 @@ import {
 
 import {createServerReference as createServerReferenceImpl} from 'react-client/src/ReactFlightReplyClient';
 
+export {registerServerReference} from 'react-client/src/ReactFlightReplyClient';
+
 function noServerCall() {
   throw new Error(
     'Server Functions cannot be called during initial render. ' +
diff --git a/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientBrowser.js b/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientBrowser.js
index 7ea840b140..3aca4a355d 100644
--- a/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientBrowser.js
+++ b/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientBrowser.js
@@ -26,6 +26,8 @@ import {
   createServerReference as createServerReferenceImpl,
 } from 'react-client/src/ReactFlightReplyClient';
 
+export {registerServerReference} from 'react-client/src/ReactFlightReplyClient';
+
 import type {TemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
 
 export {createTemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
diff --git a/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientEdge.js b/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientEdge.js
index 8783cbfc6a..b1fbfed08f 100644
--- a/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientEdge.js
+++ b/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientEdge.js
@@ -25,6 +25,8 @@ import {
   createServerReference as createServerReferenceImpl,
 } from 'react-client/src/ReactFlightReplyClient';
 
+export {registerServerReference} from 'react-client/src/ReactFlightReplyClient';
+
 import type {TemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
 
 export {createTemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
diff --git a/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientNode.js b/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientNode.js
index 8be06af9f2..b12a3a3ff4 100644
--- a/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientNode.js
+++ b/packages/react-server-dom-parcel/src/client/ReactFlightDOMClientNode.js
@@ -21,6 +21,8 @@ import {
 
 import {createServerReference as createServerReferenceImpl} from 'react-client/src/ReactFlightReplyClient';
 
+export {registerServerReference} from 'react-client/src/ReactFlightReplyClient';
+
 function findSourceMapURL(filename: string, environmentName: string) {
   const devServer = parcelRequire.meta.devServer;
   if (devServer != null) {
diff --git a/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientBrowser.js b/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientBrowser.js
index b6b55e4586..ee319beca1 100644
--- a/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientBrowser.js
+++ b/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientBrowser.js
@@ -25,9 +25,11 @@ import {
   injectIntoDevTools,
 } from 'react-client/src/ReactFlightClient';
 
-import {
-  processReply,
+import {processReply} from 'react-client/src/ReactFlightReplyClient';
+
+export {
   createServerReference,
+  registerServerReference,
 } from 'react-client/src/ReactFlightReplyClient';
 
 import type {TemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
@@ -150,12 +152,7 @@ function encodeReply(
   });
 }
 
-export {
-  createFromFetch,
-  createFromReadableStream,
-  encodeReply,
-  createServerReference,
-};
+export {createFromFetch, createFromReadableStream, encodeReply};
 
 if (__DEV__) {
   injectIntoDevTools();
diff --git a/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientEdge.js b/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientEdge.js
index 509950bc65..48cb0dd4db 100644
--- a/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientEdge.js
+++ b/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientEdge.js
@@ -41,6 +41,8 @@ import {
   createServerReference as createServerReferenceImpl,
 } from 'react-client/src/ReactFlightReplyClient';
 
+export {registerServerReference} from 'react-client/src/ReactFlightReplyClient';
+
 import type {TemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
 
 export {createTemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
diff --git a/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientNode.js b/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientNode.js
index 2ee76fa3b4..919be523f8 100644
--- a/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientNode.js
+++ b/packages/react-server-dom-turbopack/src/client/ReactFlightDOMClientNode.js
@@ -38,6 +38,8 @@ import {
 
 import {createServerReference as createServerReferenceImpl} from 'react-client/src/ReactFlightReplyClient';
 
+export {registerServerReference} from 'react-client/src/ReactFlightReplyClient';
+
 function noServerCall() {
   throw new Error(
     'Server Functions cannot be called during initial render. ' +
diff --git a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
index ba1ae3b64a..5d3af9d411 100644
--- a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
+++ b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
@@ -301,6 +301,48 @@ describe('ReactFlightDOMEdge', () => {
     expect(result.boundMethod()).toBe('hi, there');
   });
 
+  it('should load a server reference on a consuming server and pass it back', async () => {
+    function greet(name) {
+      return 'hi, ' + name;
+    }
+    const ServerModule = serverExports({
+      greet,
+    });
+
+    const stream = await serverAct(() =>
+      ReactServerDOMServer.renderToReadableStream(
+        {
+          method: ServerModule.greet,
+          boundMethod: ServerModule.greet.bind(null, 'there'),
+        },
+        webpackMap,
+      ),
+    );
+    const response = ReactServerDOMClient.createFromReadableStream(stream, {
+      serverConsumerManifest: {
+        moduleMap: webpackMap,
+        serverModuleMap: webpackServerMap,
+        moduleLoading: webpackModuleLoading,
+      },
+    });
+
+    const result = await response;
+
+    expect(result.method).toBe(greet);
+    expect(result.boundMethod()).toBe('hi, there');
+
+    const body = await ReactServerDOMClient.encodeReply({
+      method: result.method,
+      boundMethod: result.boundMethod,
+    });
+    const replyResult = await ReactServerDOMServer.decodeReply(
+      body,
+      webpackServerMap,
+    );
+    expect(replyResult.method).toBe(greet);
+    expect(replyResult.boundMethod()).toBe('hi, there');
+  });
+
   it('should encode long string in a compact format', async () => {
     const testString = '"\n\t'.repeat(500) + '🙃';
     const testString2 = 'hello'.repeat(400);
diff --git a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMReplyEdge-test.js b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMReplyEdge-test.js
index 2effa9868e..7315e78c61 100644
--- a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMReplyEdge-test.js
+++ b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMReplyEdge-test.js
@@ -22,7 +22,7 @@ if (typeof File === 'undefined' || typeof FormData === 'undefined') {
   global.FormData = require('undici').FormData;
 }
 
-// let serverExports;
+let serverExports;
 let webpackServerMap;
 let ReactServerDOMServer;
 let ReactServerDOMClient;
@@ -36,7 +36,7 @@ describe('ReactFlightDOMReplyEdge', () => {
       require('react-server-dom-webpack/server.edge'),
     );
     const WebpackMock = require('./utils/WebpackMock');
-    // serverExports = WebpackMock.serverExports;
+    serverExports = WebpackMock.serverExports;
     webpackServerMap = WebpackMock.webpackServerMap;
     ReactServerDOMServer = require('react-server-dom-webpack/server.edge');
     jest.resetModules();
@@ -308,4 +308,29 @@ describe('ReactFlightDOMReplyEdge', () => {
     expect(await decoded.a).toBe('hello');
     expect(Array.from(await decoded.b)).toEqual(Array.from(buffer));
   });
+
+  it('can pass a registered server reference', async () => {
+    function greet(name) {
+      return 'hi, ' + name;
+    }
+    const ServerModule = serverExports({
+      greet,
+    });
+
+    ReactServerDOMClient.registerServerReference(
+      ServerModule.greet,
+      ServerModule.greet.$$id,
+    );
+
+    const body = await ReactServerDOMClient.encodeReply({
+      method: ServerModule.greet,
+      boundMethod: ServerModule.greet.bind(null, 'there'),
+    });
+    const replyResult = await ReactServerDOMServer.decodeReply(
+      body,
+      webpackServerMap,
+    );
+    expect(replyResult.method).toBe(greet);
+    expect(replyResult.boundMethod()).toBe('hi, there');
+  });
 });
diff --git a/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientBrowser.js b/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientBrowser.js
index b6b55e4586..ee319beca1 100644
--- a/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientBrowser.js
+++ b/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientBrowser.js
@@ -25,9 +25,11 @@ import {
   injectIntoDevTools,
 } from 'react-client/src/ReactFlightClient';
 
-import {
-  processReply,
+import {processReply} from 'react-client/src/ReactFlightReplyClient';
+
+export {
   createServerReference,
+  registerServerReference,
 } from 'react-client/src/ReactFlightReplyClient';
 
 import type {TemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
@@ -150,12 +152,7 @@ function encodeReply(
   });
 }
 
-export {
-  createFromFetch,
-  createFromReadableStream,
-  encodeReply,
-  createServerReference,
-};
+export {createFromFetch, createFromReadableStream, encodeReply};
 
 if (__DEV__) {
   injectIntoDevTools();
diff --git a/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientEdge.js b/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientEdge.js
index 509950bc65..48cb0dd4db 100644
--- a/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientEdge.js
+++ b/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientEdge.js
@@ -41,6 +41,8 @@ import {
   createServerReference as createServerReferenceImpl,
 } from 'react-client/src/ReactFlightReplyClient';
 
+export {registerServerReference} from 'react-client/src/ReactFlightReplyClient';
+
 import type {TemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
 
 export {createTemporaryReferenceSet} from 'react-client/src/ReactFlightTemporaryReferences';
diff --git a/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientNode.js b/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientNode.js
index 22c8928432..4118ad046d 100644
--- a/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientNode.js
+++ b/packages/react-server-dom-webpack/src/client/ReactFlightDOMClientNode.js
@@ -39,6 +39,8 @@ import {
 
 import {createServerReference as createServerReferenceImpl} from 'react-client/src/ReactFlightReplyClient';
 
+export {registerServerReference} from 'react-client/src/ReactFlightReplyClient';
+
 function noServerCall() {
   throw new Error(
     'Server Functions cannot be called during initial render. ' +
diff --git a/packages/react-server/src/ReactFlightReplyServer.js b/packages/react-server/src/ReactFlightReplyServer.js
index 4db7571bb6..7c94352f28 100644
--- a/packages/react-server/src/ReactFlightReplyServer.js
+++ b/packages/react-server/src/ReactFlightReplyServer.js
@@ -936,8 +936,10 @@ function parseModelString(
         // Server Reference
         const ref = value.slice(2);
         // TODO: Just encode this in the reference inline instead of as a model.
-        const metaData: {id: ServerReferenceId, bound: Thenable<Array<any>>} =
-          getOutlinedModel(response, ref, obj, key, createModel);
+        const metaData: {
+          id: ServerReferenceId,
+          bound: null | Thenable<Array<any>>,
+        } = getOutlinedModel(response, ref, obj, key, createModel);
         return loadServerReference(
           response,
           metaData.id,