Thread-shared software code caches

A runtime system using thread-shared code caches is provided which avoids brute-force all-thread-suspension and monolithic global locks. In one embodiment, medium-grained runtime system synchronization reduces lock contention. The system includes trace building that combines efficient private construction with shared results, in-cache lock-free lookup table access in the presence of entry invalidations, and a delayed deletion algorithm based on timestamps and reference counts. These enable reductions in memory usage and performance overhead.