diff --git a/Launcher/Build-Installer.ps1 b/Launcher/Build-Installer.ps1
index 03009a3..428eda8 100644
--- a/Launcher/Build-Installer.ps1
+++ b/Launcher/Build-Installer.ps1
@@ -253,7 +253,7 @@ foreach ($required in @('ToolkitFingerprint','TranslationFingerprint','NativeToo
 
 $manifest = [ordered]@{
     SchemaVersion = 2
-    ProductVersion = '0.2.22'
+    ProductVersion = '0.2.23'
     ExpectedGameId = $pins.GameId
     ExpectedDolSha256 = $pins.DolSha256
     ExpectedRelSha256 = $pins.RelSha256
diff --git a/Launcher/WiiCompiled.Setup/Program.cs b/Launcher/WiiCompiled.Setup/Program.cs
index c47eb82..d7c1249 100644
--- a/Launcher/WiiCompiled.Setup/Program.cs
+++ b/Launcher/WiiCompiled.Setup/Program.cs
@@ -121,7 +121,7 @@ internal static class PlatformChecks
 internal static class ProductInfo
 {
     public const string Name = "WiiCompiled";
-    public const string Version = "0.2.22";
+    public const string Version = "0.2.23";
 
     /// <summary>
     /// The setup executable is copied into the installation under this name. It is the launcher and
diff --git a/Launcher/WiiCompiled.Setup/WiiCompiled.Setup.csproj b/Launcher/WiiCompiled.Setup/WiiCompiled.Setup.csproj
index a7456de..326a27c 100644
--- a/Launcher/WiiCompiled.Setup/WiiCompiled.Setup.csproj
+++ b/Launcher/WiiCompiled.Setup/WiiCompiled.Setup.csproj
@@ -7,7 +7,7 @@
     <AssemblyName>WiiCompiled.Setup</AssemblyName>
     <RootNamespace>WiiCompiled.Setup</RootNamespace>
     <ApplicationManifest>app.manifest</ApplicationManifest>
-    <Version>0.2.22</Version>
+    <Version>0.2.23</Version>
     <Authors>patchzy</Authors>
     <Product>WiiCompiled</Product>
     <Description>Command-line installer and launcher for WiiCompiled</Description>
diff --git a/runtime/src/hle/os/os_report.cpp b/runtime/src/hle/os/os_report.cpp
index 78facb4..cb8e6cf 100644
--- a/runtime/src/hle/os/os_report.cpp
+++ b/runtime/src/hle/os/os_report.cpp
@@ -2,6 +2,7 @@
 
 #include <cstdint>
 #include <iostream>
+#include <set>
 #include <string>
 #include <vector>
 
@@ -103,17 +104,26 @@ static void HLE_LogOSReport(CpuContext* cpu, const char* fmt)
         [&state]() { return NextOsReportDouble(state); },
         [](uint32_t address) { return ReadGuestStringForReport(address); });
 
+    // nw4r warnings arrive as "<file>:<line> Warning:" plus a bare newline, so
+    // consecutive identical messages never land back to back. Blank lines are
+    // transparent to the repeat tracker so the pair still collapses.
     static thread_local std::string lastBuffer;
     static thread_local size_t repeated = 0;
-    if (buffer == lastBuffer) {
+    const bool blank = buffer.find_first_not_of(" \t\r\n") == std::string::npos;
+    if (blank) {
+        if (repeated != 0) {
+            return;
+        }
+    } else if (buffer == lastBuffer) {
         ++repeated;
         return;
+    } else {
+        if (repeated != 0) {
+            std::cout << "[OSReport] previous message repeated " << repeated << " time(s)" << std::endl;
+            repeated = 0;
+        }
+        lastBuffer = buffer;
     }
-    if (repeated != 0) {
-        std::cout << "[OSReport] previous message repeated " << repeated << " time(s)" << std::endl;
-        repeated = 0;
-    }
-    lastBuffer = buffer;
 
     std::cout << "[OSReport] " << buffer;
 
@@ -128,9 +138,23 @@ static void HLE_LogOSReport(CpuContext* cpu, const char* fmt)
     // the guest caller because OS__Report is an HLE boundary. The context is
     // synchronized at this boundary, so capture the guest backchain at the
     // first warning/panic instead of attributing the later PPCHalt unwind.
+    //
+    // The dump is expensive and stdio is an unbuffered pipe, so a guest that
+    // warns every frame would stall the game thread on backpressure. One dump
+    // per distinct site, with an overall cap.
     if (buffer.find(" Warning:") != std::string::npos ||
         buffer.find(" Panic:") != std::string::npos) {
-        SystemBridge::DumpCpuState(cpu);
+        constexpr size_t kMaxWarningDumps = 8;
+        static thread_local std::set<std::string> dumpedSites;
+        static thread_local size_t dumpsEmitted = 0;
+        if (dumpsEmitted < kMaxWarningDumps && dumpedSites.insert(buffer).second) {
+            ++dumpsEmitted;
+            SystemBridge::DumpCpuState(cpu);
+            if (dumpsEmitted == kMaxWarningDumps) {
+                std::cerr << "[runtime] guest warning context dumps capped at " << kMaxWarningDumps
+                          << "; further warnings log the message only." << std::endl;
+            }
+        }
     }
 }