diff --git a/codex-rs/thread-store/src/local/thread_history_materialization.rs b/codex-rs/thread-store/src/local/thread_history_materialization.rs
index c6cfa9de8e..06ac3e8072 100644
--- a/codex-rs/thread-store/src/local/thread_history_materialization.rs
+++ b/codex-rs/thread-store/src/local/thread_history_materialization.rs
@@ -1,3 +1,5 @@
+use std::io::BufRead;
+use std::io::BufReader;
 use std::io::Read;
 use std::io::Seek;
 use std::io::SeekFrom;
@@ -134,26 +136,31 @@ fn read_projection_steps_sync(
             .ok_or_else(|| ThreadStoreError::Internal {
                 message: "durable rollout shrank before projection".to_string(),
             })?;
-    let byte_count = usize::try_from(byte_count).map_err(|_| ThreadStoreError::Internal {
-        message: "durable rollout append exceeds addressable memory".to_string(),
-    })?;
-    let mut bytes = vec![0; byte_count];
     file.seek(SeekFrom::Start(start_offset))
         .map_err(thread_store_io_error)?;
-    file.read_exact(bytes.as_mut_slice())
-        .map_err(thread_store_io_error)?;
+    // Freeze this pass at the captured end, without retaining the entire durable suffix.
+    let mut reader = BufReader::new(file.take(byte_count));
+    let mut line_bytes = Vec::new();
     // Only project the newline-terminated prefix; leave a trailing partial record for the next
     // pass.
     let mut projections = Vec::new();
     let mut next_ordinal = expected_ordinal;
     let mut next_offset = start_offset;
     let mut line_start_offset = start_offset;
-    for line_bytes in bytes.split_inclusive(|byte| *byte == b'\n') {
+    loop {
         if is_cancelled() {
             return Err(thread_store_io_error(std::io::Error::other(
                 "rollout read cancelled",
             )));
         }
+        line_bytes.clear();
+        if reader
+            .read_until(b'\n', &mut line_bytes)
+            .map_err(thread_store_io_error)?
+            == 0
+        {
+            break;
+        }
         if !line_bytes.ends_with(b"\n") {
             break;
         }
@@ -171,7 +178,7 @@ fn read_projection_steps_sync(
             line_start_offset = line_end_offset;
             continue;
         }
-        let value = match serde_json::from_slice::<serde_json::Value>(line_bytes) {
+        let value = match serde_json::from_slice::<serde_json::Value>(&line_bytes) {
             Ok(value) => value,
             Err(err) => {
                 warn!(
@@ -332,6 +339,12 @@ fn read_projection_steps_sync(
         next_offset = line_end_offset;
         line_start_offset = line_end_offset;
     }
+    if reader.get_ref().limit() != 0 {
+        return Err(thread_store_io_error(std::io::Error::new(
+            std::io::ErrorKind::UnexpectedEof,
+            "durable rollout shrank during projection",
+        )));
+    }
     Ok((projections, next_offset))
 }
 
diff --git a/codex-rs/thread-store/src/local/thread_history_materialization_tests.rs b/codex-rs/thread-store/src/local/thread_history_materialization_tests.rs
index 45bb268678..e3299fed59 100644
--- a/codex-rs/thread-store/src/local/thread_history_materialization_tests.rs
+++ b/codex-rs/thread-store/src/local/thread_history_materialization_tests.rs
@@ -2204,6 +2204,7 @@ async fn synchronized_catch_up_does_not_replay_old_rows() {
     assert_eq!(status, "sentinel");
 }
 
+/// Large records keep their byte positions and remain pending until their newline is durable.
 #[tokio::test]
 async fn catch_up_preserves_trailing_partial_line_boundaries() {
     let home = TempDir::new().expect("temp dir");
@@ -2221,8 +2222,12 @@ async fn catch_up_preserves_trailing_partial_line_boundaries() {
     .await
     .expect("open thread history db");
     let before = projection_state(&pool, thread_id).await;
-    let complete_line = rollout_line(Some(1), turn_started("turn-1"));
-    let partial_line = rollout_line(Some(2), turn_completed("turn-1"));
+    let padding = " ".repeat(64 * 1024);
+    let complete_line = format!("{}{padding}", rollout_line(Some(1), turn_started("turn-1")));
+    let partial_line = format!(
+        "{}{padding}",
+        rollout_line(Some(2), turn_completed("turn-1"))
+    );
     let complete_suffix = format!("{complete_line}\n");
     let rollout_path = store
         .live_rollout_path(thread_id)
@@ -2471,7 +2476,7 @@ async fn blank_and_rejected_rollout_lines_advance_projection() {
         .expect("queue valid retry");
     recorder.flush().await.expect("flush valid retry");
 
-    // Replay this small file, cancelling between records after its single read completes.
+    // Replay this small file, cancelling between records.
     let checks = Cell::new(0);
     assert!(
         super::read_projection_steps_sync(