diff --git a/sycl/source/detail/kernel_program_cache.hpp b/sycl/source/detail/kernel_program_cache.hpp
index 23dfa3e122c15..8e9fa563f8874 100644
--- a/sycl/source/detail/kernel_program_cache.hpp
+++ b/sycl/source/detail/kernel_program_cache.hpp
@@ -404,7 +404,7 @@ class KernelProgramCache {
   std::pair<std::shared_ptr<ProgramBuildResult>, bool>
   getOrInsertProgram(const ProgramCacheKeyT &CacheKey) {
     auto LockedCache = acquireCachedPrograms();
-    auto &ProgCache = LockedCache.get();
+    ProgramCache &ProgCache = LockedCache.get();
     auto [It, DidInsert] = ProgCache.Cache.try_emplace(CacheKey, nullptr);
     if (DidInsert) {
       It->second = std::make_shared<ProgramBuildResult>(getAdapter());
@@ -426,7 +426,7 @@ class KernelProgramCache {
   bool insertBuiltProgram(const ProgramCacheKeyT &CacheKey,
                           ur_program_handle_t Program) {
     auto LockedCache = acquireCachedPrograms();
-    auto &ProgCache = LockedCache.get();
+    ProgramCache &ProgCache = LockedCache.get();
     auto [It, DidInsert] = ProgCache.Cache.try_emplace(CacheKey, nullptr);
     if (DidInsert) {
       It->second = std::make_shared<ProgramBuildResult>(getAdapter(),
@@ -491,7 +491,7 @@ class KernelProgramCache {
       // Save kernel in fast cache only if the corresponding program is also
       // in the cache.
       auto LockedCache = acquireCachedPrograms();
-      auto &ProgCache = LockedCache.get();
+      ProgramCache &ProgCache = LockedCache.get();
       if (ProgCache.ProgramSizeMap.find(CacheVal->MProgramHandle) ==
           ProgCache.ProgramSizeMap.end())
         return;
@@ -631,7 +631,7 @@ class KernelProgramCache {
       while (CurrCacheSize > DesiredCacheSize && !MEvictionList.empty()) {
         ProgramCacheKeyT CacheKey = ProgramEvictionList.front();
         auto LockedCache = acquireCachedPrograms();
-        auto &ProgCache = LockedCache.get();
+        ProgramCache &ProgCache = LockedCache.get();
         CurrCacheSize = removeProgramByKey(CacheKey, ProgCache);
         // Remove the program from the eviction list.
         MEvictionList.popFront();
@@ -748,15 +748,23 @@ class KernelProgramCache {
   ///
   /// \return a pointer to cached build result, return value must not be
   /// nullptr.
+  ///
+  /// Note that build result might be immediately evicted (if it's bigger than
+  /// current threshold), so the caller *must* assume (potentially shared)
+  /// ownership. In other words, `std::shared_ptr` in the return type is
+  /// unavoidable.
   template <errc Errc, typename GetCachedBuildFT, typename BuildFT,
             typename EvictFT = void *>
-  auto getOrBuild(GetCachedBuildFT &&GetCachedBuild, BuildFT &&Build,
-                  EvictFT &&EvictFunc = nullptr) {
+  auto /* std::shared_ptr<BuildResult> */
+  getOrBuild(GetCachedBuildFT &&GetCachedBuild, BuildFT &&Build,
+             EvictFT &&EvictFunc = nullptr) {
     using BuildState = KernelProgramCache::BuildState;
     constexpr size_t MaxAttempts = 2;
     for (size_t AttemptCounter = 0;; ++AttemptCounter) {
-      auto Res = GetCachedBuild();
+      auto /* std::pair<std::shared_ptr<BuildResult>, bool> */ Res =
+          GetCachedBuild();
       auto &BuildResult = Res.first;
+      assert(BuildResult != nullptr);
       BuildState Expected = BuildState::BS_Initial;
       BuildState Desired = BuildState::BS_InProgress;
       if (!BuildResult->State.compare_exchange_strong(Expected, Desired)) {
@@ -825,7 +833,7 @@ class KernelProgramCache {
 
   void removeAllRelatedEntries(uint32_t ImageId) {
     auto LockedCache = acquireCachedPrograms();
-    auto &ProgCache = LockedCache.get();
+    ProgramCache &ProgCache = LockedCache.get();
 
     auto It = std::find_if(
         ProgCache.KeyMap.begin(), ProgCache.KeyMap.end(),
diff --git a/sycl/source/detail/program_manager/program_manager.cpp b/sycl/source/detail/program_manager/program_manager.cpp
index fb8b36915bb9e..485b94e36f658 100644
--- a/sycl/source/detail/program_manager/program_manager.cpp
+++ b/sycl/source/detail/program_manager/program_manager.cpp
@@ -1016,15 +1016,13 @@ ProgramManager::getBuiltURProgram(const BinImgWithDeps &ImgWithDeps,
   };
 
   auto EvictFunc = [&Cache, &CacheKey](ur_program_handle_t Program,
-                                       bool isBuilt) {
-    return Cache.registerProgramFetch(CacheKey, Program, isBuilt);
+                                       bool isBuilt) -> void {
+    Cache.registerProgramFetch(CacheKey, Program, isBuilt);
   };
 
-  auto BuildResult =
+  std::shared_ptr<KernelProgramCache::ProgramBuildResult> BuildResult =
       Cache.getOrBuild<errc::build>(GetCachedBuildF, BuildF, EvictFunc);
-
-  // getOrBuild is not supposed to return nullptr
-  assert(BuildResult != nullptr && "Invalid build result");
+  assert(BuildResult && "getOrBuild isn't supposed to return nullptr!");
 
   ur_program_handle_t ResProgram = BuildResult->Val;
 
@@ -1082,8 +1080,6 @@ ProgramManager::getBuiltURProgram(const BinImgWithDeps &ImgWithDeps,
         Adapter.call<UrApiKind::urProgramRetain>(ResProgram);
       }
       CacheLinkedImages();
-      // getOrBuild is not supposed to return nullptr
-      assert(BuildResult != nullptr && "Invalid build result");
     }
   }
 
@@ -1155,9 +1151,9 @@ FastKernelCacheValPtr ProgramManager::getOrCreateKernel(
         Kernel, nullptr, ArgMask, Program, ContextImpl.getAdapter());
   }
 
-  auto BuildResult = Cache.getOrBuild<errc::invalid>(GetCachedBuildF, BuildF);
-  // getOrBuild is not supposed to return nullptr
-  assert(BuildResult != nullptr && "Invalid build result");
+  std::shared_ptr<KernelProgramCache::KernelBuildResult> BuildResult =
+      Cache.getOrBuild<errc::invalid>(GetCachedBuildF, BuildF);
+  assert(BuildResult && "getOrBuild isn't supposed to return nullptr!");
   const std::pair<ur_kernel_handle_t, const KernelArgMask *>
       &KernelArgMaskPair = BuildResult->Val;
   auto ret_val = std::make_shared<FastKernelCacheVal>(
@@ -3192,9 +3188,9 @@ ProgramManager::getOrCreateKernel(const context &Context,
     return make_tuple(Kernel, nullptr, ArgMask);
   }
 
-  auto BuildResult = Cache.getOrBuild<errc::invalid>(GetCachedBuildF, BuildF);
-  // getOrBuild is not supposed to return nullptr
-  assert(BuildResult != nullptr && "Invalid build result");
+  std::shared_ptr<KernelProgramCache::KernelBuildResult> BuildResult =
+      Cache.getOrBuild<errc::invalid>(GetCachedBuildF, BuildF);
+  assert(BuildResult && "getOrBuild isn't supposed to return nullptr!");
   // If caching is enabled, one copy of the kernel handle will be
   // stored in the cache, and one handle is returned to the
   // caller. In that case, we need to increase the ref count of the