diff --git a/src/core/jsonpointer/include/sourcemeta/core/jsonpointer_template.h b/src/core/jsonpointer/include/sourcemeta/core/jsonpointer_template.h
index a0106fa35..9beab2fac 100644
--- a/src/core/jsonpointer/include/sourcemeta/core/jsonpointer_template.h
+++ b/src/core/jsonpointer/include/sourcemeta/core/jsonpointer_template.h
@@ -115,7 +115,7 @@ template <typename PointerT> class GenericPointerTemplate {
   /// ```
   template <class... Args> auto emplace_back(Args &&...args) -> reference {
     // It is a logical error to push a token after a key wildcard
-    assert(this->data.empty() ||
+    assert(this->empty() ||
            !std::holds_alternative<Wildcard>(this->data.back()) ||
            std::get<Wildcard>(this->data.back()) != Wildcard::Key);
     return this->data.emplace_back(args...);
@@ -133,7 +133,7 @@ template <typename PointerT> class GenericPointerTemplate {
   /// ```
   auto push_back(const PointerT &other) -> void {
     // It is a logical error to push a token after a key wildcard
-    assert(this->data.empty() ||
+    assert(this->empty() ||
            !std::holds_alternative<Wildcard>(this->data.back()) ||
            std::get<Wildcard>(this->data.back()) != Wildcard::Key);
     this->data.reserve(this->data.size() + other.size());
@@ -150,7 +150,7 @@ template <typename PointerT> class GenericPointerTemplate {
   /// pointer.pop_back();
   /// ```
   auto pop_back() -> void {
-    assert(!this->data.empty());
+    assert(!this->empty());
     this->data.pop_back();
   }
 
@@ -182,6 +182,20 @@ template <typename PointerT> class GenericPointerTemplate {
     return result;
   }
 
+  /// Check if a JSON Pointer template is empty.
+  /// For example:
+  ///
+  /// ```cpp
+  /// #include <sourcemeta/core/jsonpointer.h>
+  /// #include <cassert>
+  ///
+  /// const sourcemeta::core::PointerTemplate empty_pointer;
+  /// assert(empty_pointer.empty());
+  /// ```
+  [[nodiscard]] auto empty() const noexcept -> bool {
+    return this->data.empty();
+  }
+
   /// Compare JSON Pointer template instances
   auto operator==(const GenericPointerTemplate<PointerT> &other) const noexcept
       -> bool {
diff --git a/src/core/jsonschema/frame.cc b/src/core/jsonschema/frame.cc
index 735d0185d..cd307ec6d 100644
--- a/src/core/jsonschema/frame.cc
+++ b/src/core/jsonschema/frame.cc
@@ -254,11 +254,13 @@ static auto repopulate_instance_locations(
     sourcemeta::core::SchemaFrame::Instances::mapped_type &destination,
     const std::optional<sourcemeta::core::PointerTemplate> &accumulator)
     -> void {
-  if (cache_entry.orphan
-      // TODO: Implement an .empty() method
-      && cache_entry.instance_location == sourcemeta::core::PointerTemplate{}) {
+  if (cache_entry.orphan && cache_entry.instance_location.empty()) {
     return;
-  } else if (cache_entry.parent.has_value()) {
+  } else if (cache_entry.parent.has_value() &&
+             // Don't consider bases from the root subschema, as if that
+             // subschema has any instance location other than "", then it
+             // indicates a recursive reference
+             !cache_entry.parent.value().empty()) {
     const auto match{instances.find(cache_entry.parent.value())};
     if (match == instances.cend()) {
       return;
diff --git a/test/jsonpointer/jsonpointer_template_test.cc b/test/jsonpointer/jsonpointer_template_test.cc
index fe6714e13..662cbe8d5 100644
--- a/test/jsonpointer/jsonpointer_template_test.cc
+++ b/test/jsonpointer/jsonpointer_template_test.cc
@@ -215,3 +215,14 @@ TEST(JSONPointer_template, concat_move) {
 
   EXPECT_EQ(result, expected);
 }
+
+TEST(JSONPointer_template, empty_true) {
+  const sourcemeta::core::PointerTemplate pointer;
+  EXPECT_TRUE(pointer.empty());
+}
+
+TEST(JSONPointer_template, empty_false) {
+  const sourcemeta::core::Pointer base{"foo"};
+  const sourcemeta::core::PointerTemplate pointer{base};
+  EXPECT_FALSE(pointer.empty());
+}
diff --git a/test/jsonschema/jsonschema_frame_2020_12_test.cc b/test/jsonschema/jsonschema_frame_2020_12_test.cc
index d08342f18..cd7b67ded 100644
--- a/test/jsonschema/jsonschema_frame_2020_12_test.cc
+++ b/test/jsonschema/jsonschema_frame_2020_12_test.cc
@@ -2129,3 +2129,117 @@ TEST(JSONSchema_frame_2020_12, property_cross_ref) {
                           "https://www.sourcemeta.com/schema",
                           "/properties/bar");
 }
+
+TEST(JSONSchema_frame_2020_12, dynamic_ref_multiple_targets) {
+  const sourcemeta::core::JSON document = sourcemeta::core::parse_json(R"JSON({
+    "$id": "https://www.example.com",
+    "$schema": "https://json-schema.org/draft/2020-12/schema",
+    "$dynamicAnchor": "test",
+    "properties": {
+      "foo": {
+        "$id": "foo",
+        "$dynamicAnchor": "test"
+      },
+      "bar": {
+        "$dynamicRef": "#test"
+      }
+    }
+  })JSON");
+
+  sourcemeta::core::SchemaFrame frame{
+      sourcemeta::core::SchemaFrame::Mode::Instances};
+  frame.analyse(document, sourcemeta::core::schema_official_walker,
+                sourcemeta::core::schema_official_resolver);
+
+  EXPECT_EQ(frame.locations().size(), 17);
+
+  EXPECT_FRAME_STATIC_2020_12_RESOURCE(
+      frame, "https://www.example.com", "https://www.example.com", "",
+      "https://www.example.com", "", POINTER_TEMPLATES("", "/bar"),
+      std::nullopt);
+  EXPECT_FRAME_STATIC_2020_12_RESOURCE(
+      frame, "https://www.example.com/foo", "https://www.example.com",
+      "/properties/foo", "https://www.example.com/foo", "",
+      POINTER_TEMPLATES("/foo", "/bar"), "");
+
+  // Subschemas
+
+  EXPECT_FRAME_STATIC_2020_12_SUBSCHEMA(
+      frame, "https://www.example.com#/properties/foo",
+      "https://www.example.com", "/properties/foo",
+      "https://www.example.com/foo", "", POINTER_TEMPLATES("/foo", "/bar"), "");
+  EXPECT_FRAME_STATIC_2020_12_SUBSCHEMA(
+      frame, "https://www.example.com#/properties/bar",
+      "https://www.example.com", "/properties/bar", "https://www.example.com",
+      "/properties/bar", {"/bar"}, "");
+
+  // JSON Pointers
+
+  EXPECT_FRAME_STATIC_2020_12_POINTER(
+      frame, "https://www.example.com#/$id", "https://www.example.com", "/$id",
+      "https://www.example.com", "/$id", {}, "");
+  EXPECT_FRAME_STATIC_2020_12_POINTER(
+      frame, "https://www.example.com#/$schema", "https://www.example.com",
+      "/$schema", "https://www.example.com", "/$schema", {}, "");
+  EXPECT_FRAME_STATIC_2020_12_POINTER(
+      frame, "https://www.example.com#/$dynamicAnchor",
+      "https://www.example.com", "/$dynamicAnchor", "https://www.example.com",
+      "/$dynamicAnchor", {}, "");
+  EXPECT_FRAME_STATIC_2020_12_POINTER(
+      frame, "https://www.example.com#/properties", "https://www.example.com",
+      "/properties", "https://www.example.com", "/properties", {}, "");
+  EXPECT_FRAME_STATIC_2020_12_POINTER(
+      frame, "https://www.example.com#/properties/foo/$id",
+      "https://www.example.com", "/properties/foo/$id",
+      "https://www.example.com/foo", "/$id", {}, "/properties/foo");
+  EXPECT_FRAME_STATIC_2020_12_POINTER(
+      frame, "https://www.example.com#/properties/foo/$dynamicAnchor",
+      "https://www.example.com", "/properties/foo/$dynamicAnchor",
+      "https://www.example.com/foo", "/$dynamicAnchor", {}, "/properties/foo");
+  EXPECT_FRAME_STATIC_2020_12_POINTER(
+      frame, "https://www.example.com#/properties/bar/$dynamicRef",
+      "https://www.example.com", "/properties/bar/$dynamicRef",
+      "https://www.example.com", "/properties/bar/$dynamicRef", {},
+      "/properties/bar");
+
+  EXPECT_FRAME_STATIC_2020_12_POINTER(
+      frame, "https://www.example.com/foo#/$id", "https://www.example.com",
+      "/properties/foo/$id", "https://www.example.com/foo", "/$id", {},
+      "/properties/foo");
+  EXPECT_FRAME_STATIC_2020_12_POINTER(
+      frame, "https://www.example.com/foo#/$dynamicAnchor",
+      "https://www.example.com", "/properties/foo/$dynamicAnchor",
+      "https://www.example.com/foo", "/$dynamicAnchor", {}, "/properties/foo");
+
+  // Anchors
+
+  // TODO: Static variants should not cover dynamic cases
+  EXPECT_FRAME_STATIC_2020_12_ANCHOR(
+      frame, "https://www.example.com#test", "https://www.example.com", "",
+      "https://www.example.com", "", POINTER_TEMPLATES("", "/bar"),
+      std::nullopt);
+  EXPECT_FRAME_STATIC_2020_12_ANCHOR(
+      frame, "https://www.example.com/foo#test", "https://www.example.com",
+      "/properties/foo", "https://www.example.com/foo", "",
+      POINTER_TEMPLATES("/foo", "/bar"), "");
+
+  EXPECT_FRAME_DYNAMIC_2020_12_ANCHOR(
+      frame, "https://www.example.com#test", "https://www.example.com", "",
+      "https://www.example.com", "", POINTER_TEMPLATES("", "/bar"),
+      std::nullopt);
+  EXPECT_FRAME_DYNAMIC_2020_12_ANCHOR(
+      frame, "https://www.example.com/foo#test", "https://www.example.com",
+      "/properties/foo", "https://www.example.com/foo", "",
+      POINTER_TEMPLATES("/foo", "/bar"), "");
+
+  // References
+
+  EXPECT_EQ(frame.references().size(), 2);
+
+  EXPECT_STATIC_REFERENCE(
+      frame, "/$schema", "https://json-schema.org/draft/2020-12/schema",
+      "https://json-schema.org/draft/2020-12/schema", std::nullopt);
+  EXPECT_DYNAMIC_REFERENCE(frame, "/properties/bar/$dynamicRef",
+                           "https://www.example.com#test",
+                           "https://www.example.com", "test");
+}