Hydraulic lost motion systems and methods for actuating an internal combustion engine valve include a master piston slidably disposed in a housing. One or more master piston fluid passages extend from a bore provided in the master piston and register with a fluid passage extending through the housing. A slave piston is slidably disposed in a lower portion of the master piston bore and a valve catch piston is slidably disposed in an upper portion of the master piston bore. The valve catch piston may have a hollow interior, a lower end orifice extending from the hollow interior through a lower end of the valve catch piston, one or more side passages extending through a side portion of the valve catch piston, and one or more seating passages extending through the valve catch piston wall.