diff --git a/litellm/types/proxy/management_endpoints/key_management_endpoints.py b/litellm/types/proxy/management_endpoints/key_management_endpoints.py
index 23fcee1f26d..cc81742cbde 100644
--- a/litellm/types/proxy/management_endpoints/key_management_endpoints.py
+++ b/litellm/types/proxy/management_endpoints/key_management_endpoints.py
@@ -132,6 +132,34 @@ BudgetComparison = Literal[">=", ">"]
 
 BudgetStatus = Literal["unlimited", "ok", "exceeded"]
 
+BudgetNoteCode = Literal[
+    "alert_only",
+    "custom_auth_may_override_end_user_cap",
+    "end_user_route_only",
+    "model_budget_fails_open",
+    "per_model_counters",
+    "project_spend_not_tracked",
+    "request_tags_add_budgets",
+    "reservation_blocks_at_limit",
+    "rolling_window",
+    "throttled_instead_of_blocked",
+    "user_budget_not_applied_to_team_key",
+]
+
+BudgetNoteSeverity = Literal["info", "warning"]
+
+BudgetSpendState = Literal["live", "no_counter", "unavailable"]
+
+
+class KeyBudgetNote(BaseModel):
+    """One caveat about a budget row. Branch on ``code``; ``text`` is free to be reworded."""
+
+    model_config = ConfigDict(frozen=True)
+
+    code: BudgetNoteCode
+    severity: BudgetNoteSeverity
+    text: str
+
 
 class KeyBudgetEntry(BaseModel):
     """One budget that can gate requests made with a key, with its live spend."""
@@ -143,6 +171,7 @@ class KeyBudgetEntry(BaseModel):
     enforcement: BudgetEnforcement
     max_budget: float | None = None
     spend: float | None = None
+    spend_state: BudgetSpendState
     remaining: float | None = None
     comparison: BudgetComparison
     budget_duration: str | None = None
@@ -150,7 +179,7 @@ class KeyBudgetEntry(BaseModel):
     window_start: datetime | None = None
     source: str
     status: BudgetStatus
-    note: str | None = None
+    notes: tuple[KeyBudgetNote, ...] = ()
 
 
 class KeyBudgetsResponse(BaseModel):
diff --git a/ui/litellm-dashboard/src/components/templates/KeyBudgetsTableColumns.tsx b/ui/litellm-dashboard/src/components/templates/KeyBudgetsTableColumns.tsx
index a001fee7ca9..8491f7cc675 100644
--- a/ui/litellm-dashboard/src/components/templates/KeyBudgetsTableColumns.tsx
+++ b/ui/litellm-dashboard/src/components/templates/KeyBudgetsTableColumns.tsx
@@ -94,6 +94,30 @@ function EnforcementCell({ entry }: { entry: KeyBudgetEntry }) {
   );
 }
 
+/**
+ * A null spend means the live counter could not be read, which `SpendBudgetCell` coerces to 0 and
+ * draws as an empty meter. That renders a failed read as confident full headroom, so branch before
+ * reaching it: an unknown number must not look like a healthy one.
+ */
+function SpendCell({ entry }: { entry: KeyBudgetEntry }) {
+  const rule = budgetThresholdRule(entry);
+  return (
+    <div className="flex flex-col gap-0.5">
+      {entry.spend == null ? (
+        <span className="whitespace-nowrap text-xs">
+          <span className="font-medium text-amber-600">Unknown</span>{" "}
+          <span className="text-muted-foreground">
+            {entry.max_budget == null ? "· Unlimited" : `of $${formatNumberWithCommas(entry.max_budget, 2)}`}
+          </span>
+        </span>
+      ) : (
+        <SpendBudgetCell spend={entry.spend} maxBudget={entry.max_budget} budgetDecimals={2} />
+      )}
+      {rule && <span className="whitespace-nowrap text-xs tabular-nums text-muted-foreground">{rule}</span>}
+    </div>
+  );
+}
+
 function RemainingCell({ entry }: { entry: KeyBudgetEntry }) {
   const unlimited = entry.max_budget == null;
   return (
@@ -129,15 +153,7 @@ export const getKeyBudgetsTableColumns = (): ColumnDef<KeyBudgetEntry>[] => [
     header: "Spend / Limit",
     size: 200,
     enableSorting: false,
-    cell: ({ row }) => {
-      const rule = budgetThresholdRule(row.original);
-      return (
-        <div className="flex flex-col gap-0.5">
-          <SpendBudgetCell spend={row.original.spend} maxBudget={row.original.max_budget} budgetDecimals={2} />
-          {rule && <span className="whitespace-nowrap text-xs tabular-nums text-muted-foreground">{rule}</span>}
-        </div>
-      );
-    },
+    cell: ({ row }) => <SpendCell entry={row.original} />,
   },
   {
     id: "remaining",
diff --git a/ui/litellm-dashboard/src/components/templates/key_info_view.budgets_tab.test.tsx b/ui/litellm-dashboard/src/components/templates/key_info_view.budgets_tab.test.tsx
index 8325b55d278..4a978c62923 100644
--- a/ui/litellm-dashboard/src/components/templates/key_info_view.budgets_tab.test.tsx
+++ b/ui/litellm-dashboard/src/components/templates/key_info_view.budgets_tab.test.tsx
@@ -281,6 +281,31 @@ describe("KeyInfoView Budgets tab", () => {
     );
   });
 
+  it("does not render a spend the server could not read as a healthy $0.00", async () => {
+    const unreadable: KeyBudgetEntry = {
+      ...UNCONFIGURED_BUDGET,
+      scope: "tag",
+      entity_type: "tag",
+      entity_id: "prod",
+      entity_label: "prod",
+      max_budget: 1000,
+      spend: null,
+      remaining: null,
+      source: "budget_table:b-tag",
+      status: "ok",
+      note: "live spend could not be read",
+    };
+    mockBudgets([unreadable]);
+    const panel = await renderAndOpenBudgetsTab();
+
+    const row = rowFor(panel, "prod");
+    expect(row).toHaveTextContent("Unknown of $1,000.00");
+    expect(row).not.toHaveTextContent("$0.00");
+    // The meter is the part that lies loudest: drawn at 0% it reads as untouched headroom.
+    expect(within(row).queryByRole("meter")).not.toBeInTheDocument();
+    expect(row).toHaveTextContent("Blocks at ≥ $1,000.00");
+  });
+
   it("renders the longest note the endpoint can emit without dropping any of it", async () => {
     const endUser: KeyBudgetEntry = {
       ...UNCONFIGURED_BUDGET,