diff --git a/litellm/proxy/management_endpoints/management_v1/list_framework.py b/litellm/proxy/management_endpoints/management_v1/list_framework.py
index e2bddefab83..8f25c45016b 100644
--- a/litellm/proxy/management_endpoints/management_v1/list_framework.py
+++ b/litellm/proxy/management_endpoints/management_v1/list_framework.py
@@ -15,6 +15,7 @@ raw-SQL executor with every caller-supplied value bound to a placeholder.
 from collections.abc import Callable, Mapping, Sequence
 from dataclasses import dataclass
 from datetime import datetime, timezone
+from functools import partial, reduce
 from math import ceil
 from typing import Generic, Literal, Protocol, TypeVar
 
@@ -242,12 +243,26 @@ def _render(predicate: Predicate, index: int) -> tuple[str, tuple[object, ...]]:
             assert_never(predicate)
 
 
+def _render_one(
+    rendered: tuple[tuple[str, ...], tuple[object, ...]],
+    predicate: Predicate,
+    first_index: int,
+) -> tuple[tuple[str, ...], tuple[object, ...]]:
+    """Append one predicate, numbering it after the binds already consumed."""
+    clauses, params = rendered
+    clause, clause_params = _render(predicate, first_index + len(params))
+    return (*clauses, clause), (*params, *clause_params)
+
+
 def _render_all(predicates: tuple[Predicate, ...], index: int) -> tuple[tuple[str, ...], tuple[object, ...]]:
-    if not predicates:
-        return (), ()
-    head, head_params = _render(predicates[0], index)
-    tail, tail_params = _render_all(predicates[1:], index + len(head_params))
-    return (head, *tail), head_params + tail_params
+    """Render every predicate, numbering placeholders continuously across them.
+
+    Folded rather than self-recursive: walking a predicate list is a running index, and
+    recursing per predicate grew the stack with the filter count for nothing. `_render`
+    still re-enters here for `AnyOf`, whose clauses are plain `Compare`s from `?q=`, so
+    that nesting is one level deep and cannot be driven deeper by a caller.
+    """
+    return reduce(partial(_render_one, first_index=index), predicates, ((), ()))
 
 
 def where_sql(where: tuple[Predicate, ...], first_index: int = 1) -> tuple[str, tuple[object, ...]]:
diff --git a/tests/test_litellm/proxy/management_endpoints/management_v1/test_budgets.py b/tests/test_litellm/proxy/management_endpoints/management_v1/test_budgets.py
index f98286985b7..40473f1a25a 100644
--- a/tests/test_litellm/proxy/management_endpoints/management_v1/test_budgets.py
+++ b/tests/test_litellm/proxy/management_endpoints/management_v1/test_budgets.py
@@ -382,6 +382,20 @@ def test_created_at_range_is_bound_as_a_timestamp(query_raw, as_proxy_admin):
     assert params[0] == datetime(2026, 7, 1, tzinfo=timezone.utc)
 
 
+def test_numbers_placeholders_continuously_across_predicates(query_raw, as_proxy_admin):
+    """Each predicate is numbered after the binds the ones before it consumed. Restart
+    the count and `$1` gets read as the duration while the search string goes unbound."""
+    _serve(query_raw, [])
+
+    _get("filter[budget_duration][in]=7d,30d&filter[max_budget][gte]=5&q=prod")
+
+    sql, *params = _select_call(query_raw)
+    assert '"budget_duration" IN ($1, $2)' in sql
+    assert '"max_budget" >= $3' in sql
+    assert '"budget_id" ILIKE $4' in sql
+    assert params[:4] == ["7d", "30d", 5.0, "%prod%"]
+
+
 def test_a_non_datetime_bind_is_not_cast(query_raw, as_proxy_admin):
     """Guards the cast above from being applied to every placeholder."""
     _serve(query_raw, [])