diff --git a/src/components/learner-credit-management/SpendTableEnrollmentDetails.jsx b/src/components/learner-credit-management/SpendTableEnrollmentDetails.jsx
index e4347ca1a8..7173ec0077 100644
--- a/src/components/learner-credit-management/SpendTableEnrollmentDetails.jsx
+++ b/src/components/learner-credit-management/SpendTableEnrollmentDetails.jsx
@@ -28,7 +28,7 @@ const SpendTableEnrollmentDetailsContents = ({
       fulfillmentIdentifier={row.original.fulfillmentIdentifier}
     />
     <div>
-      {enableLearnerPortal ? (
+      {(enableLearnerPortal && row.original.courseKey) ? (
         <Hyperlink
           className="x-small"
           destination={`${getConfig().ENTERPRISE_LEARNER_PORTAL_URL}/${enterpriseSlug}/course/${row.original.courseKey}`}
diff --git a/src/components/learner-credit-management/data/hooks/tests/useBudgetRedemptions.test.jsx b/src/components/learner-credit-management/data/hooks/tests/useBudgetRedemptions.test.jsx
index dbf59cc0d9..790671f012 100644
--- a/src/components/learner-credit-management/data/hooks/tests/useBudgetRedemptions.test.jsx
+++ b/src/components/learner-credit-management/data/hooks/tests/useBudgetRedemptions.test.jsx
@@ -1,6 +1,7 @@
 import { QueryClientProvider } from '@tanstack/react-query';
 import { act, renderHook } from '@testing-library/react-hooks/dom';
 import { camelCaseObject } from '@edx/frontend-platform/utils';
+import { v4 as uuidv4 } from 'uuid';
 
 import useBudgetRedemptions from '../useBudgetRedemptions';
 import useSubsidyAccessPolicy from '../useSubsidyAccessPolicy';
@@ -10,8 +11,11 @@ import { queryClient } from '../../../../test/testUtils';
 
 const TEST_ENTERPRISE_UUID = 'test-enterprise-uuid';
 const TEST_ENTERPRISE_OFFER_ID = 1;
-const subsidyUuid = 'test-subsidy-uuid';
+const subsidyUuid = uuidv4();
+const transactionUuid = uuidv4();
 const courseTitle = 'Test Course Title';
+const courseKey = 'edX+test';
+const courseRunKey = `course-v1:${courseKey}+course.1`;
 const userEmail = 'edx@example.com';
 
 const mockOfferEnrollments = [{
@@ -33,14 +37,15 @@ const mockSubsidyTransactionResponse = {
   current_page: 1,
   num_pages: 5,
   results: [{
-    uuid: subsidyUuid,
+    uuid: transactionUuid,
     state: 'committed',
-    idempotency_key: '5d00d319-fe46-41f7-b14e-966534da9f72',
+    idempotency_key: 'does-not-matter',
     lms_user_id: 999,
     lms_user_email: userEmail,
-    content_key: 'course-v1:edX+test+course.1',
+    content_key: courseRunKey,
+    parent_content_key: courseKey,
     content_title: courseTitle,
-    quantity: -1000,
+    quantity: -1500,
     unit: 'usd_cents',
   }],
 };
@@ -145,7 +150,8 @@ describe('useBudgetRedemptions', () => {
     }
 
     const mockExpectedResultsObj = isTopDownAssignmentEnabled ? [{
-      courseListPrice: 10,
+      courseListPrice: 15,
+      courseKey,
       courseTitle,
       userEmail,
     }] : camelCaseObject(mockOfferEnrollments);
diff --git a/src/components/learner-credit-management/data/utils.js b/src/components/learner-credit-management/data/utils.js
index a01631bcac..9f35a3ed05 100644
--- a/src/components/learner-credit-management/data/utils.js
+++ b/src/components/learner-credit-management/data/utils.js
@@ -81,13 +81,14 @@ export const transformSubsidySummary = (subsidySummary) => {
 };
 
 /**
- * Transforms enrollment data from analytics api to fields for display
- * in learner credit allocation table.
- * A uuid is added to each enrollment to be used as a key for the table.
+ * Transforms enrollment data from analytics api to fields for display in learner credit spent table.
+ *
+ * Notes:
+ * * A uuid is synthesized for each enrollment to be used as a key for the table.
  *
  * @param {array} results List of raw enrollment results from API.
  *
- * @returns List of transformed results for display in table.
+ * @returns List of transformed results for display in spent table.
  */
 export const transformUtilizationTableResults = results => results.map(result => ({
   created: result.created,
@@ -100,6 +101,16 @@ export const transformUtilizationTableResults = results => results.map(result =>
   courseKey: result.courseKey,
 }));
 
+/**
+ * Transforms redemptions data from transaction list API to fields for display in learner credit spent table.
+ *
+ * Notes:
+ * * This supports the "real-time" spent table implementation.
+ *
+ * @param {array} results List of raw enrollment results from API.
+ *
+ * @returns List of transformed results for display in spent table.
+ */
 export const transformUtilizationTableSubsidyTransactionResults = results => results.map(result => ({
   created: result.created,
   enrollmentDate: result.created,
@@ -109,7 +120,8 @@ export const transformUtilizationTableSubsidyTransactionResults = results => res
   courseTitle: result.contentTitle,
   courseListPrice: result.unit === 'usd_cents' ? -1 * (result.quantity / 100) : -1 * results.quantity,
   uuid: result.uuid,
-  courseKey: result.contentKey,
+  // In the transaction list response, `parent_content_key` is the course key, and `content_key` is the course run key.
+  courseKey: result.parentContentKey,
 }));
 
 /**