diff --git a/core/services/failover/manager.go b/core/services/failover/manager.go
index ae997a5ad..8a9ea7e0b 100644
--- a/core/services/failover/manager.go
+++ b/core/services/failover/manager.go
@@ -87,7 +87,10 @@ type Manager struct {
 }
 
 type targetState struct {
-	name          string
+	name string
+	// serving is the model that serves this target: its own name, or the
+	// model an alias points to. Model loading and eviction only know it.
+	serving       string
 	kind          Kind
 	warm          bool
 	state         TargetState
@@ -196,6 +199,7 @@ func (m *Manager) syncLocked() {
 				continue
 			}
 			ts.kind = KindOf(tc)
+			ts.serving = tc.Name
 			if t.Warm && ts.kind == KindLocal {
 				ts.warm = true
 			}
@@ -224,9 +228,9 @@ func (m *Manager) syncLocked() {
 		m.recomputeLocked(ch, "")
 	}
 	var warm []string
-	for name, ts := range m.targets {
-		if ts.warm {
-			warm = append(warm, name)
+	for _, ts := range m.targets {
+		if ts.warm && ts.serving != "" && !slices.Contains(warm, ts.serving) {
+			warm = append(warm, ts.serving)
 		}
 	}
 	sort.Strings(warm)
diff --git a/core/services/failover/manager_test.go b/core/services/failover/manager_test.go
index 75a773f04..b74e32920 100644
--- a/core/services/failover/manager_test.go
+++ b/core/services/failover/manager_test.go
@@ -248,6 +248,18 @@ var _ = Describe("Manager", func() {
 		Expect(m.WarmTargets()).To(Equal([]string{"b"}))
 	})
 
+	It("reports the model an alias target serves from as warm, not the alias", func() {
+		var got []string
+		m = New(src, WithClock(clock), WithOnWarmChanged(func(w []string) { got = w }))
+		// The preloader and the eviction guard work on loaded model names; an
+		// alias is never loaded under its own name.
+		src.Put(config.ModelConfig{Name: "al", Alias: "b"})
+		src.Put(chainCfg("chain", nil, t("a"), warmT("al")))
+		m.Sync()
+		Expect(got).To(Equal([]string{"b"}))
+		Expect(m.WarmTargets()).To(Equal([]string{"b"}))
+	})
+
 	It("closes a subscription on cancel", func() {
 		events, cancel := m.Subscribe(1)
 		cancel()