diff --git a/news/12751.bugfix.rst b/news/12751.bugfix.rst
new file mode 100644
index 00000000000..70c6680a8a9
--- /dev/null
+++ b/news/12751.bugfix.rst
@@ -0,0 +1 @@
+Avoid keyring logging crashes when pip is run in verbose mode.
diff --git a/src/pip/_internal/network/auth.py b/src/pip/_internal/network/auth.py
index 4705b55a7aa..1a2606ed080 100644
--- a/src/pip/_internal/network/auth.py
+++ b/src/pip/_internal/network/auth.py
@@ -271,6 +271,10 @@ def _get_keyring_auth(
         try:
             return self.keyring_provider.get_auth_info(url, username)
         except Exception as exc:
+            # Log the full exception (with stacktrace) at debug, so it'll only
+            # show up when running in verbose mode.
+            logger.debug("Keyring is skipped due to an exception", exc_info=True)
+            # Always log a shortened version of the exception.
             logger.warning(
                 "Keyring is skipped due to an exception: %s",
                 str(exc),
diff --git a/src/pip/_internal/utils/logging.py b/src/pip/_internal/utils/logging.py
index 90df257821e..41f6eb51a26 100644
--- a/src/pip/_internal/utils/logging.py
+++ b/src/pip/_internal/utils/logging.py
@@ -154,8 +154,8 @@ def emit(self, record: logging.LogRecord) -> None:
         style: Optional[Style] = None
 
         # If we are given a diagnostic error to present, present it with indentation.
-        assert isinstance(record.args, tuple)
         if getattr(record, "rich", False):
+            assert isinstance(record.args, tuple)
             (rich_renderable,) = record.args
             assert isinstance(
                 rich_renderable, (ConsoleRenderable, RichCast, str)