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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Aggregate Principal Outstanding of All Debt
The following table presents the aggregate principal outstanding of all debt that are included in the condensed consolidated balance sheets:
Borrowings
December 31, 2023June 30, 2024
Warehouse credit facilities$387,425 $258,187 
Convertible senior notes661,250 661,250 
Total payments due1,048,675 919,437 
Unamortized debt discount(8,251)(6,710)
Total borrowings$1,040,424 $912,727 
The following table presents the details of the Company’s revolving warehouse credit facilities:
December 31, 2023June 30, 2024
Borrowing Description
Stated Interest Rate(1)
Termination and Maturity(2)
Total Borrowing Capacity
(3)
Collateral(4)
Outstanding Borrowings
Collateral(4)
Outstanding Borrowings
Upstart Auto Warehouse Trust
Benchmark rate + 3.0%
June 2024 - December 2025$— $278,022 $139,483 $218,419 $73,927 
Upstart Auto Warehouse Trust 2
Benchmark rate + 0% - 4.0%
June 2025 - June 202650,000 — — — — 
Upstart Loan Trust
Benchmark rate + 2.8% - 3.8%
June 2025 - June 2026325,000 361,195 247,942 238,105 148,873 
Upstart Small Dollar Loan Trust
Benchmark rate + 5.5%
June 2027 - June 2028100,000 — — 57,944 35,387 
Total$475,000 $639,217 $387,425 $514,468 $258,187 
_________
(1)The interest rates on our warehouse credit facilities are floating and designed as a reference rate plus a spread. Reference rates include the Compounded Secured Overnight Financing Rate and weighted-average cost of commercial paper notes issued by the lender. The stated interest rate excludes unused commitment fees which range from 0.5% to 1.0%. The undrawn fee for Upstart Small Dollar Loan Trust is the dollar amount of interest and fees that would have been due if the daily average aggregate outstanding principal balance was equal to 75% of the then-applicable borrowing base.
(2)The first date represents the final date the Company may borrow up to the maximum capacity under the warehouse. The second date is the maturity date, when the outstanding principal amount, together with accrued and unpaid interest will be due and payable in full.
(3)Total capacity is as of June 30, 2024. All amounts are committed, except for Upstart Small Dollar Loan Trust of $100.0 million and Upstart Loan Trust for which $150.0 million of the $325.0 million total capacity is uncommitted. As of June 30, 2024, the Upstart Auto Warehouse Trust facility is in the amortization period and can no longer be drawn on.
(4)Represents the aggregate restricted cash and unpaid principal balance of loans pledged as collateral.
Schedule of Maturities of All Borrowings
The following table summarizes the aggregate amount of maturities of all borrowings:

June 30, 2024
Remaining 2024$— 
202573,927 
2026810,123 
2027— 
202835,387 
Thereafter— 
Total$919,437