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Securitizations and Variable Interest Entities - Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020
--- | --- | ---
Variable Interest Entity [Line Items] |  |  |
Assets | [1] | $ 488,588 | $ 477,255
Liabilities | [1] | 167,998 | 177,003
Net Assets |  | 320,590 | 300,252
Variable Interest Entity, Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Assets |  | 86,723 | 104,992
Liabilities |  | 21,499 | 42,296
Net Assets |  | 65,224 | 62,696
Variable Interest Entity, Primary Beneficiary | Warehouse Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Assets |  | 47,329 | 71,530
Liabilities |  | 16,394 | 35,109
Net Assets |  | 30,935 | 36,421
Variable Interest Entity, Primary Beneficiary | Majority-owned Affiliates |  |  |
Variable Interest Entity [Line Items] |  |  |
Assets |  | 14,678 | 17,219
Liabilities |  | 5,105 | 7,187
Net Assets |  | 9,573 | 10,032
Variable Interest Entity, Primary Beneficiary | Other Consolidated VIEs |  |  |
Variable Interest Entity [Line Items] |  |  |
Assets |  | 24,716 | 16,243
Liabilities |  | 0 | 0
Net Assets |  | 24,716 | 16,243
Variable Interest Entity, Not Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Assets |  | 439,094 | 524,358
Liabilities |  | 347,421 | 430,006
Net Assets |  | 91,673 | 94,352
Maximum Exposure to Losses |  | 23,248 | 26,141
Variable Interest Entity, Not Primary Beneficiary | Securitizations |  |  |
Variable Interest Entity [Line Items] |  |  |
Assets |  | 407,667 | 484,604
Liabilities |  | 315,994 | 390,252
Net Assets |  | 91,673 | 94,352
Maximum Exposure to Losses |  | 21,893 | 24,434
Variable Interest Entity, Not Primary Beneficiary | Upstart Network Trust |  |  |
Variable Interest Entity [Line Items] |  |  |
Assets |  | 31,427 | 39,754
Liabilities |  | 31,427 | 39,754
Net Assets |  | 0 | 0
Maximum Exposure to Losses |  | $ 1,355 | $ 1,707
[1] | The following table presents information on assets and liabilities related to variable interest entities (“VIEs”) that are consolidated by Upstart Holdings, Inc. at December 31, 2020 and March 31, 2021. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. The holders of the beneficial interests do not have recourse to the general credit of Upstart Holdings, Inc. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
| December 31, |  | March 31,
| 2020 |  | 2021
Assets |  |  |
Restricted cash | $ | 12,371 |  |  | $ | 19,440 |
Loans (at fair value) | 75,373 |  |  | 52,558 |
Notes receivable and residual certificates (at fair value) | 17,219 |  |  | 14,678 |
Other assets | 29 |  |  | 47 |
Total assets | $ | 104,992 |  |  | $ | 86,723 |
Liabilities |  |  |
Accounts payable | $ | 83 |  |  | $ | 71 |
Borrowings | 42,181 |  |  | 21,428 |
Other liabilities | 32 |  |  | — |
Total liabilities | $ | 42,296 |  |  | $ | 21,499 |

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