When using the searchable select, clicking on the down arrow shows the popup list of items that can be searched. To users, this appears to be a form of the standard dropdown. When the user clicks the up arrow at the end of the searchable text area, it is natural to expect that it should follow the practices of a standard select dropdown and collapse the list. Clicking the up arrow has no effect and the dropdown stays open. The failure to collapse the select is inconsistent with standard select behaviour and causes confusion to users.
Screenshots

Note, I have tested this on versions 4, and 5, and it is broken on both versions.