Upstart Holdings, Inc. (NASDAQ: UPST) has announced a private offering of $425 million in convertible senior notes due 2030. The offering is subject to market conditions and other factors. The notes will have an initial conversion rate of 10.8702 shares of Upstart’s common stock per $1,000 principal amount, translating to an initial conversion price of approximately $91.99 per share, which represents a conversion premium. In a separate announcement, Safehold Inc. has priced $400 million in senior unsecured notes due 2035, offered by Safehold GL Holdings LLC.