NOVASTAR FINL INC

CUSIP: 669947400 Class: COM

TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA's Holding History (CIK: 0000315038)

Note: Option positions (PUT/CALL) are excluded.

Q1 2006

Shares 37,500 Value ($000) $1,254 Avg Close — Range —

Q4 2005

Shares 100,000 Value ($000) $2,811 Avg Close — Range —

Q3 2005

Shares 100,000 Value ($000) $3,299 Avg Close — Range —

Q2 2005

Shares 120,000 Value ($000) $4,698 Avg Close — Range —

Q1 2005

Shares 173,622 Value ($000) $6,252 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2006	37,500	$1,254	—	—
Q4 2005	100,000	$2,811	—	—
Q3 2005	100,000	$3,299	—	—
Q2 2005	120,000	$4,698	—	—
Q1 2005	173,622	$6,252	—	—