NovaStar Financial Inc., Kansas City, Mo., has priced a public offering of 2.6 million shares of 8.90% series C cumulative redeemable perpetual preferred stock.The shares have a liquidation value of $25 per share. The lead manager of the offering is Friedman, Billings, Ramsey & Co. NovaStar said it has granted the underwriters a 30-day option to buy up to an additional 390,000 shares to cover any overallotments. The company, a real estate investment trust, can be found online at http://www.novastaris.com.

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