PennyMac Mortgage Investment Trust said late Monday that it will offer 10 million common shares in an underwritten public offering.

The Moorpark mortgage real estate investment trust now has 31.1 million shares outstanding, with a market cap of $621 million. It has not yet priced shares, but at Monday’s closing price the offering would raise more than $202 million.

PennyMac said that it intends to use net proceeds to help pay for two portfolios of residential whole mortgage loans, fund growth of its correspondent lending business, acquire mortgage loans or other investments, and for general corporate purposes.

BofA Merrill Lynch, Citigroup and Credit Suisse Securities (USA) LLC are underwriters for the offering. They will have a 30-day option to purchase up to an additional 1.5 million shares to cover any overallotments.

Shares earlier closed up 30 cents, or 1.5 percent, to $20.27 on the New York Stock Exchange and fell 4 percent in after-hours trading.