PennyMac Mortgage Investment Trust said it plans to sell 9.6 million shares in a secondary public offering that potentially could raise more than $188 million to acquire residential mortgage loans.

The Calabasas mortgage real estate investment trust late Thursday priced the shares at $18. It said it expects to acquire two loan portfolios for more than $250 million sometime this month. If it doesn’t acquire one or both of the portfolios, the company said it would use proceeds for other investments and general corporate purposes.

The REIT originally announced Wednesday that the offering would be only 8 million shares.

The 9.5 million shares should net $164 million. PennyMac also granted the sole underwriter, Citi, a 30-day option to purchase up to an additional 1.4 million shares to cover any over-allotments. That would increase net proceeds to more than $188 million.

PennyMac shares closed down 67 cents, or 3.5 percent, to $18.18 on the New York Stock Exchange.