PennyMac Mortgage Investment Trust is selling 8 million common shares to raise proceeds to fund the purchase of two residential mortgage portfolios valued at $250.5 million. Citi (C) is serving as the book-running manager for the offering. PennyMac also is granting the underwriter a 30-day option to acquire an additional 1.2 million shares. The offering will pay for a significant portion of the loan portfolio acquisition price. PennyMac expects to acquire the two portfolios in February. If either transaction falls through, proceeds remaining from the public offering will be allocated to general corporate expenses and other investment activities. Calabasas, Calif.-based PennyMac's (PMT) lists its shares on the New York Stock Exchange. Write to Kerri Panchuk.