<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)


   X     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-------  EXCHANGE ACT OF 1934


For the quarterly period ended March 31, 2001


                                       OR


____   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934


                         Commission File Number 0-23972


                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
             (Exact name of registrant as specified in its charter)


              Massachusetts                                          13-6972380
----------------------------------------                      -----------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                              Identification No.)


625 Madison Avenue, New York, New York                              10022
--------------------------------------                        -----------------
(Address of principal executive offices)                           (Zip Code)


Registrant's telephone number, including area code (212)421-5333


     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ____


<PAGE>
                          PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                           Consolidated Balance Sheets
                                                     ------------ ------------
                                                      March 31,     December 31,
                                                         2001           2000
                                                     -------------   ----------
                                                     (Unaudited)
ASSETS
Investments in mortgage loans                       $  48,943,115$  31,828,733
Investments in GNMA certificates-
   available for sale                                   5,781,622    5,851,219
Investment in ARCap                                    20,232,637   20,041,733
Investment in unconsolidated subsidiary                         0    1,149,182
Cash and cash equivalents                                 839,321    1,632,652
Note receivable                                         1,413,750    8,677,843
Accrued interest receivable                               458,895      680,728
Other assets                                              658,756       576,223
                                                   --------------  ------------
Total assets                                        $  78,328,096$  70,438,313
                                                     ============ ============

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
   Repurchase facilities payable                    $  21,527,610$  12,655,940
   Accrued interest payable                                25,634       27,850
   Accounts payable and accrued expenses                  316,403      278,760
   Due to Advisor and affiliates                          253,925    1,008,387
   Distributions payable                                1,391,503    1,391,503
                                                    ------------  ------------
Total liabilities                                      23,515,075   15,362,440
                                                     ------------ ------------

Commitments and contingencies

Shareholders' equity:
   Shares of beneficial interest; $.10 par value;
     12,500,000 shares authorized; 4,213,826 issued
     and 3,838,630 outstanding                            421,383      421,383
   Treasury shares of beneficial interest;
     375,196 shares                                       (37,520)     (37,520)
   Additional paid-in capital                          68,840,500   68,840,500
   Distributions in excess of net income              (14,386,672) (14,126,317)
   Accumulated other comprehensive loss                   (24,670)     (22,173)
                                                  --------------- ------------
Total shareholders' equity                             54,813,021   55,075,873
                                                     ------------ ------------
Total liabilities and shareholders' equity          $  78,328,096  $ 70,438,313
                                                     ============ ============


<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                        Consolidated Statements of Income
                                   (Unaudited)
                                                     --------------------------
                                                           Three Months Ended
                                                                 March 31,
                                                     -------------------------
                                                          2001           2000
                                                     -----------     ----------
Revenues:
   Interest income:
     Mortgage loans                                   $   888,252  $   491,400
     GNMA certificates                                    115,624      119,631
     Commercial mortgage-
       backed security-related
       investment                                               0      950,662
     Note receivable                                       45,313            0
     Temporary investments                                 16,979      547,104
   Equity in earnings of ARCap                            592,000            0
   Other income                                             6,067            0
                                                       ----------    -----------

     Total revenues                                     1,664,235    2,108,797
                                                        ---------    ---------

Expenses:
   Interest                                               275,625      909,107
   General and administrative                             237,778      332,220
   Amortization                                            19,684       13,651
                                                      -----------  -----------

     Total expenses                                       533,087    1,254,978
                                                       ----------    ---------

Other gain (loss):

   Net gain on repayments of GNMA
     certificates and mortgage loans                            0       86,439

   Net loss on commercial mortgage-
     backed security-related
     investment and government
     securities sold short                                      0     (457,042)
                                                      -----------   ----------

   Total other gain (loss)                                      0     (370,603)
                                                        ---------   ----------

   Net income                                          $1,131,148  $   483,216
                                                        =========   ==========

   Net income per share
     (basic and diluted)                            $      .29      $     .13
                                                   =========== =============

   Weighted average
     shares outstanding
     (basic and diluted)                                3,838,630    3,838,630
                                                        =========    =========



<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
            Consolidated Statement of Changes in Shareholders' Equity
                                   (Unaudited)

<TABLE>
<CAPTION>


                                       Shares of Beneficial     Treasury Shares of
                                              Interest          Beneficial Interest  Additional     Distributions  Comprehensive
                                       ---------------------    --------------------   Paid-in       in Excess
                                        Shares          Amount    Shares    Amount    Capital      of Net Income          Income
                                      ---------        --------  ----------  --------   -----        -------------  ---------------



<S>                                   <C>            <C>        <C>        <C>        <C>          <C>             <C>
Balance at January 1, 2001            4,213,826      $421,383   (375,196)  $(37,520)  $68,840,500  $(14,126,317)

Comprehensive income:
Net income                                   0              0          0          0             0    1,131,148       $1,131,148
Other comprehensive income:
  Net unrealized gain on first mortgage bonds:
  Net unrealized holding gain
   arising during the period                                                                                             (2,497)
                                                                                                                   ------------

Comprehensive income                                                                                                 $1,128,651
                                                                                                                      =========
Distributions                                0              0           0          0             0   (1,391,503)
                                      --------       --------    --------    -------   -----------  ------------

Balance at March 31, 2001             4,213,826      $421,383   (375,196)  $(37,520)  $68,840,500  $(14,386,672)
                                      =========       =======   ========    =======    ==========   ===========
</TABLE>


                                                 Accumulated
                                                   Other
                                               Comprehensive
                                                Income (Loss)         Total
                                             ---------------   --------------




Balance at January 1, 2001                      $  (22,173)       $55,075,873

Comprehensive income:
Net income                                            0             1,131,148
Other comprehensive income:
  Net unrealized gain on first mortgage bonds:
  Net unrealized holding gain
   arising during the period                       (2,497)            (2,497)


Comprehensive income

Distributions                                        0            (1,391,503)
                                               ------------      -----------



Balance at March 31, 2001                          $ (24,670)     $54,813,021
                                                    ========       ==========

See accompanying notes to financial statements.



<PAGE>
              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                                   (Unaudited)
                                                     --------------------------
                                                         Three Months Ended
                                                             March 31,
                                                     --------------------------
                                                          2001           2000
                                                     ------------  ------------

Cash flows from operating activities:
   Net income                                        $  1,131,148  $   483,216

Adjustments to reconcile net income to net cash provided by operating
   activities:
     Gain on commercial mortgage-backed
       security-related investment                              0     (432,590)
     Loss on government securities sold short                   0      889,632
     Net gain on repayments of GNMA certificates
       and mortgage loans                                       0      (86,439)
     Equity in earnings of ARCap, in excess of
       distributions received                            (190,904)           0
     Amortization - deferred financing costs               19,684       13,651
     Amortization expense-loan premium and
       origination costs                                    1,689       59,163
     Accretion of GNMA discount                            (5,511)      (5,639)
     Accretion of discount on commercial
       mortgage-backed security-related investment              0     (147,952)
     Amortization of deferred costs relating to
       the CMBS-related investment                              0        3,685
   Purchase of government security                              0  (37,299,201)
   Government security sold short                               0   33,541,350
   Changes in operating assets and liabilities:
   Deposit with broker as collateral for security
     sold short                                                 0    3,868,201
   Accrued interest receivable                            221,832      500,895
   Other assets                                             9,949       33,159
   Due to Advisor and affiliates                         (715,412)     331,499
   Accounts payable and accrued expenses                   37,644       39,649
   Accrued interest payable                                (2,215)     (88,093)
   Deferred costs relating to the CMBS-related
     investment                                                 0      (53,139)
                                                    -------------   ----------

   Net cash provided by operating activities              507,904    1,651,047
                                                     ------------  -----------

Cash flows from investing activities:
   Increase in investment in mortgage loans            (8,795,948)           0
   Proceeds from repayments of mortgage loans                   0    1,074,884
   Periodic principal payments of mortgage loans           54,082            0
   Principal repayments of GNMA Certificates               72,628    3,767,573
   Costs relating to repayment of mortgage loan                 0      (45,000)
   Increase in other assets                               (62,580)      (14,400)
                                                       ----------   -----------

   Net cash (used in) provided by investing activities  (8,731,818)  4,783,057
                                                      ------------ -----------
<PAGE>

Cash flows from financing activities:
   Proceeds from repurchase facilities payable          8,871,670      541,000
   Repayments of repurchase facilities payable                  0     (399,000)
   Distribution paid to shareholders                   (1,391,503)  (1,391,504)
   Increase in deferred loan costs                        (49,584)    (108,024)
                                                      -----------  -----------

   Net cash provided by (used in) financing
     activities                                         7,430,583   (1,357,528)
                                                        ---------   ----------

Net (decrease) increase in cash and cash
   equivalents                                           (793,331)   5,076,576

Cash and cash equivalents at the beginning
   of the period                                        1,632,652    3,802,298
                                                        ---------    ---------

Cash and cash equivalents at the end of the
   period                                              $  839,321   $8,878,874
                                                        =========    =========

Supplemental information:
Interest paid                                         $   277,840  $   997,200
                                                       ==========   ==========

Supplemental disclosure of noncash activities:

   Proceeds from repayment of mortgage
     loan which are due from loan servicing agent                   $8,942,630
                                                                     =========



<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2001
                                   (Unaudited)

Note 1 - General


American  Mortgage  Acceptance  Company (formerly  American  Mortgage  Investors
Trust) (the "Company") was formed on June 11, 1991 as a  Massachusetts  business
trust for the primary purpose of investing in  government-insured  mortgages and
guaranteed mortgage-backed certificates.  The Company elected to be treated as a
real estate  investment  trust ("REIT") under the Internal Revenue Code of 1986,
as amended.

On  April  6,  1999,  the  Company  received  the  necessary  consent  from  its
shareholders  to approve  proposals  (the  "Proposals")  to, among other things,
restructure  the Company  from a  closed-ended,  finite-life  REIT to a publicly
traded,  open-ended,  infinite-life operating REIT. In addition to restructuring
the Company,  the Proposals,  among other matters,  permit the Company to modify
its investment  objectives,  to incur a specified  amount of indebtedness and to
list the Company's shares on a national exchange.

Effective  April 26, 1999,  upon  authorization  by the Board of  Trustees,  the
Company's name was changed from American  Mortgage  Investors  Trust to American
Mortgage Acceptance Company.

The  Company's  business  plan focuses on three types of mortgage  products:  1)
origination of participating FHA insured multifamily  mortgages,  2) origination
of  construction  and permanent  mortgage  financing for affordable  multifamily
housing  pursuant to a new venture with Federal  National  Mortgage  Association
("Fannie Mae"), and 3) acquisition of direct and indirect subordinated interests
in commercial mortgage-backed securities.

The  Company is governed by a board of  trustees  comprised  of two  independent
trustees  and  one  trustee  who is  affiliated  with  Related  Capital  Company
("Related"), a nationwide, fully integrated real estate financial services firm.
The  Company has  engaged  Related AMI  Associates,  Inc.  (the  "Advisor"),  an
affiliate of Related, to manage its day-to-day affairs.

The consolidated  financial  statements  include the accounts of the Company and
two wholly owned subsidiaries which it controls: AMAC Repo Seller and (effective
January 2001) AMAC/FM  Corporation.  All intercompany  accounts and transactions
have been eliminated in consolidation. Unless otherwise indicated, the "Company"
as hereinafter  used,  refers to American  Mortgage  Acceptance  Company and its
subsidiaries.

The consolidated  financial statements of the Company have been prepared without
audit.  In the  opinion of  management,  the  financial  statements  contain all
adjustments  (consisting  of only normal  recurring  adjustments)  necessary  to
present  fairly the  financial  position of the Company as of March 31, 2001 and
the  results of its  operations  and its cash flows for the three  months  ended
March 31, 2001 and 2000. However,  the operating results for the interim periods
may not be indicative of the results for the full year.

Certain  information  and  footnote  disclosures  normally  included  in  annual
financial statements prepared in accordance with accounting principles generally
accepted  in the  United  States of  America  ("GAAP")  have been  condensed  or
omitted.  It is  suggested  that these  financial  statements  should be read in
conjunction  with the financial  statements  and notes  thereto  included in the
Company's Form 10-K for the year ended December 31, 2000.

The  preparation  of financial  statements in conformity  with GAAP requires the
Advisor to make estimates and  assumptions  that affect the reported  amounts of
assets and liabilities  and the disclosure of contingent  assets and liabilities
at the date of the  financial  statements  as well as the  reported  amounts  of
revenues and expenses during the reporting  period.  Actual results could differ
from those estimates.

SFAS No. 133,  "Accounting for Derivative  Instruments  and Hedging  Activities"
establishes  accounting  and  reporting  standards for  derivative  instruments,
including certain derivative  instruments  embedded in other contracts,  and for
hedging  activities.  It was  implemented  by the  Company  on  January 1, 2001.
Because  the  Company  does  not  utilize  derivatives,  implementation  of this
statement did not have a material effect on the Company's financial statements.

Certain prior year amounts have been reclassified to conform to the current year
presentation.



<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2001
                                   (Unaudited)

<PAGE>
Note 2 - Investments in Mortgage Loans

Information relating to investments in mortgage loans as of March 31, 2001 and
December 31, 2000 is as follows:

<TABLE>
<CAPTION>


                                              Base
                                             Interest
                                              Rate on                                         Amounts Advanced
                                                                                -------------------------------------
                                Final        Mortgage                                        Non-interest
                      Date       Ma-           Loan                   Additional               Bearing        Total       Balance
                       of                                                                                                  at
                     Invest-     turitu        (HUD    Participa        Interest  Mortgage    Additional    Amounts        March
            Descrip   ment                               -tion
Property     -tion               Date        Insured)    Rates(C)         Rate      Loans     Loans         Advanced       31, 2001
--------  --------   ----------- ------   --------  ---------------     -------    ------    --------    -------------   ---------







<S>          <C>      <C>       <C>        <C>              <C>            <C>     <C>         <C>         <C>            <C>
Columbiana   204      4/94      8/29       7.90%            25%/-          0.778%  $9,106,099  $563,000    $9,669,099     $9,527,371

Lakes        Apt.     5/29
Apts.
Columbia,   Units    (A)(B)
SC

Stony     125         12/95    6/37         7.75%                          1.378%    8,500,000    763,909   9,263,909     9,090,292
Brook
Village   Apt.         6/37
II
Apts.     Units        (A)
East
Haven,
CT

Hollows   184          4/00    1/42         7.875%        50%/25%         1.4482%   5,914,855    1,549,200  7,464,055      7,282,834
Apts.     Apt.         1/42
GreenvilleUnits        (B)
NC

Elmhurst  313          6/00     1/42        8.00%         50%/25%         1.3232%   11,813,217    2,874,000  14,687,217   14,214,127
Village   Apt.         1/42
Oveida,   Units         (B)
FL

Reserve   212          8/00     12/41      8.00%          50%/25%         1.202%    6,910,189    1,987,000   8,897,189    8,828,491
at
Autumn    Apt.          (B)
Creek     Units
Friends-
wood, TX
                                                                                ----------------------------------------------------

Total                                                                              $42,244,360  $7,737,109   $49,981,469 $48,943,115


                                                                                ====================================================
</TABLE>

                                    Interest
                                     Earned      Less
                        Balance at    by the     2001         Net
                         December    Company     Amor-        Interest
Property                 31,2000     for 2001  tization       Earned
--------            ---------------   ------   --------       -------

Columbiana                $9,563,501  $190,876 $(22,396)       $168,480
Lakes
Apts.
Columbia,
SC

Stony
Brook                    748,665     188,690      (22,223)        166,467
Village
II
Apts.
East
Haven,
CT

Hollows
Apts.                    4,927,740     122,594        4,304        126,898
Greenville
NC

Elmhurst
Village                  10,087,809   263,998        7,411         271,409
Oveida,
FL

Reserve
at                        6,501,018   153,774         1,224          154,998
Autumn
Creek
Friends-
wood, TX

                        ----------------------------------------------------
Total
                          $31,828,733  $919,932      $(31,680)       $888,252


                        =====================================================



<PAGE>


(A) The Mortgages have terms of 40 years, subject to mandatory prepayment at any
time after 10 years and upon one year's notice.

(B) Pledged as collateral in connection with a secured credit repurchase
facility with Nomura Asset Capital Corporation (See Note 5).

(C) In addition to the interest due at the base and additional interest rates,
the Company is entitled to participation in certain cash flows from the
underlying properties. The first percentage listed represents the Company's
participation in cash flows remaining, if any, after payment of debt service:
the second represents the Company's participation in sale or refinancing
proceeds.


<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2001
                                   (Unaudited)


Note 3 - Investments in GNMA Certificates-Available for Sale

Information relating to investments in GNMA certificates as of March 31, 2001
and December 31, 2000 is as follows:
<TABLE>
<CAPTION>

                                                                                   Accum-ulated
                                     Date             Original                      Amorti-zation              Unrealized
                                   Purchased         Purchase                          at         Loan          Loss
                                   /Final   Stated    Price    Principal    Discount   March     Origination    at      Balance
                       Certificate  Payment Interest Including   at March   at March             Costs at       March   at March
Seller                  Number      Date      Rate    Discount   31,2001    31,2001   31,2001    March 31,2001 31,2001  31,2001
------                 ---------   -------- -------  --------    ---------   -------  --------   -----------  -------   --------


GNMA Certificates

<S>                     <C>       <C>       <C>    <C>           <C>         <C>         <C>      <C>        <C>     <C>
Bear Stearns            0355540   7/27/94   7.125% $2,407,102    $2,510,167  $(232,190)  $130,863 $ 77,658   $14,658 $2,501,156
                                  3/15/29

Malone Mortgage         0382486   7/28/94   8.500% 2,197,130     2,120,525     (7,952)     4,678    72,020   (27,501) 2,161,770
                                  8/15/29

SunCoast Capital        G22412    6/23/97   7.000% 1,981,566     1,131,761     (7,427)     6,189         0   (11,827) 1,118,696
Group, Ltd.
                                  4/20/27
                                                   -------- --------- -------- ------- --------- -------- -------- -------- -----

Total                                              $6,585,798   $5,762,453    $(247,569)  $141,730 $149,678  $(24,670) $5,781,622

                                                   ======== ========= ======== ======= ========= ======== ======== ======== =====


</TABLE>

                                         Interest
                                        Earned
                          Balance at    by the                   Net
                           December     Company       2001     Interest
Seller                      31, 2000     for 2001   Accretion  Earned
------                    -----------    -------      -------  ------

GNMA Certificates              $2,498,175 $44,792   $4,912    $49,704

Bear Stearns
                               2,159,906   45,121    176      45,297

Malone Mortgage
                               1,193,138   20,200    423       20,623

SunCoast Capital
Group, Ltd.                    -- -------- ------

                                $5,851,219 $110,113  $5,511     $115,624

Total
                               == ======== ======




<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2001
                                   (Unaudited)


The amortized cost, unrealized gain and fair value for the investment in GNMA
Certificates at March 31, 2001 and December 31, 2000 were as follows:
                                                         March 31,  December 31,
                                                          2001        2000
                                                     -------------    ---------

Amortized cost                                         $5,806,292   $5,873,392
Gross unrealized loss                                     (24,670)     (22,173)
                                                      -----------   ----------
Fair Value                                             $5,781,622   $5,851,219
                                                        =========    =========


Note 4 - Commercial Mortgage-Backed  Security-Related Investment and Short Sale;
Investment in ARCap

On  September  30,  1999,  the  Company   acquired  from  ARCap  a  "BB+"  rated
subordinated commercial mortgage-backed security ("CMBS") from a Chase Manhattan
Bank-First  Union Nation Bank Commercial  Mortgage Trust.  The CMBS  investment,
which was purchased for  $35,622,358,  has a face amount of  $50,399,711  and an
annual coupon rate of 6.4%. The Company purchased the CMBS investment using cash
and debt provided through the Bear Stearns Repurchase  Facility (see Note 5). In
connection  with this  acquisition,  the Company  entered into an agreement (the
"Agreement") with ARCap. Under the Agreement,  the Company had the right to sell
the CMBS investment to ARCap and purchase a preferred  equity position in ARCap,
all based on the then fair value of the CMBS investment.

This  investment  was  accounted for as a trading asset and carried at estimated
fair value, with changes in fair value included in earnings. Interest income was
accrued as it became receivable,  and included accretion of discounts,  computed
using the effective yield method,  after considering  estimated  prepayments and
credit losses. The Company recognized gains on this investment totaling $432,590
during the three months ended March 31, 2000 due to mark-to-market adjustments.

On September  30,  1999,  in order to mitigate the  potential  income  statement
effect of changes in the fair value of its CMBS investment  caused by changes in
interest  rates,  the Company  entered into a short sale involving the sale of a
U.S.  Treasury Note with a face amount of $39,327,000  and an annual coupon rate
of 5.625% borrowed from Bear Stearns & Co., Inc. ("Bear Stearns").  On March 16,
2000,  the Company  replaced the borrowed  security by purchasing  such security
through  Bear  Stearns,  and  entered  into an  additional  short sale  contract
involving the sale of a U.S. Treasury Note with a face amount of $34,512,000 and
an annual coupon rate of 6.0%  borrowed from Bear Stearns.  On November 1, 2000,
the  Company  terminated  the  short  sale in  connection  with  its sale of the
associated CMBS investment.  Short sale positions were carried at estimated fair
value, with changes in fair value included in earnings.  The Company  recognized
losses on these positions  totaling $889,632 during the three months ended March
31, 2000 due to mark-to-market adjustments.

On November 1, 2000, the Company,  in accordance  with the  Agreement,  sold the
CMBS investment to ARCap and repaid its borrowing under the repurchase  facility
(see Note 5),  closed out its short  sales  position  and  purchased a preferred
equity  interest  in ARCap in the face amount of  $20,000,000,  with a preferred
dividend  rate  of  12%.  This  preferred   equity   interest  was  recorded  at
$19,640,637,  representing  the fair value of the CMBS investment at the date of
the  transaction,  less the Bear  Stearns  Repurchase  Facility  repayment  plus
approximately $3.5 million in cash paid to ARCap.

NOTE 5 - Repurchase Facilities

On September 30, 1999, the Company entered into a repurchase  facility with Bear
Stearns (the "Bear Stearns Repurchase Facility"),  whereby Bear Stearns advanced
$19,568,000 in cash towards the purchase of a CMBS-related  investment (see Note
4). The Bear Stearns  Repurchase  Facility had a variable interest rate based on
the one-month LIBOR rate plus 1.5%,  which was adjusted on the first day of each
month.  The Bear  Stearns  Repurchase  Facility  was repaid  November 1, 2000 in
connection with the CMBS sale discussed above.

Effective  February  15,  2000,  the  Company  entered  into a $60  million  FHA
repurchase   facility  with  Nomura  Asset  Capital   Corporation  (the  "Nomura
Repurchase  Facility") with a term of 1 year. This agreement enables the Company
to borrow up to 90% with a qualified  hedge or 80% without a qualified  hedge of
the fair market value of FHA loans owned by the Company.  The Nomura  Repurchase
Facility was renewed  February 15, 2001 for $40 million,  with a one time option
to increase to $60 million, a one year term and interest at LIBOR plus 1.25%. As
of  March  31,  2001  and  December  31,  2000,   $16,028,609   and  $7,138,940,
respectively, were outstanding under The Nomura Repurchase Facility and interest
rates were 6.33% and 7.87%, respectively.  Deferred costs relating to the Nomura
Repurchase Facility are being amortized using the straight-line  method over 364
days, which is the term of the facility.

Effective February 15, 2000, the Company entered into a repurchase facility with
Nomura  Securities   International  Inc.  (the  "Nomura  Securities   Repurchase
Facility").  This agreement  enables the Company to borrow up to 95% of the fair
market value of qualified mortgage  securities owned by the Company.  Borrowings
bear  interest at LIBOR plus 0.50%.  As of March 31, 2001 and December 31, 2000,
the amount  outstanding  under this facility was  $5,499,000  and $5,517,000 and
interest  rates were 5.55% and 7.12%,  respectively.  Deferred costs of $101,169
relating to the Nomura Securities  Repurchase Facility are being amortized using
the straight-line method over five years.

NOTE 6 - Related Party Transactions

The costs incurred to related parties for the three months ended March 31, 2001
and 2000 were as follows:
                                                            Three Months Ended
                                                                March 31,
                                                           2001        2000
                                                        ----------------------

Expense reimbursement                                   $  61,000   $115,646
Asset management fees                                      57,047    121,944
                                                         --------    -------

                                                        $118,047     $237,590
                                                        ========     ========

Note 7 - Earnings Per Share

Basic net  income  per share in the  amount  $.29 and $.13 for the three  months
ended March 31, 2001 and 2000,  respectively,  equals net income for the periods
($1,131,148 and $483,216, respectively),  divided by the weighted average number
of shares outstanding for the periods (3,838,630 and 3,838,630, respectively).

Because  the Company had no  dilutive  securities  outstanding  during the three
months ended March 31, 2001 or 2000, diluted net income per share is the same as
basic net income per share.

Note 8 - Commitments and Contingencies

The Company  completed a loan  venture with Fannie Mae which has agreed to fully
fund the origination of $250 million of Delegated Underwriter and Servicer loans
for apartment  properties  that qualify for low income housing tax credits under
Section 42 of the Internal  Revenue  Code (see Note 9). Under the loan  venture,
the Company will originate and contract for individual loans of up to $6 million
dollars  each  over a  two-year  period  and will work  with  American  Property
Financing,  which will  underwrite  and service  the loans for Fannie Mae.  Each
property in the transaction  will benefit from 9% low income housing tax credits
for no less than 90% of its  units.  The  Company  will  guaranty  a first  loss
position of up to 10% of the pool of $250 million and will receive  guaranty and
other fees.  As of March 31, 2001,  the Company had  originated  loans  totaling
$4,933,503 under this program.

Note 9 - Investment in Unconsolidated Subsidiary and Note Receivable

The Company has entered  into an  agreement  with Fannie Mae whereby the Company
will provide first loss  protection  ("First Loss  Obligation") on certain loans
originated  by  Fannie  Mae  pursuant  to a Master  Financing  and Loss  Sharing
Agreement.  Through a consolidated subsidiary,  AMAC/FM Corporation ("AMAC/FM"),
and pursuant to a Guaranty and Security  Agreement  with Fannie Mae, the payment
of the First Loss  Obligation is guaranteed and secured by AMAC/FM's  pledge and
grant to Fannie Mae of a security interest on certain assets of AMAC/FM.

AMAC/FM  was  capitalized  by a  contribution  by the  Company to AMAC/FM of the
mortgage  loan  secured by Stony Brook  Village II  Apartments  with a principal
amount of $8,404,092.  This contribution was recorded by AMAC/FM as a $7,264,093
loan from the Company via a subordinated promissory note, with a stated interest
rate of 7.75% and a  $1,140,000  capital  contribution  through the  issuance of
AMAC/FM  non-voting  common stock.  During 2000,  the Company  accounted for its
$1,140,000 investment in AMAC/FM under the equity method of accounting,  because
all of AMAC/FM's  voting common shares were held by the Advisor and,  therefore,
the Company did not control AMAC/FM.

During January 2001, all of the voting common stock of AMAC/FM, previously owned
by the Advisor,  was  purchased  by the Company,  the effect of which is to make
AMAC/FM a wholly owned,  consolidated subsidiary of the Company. This change was
due to the REIT  Modernization  Act of 1999,  allowing  REITS  to  directly  own
taxable REIT subsidiaries, beginning after the year 2000.


<PAGE>



Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations.

Liquidity and Capital Resources
-------------------------------

Effective  April 26, 1999,  upon  authorization  by the Board of  Trustees,  the
Company's name was changed from American  Mortgage  Investors  Trust to American
Mortgage  Acceptance  Company.  The Company's shares of beneficial interest (the
"Shares") commenced trading on the American Stock Exchange on July 1, 1999 under
the symbol "AMC". As of March 31, 2001, there were 3,838,630 Shares outstanding.

The Company's  business plan as a publicly traded REIT focuses on three types of
mortgage  products:  1) origination  of  participating  FHA insured  multifamily
mortgages,  2) origination of construction and permanent  mortgage financing for
affordable  multifamily  housing pursuant to a new venture with Federal National
Mortgage  Association  ("Fannie Mae"), and 3) acquisition of direct and indirect
subordinated interests in commercial mortgage-backed securities.

As of March 31,  2001,  the  Company's  mortgage  investments  consisted of five
mortgage  loans  originated  by  or  on  behalf  of  the  Company,   three  GNMA
mortgage-backed  securities and pass-through certificates and a preferred equity
investment in ARCap Investors, L.L.C. ("ARCap").

The current  composition  of the  Company's  investment  portfolio  reflects the
recent  change  in the  Company's  business  plan and is not  comparable  to its
investment portfolio prior to April 1999.  Furthermore,  the Company is still in
the process of implementing  its new business plan and,  therefore,  the current
portfolio  should  not  be  considered  indicative  of  the  composition  of the
portfolio that might be expected in the future.

During  the  three  months  ended  March  31,  2001,  cash and cash  equivalents
decreased  approximately  $793,000  primarily  due to cash provided by operating
activities ($508,000), an increase in investment in mortgage loans ($8,796,000),
proceeds from repurchase  facilities payable  ($8,872,000) and distribution paid
to shareholders ($1,392,000).

The  yield on the GNMA  Certificates  will  depend,  in part,  upon the rate and
timing of principal  prepayments on the underlying  mortgages in the asset pool.
Generally, as market interest rates decrease, mortgage prepayment rates increase
and the  market  value of  interest  rate  sensitive  obligations  like the GNMA
Certificates increases.  As market interest rates increase,  mortgage prepayment
rates  tend  to  decrease  and the  market  value  of  interest  rate  sensitive
obligations like the GNMAs tends to decrease. The effect of prepayments on yield
is greater the earlier a prepayment of principal is received.

The yield on the  mortgage  loans will  depend,  in part,  on when,  and if, the
Company  disposes of the mortgage  loans prior to maturity or the obligor  fully
repays the outstanding  debt. The mortgage loans have fixed interest rates,  the
base  amount  of which is  insured  by HUD,  resulting  in a  minimal  amount of
interest rate risk.  The effect of prepayments on yield is greater the earlier a
prepayment of principal is received.  Due to the  uncertainty of future economic
and other factors that affect interest rates and mortgage prepayments, it is not
possible to predict  the effects of future  events upon the yield to maturity or
the market value of the  mortgage  loans upon any sale or other  disposition  or
whether the  Company,  if it chose to, would be able to reinvest  proceeds  from
prepayments at favorable rates relative to the current mortgage loan rates.

The  Company's  equity in the  earnings of ARCap will  generally be equal to the
Company's  preferred  equity  dividend  rate of 12%,  unless ARCap does not have
earnings  and cash flows  adequate to meet this  dividend  requirement.  ARCap's
investment  portfolio  consists  of  subordinated   commercial  mortgage  backed
securities,  whose yields depend,  among other things, on the rate and timing of
principal  payments,  the pass through  rate,  interest  rate  fluctuations  and
defaults on the  underlying  mortgages.  The  Company's  investment  in ARCap is
illiquid and its carrying amount is not necessarily representative of the amount
the Company would receive upon a sale of this investment.

Effective  February  15,  2000,  the  Company  entered  into a $60  million  FHA
repurchase  facility  with the Nomura  Asset  Capital  Corporation  (the "Nomura
Repurchase  Facility"),  with a term of one year.  This  agreement  enables  the
Company to borrow up to 90% with a  qualified  hedge or 80%  without a qualified
hedge of the fair  market  value of FHA loans owned by the  Company.  The Nomura
Repurchase  Facility was renewed February 15, 2001, for $40 million,  with a one
time option to increase to $60 million,  a one year term,  and interest at LIBOR
plus  1.25%.  As of March  31,  2001 and  December  31,  2000,  $16,028,609  and
$7,138,940, respectively, were outstanding under The Nomura Repurchase Facility.

Effective February 15, 2000, the Company entered into a repurchase facility with
Nomura  Securities   International  Inc.  (the  "Nomura  Securities   Repurchase
Facility").  This agreement  enables the Company to borrow up to 95% of the fair
market value of qualified mortgage  securities owned by the Company.  Borrowings
bear  interest at LIBOR plus 0.50%.  As of March 31, 2001 and December 31, 2000,
the amount  outstanding  under this facility was  $5,499,000  and $5,517,000 and
interest rates were 6.63125% and 7.12%, respectively.

In order to qualify as a REIT under the Code,  the  Company  must,  among  other
things, distribute at least 90% of its taxable income. The Company believes that
it is in compliance with the REIT-related provisions of the Code.

The Company expects that cash generated from the Company's investments will meet
its needs for  short-term  liquidity,  and will be  sufficient to pay all of the
Company's  expenses and to make  distributions  to its  shareholders  in amounts
sufficient to retain the Company's REIT status in the foreseeable future.

The Company  completed a loan  venture with Fannie Mae which has agreed to fully
fund the origination of $250 million of Delegated Underwriter and Servicer loans
for apartment  properties  that qualify for low income housing tax credits under
Section 42 of the Internal Revenue Code. Under the transaction, the Company will
originate  and contract for  individual  loans of up to $6 million  dollars each
over a two-year  period and will work with American  Property  Financing,  which
will  underwrite  and  service the loans for Fannie  Mae.  Each  property in the
transaction will benefit from 9% low income housing tax credits for no less than
90% of its units.  The Company will  guaranty a first loss position of up to 10%
of the pool of $250  million and will  receive  guaranty  and other fees.  As of
March 31, 2001, the Company has originated loans totaling  $4,933,503 under this
program.

In May 2001, a distribution of $1,391,503, which was declared in March 2001, was
paid to the shareholders for the quarter ended March 31, 2001.

Management is not aware of any trends or events,  commitments or  uncertainties,
which  have not  otherwise  been  disclosed  that  will or are  likely to impact
liquidity in a material way.

Results of Operations
---------------------

The net income for the three months ended March 31, 2001 and 2000 was $1,131,148
and $483,216,  respectively.  The total of the annual operating  expenses of the
Company may not exceed the greater of (i) 2% of the Average  Invested  Assets of
the  Company or (ii) 25% of the  Company's  net  income,  unless  such excess is
approved by the Independent  Trustees. On an annualized basis, there was no such
excess for the three months ended March 31, 2001 and 2000.

Interest  income from mortgage loans  increased  approximately  $397,000 for the
three months ended March 31, 2001 as compared to 2000 primarily due to increases
in the  principal  advances to Elmhurst  Village,  Autumn  Creek and The Hollows
which were  partially  offset by the repayment of the Town and Country  mortgage
loan.

Interest income from commercial mortgage-backed  security-related  investment in
the amount of  approximately  $951,000  was  recorded for the three months ended
March 31, 2000; such investment was sold in October 2000.

Interest income from temporary investments decreased  approximately $530,000 for
the three months ended March 31, 2001 as compared to 2000  primarily  due to the
closing of interest  bearing bank accounts and  termination of the deposits with
brokers held as collateral for short sales.

Interest income from notes receivable in the amount of approximately $45,000 was
recorded for the three months ended March 31, 2001; such  investments  were made
since September 2000.

Equity in earnings of ARCap in the amount of $592,000 was recorded for the three
months ended March 31, 2001. This investment was acquired in October 2000.

Other  income in the amount of $6,000 was  recorded  for the three  months ended
March 31, 2001 due to the loss sharing fees of Valley View,  Alexandrine,  Maple
Ridge, and Hillside Apartments.

Interest  expense  decreased  approximately  $633,000 for the three months ended
March 31, 2001 as compared to 2000 due to the  termination  of the Bear  Stearns
Repurchase  Facility  and  closing  out  of  government  securities  sold  short
positions  partially  offset by  interest  on the Nomura  Securities  repurchase
facilities.

General and  administrative  expenses  decreased  approximately  $94,000 for the
three  months  ended  March 31,  2001 as  compared  to 2000  primarily  due to a
decrease  in asset  management  fees  payable to the  Advisor due to the sale of
commercial  mortgage-backed  security-related  investment  and a decrease in the
reimbursements of certain administrative and other costs incurred by the Advisor
on behalf of the Company.

Amortization increased approximately $6,000 for the three months ended March 31,
2001 as compared to 2000 due to  amortization  of deferred costs relating to the
Nomura Repurchase Facility and the Nomura Securities Repurchase Facility.

A gain on the repayment of mortgage loans in the amount of approximately $28,000
was  recorded  for the three  months  ended  March  31,  2000,  relating  to the
repayment of the Town & Country additional loan and FHA insured mortgage loan on
January 21,  2000. A gain of  approximately  $58,000 was  recognized  during the
three  months  ended March 31, 2000 from the  repayment  of a GNMA  certificate.
There were no similar repayments or gains during the first quarter of 2001.

A net loss on the  commercial  mortgage-backed  security-related  investment and
government  securities  sold short in the amount of  approximately  $457,000 was
recorded  for the three  months  ended  March 31,  2000.  These  positions  were
liquidated in October of 2000.

Distributions
-------------

Of the total  distributions  of $1,391,503  and  $1,391,504 for the three months
ended March 31, 2001 and 2000,  respectively,  $260,356  ($.07 per share or 19%)
and  $908,288,  respectively,  represented  a return of  capital  determined  in
accordance with generally accepted accounting principles.  As of March 31, 2001,
the aggregate  amount of the  distributions  made since the  commencement of the
initial public  offering  representing a return of capital,  in accordance  with
generally accepted accounting  principles,  totaled $14,378,083.  The portion of
the distributions  which constituted a return of capital was significant  during
the  initial  acquisition  stage in order to  maintain  level  distributions  to
shareholders.

Forward-Looking Statements
--------------------------

Certain   statements  made  in  this  report  may  constitute   "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking  statements include statements  regarding the intent,  belief or
current  expectations  of the Company and its  management  and involve known and
unknown  risks,  uncertainties  and other  factors  which  may cause the  actual
results,  performance or achievements of the Company to be materially  different
from any future  results,  performance or  achievements  expressed or implied by
such forward-looking  statements.  Such factors include, among other things, the
following:  general  economic and business  conditions,  which will, among other
things,  affect the availability and  creditworthiness  of prospective  tenants,
lease rents and the terms and availability of financing;  adverse changes in the
real estate  markets  including,  among  other  things,  competition  with other
companies;  risks  of real  estate  development  and  acquisition;  governmental
actions  and  initiatives;  and  environment/safety  requirements.  Readers  are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof.

Inflation
---------

Inflation did not have a material effect on the Company's results for the
periods presented.

Quantitative and Qualitative Disclosures About Market Risk
----------------------------------------------------------

Market risk is the exposure to loss  resulting  from changes in interest  rates,
changes in spreads on CMBS,  foreign currency  exchange rates,  commodity prices
and equity  prices.  The  primary  market risk to which the  investments  of the
Company is  exposed is  interest  rate risk  which is highly  sensitive  to many
factors,  including  governmental  monetary  and  tax  policies,   domestic  and
international economic and political considerations and other factors beyond the
control of the Company.

The Company's borrowings under repurchase agreements bear interest at rates that
fluctuate with LIBOR. Based on the $21.5 million of borrowings outstanding under
these  facilities  at March 31,  2001,  a 1% change in LIBOR  would  impact  the
Company's net income by approximately $215,000.

Cash flows and income from the Company's other financial instruments, consisting
primarily of mortgage loans, GNMA  certificates,  and cash and cash equivalents,
would not be significantly  affected by changes in interest rates,  because most
of these  instruments  bear  interest  at fixed  rates,  and are not  subject to
financing  or  hedged.  Cash and cash  equivalents  and the  mortgage  loans are
carried at  amortized  cost,  and so their  carrying  values are not impacted by
changes in interest  rates.  The GNMA  investments  are adjusted to market value
through comprehensive income in the equity statement, but changes in their value
have not historically been significant to shareholders' equity.



<PAGE>


                                                      PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

       The Company is not a party to any material pending legal proceedings.

Information Regarding Other Companies Managed by affiliates of the Advisor.
---------------------------------------------------------------------------

On or about  February  8, 2001,  a complaint  was filed in the New York  Supreme
Court,  County of New York,  against the external advisor of Aegis Realty,  Inc.
("Aegis").  Aegis is a public  company  which,  like the Company,  is externally
advised by affiliates of the Advisor.  Also named as defendants in the suit were
certain affiliates of Aegis' advisor and Messrs.  Boesky, Hirmes, Ross, Brenner,
Allen and Fisch.  Messrs.  Boesky,  Allen and Fisch are trustees of the Company.
Aegis was also named as a nominal defendant.  The action is entitled Paul v. The
Related Companies L.P., et al., Index No. 01-600669,  and is purportedly a class
and derivative  action.  On or about March 23, 2001, a second  action,  entitled
Schnipper v. Aegis Realty,  Inc., et al.,  Case No.  219736-V,  was filed in the
Circuit Court for Montgomery  County,  Maryland against Aegis and each of Aegis'
five directors (Messrs.  Boesky, Brenner, Hirmes, Allen and Fisch). Schnipper is
purportedly  brought  as a class  action.  On or about  April 2,  2001,  a third
action,  entitled Opportunity  Partners,  L.P. v. Stuart J. Boesky, et al., Civ.
No.  24-C-01-001579,  was  filed in the  Circuit  Court  for  Baltimore  County,
Maryland against,  among others,  Aegis, each of its five directors,  and Aegis'
external advisors, which are affiliates of our Advisor.  Opportunity Partners is
purportedly a class and derivative action.

Each of these three actions challenges Aegis' proposed acquisition of a property
portfolio and  development  business owned by a third party,  which  transaction
also involves the termination by Aegis of its external advisory  agreements with
affiliates  of the Advisor and the purchase by Aegis of various  assets owned by
those external  advisors.  Each suit alleges that the defendants  breached their
fiduciary duties to the Aegis  stockholders  by, among other things,  committing
Aegis to pay  unwarranted  fees and other  consideration  to  affiliates  of the
Advisor. All three actions seek money damages, injunctive and declaratory relief
and  attorney's  fees.  The  transaction  at issue in each  suit,  however,  was
approved by Aegis' independent  directors  (Messrs.  Allen and Fisch), who first
obtained  legal  advice and two fairness  opinions  from  nationally  recognized
investment  banking firms before approving this transaction.  Additionally,  the
transaction  at issue is  subject  to Aegis  stockholder  approval  after  proxy
materials   describing   that   transaction   are   disseminated  to  the  Aegis
stockholders. The defendants have advised the Company that they intend to defend
all three  actions  vigorously.  The  defendants  filed  motions to dismiss  the
complaint in Paul on or about April 16, 2001. The defendants' times to answer in
Schnipper and Opportunity Partners have not yet expired.

The Company believes the lawsuit against Aegis will not have a material impact
on the Company's operations or financial condition.

Item 2.    Changes in Securities - None.

Item 3.    Defaults Upon Senior Securities - None

Item 4.    Submission of Matters to a Vote of Security Holders - None

Item 5.    Other Information - None

Item 6.    Exhibits and Reports on Form 8-K - None




<PAGE>
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                                  (Registrant)


Date:  May 12, 2001

                                       By:  ___________________________________
                                           Stuart J. Boesky
                                           Trustee, Chairman of the Board,
                                           President and Chief Executive Officer


Date:  May 12, 2001

                                          By:  _______________________________
                                               Michael I. Wirth
                                               Chief Financial Officer





<PAGE>


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                                  (Registrant)


Date:  May 12, 2001

                                       By:  /s/ Stuart J. Boesky
                                       -------------------------
                                            Stuart J. Boesky
                                           Trustee, Chairman of the Board,
                                           President and Chief Executive Officer


Date:  May 12, 2001

                                          By:  /s/ Michael I. Wirth
                                          -------------------------
                                               Michael I. Wirth
                                               Chief Financial Officer