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 June 30, 2002


                                       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
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                  ============      ===========
                                                    June 30,        December 31,
                                                      2002              2001
                                                  ------------      -----------
<S>                                               <C>               <C>
ASSETS
Investments in mortgage loans                     $     20,061      $    17,799
Investments in GNMA certificates-
   available for sale                                   79,990           50,060
Investment in ARCap                                     20,241           20,246
Cash and cash equivalents                               11,116            1,018
Notes receivable                                        19,617           11,373
Accrued interest receivable                                871              570
Other assets                                               443              916
                                                  ------------      -----------
Total assets                                      $    152,339      $   101,982
                                                  ============      ===========


LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:

   Repurchase facilities payable                  $     61,451      $    43,610
   Accrued interest payable                                 44               22
   Accounts payable and accrued expenses                   506            1,348
   Due to Advisor and affiliates                           464              331
   Distributions payable                                 2,386            1,392
                                                  ------------      -----------
Total liabilities                                       64,851           46,703
                                                  ------------      -----------

Commitments and contingencies
Shareholders' equity:
   Shares of beneficial interest; $.10 par value;
   25,000,000 shares authorized; 6,738,826 issued
   and 6,363,630 outstanding and 4,213,826 issued
   and 3,838,630 outstanding in 2002 and 2001,
     respectively                                          674              421
   Treasury shares of beneficial interest;
     375,196 shares                                        (38)             (38)
   Additional paid-in capital                           99,487           68,841
   Distributions in excess of net income               (14,601)         (14,505)
   Accumulated other comprehensive income                1,966              560
                                                  ------------      -----------
Total shareholders' equity                              87,488           55,279
                                                  ------------      -----------
Total liabilities and shareholders' equity        $    152,339      $   101,982
                                                  ============      ===========
</TABLE>
          See accompanying notes to consolidated financial statements
                                       2
<PAGE>

               AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                         Consolidated Statements of Income
                (Dollars in the thousands except per share amounts)
                                   (Unaudited)
<TABLE>
<CAPTION>

                                  ======================  ======================
                                    Three Months Ended       Six Months Ended
                                          June 30,               June 30,
                                  ----------------------  ----------------------
                                     2002        2001        2002        2001
                                  ----------------------  ----------------------
<S>                               <C>         <C>         <C>         <C>

Revenues:
   Interest income:
  Mortgage loans                  $      609  $    1,019  $    1,010  $    1,907
  GNMA certificates                    1,370         379       2,454         495
  Notes receivable                       627          61       1,114         107
  Temporary investments                   13          10          24          27
Equity in earnings of ARCap              608         592       1,200       1,184
Other income                              76          25         136          30
                                  ----------  ----------  ----------  ----------

Total revenues                         3,303       2,086       5,938       3,750
                                  ----------  ----------  ----------  ----------

Expenses:
  Interest                               307         361         579         637
  General and administrative             164         112         284         232
  Fees to advisor                        371         178         728         296
  FNMA loan program                        3          --         358          --
  Amortization                            --          11           6          30
                                  ----------  ----------  ----------  ----------

    Total expenses                       845         662       1,955       1,195
                                  ----------  ----------  ----------  ----------

  Net gain on repayments of
    GNMA certificates and
    mortgage loans                        --          --         614          --
                                  ----------  ----------  ----------  ----------

  Net income                      $    2,458  $    1,424  $    4,597  $    2,555
                                  ==========  ==========  ==========  ==========

  Net income per share (basic
    and diluted)                  $      .39  $      .37  $      .81  $      .67
                                  ==========  ==========  ==========  ==========


Weighted average shares
  outstanding (basic and
  diluted)                         6,363,630   3,838,630   5,666,116   3,838,630
                                  ==========  ==========  ==========  ==========
</TABLE>

         See accompanying notes to consolidated financial statements

                                       3
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
            Consolidated Statement of Changes in Shareholders' Equity
                             (Dollars in thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>


                                       Shares of Beneficial     Treasury Shares of
                                            Interest            Beneficial Interest
                                      ---------------------    ---------------------

                                        Shares      Amount      Shares      Amount
                                      ---------   ---------    --------    ---------

<S>                                   <C>         <C>          <C>         <C>
Balance at January 1, 2002            4,213,826   $     421    (375,196)   $     (38)


Comprehensive income:
Net income                                   --          --          --           --
Other comprehensive income:
  Unrealized holding gain arising
   during the period
Less: reclassification adjustment
   for gain included in net income

Total other comprehensive gain

Comprehensive income

Common share issuance                 2,525,000         253
Distributions
                                      ---------   ---------    --------    ---------
                                             --          --          --           --

Balance at June 30, 2002              6,738,826   $     674    (375,196)   $     (38)
                                      =========   =========    ========    =========
<CAPTION>


                                                                                 Accumulated
                                      Additional  Distributions                     Other
                                       Paid-in      in Excess    Comprehensive  Comprehensive
                                       Capital    of Net Income    Income           Income        Total
                                      ---------   -------------  -------------  -------------   ---------

<S>                                   <C>         <C>            <C>              <C>           <C>
Balance at January 1, 2002            $  68,841   $    (14,505)                   $       560   $  55,279


Comprehensive income:
Net income                                   --           4,597  $       4,597             --       4,597
Other comprehensive income:
  Unrealized holding gain arising
   during the period                                                     2,020
Less: reclassification adjustment
   for gain included in net income                                       (614)
                                                                 -------------
Total other comprehensive gain                                           1,406          1,406       1,406
                                                                 -------------
Comprehensive income                                             $       6,003
                                                                 =============
Common share issuance                    30,646                                                    30,899
Distributions                                            (4,693)                           --      (4,693)
                                      ---------   -------------                   -----------   ---------
                                             --

Balance at June 30, 2002              $  99,487   $     (14,601)                  $     1,966   $  87,488
                                      =========   =============                   ===========   =========
</TABLE>

          See accompanying notes to consolidated financial statements.


                                       4
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                             (Dollars in thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                          =====================
                                                            Six Months Ended
                                                                 June 30,
                                                          ---------------------
                                                            2002         2001
                                                          --------     --------
<S>                                                       <C>          <C>
Cash flows from operating activities:
   Net income                                             $  4,597     $  2,555
Adjustments to reconcile net income to net cash
   provided by operating activities:
     Net gain on repayments of GNMA
       Certificates and mortgage loans                        (614)          --
     Equity in earnings of ARCap, in excess of
       (less than) distributions received                        5         (191)
     Amortization - deferred financing costs                     6           30
     Amortization - loan premium and
       origination costs                                       (61)           3
     Accretion of GNMA discount                                  6          (11)
     Accretion of deferred income                               --          (26)
     Changes in operating assets and liabilities:
     Accrued interest receivable                              (301)         166
     Other assets                                               48            6
     Due to Advisor and affiliates                             133         (674)
     Accounts payable and accrued expenses                    (842)          17
     Accrued interest payable                                   22           24
                                                          --------     --------

   Net cash provided by operating activities                 2,999        1,899
                                                          --------     --------

Cash flows from investing activities:
   Increase in investment in mortgage loans                 (2,224)     (19,622)
   Periodic principal payments of mortgage loans                23          134
   Funding of notes receivable                              (8,244)      (1,424)
   Principal repayments of GNMA Certificates                   197          166
   Increase in investment in GNMA Certificates             (28,113)          --
   Decrease (increase) in other assets                         419          (83)
                                                          --------     --------

Net cash used in investing activities                      (37,942)     (20,829)
                                                          --------     --------
</TABLE>

                                    continued
                                       5
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                             (Dollars in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                          =====================
                                                            Six Months Ended
                                                                 June 30,
                                                          ---------------------
                                                            2002         2001
                                                          --------     --------
<S>                                                       <C>          <C>
Cash flows from financing activities:
   Proceeds from repurchase facilities payable              17,841       32,443
   Distribution paid to shareholders                        (3,699)      (2,783)
   Increase in deferred loan costs                              --          (42)
   Issuance of common shares                                30,899           --
                                                          --------     --------

Net cash provided by financing activities                   45,041       29,618
                                                          --------     --------

Net increase in cash and cash equivalents                   10,098       10,688
Cash and cash equivalents at the beginning
   of the period                                             1,018        1,632
                                                          --------     --------
Cash and cash equivalents at the end of the
   period                                                 $ 11,116     $ 12,320
                                                          ========     ========
Supplemental information:
Interest paid                                             $    557     $    613
                                                          ========     ========

Consolidation of former unconsolidated subsidiary:
Increase in investment in mortgage loans                               $  8,353
Decrease in notes receivable                                             (7,264)
Decrease in investment in unconsolidated
   subsidiary                                                            (1,089)
                                                                       --------
                                                                       $     --
                                                                       --------

Conversion of FHA mortgage loans to GNMA certificates:

Investment in GNMA certificates                                        $(34,515)
Decrease in investment in mortgage loans                                 34,515
                                                                       --------

                                                                       $     --
                                                                       --------
</TABLE>
          See accompanying notes to consolidated financial statements.

                                       6
<PAGE>


               AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                    Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (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.  The  Company  elected to be treated as a real  estate  investment  trust
("REIT") under the Internal Revenue Code of 1986, as amended.

The  Company's  business  plan  focuses  on  government  insured  and  uninsured
mortgages  secured  by  multifamily  properties,  which  may  take  the  form of
government insured first mortgages and uninsured  mezzanine loans,  construction
loans and bridge loans.  Additionally,  the Company has  indirectly  invested in
subordinate commercial  mortgage-backed  securities and may invest in other real
estate assets, including non-multifamily mortgages.

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".

In February  2002, the Company sold to the public 2.5 million common shares at a
price of $13.50 per share.  The net proceeds from this  offering,  approximately
$31 million net of  underwriter's  discount and expenses,  has been used to make
additional investments.

The Company is governed by a board of trustees  comprised  of three  independent
trustees and two  trustees  who are  affiliated  with  Related  Capital  Company
("Related").   The  Company  has  engaged  Related  AMI  Associates,  Inc.  (the
"Advisor"),  an  affiliate of Related,  to manage its  day-to-day  affairs.  The
Advisor has  subcontracted  with Related to provide the  services  contemplated.
Through the  Advisor,  Related  offers the  Company a core group of  experienced
staff and  executive  management  providing  the Company with services on both a
full  and  part-time  basis.   These  services  include,   among  other  things,
acquisition, financial, accounting, capital markets, asset monitoring, portfolio
management,  investor  relations  and public  relations  services.  The  Company
believes  that it benefits  significantly  from its  relationship  with Related,
because  Related  provides the Company  with  resources  that are not  generally
available to smaller-capitalized, self-managed companies.

The consolidated  financial  statements  include the accounts of the Company and
two wholly-owned  subsidiaries  which it controls:  AMAC Repo Seller and 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 June 30, 2002 and the
results of its  operations and its cash flows for the three and six months ended
June 30, 2002 and 2001.  However,  the operating results for the interim periods
may not be indicative of the results for the full year.

                                       7
<PAGE>


               AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                    Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)


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, 2001.

The preparation of the consolidated 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.

In June 2001, the Financial Accounting Standards Board ("FASB") issued Statement
No. 141, "Business  Combinations (SFAS 141) and Statement No. 142, "Goodwill and
Other Intangible  Assets" (SFAS 142).  These statements  establish new standards
for  accounting  and  reporting for business  combinations  and for goodwill and
intangible assets resulting from business combinations.  SFAS 141 applies to all
business  combinations  initiated  after June 30, 2001; the Company  implemented
SFAS 142 on January 1, 2002.  Implementation  of these statements did not have a
material impact on the Company's consolidated financial statements.

In June 2001,  the FASB issued SFAS No. 143,  "Accounting  for Asset  Retirement
Obligations".  SFAS No. 143  requires  the fair value of a liability or an asset
retirement obligation to be recorded in the period in which it is incurred. SFAS
No. 143 is not effective until January 1, 2003.  Management does not believe the
implementation  of SFAS No.  143 will have a  material  impact on the  Company's
consolidated financial statements.

In  August  2001,  the  FASB  issued  Statement  No.  144,  "Accounting  for the
Impairment or Disposal of Long Lived Assets"  (effective  January 1, 2002). SFAS
No. 144 supercedes  existing  accounting  literature dealing with impairment and
disposal of long-lived assets, including discontinued  operations.  It addresses
financial  accounting and reporting for the impairment of long-lived  assets and
for  long-lived  assets to be disposed  of, and expands  current  reporting  for
discontinued  operations to include disposals of a "component" of an entity that
has been disposed of or is classified as held for sale. The Company  implemented
SFAS No. 144 on January 1, 2002.  Implementation  of SFAS No. 144 did not have a
material impact on the Company's consolidated financial statements.

In April 2002, the FASB issued  Statement No. 145 "Rescission of FASB Statements
No. 4, 44 and 64, Amendment of FASB Statement No. 13 and Technical Corrections".
SFAS No. 145 among  other  things,  rescinds  SFAS No. 4,  "Reporting  Gains and
Losses from Extinguishment of Debt", and accordingly, the reporting of gains and
losses from the early  extinguishments of debt as extraordinary  items will only
be required if they meet the specific criteria for extraordinary  items included
in  Accounting  Principles  Board  Opinion  No. 30,  "Reporting  the  Results of
Operations".  The  rescission  of SFAS  no.  4 is  effective  January  1,  2003.
Management does not believe the  implementation of SFAS 145 will have a material
impact on the Company's consolidated financial statements.

In July  2002,  the  FASB  issued  Statement  No.  146,  "Accounting  for  Costs
Associated  with Exit or  Disposal  Activities.  SFAS No. 146  replaces  current
accounting literature and requires the recognition of costs associated with exit
or  disposal  activities  when they are  incurred  rather  than at the date of a
commitment  to an exit or disposal  plan.  SFAS No. 146 is not  effective  until
January 1, 2003.  The Company does not anticipate the adoption of this statement
will have a material effect on the Company's consolidated financial statements.

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



                                       8
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                    Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)

Note 2 - Investments in Mortgage Loans
Information  relating to investments in mortgage loans as of June 30, 2002 is as
follows:
<TABLE>
<CAPTION>



                                              Final                            Periodic
                                            Maturity     Call       Interest    Payment     Prior
                               Description    Date       Date       Rate (B)     Terms      Liens
                               -----------  --------   --------     --------   ---------  ---------
<S>                             <C>           <C>        <C>         <C>          <C>    <C>
First Mortgage Loans (E):
    Stony Brook II
      East Haven, CT (L)        125 Units     6/37       12/06        7.625       (F)            --
    Sunset Gardens

      Eagle Pass, TX             60 Units     9/03         TBD       11.50%       (H)            --
    Northbrooke
      Harris County, TX         240 Units     8/43         TBD        7.45%       (K)            --


Subtotal First Mortgage Loans

  Stabilized Properties
    Stony Brook II
      East Haven, CT            125 Units     6/37       12/06       15.33%       (H)     8,308,969
    Plaza at San Jacinto
      Houston, TX (I)           132 Units     1/43        6/11       11.00%       (H)     6,638,300


Subtotal Stabilized Mezzanine
  Loans

  Properties in Construction
    The Hollows
        Greenville, NC          184 Units     1/42         TBD       10.00%       (H)     8,481,092
    Elmhurst Village
          Oveido, FL            313 Units     1/42         TBD       10.00%       (H)    21,716,633(J)
    The Reserve at Autmn Creek
         Friendswood, TX        212 Units     1/42         TBD       10.00%       (H)    15,538,670(J)
    Club at Brazos (I)
        Rosenberg, TX           200 Units     5/43         TBD       10.00%       (H)    14,363,800
    Northbrooke
      Harris County, TX         240 Units     8/43         TBD       11.50%       (H)            --

Subtotal Construction Mezzanine Loans

Subtotal Mezzanine Loans

Total Mortgage Loans


<CAPTION>
                                                                        Interest Income
                                                                       Earned Applicable
                                    Outstanding                        To the Six Months
                                  Face Amount of    Carrying Amount          Ended
                                   Mortgages (C)    of Mortgages (D)     June 30, 2002
                                  ---------------   ----------------   -----------------
<S>                                 <C>              <C>                   <C>
First Mortgage Loans (E):
    Stony Brook II
      East Haven, CT (L)             $8,308,969       $8,308,969           $  317,141
    Sunset Gardens

      Eagle Pass, TX                    892,902          869,393               30,320
    Northbrooke
      Harris County, TX                      --               --               15,458
                                    -------------------------------------------------
                                    -------------------------------------------------
Subtotal First Mortgage Loans         9,201,871        9,178,362              362,919
                                    -------------------------------------------------
  Stabilized Properties
    Stony Brook II
      East Haven, CT                    763,909          663,166               45,365
    Plaza at San Jacinto
      Houston, TX (I)                 1,250,000        1,221,384               72,577
                                    -------------------------------------------------

Subtotal Stabilized Mezzanine
  Loans                               2,013,909        1,884,550              117,942
                                    -------------------------------------------------
  Properties in Construction
    The Hollows
        Greenville, NC                1,549,200        1,389,786               82,239
    Elmhurst Village
          Oveido, FL                  2,874,000        2,438,461              158,637
    The Reserve at Autmn Creek
         Friendswood, TX              1,987,000        1,924,502               97,791
    Club at Brazos (I)
        Rosenberg, TX                 1,962,000        1,883,770               99,032
    Northbrooke
      Harris County, TX               1,500,000        1,361,976               91,436
                                    -------------------------------------------------
Subtotal Construction Mezzanine
    Loans                             9,872,200        8,998,495              529,135
                                    -------------------------------------------------
Subtotal Mezzanine Loans             11,886,109       10,883,045              647,077
                                    -------------------------------------------------
Total Mortgage Loans                $21,087,980      $20,061,407           $1,009,996
                                    =================================================
</TABLE>

                                       9
<PAGE>

(A)  Loans are subject to mandatory  prepayment  at the option of the Company 10
     years after construction  completion,  with one year's notice. Loans with a
     call date of "TBD" are still under construction.

(B)  Interest  on the  mezzanine  loans is based  on a fixed  percentage  of the
     unpaid principal  balance of the related first mortgage loan (prior liens).
     The amount shown is the approximate effective rate earned on the balance of
     the  mezzanine  loan.  The  mezzanine  loans also  provide for  payments of
     additional interest based on a percentage of cash flow remaining after debt
     service  (generally 50%) and participation in sale or refinancing  proceeds
     (generally 25%) and certain  provisions that cap the Company's total yield,
     including  additional  interest  and  participations,  over the term of the
     loan.

(C)  No principal  amounts of mortgage loans are subject to delinquent  interest
     as of June 30, 2002.

(D)  Carrying  amounts of the mezzanine  loans include  unamortized  origination
     costs and fees and loan discounts.

(E)  Interest and principal  payments on first mortgage loans are insured by the
     U.S. Department of Housing and Urban Development.

(F)  Requires  monthly  payments of principal  and  interest  based on a 40 year
     amortization period. Loan is subject to 5-year lockout against prepayments,
     as well as a prepayment  penalty structure during the second 5-year term of
     the loan.

(G)  The principal  balance of the mezzanine loans is secured by the partnership
     interests  of the  entity  that owns the  underlying  property  and a third
     mortgage  deed of  trust.  Interest  payments  on the  mezzanine  loans are
     secured by a second mortgage deed of trust and are guaranteed for the first
     thirty six months after construction completion by an entity related to the
     general partner of the entity that owns the underlying property.

(H)  Interest only payments are due monthly, with loan balance due at maturity.

(I)  The funding of this mezzanine  loan is based on property level  operational
     achievements. The Company does not hold the first mortgage loan relating to
     this mezzanine loan.

(J)  The first  mortgage loans related to those  properties  were converted into
     GNMA Certificates and are held by the Company.

(K)  The Northbrooke first mortgage loan was converted from an FHA mortgage loan
     to an GNMA Certificate on May 24, 2002.

(L)  This first  mortgage  loan is pledged  to secure the  Company's  obligation
     under a first loss  protection  agreement with Fannie Mae - See Notes 9 and
     10.


                                       10
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                    Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)


Note 3 - Investments in GNMA Certificates-Available for Sale Information
relating to investments in GNMA certificates as of June 30, 2002 is as follows:
<TABLE>
<CAPTION>

                                                                                                                           Interest
                                                                                                                            Income
                                                                                                                            Earned
                                               Date                                                                       Applicable
                                             Purchase/                           Amortized    Unrealized                    to the
                                               Final     Stated    Principal      Cost at     Gain(Loss)    Balance at    Six Months
                                Certificate   Payment   Interest   at June        at June      at June        at June     Ended June
Name                              Number        Due       Rate      30, 2002      30, 2002     30, 2002       30, 2002     30, 2002
----                            -----------   --------  --------   ------------- -----------  ----------    -----------   ----------
<S>                               <C>        <C>         <C>       <C>           <C>          <C>           <C>           <C>
Western Manor (1)                 0355540     7/27/94    7.125%    $ 2,474,818   $ 2,475,688  $   66,053    $ 2,541,741   $   98,090
                                              3/15/29

Copper Commons (1)                0382486     7/28/94    8.500%      2,098,148     2,167,036     (19,128)     2,147,908       89,685
                                              8/15/29

SunCoast Capital Group,           G002412     6/23/97    7.000%        719,414       719,939      23,031        742,970       27,928
Ltd. (1)                                      4/20/27

Hollows Apts. (2)                 511909      5/29/01                       --            --          --             --      196,859


Elmhurst Village (1)              549391      6/28/01    7.745%     21,716,633    21,716,633     593,191     22,309,824      819,281
                                               1/1/42

Reserve at Autumn Creek (1)       448747      6/28/01    7.745%     15,538,670    5,538,670    1,550,185     17,088,855      588,046
                                               1/1/42

Casitas at Montecito              519289      3/11/02    7.300%      5,700,686     6,090,720    (390,034)     5,700,686      116,233
                                             10/15/42

Village at Marshfield (1)         519281      3/11/02    7.475%     19,906,384    21,552,222     258,031     21,810,253      418,763
                                              1/15/42

Cantera Crossing                  532662      3/28/02    6.500%      3,906,058     3,859,084      46,974      3,906,058       57,595
                                               6/1/29

Fillmore Park                     536739      3/28/02    6.700%        876,053       886,270     (10,217)       876,053       11,168
                                             10/15/42

Northbrooke                       548972      5/24/02    7.080%      2,865,484     3,017,381    (151,899)     2,865,482       30,745
                                               8/1/43
                                                                   -----------------------------------------------------------------

Total                                                              $75,802,348   $78,023,643  $1,966,187    $79,989,830   $2,454,393

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

(1)  These GNMA  Certificates are pledged as collateral for borrowings under the
     repurchase facility - See Note 5.

(2)  This GNMA Certificate was sold March 25, 2002.

                                       11
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                    Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)


The amortized  cost,  unrealized  gain and fair value for the investment in GNMA
Certificates at June 30, 2002 and December 31, 2001 were as follows:

(Dollars in thousands)
<TABLE>
<CAPTION>

                                                     June 30,       December 31,
                                                       2002             2001
                                                   -----------     -------------
<S>                                                  <C>               <C>
Amortized cost                                       $78,024           $49,500
Unrealized gain                                        1,966               560
                                                     -------           -------
Fair Value                                           $79,990           $50,060
                                                     =======           =======
</TABLE>

For the six months ended June 30, 2002,  there were gross  unrealized  gains and
losses of $2,537,465 and $571,278, respectively. For the year ended December 31,
2001,  there were gross  unrealized  gains and losses of $579,252  and  $18,865,
respectively.

On  March  25,  2002,  the  Company  sold  the  Hollows  GNMA   Certificate  for
approximately  $9.6  million.  The  amortized  cost at the  date of the sale was
approximately $9.0 million,  resulting in a gain of approximately  $614,000. The
Company  recorded the sale on the trade date of March 25, 2002.  The  settlement
date was in April 2002.

                                       12
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                    Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)


NOTE 4 - Notes Receivable

The Company's  notes  receivable are  collateralized  by equity  interest in the
owner of the related property and consists of the following as of June 30, 2002:
<TABLE>
<CAPTION>


                                                                                           Remaining
                                          Number of                        Outstanding     Committed
                                          Apartment        Carrying         Principal      Balance to    Interest
Property                 Location           Units           Amount           Balance          Fund         Rate          Maturity
------------------------------------------------------------------------------------------------------------------------------------


<S>                 <C>                      <C>         <C>              <C>             <C>             <C>         <C>
Alexandrine         Detroit, MI               30         $   377,320      $   378,000      $       --      12.50%        August 2002

Coronado
   Terrace          San Diego, CA            312             566,730         581,360(1)     1,418,640      11.00%      December 2002

Plaza Manor         National City, CA        372           1,491,646        1,499,010             990      11.00%     September 2002

Rancho
   Verde            San Jose, CA             700           4,497,780        4,499,999              --      11.00%        August 2002

Concorde at
   Palm             Houston, TX              360           3,821,138        3,850,000              --      12.00%      December 2003

Parwood             Long Beach, CA           528           1,963,641        2,000,000(1)    2,600,000      11.00%       January 2004

Concord at
   Little York      Houston, TX              276           3,463,945        3,500,000              --      12.00%      February 2004

Concord at
   Gulfgate         Houston, TX              288           3,435,221        3,500,000              --      12.00%           May 2004
                                         ------------------------------------------------------------

      Total                                2,866         $19,617,421      $19,808,369      $4,019,630
                                         ============================================================
</TABLE>
(1) Funded on an as needed basis.

                                       13
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                    Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)


The  Company's  notes  receivable  pay  interest  only until  maturity  when the
principal is due. As of June 30,  2002,  there were no past due amounts owed the
Company on any note.


NOTE 5 - Repurchase Facilities

During 2001,  the Company was party to a $40 million  repurchase  facility  with
Nomura Asset Capital Corporation,  which enabled the Company to borrow up to 80%
(90% with a qualified  hedge) of the fair market value of FHA loans owned by the
Company.  The interest rate under this repurchase facility was LIBOR plus 1.25%.
As of December 31, 2001 there was no outstanding  balance under this  agreement.
The agreement was not renewed upon its expiration in February 2002.

Effective February 15, 2000, the Company also entered into a repurchase facility
with Nomura Securities  International  Inc. (the "Nomura  Securities  Repurchase
Facility").  This  facility  enables the Company to borrow up to 95% of the fair
market value of GNMA Certificates and other qualified mortgage  securities owned
by the Company.  Borrowings  bear  interest at LIBOR plus 0.50%.  As of June 30,
2002 and December 31, 2001,  the amounts  outstanding  under this  facility were
$61,451,000   and   $43,610,000   and  interest  rates  were  1.89%  and  2.58%,
respectively.  Deferred  costs  relating  to the  Nomura  Securities  Repurchase
Facility have been fully  amortized.  All amounts  outstanding at June 30, 2002,
had 30 day settlement terms and are  collateralized by certain GNMA Certificates
as indicated in Note 3.


NOTE 6 - Related Party Transactions

The costs  incurred to related  parties for the three and six months  ended June
30, 2002 and 2001 were as follows, all of which are paid to the Advisor:

(Dollars in Thousands)
<TABLE>
<CAPTION>

                                     Three Months Ended        Six Months Ended
                                           June 30,                 June 30,
                                  ------------------------  -----------------------
                                     2002          2001        2002         2001
                                  -------------------------------------------------

<S>                               <C>          <C>          <C>          <C>
Expense reimbursement             $       143  $       111  $       318  $      172
Asset management fees                     228           67          410         124
                                   ----------  -----------   ----------  ----------

                                  $       371  $       178  $       728  $      296
                                   ==========   ==========   ==========   =========
</TABLE>

In December  2001,  Charter Mac  Corporation  ("CM  Corp")  purchased  80% of PW
Funding Inc. ("PWF"). CM Corp is a wholly-owned  subsidiary of Charter Municipal
Mortgage Acceptance Company ("Charter Mac"), a publicly traded entity,  which is
managed by an affiliate of Related.

The  Company  has  begun  to use  PWF  as its  servicing  agent  for  mortgages.
Typically,  the servicing agent retains a small  percentage of the interest paid
on mortgage loans as their fee for servicing the loan.

The  Company's  notes  receivable  (see  Note 4),  the  guarantee  on  Creekside
Apartments  and  standby  bridge  loan  commitments  described  in Note 8 are to
limited  partnerships  where the  general  partner  may be an  affiliate  of the
Advisor  with a 1%  interest  in the  limited  partnership,  and the 99% limited
partner is a limited  partnership in which an affiliate of the Advisor owns a 1%
general  partnership  interest and one or more Fortune 500  companies  own a 99%
limited partnership interest.


                                       14
<PAGE>

             AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)


Note 7 - Earnings Per Share

Basic net income per share in the amount $.39 and $.37 and $.81 and $.67 for the
three and six months  ended  June 30,  2002 and 2001,  respectively,  equals net
income for the periods ($2,458,410 and $1,424,029 and $4,597,434 and $2,555,177,
respectively),  divided by the  weighted  average  number of shares  outstanding
which was 6,363,630 and 3,838,630 and 5,666,116 and 3,838,630, respectively.

Because the Company had no dilutive securities outstanding during the six months
ended June 30,  2002 or 2001,  diluted net income per share is the same as basic
net income per share.


Note 8 - Commitments and Contingencies

The Company  completed a loan  program 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 loan  program,  the Company
intended to  originate  and contract  for  individual  loans of up to $6 million
dollars  each over a  two-year  period in  conjunction  with  American  Property
Financing,  an unaffiliated  third party, which would underwrite and service the
loans for Fannie Mae.  The  Company  guarantees  a first loss  position of up to
$21.25  million,  depending on the aggregate  principal  amount of the loans the
Company  originates  under  this  program  and  would  receive  guaranty,   loan
origination and other fees. The Company also guarantees  construction  loans for
which it has issued a forward  commitment  to  originate a loan under the Fannie
Mae  program,  with  respect to which it  guarantees  repayment  of 100% of such
construction  loans.  As of June 30,  2002,  the  Company had  originated  loans
totaling  approximately  $2.2 million  under the Fannie Mae program and has made
forward  commitments for an additional  approximate $6.8 million.  The Company's
maximum guaranty at June 30, 2002 is $9.0 million.  The Company has not acquired
an interest in any of the loans the Company originated on Fannie Mae's behalf.

Subsequent to creating this program,  the level of loan origination  competition
has   increased,   reducing  the  Company's   projected   financing   value  and
profitability.  As a result, the Company decided in the first quarter of 2002 to
discontinue  this program.  The Company has reached an agreement in principle to
terminate this program and transfer its rights and obligations to a third party.
There  can  be  no  assurance,   however,   that  this  agreement  will  happen.
Accordingly, during the first quarter of 2002, the Company wrote off the balance
of unamortized  deferred costs relating to this program.  This write-off totaled
approximately  $358,000  and is  included in FNMA loan  program  expenses in the
Consolidated Statement of Income.

In May of 2002,  AMAC  guaranteed  a  construction  loan of  approximately  $7.5
million for Creekside  Apartments,  a proposed 144-unit  affordable  multifamily
apartment  complex  located in Colorado  Springs,  Colorado,  in exchange  for a
0.375% fee, which will be received at construction completion.  The construction
loan  guarantee  will  provide  credit  support  for the period  beginning  with
construction  completion  until property  stabilization.  It is anticipated that
construction will be completed in February 2003 and that the property will reach
stabilization  in  October  2003.  The  fee,  when  received  at  completion  of
construction, will be deferred and amortized over the guarantee period.

                                       15
<PAGE>

             AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)


In February of 2002,  AMAC issued a standby  bridge loan  commitment of $400,000
for the rehabilitation of Valley View and Summertree  Apartments,  two apartment
complexes featuring 240 total units and located in North Little,  Arkansas.  The
loan, if funded, will bear interest at 12%. Funding, should it be needed, is not
anticipated  to  occur  until  later in 2002.  AMAC  received  a fee of 2.5% for
issuing the commitment. The first mortgage is held by Charter Municipal Mortgage
Acceptance Company ("Charter Mac"), an affiliate of the Advisor.

In June of 2002,  AMAC issued a standby  bridge loan  commitment of $1.4 million
for the  construction  of  Willow  Creek  Apartments,  a  104-unit  multi-family
apartment complex located in North Port, Florida. The loan, if funded, will bear
interest at a rate of 12%.  Funding,  should it be needed, is not anticipated to
occur until  December  2003, at the  earliest.  AMAC received a fee of 3.57% for
issuing the commitment.  The first mortgage is held by Charter Mac, an affiliate
of the Advisor.

In June of 2002,  AMAC issued a standby  bridge loan  commitment of $400,000 for
the rehabilitation of McMullen Square  Apartments,  a 100-unit complex featuring
18 two-story  buildings  and two  one-story  buildings,  located in San Antonio,
Texas. The loan, if funded, will bear interest at a rate of 12%. Funding, should
it be needed,  is not  anticipated to occur until February 2003. AMAC received a
fee of 2.5% for issuing the commitment.

Fees  received  for a commitment  to  originate a loan are deferred  and, if the
commitment is exercised,  recognized  over the life of the loan as an adjustment
of yield or, if the commitment expires  unexercised,  recognized in other income
upon  expiration  of  the  commitment.  If,  however,  based  on  the  Company's
experience with similar  arrangements,  management  believes that the likelihood
that  the  commitment  will  be  exercised  is  remote,  the  commitment  fee is
recognized over the commitment period on a straight-line basis in other income.


Note 9 - Investment in Unconsolidated Subsidiary and Note Receivable

As discussed  in Note 8, the Company has entered  into an agreement  with Fannie
Mae whereby the Company  would  provide  first loss  protection on certain loans
funded 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
Company's  obligations under this program is guaranteed and secured by AMAC/FM's
pledge  and grant to Fannie  Mae of a security  interest  on  certain  assets of
AMAC/FM.

                                       16
<PAGE>

             AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)


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 $7,264,092
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
implemented  as a result of the REIT  Modernization  Act of 1999,  which  allows
REITs to directly own taxable REIT subsidiaries, beginning after the year 2000.


Note 10 - Shareholders' Equity

On February 25, 2002, the Company completed issuance of 2,525,000 common shares,
raising net  proceeds  of  approximately  $31  million.  The common  shares were
offered through Friedman, Billings, Ramsey and RBC Capital Markets. The proceeds
were used to invest primarily in GNMA Certificates.


Note 11 - Subsequent Events

On July 26,  2002,  the  Company  funded the first  advance  of $7.7  million to
Ellington Plaza. The Company  purchased this GNMA  Construction Loan certificate
in May, 2002. The stated interest rate is 7.085% and the certificate  matures in
July, 2042.

In July of 2002, the Company granted a standby bridge loan commitment to a third
party in the amount of  approximately  $1.7  million.  The purpose of the bridge
loan,  which is not expected to be funded until  February  2003,  is to fund the
final  construction  draws  on  the  rehabilitation  of  a  160-unit  affordable
multifamily  apartment complex located in Laredo,  TX, known as Clark's Crossing
Apartments. The bridge loan carries an interest rate of 12%. In conjunction with
the  bridge  loan,  the  Company  has also  guaranteed  a  construction  loan of
approximately  $4.8 million,  providing  credit support for the period beginning
with construction completion until the property reaches stabilization, for which
the Company  will receive a fee.  Rehabilitation  is expected to be completed in
April 2003 and  stabilization  achieved in  September  2003.  The  Company  will
receive a bridge loan  origination  fee of 2% and a construction  loan guarantee
fee of 0.625%.

In August of 2002, the Company issued a standby  permanent loan commitment of up
to  approximately  $4.3  million,   for  the  rehabilitation  of  Highland  Park
Apartments, a 200-unit garden style apartment complex located in Topeka, Kansas,
for which the Company  will receive a loan  standby  commitment  fee. If funded,
which could occur in December 2003, the Company would receive  interest of 9.5%.
The Company will receive a loan standby  commitment fee of 2.00% and, if funded,
a loan origination fee of 1.00%.

On July 31, 2002, the Rancho Verde bridge loan was repaid in full.

                                       17
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 30, 2002
                                   (Unaudited)


In August  2002,  a  distribution  of  $2,386,361,  ($0.375 per share) which was
declared in June 2002, was paid to  shareholders  for the quarter ended June 30,
2002.

On August 8, 2002,  the Company  announced  that  effective  September  3, 2002,
Stuart  Rothstein  will become the Chief  Financial  Officer and Executive  Vice
President of the Company.  Mr. Rothstein joins the Company with approximately 11
years of professional  experience,  including  seven years of direct  experience
with Spieker  Properties,  a San  Francisco-based  office REIT.  On September 3,
2002,  Alan Hirmes will step down from the position of interim  Chief  Financial
Officer,  but will  continue in his position of  Executive  Vice  President  and
Director of the Company.

                                       18
<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
commenced  trading  on the  American  Stock  Exchange  on July 1, 1999 under the
symbol "AMC". As of June 30, 2002, there were 6,363,630 shares outstanding.

The  Company's  business  plan  focuses  on  government  insured  and  uninsured
mortgages  secured  by  multifamily  properties,  which  may  take  the  form of
government insured first mortgages and uninsured  mezzanine loans,  construction
loans and bridge loans.  Additionally,  the Company has  indirectly  invested in
subordinate commercial  mortgage-backed  securities and may invest in other real
estate assets, including non-multifamily mortgages.

As of June  30,  2002,  the  Company's  mortgage  investments  consisted  of two
mortgage  loans  and seven  mezzanine  loans  originated  by or on behalf of the
Company,  eleven GNMA mortgage-backed  securities and pass-through  certificates
(including  Ellington Plaza which did not receive its initial advance until July
2002) eight bridge loans and a preferred  equity  investment in ARCap Investors,
L.L.C. ("ARCap").

In  February of 2002,  the Company  completed  an offering of  2,525,000  common
shares at $13.50 per share,  raising net proceeds of approximately  $31 million.
These proceeds were used primarily to invest in GNMA  Certificates.  The Company
anticipates  using these GNMA  Certificates  as collateral for future  financing
which will be used to make additional investments.

During the six months ended June 30, 2002, cash and cash  equivalents  increased
approximately  $10 million  primarily  due to net proceeds from the common share
offering,   approximately  $31  million,  proceeds  from  repurchase  facilities
payable,  approximately $17.8 million and cash provided by operating activities,
approximately $3 million, offset by investments in mortgage loans, approximately
$2.2 million,  investments in GNMA  Certificates,  approximately  $28.1 million,
increase in notes  receivable,  approximately  $8.2 million and distributions to
shareholders, approximately $4.7 million.

The  yield on the GNMA  Certificates  will  depend,  in part,  upon the rate and
timing of principal  prepayments  on the  underlying  mortgages.  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  Company's  GNMAs  are
collateralized by mortgage loans on multifamily properties.

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 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.

                                       19
<PAGE>


The  yield  on the  mezzanine  loans  is  based  on a  fixed  percentage  of the
associated  first  mortgage  loan,  plus a percentage of the available cash flow
produced by the underlying  multifamily property, and a participation in sale or
refinancing proceeds.  The yield will vary based on the operating results of the
underlying property, its requirements for capital improvements,  and the ability
of the  property  owners  to  successfully  sell  or  refinance  the  underlying
property.

The yield on the bridge loans will depend, in part, on when, and if, the Company
disposes of the loans prior to  maturity or the obligor  repays the  outstanding
debt.  These loans are  typically of shorter term,  about 12 months,  and higher
risk.  However,  the  Company's  bridge loans are  collateralized  by the equity
interests  of the  property  owner.  Although  the  loans  bear a fixed  rate of
interest, the shorter term somewhat reduces the Company's interest rate risk.

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.

The Company finances the acquisition of its assets primarily  through  borrowing
at  short-term  rates using demand  repurchase  agreements.  Under the Company's
declaration of trust, the Company may incur permanent  indebtedness of up to 50%
of total market  value  calculated  at the time the debt is incurred.  Permanent
indebtedness  and  working  capital  indebtedness  may  not  exceed  100% of the
Company's  total market value. In February of 2002, the Company sold 2.5 million
common  shares  at a  price  of  $13.50  per  share,  raising  net  proceeds  of
approximately $31 million. If market conditions warrant, the Company may seek to
raise  additional  funds for investment  through further common offerings in the
future, although the timing and amount of such offerings cannot be determined at
this time.

Effective February 15, 2000, the Company entered into a repurchase facility with
Nomura  Securities  International  Inc.  This  agreement  enables the Company to
borrow up to 95% of the fair market value of qualified mortgage securities owned
by the Company which are pledged as collateral  for the  borrowings.  Borrowings
bear  interest at LIBOR plus 0.50%.  As of June 30, 2002 and  December 31, 2001,
the amount  outstanding  under this facility was $61,451,000 and $43,610,000 and
interest rates were 1.89% and 2.58%,  respectively.  All  borrowings  under this
facility  have 30-day  settlement  terms.  The Company has not  experienced  any
problems when renewing its borrowing and management  believes it will be able to
continue to renew its  borrowings  when due. If the Company were unable to renew
such borrowings with Nomura, it would have to either find replacement  financing
or sell assets at prices which may be below market value.

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.

                                       20
<PAGE>

The Company  completed a loan  program 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 loan  program,  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,  an
unaffiliated third party, which will underwrite and service the loans for Fannie
Mae.  The Company  guarantees  a first loss  position  of up to $21.25  million,
depending on the aggregate  principal amount of the loans the Company originates
under this program and will receive  guaranty,  loan origination and other fees.
The Company also guarantees construction loans for which it has issued a forward
commitment  to  originate a loan under the Fannie Mae  program,  with respect to
which it guarantees repayment of 100% of such construction loans. As of June 30,
2002, the Company had originated loans totaling approximately $2.2 million under
the  Fannie Mae  program  and has made  forward  commitments  for an  additional
approximate  $6.8 million.  The Company's  maximum  guaranty at June 30, 2002 is
$9.0 million.

Since the Company  entered into the Fannie Mae loan  program,  the level of loan
origination  competition has increased,  reducing the projected financing volume
and profitability. As a result, the Company decided in the first quarter of 2002
to discontinue  this program.  The Company has reached an agreement in principle
to terminate  this program and  transfer its rights and  obligations  to a third
party. There can be no assurance, however, that this agreement will happen.

In August 2002,  a  distribution  of  $2,386,361  ($0.375 per share),  which was
declared in June 2002, was paid to the  shareholders  for the quarter ended June
30, 2002.

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 and six  months  ended June 30,  2002 and 2001 was
$2,458,410 and $1,424,029 and $4,597,434 and $2,555,177, 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 six months
ended June 30, 2002 and 2001.

Interest  income  from  mortgage  loans  decreased  approximately  $410,000  and
$897,000  for the three and six months  ended June 30,  2002 as compared to 2001
primarily due to the  conversion of Hollows,  Elmhurst  Village and Autumn Creek
mortgages to GNMA  Certificates  and the sale of the Columbiana  mortgage during
2001.

Interest  income from GNMA  certificates  increased  approximately  $991,000 and
$1,960,000 for the three and six months ended June 30, 2002 as compared to 2001,
primarily due to the conversion of three mortgage loans to GNMA  certificates in
2001 and the purchase of an additional five GNMA Certificates in 2002, offset by
the loss of interest income from the Hollows GNMA Certificate  which was sold in
March of 2002.

Interest  income from notes  receivable  increased  approximately  $566,000  and
$1,007,000  for the three and six months ended June 30, 2002 as compared to 2001
due to the addition of eight notes receivable during 2001 and 2002.

During the six months ended June 30, 2002, the Company recognized  approximately
$358,000 in FNMA loan  program  expenses  associated  with the  write-off of the
unamortized deferred costs related to the FNMA loan program.

                                       21
<PAGE>

Fees to advisor increased  approximately $193,000 and $432,000 for the three and
six months ended June 30, 2002 as compared to 2001  primarily due to an increase
in the  Company's  assets  and an  increase  in the  reimbursements  of  certain
administrative and other costs incurred by the Advisor on behalf of the Company.

Amortization  decreased  approximately $11,000 and $24,000 for the three and six
months  ended June 30,  2002 due to the  deferred  costs  relating to the Nomura
repurchase facility being fully amortized during 2001.

A gain  on  the  repayment  of  GNMAs  and  mortgage  loans  in  the  amount  of
approximately  $614,000  was  recorded  for the six months  ended June 30, 2002,
relating to the sale of the Hollows GNMA on March 25, 2002.

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

Of the total distributions of $4,693,177 and $2,783,007 for the six months ended
June 30,  2002 and 2001,  respectively,  $95,743  ($.02 per share or 2.04%)  and
$227,830  ($.06  per  share or  8.19%),  respectively,  represented  a return of
capital determined in accordance with generally accepted accounting  principles.
As of June 30, 2002, 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 $14,592,422.
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,
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.

                                       22
<PAGE>

The Company's borrowings under repurchase agreements bear interest at rates that
fluctuate with LIBOR. Based on the $61.5 million of borrowings outstanding under
these facilities at June 30, 2002, a 1% change in LIBOR would impact the
Company's net income by approximately $615,000.

Cash flows and income from the Company's other financial instruments, consisting
primarily of mortgage loans, a preferred equity interest, 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 shareholders'  equity, but changes
in their value have not historically  been significant to shareholders'  equity.
The preferred equity interest is carried on the equity method;  although changes
in interest  rates would not directly  impact the carrying  value of this asset,
they might  adversely  affect the ability of the  underlying  entity to meet its
preferred distribution requirements.


                                       23
<PAGE>

                           PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

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

Item 2.    Changes in Securities - None.

Item 3.    Defaults Upon Senior Securities - None

Item 4.    Submission of Matters to a Vote of Security Holders

     A  proxy  and  proxy  statement   soliciting  the  vote  of  the  Company's
shareholders  for the  Company's  annual  meeting  of  shareholders  was sent to
shareholders on or about April 30, 2002. Such meeting was held on June 11, 2002.
Stuart  Boesky,  Peter Allen,  Arthur  Fisch,  Alan Hirmes and Scott Mannes were
re-elected trustees for a one-year term. The five individuals  elected,  and the
number of votes cast for and  abstaining,  with  respect to each of them,  is as
follows:

                                     For             Abstain
                                  ---------          -------
       Alan P. Hirmes             5,913,798          147,295
       Stuart J. Boesky           5,913,978          147,115
       Peter T. Allen             6,021,063           40,030
       Arthur P. Fisch            6,021,063           40,030
       Scott M. Mannes            6,020,243           40,850

Item 5.    Other Information - None

Item 6.    Exhibits and Reports on Form 8-K

           Exhibits

99.1       Chief Executive Officer certification pursuant to  18  U.S.C. Section
           1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
           2002.

99.2       Chief Financial Officer certification pursuant to  18  U.S.C. Section
           1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
           2002.


           Form 8-K - None.

                                       24
<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: August 14, 2002                     By:  /s/ Stuart J. Boesky
                                               --------------------
                                               Stuart J. Boesky
                                               Trustee, Chairman of the Board,
                                               President and Chief Executive
                                               Officer


Date: August 14, 2002                     By:  /s/ Alan Hirmes
                                               ---------------
                                               Alan Hirmes
                                               Chief Financial Officer


<PAGE>


                                                                    Exhibit 99.1


                            CERTIFICATION PURSUANT TO
                             18.U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of American Mortgage  Acceptance Company
(the  "Company")  on Form 10-Q for the period ending June 30, 2002 as filed with
the Securities  and Exchange  Commission on the date hereof (the  "Report"),  I,
Stuart J. Boesky, Chief Executive Officer of the Company,  certify,  pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:


     (1) The Report fully  complies  with the  requirements  of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and


     (2)  The  information  contained  in the  Report  fairly  presents,  in all
material  respects,  the  financial  condition  and result of  operations of the
Company.


/s/ Stuart J. Boesky

Stuart J. Boesky
Chief Executive Officer
August 14, 2002


<PAGE>


                                                                    Exhibit 99.2


                            CERTIFICATION PURSUANT TO
                             18.U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of American Mortgage  Acceptance Company
(the  "Company")  on Form 10-Q for the period ending June 30, 2002 as filed with
the Securities  and Exchange  Commission on the date hereof (the  "Report"),  I,
Alan Hirmes,  Chief Financial  Officer of the Company,  certify,  pursuant to 18
U.S.C.  Section 1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley
Act of 2002, that:


     (1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and


     (2)  The  information  contained  in the  Report  fairly  presents,  in all
material  respects,  the  financial  condition  and result of  operations of the
Company.


/s/ Alan Hirmes

Alan Hirmes
Chief Financial Officer
August 14, 2002