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 September 30, 2003


                                       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
                                             -----  -----

     Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2). Yes  X  No
                                        -----  -----

<PAGE>

                          PART I. FINANCIAL INFORMATION

Item 1. Financial Statements


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                           Consolidated Balance Sheets
                             (Dollars in thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                          =============   ============
                                                          September 30,   December 31,
                                                              2003            2002
                                                          -------------   ------------
<S>                                                         <C>             <C>
ASSETS
Investments in debt
securities - available for sale                             $ 166,099       $ 114,034
Investments in mortgage loans, net                             15,689          22,384
Investment in ARCap                                            20,240          20,240
Real estate owned - held for sale                              40,145              --
Cash and cash equivalents                                       9,794          10,404
Notes receivable                                               37,147          25,997
Accrued interest receivable                                     1,951           1,170
Other assets                                                      702             834
                                                            ---------       ---------
Total assets                                                $ 291,767       $ 195,063
                                                            =========       =========


LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:

   Repurchase facility payable                              $ 140,707       $  87,880
   Warehouse facility payable                                  20,529           8,788
   Interest rate derivatives                                      698              --
   Accrued interest payable                                       506              60
   Accounts payable and accrued expenses                          725             762
   Due to Advisor and affiliates                                  713             690
   Distributions payable                                        3,335           2,545
                                                            ---------       ---------
Total liabilities                                             167,213         100,725
                                                            ---------       ---------

Commitments and
contingencies
Shareholders' equity:
   Common shares of
     beneficial interest; $.10 par value;
     25,000,000 shares authorized; 8,713,376 issued and
     8,338,180 outstanding in 2003 and 6,738,826 issued
     and 6,363,630 outstanding in 2002                            871             674
   Treasury shares of beneficial interest; 375,196 shares         (38)            (38)
   Additional paid-in capital                                 126,796          99,470
   Deferred compensation - stock options                          (48)             --
   Distributions in excess of net income                      (15,145)        (14,471)
   Accumulated other comprehensive income                      12,118           8,703
                                                            ---------       ---------
Total shareholders' equity                                    124,554          94,338
                                                            ---------       ---------
Total liabilities and shareholders' equity                  $ 291,767       $ 195,063
                                                            =========       =========
</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           Nine Months Ended
                                                    September 30,               September 30,
                                             -------------------------   --------------------------
                                                2003           2002          2003          2002
                                             -------------------------   --------------------------
<S>                                          <C>           <C>           <C>            <C>
Revenues:
   Interest income:
     Debt securities                         $     2,364   $     1,548   $     6,216    $     4,002
     Mortgage loans                                  418           536         2,181          1,546
     Notes receivable                                721           548         2,517          1,662
     Temporary investments                            37            16            52             40
   Other income                                       70            67           180            203
                                             -----------   -----------   -----------    -----------
     Total revenues                                3,610         2,715        11,146          7,453
                                             -----------   -----------   -----------    -----------

Expenses:
   Interest                                          693           290         1,742            869
   General and administrative                        152           119           577            403
   Fees to Advisor                                   468           318         1,367          1,046
   Amortization and other                            121            --           327              6
   Fannie Mae loan program                            --            --            --            358
                                             -----------   -----------   -----------    -----------

     Total expenses                                1,434           727         4,013          2,682
                                             -----------   -----------   -----------    -----------

Other income:
   Equity in earnings of ARCap                       600           600         1,800          1,800
   Net gain (loss) on repayments and sales
     of debt securities                               --            --          (391)           614
                                             -----------   -----------   -----------    -----------

     Total other income                              600           600         1,409          2,414
                                             -----------   -----------   -----------    -----------

   Net income                                $     2,776   $     2,588   $     8,542    $     7,185
                                             ===========   ===========   ===========    ===========

   Net income per share
     Basic and diluted                       $       .33   $       .41   $      1.12    $      1.22
                                             ===========   ===========   ===========    ===========

   Weighted average shares outstanding

     Basic                                     8,338,180     6,363,630     7,622,590      5,901,176
                                             ===========   ===========   ===========    ===========
     Diluted                                   8,346,866     6,363,630     7,633,997      5,901,176
                                             ===========   ===========   ===========    ===========
</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>

                                                                               Treasury Shares of
                                             Shares of Beneficial Interest     Beneficial Interest       Additional      Deferred
                                             -----------------------------   -----------------------      Paid-in      Compensation-
                                               Shares             Amount       Shares       Amount        Capital      Stock Options
                                             ----------         ----------   ----------   ----------    -----------    -------------
<S>                                          <C>                <C>           <C>         <C>           <C>             <C>
Balance at January 1, 2003                   $6,738,826         $      674    (375,196)   $     (38)    $    99,470

Comprehensive income:
Net income

Other comprehensive income:
  Net unrealized loss on interest
   rate derivatives
  Unrealized holding gain arising
   during the period

Plus: reclassification adjustment for loss
   included in net income


Total other comprehensive income


Comprehensive income



Issuance of stock options                                                                                        67     $       (67)
Deferred compensation costs                                                                                                      19
Common shares issued                          1,974,550                197                                   27,259
Distributions
                                             ----------         ----------   ---------    ---------     -----------     -----------

Balance at September 30, 2003                 8,713,376         $      871    (375,196)   $     (38)    $   126,796     $       (48)
                                             ==========         ==========   =========    =========     ===========     ===========

<CAPTION>



                                             Distributions                     Accumulated Other
                                               in Excess      Comprehensive      Comprehensive
                                             of Net Income       Income             Income             Total
                                             -------------    -------------    -----------------    -----------
<S>                                          <C>              <C>                 <C>               <C>
Balance at January 1, 2003                   $    (14,471)                        $     8,703       $   94,338

Comprehensive income:
Net income                                          8,542     $      8,542                               8,542
                                                              ------------
Other comprehensive income:
  Net unrealized loss on interest
   rate derivatives                                                   (698)
  Unrealized holding gain arising
   during the period                                                 3,722

Plus: reclassification adjustment for loss
   included in net income                                              391
                                                              ------------

Total other comprehensive income                                     3,415              3,415            3,415
                                                              ------------

Comprehensive income                                          $     11,957
                                                              ============


Issuance of stock options
Deferred compensation costs                                                                                 19
Common shares issued                                                                                    27,456
Distributions                                      (9,216)                                              (9,216)
                                             ------------                         -----------       ----------

Balance at September 30, 2003                $    (15,145)                        $    12,118       $  124,554
                                             ============                         ===========       ==========
</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>
                                                           =====================
                                                             Nine Months Ended
                                                               September 30,
                                                           ---------------------
                                                             2003         2002
                                                           --------    ---------
<S>                                                        <C>         <C>
Cash flows from operating activities:
   Net income                                              $  8,542    $  7,185
Adjustments to reconcile net income to net cash
   provided by operating activities:
     Net (gain) loss on repayments of debt securities           391        (614)
     Equity in earnings of ARCap, in excess of
       distributions received                                    --           5
     Amortization - deferred financing costs                     --           6
     Amortization - deferred compensation costs                  19          --
     Amortization - deferred loan costs                         196          --
     Amortization - loan premium and
       origination costs and fees                              (244)        (75)
     Accretion of discount on debt securities                   133          14
   Changes in operating assets and liabilities:
     Accrued interest receivable                               (781)       (330)
     Other assets                                               (63)         53
     Due to Advisor and affiliates                               23         110
     Accounts payable and accrued expenses                      (37)       (845)
     Accrued interest payable                                   446          28
                                                           --------    --------

   Net cash provided by operating activities                  8,625       5,537
                                                           --------    --------

Cash flows from investing activities:
   Fundings of mortgage loans                                (3,774)     (2,566)
   Repayments of mortgage loans                               9,463          34
   Purchase of mortgage loans                               (33,517)         --
   Funding of notes receivable                              (20,230)     (3,520)
   Repayment of notes receivable                              4,057          --
   Principal repayments on debt securities                    8,396         287
   Increase in investment in debt securities                (56,873)    (41,949)
   Additions to real estate owned                              (355)         --
   Decrease in other assets                                      --         370
                                                           --------    --------

Net cash used in investing activities                       (92,833)    (47,344)
                                                           --------    --------
</TABLE>
                                    continued
                                        5
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                             (Dollars in thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                           =====================
                                                             Nine Months Ended
                                                               September 30,
                                                           ---------------------
                                                             2003         2002
                                                           --------    ---------
<S>                                                        <C>         <C>
Cash flows from financing activities:
   Proceeds from repurchase facility payable                 97,260      18,802
   Proceeds from warehouse facility payable                  11,741          --
   Repayments of repurchase facility payable                (44,433)         --
   Distribution paid to shareholders                         (9,216)     (6,084)
   Increase in deferred loan costs                               --         (52)
   Increase in distribution payable                             790          --
   Issuance of common shares                                 27,456      30,882
                                                           --------    --------

Net cash provided by financing activities                    83,598      43,548
                                                           --------    --------

Net (decrease) increase in cash and cash
   equivalents                                                 (610)      1,741
Cash and cash equivalents at the beginning
   of the period                                             10,404       1,018
                                                           --------    --------
Cash and cash equivalents at the end of the
   period                                                  $  9,794    $  2,759
                                                           ========    ========
Supplemental information:
Interest paid                                              $  1,759    $    841
                                                           ========    ========

Conversion of mortgage loans to real estate owned:

Increase in real estate owned                              $ 40,145
Decrease in mortgage loans                                  (34,707)
Decrease in notes receivable                                 (5,438)
                                                           --------

                                                                 --
                                                           --------
</TABLE>
           See accompanying notes to consolidated financial statements
                                        6
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


NOTE 1 - General

American Mortgage Acceptance Company (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 "Code").

The Company's  business  plan focuses on  originating  and  acquiring  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. The Company also issues guarantees
of construction and permanent financing and makes standby loan commitments.

The Company is governed by a board of trustees  comprised  of three  independent
trustees  and two  non-independent  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,  tax, capital markets,  asset  monitoring,
portfolio management, investor relations and public relations.

The consolidated  financial  statements  include the accounts of the Company and
three  wholly-owned  subsidiaries  which it  controls:  AMAC Repo  Seller,  LLC,
AMAC/FM Corporation and AMAC Credit Facility, LLC. 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,  results of operations and cash flows of
the Company.  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, 2002.

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 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 became effective January 1, 2003. The
implementation  of this  statement  did  not  have an  impact  on the  Company's
consolidated financial statements.

                                       7
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


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 became effective January 1,
2003.  The  implementation  of this  statement  did not  have an  impact  on the
Company's consolidated financial statements.

In November 2002, the FASB issued Interpretation No. 45, "Guarantors' Accounting
and Disclosure  Requirements for Guarantees,  Including  Indirect  Guarantees of
Indebtedness of Others". The Interpretation  elaborates on the disclosures to be
made by a guarantor in its  financial  statements  about its  obligations  under
certain  guarantees  that it has issued.  It also  clarifies that a guarantor is
required to recognize, at the inception of a guarantee, a liability for the fair
value of the  obligation  undertaken in issuing the  guarantee.  The  disclosure
provisions  of  this  Interpretation  are  included  in  Note  11.  The  initial
recognition  and  initial  measurement  provisions  of this  Interpretation  are
applicable  on a  prospective  basis to  guarantees  issued  or  modified  after
December 31, 2002. The Company entered into several guarantees prior to December
31,  2002.  For those  guarantees,  the Company  deferred  the fees  received in
advance and is amortizing those fees over the guarantee  period.  Since December
31, 2002, the Company has not entered into or modified any such guarantees.

In December  2002,  the FASB issued SFAS No. 148,  "Accounting  for  Stock-Based
Compensation  - Transition  and  Disclosure,  an amendment of FASB Statement No.
123".  This  statement   amends  SFAS  NO.  123,   "Accounting  for  Stock-Based
Compensation"  to provide  alternative  methods of  transition  for a  voluntary
change to the fair value based method of  accounting  for  stock-based  employee
compensation.  Because the Company accounts for its share options using the fair
value  method,  implementation  of this  statement did not have an impact on the
Company's consolidated financial statements.

In January  2003,  the FASB  issued  Interpretation  No. 46,  "Consolidation  of
Variable  Interest  Entities"  ("FIN 46").  This  Interpretation  clarifies  the
application of existing  accounting  pronouncements to certain entities in which
equity  investors do not have the  characteristics  of a  controlling  financial
interest or do not have sufficient  equity at risk for the entity to finance its
activities without additional subordinated financial support from other parties.
The provisions of FIN 46 became effective immediately for all variable interests
in variable  interest  entities  created after January 31, 2003, and the Company
will need to apply its provisions to any existing variable interests in variable
interest entities  beginning  December 31, 2003. The Company has determined that
it  has  no  variable   interests  in  variable  interest   entities   requiring
consolidation.

In April 2003,  the FASB issued SFAS No. 149,  "Amendment  of  Statement  133 on
Derivative  Instruments and Hedging  Activities".  SFAS 149 amends and clarifies
the  accounting  for  derivative   instruments,   including  certain  derivative
instruments  embedded in other contracts,  and for hedging activities under SFAS
133, "Accounting for Derivative Instruments and Hedging Activities". SFAS 149 is
generally  effective for contracts  entered into or modified after June 30, 2003
and for hedging relationships designated after June 30, 2003. The implementation
of this statement did not have an impact on the Company's consolidated financial
statements.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics of Both Liabilities and Equity".  SFAS No. 150
establishes  standards  for  how  an  issuer  classifies  and  measures  certain
financial  instruments with characteristics of both liabilities and equity. SFAS
No. 150 requires that certain financial instruments be classified as liabilities
that were previously  considered equity. The implementation of this statement on
July 1,  2003 did not have an  impact 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
                               September 30, 2003
                                   (Unaudited)


NOTE 2 - Investments in Mortgage Loans

Information  relating  to the  Company's  investments  in  mortgage  loans as of
September 30, 2003 is as follows:
(Dollars in thousands)
<TABLE>
<CAPTION>


                                                                        Final
                                                                       Maturity                                         Lifetime
PROPERTY                                               Description       Date      Call Date (A)   Interest Rate    Interest Cap (C)
--------                                               -----------    ----------   -------------   --------------   ----------------
<S>                                                      <C>            <C>            <C>              <C>                <C>
FIRST MORTGAGE LOANS:

  Stony Brook II

   East Haven, CT                                        125 Units       6/37          12/06               7.625%          N/A

  Sunset Gardens

   Eagle Pass, TX                                         60 Units      12/03            N/A               11.50%          N/A

  Alexandrine

   Detroit, MI                                            30 Units      12/03            N/A               11.00%          N/A

  Desert View (H)

   Coolidge, AZ                                           45 Units       5/04            N/A               11.00%          N/A


Subtotal First Mortgage Loans

MEZZANINE LOANS (I):

Stabilized Properties
---------------------

  Stony Brook II

   East Haven, CT                                        125 Units       6/37          12/06            15.33%(B)          16%

  Plaza at San Jacinto (J)

   Houston, TX                                           132 Units       1/43           6/11            11.40%(B)          16%


Subtotal Stabilized Mezzanine Loans

Properties in Lease-Up
----------------------

  The Hollows (K)

   Greenville, NC                                        184 Units       1/42           1/12            10.00%(B)          16%

  Elmhurst Village (L) (M)

   Oveido, FL                                            313 Units       1/42           3/19            10.00%(B)          16%

  The Reserve at Autumn Creek (L) (M) (N)

   Friendswood, TX                                       212 Units        1/42          9/14            10.00%(B)          16%

  Club at Brazos (O) (K)

   Rosenberg, TX                                         200 Units       5/43           4/13            10.00%(B)          14%

  Northbrooke (L) (M)

   Harris County, TX                                     240 Units       8/43           7/13            11.50%(B)          14%

Subtotal Properties in  Lease-Up


Properties in Construction/Rehabilitation
-----------------------------------------

  Del Mar Villas

   Dallas, TX                                            260 Units       4/04            N/A       LIBOR + 4.625%          (P)

  Mountain Valley

   Dallas, TX                                            312 Units      11/04            N/A       LIBOR + 4.750%          (P)

  Villas at Highpoint

   Lewisville, TX                                        304 Units       4/33            TBD               14.57%          N/A

Subtotal Properties in Construction/Rehabilitation

Subtotal Mezzanine Loans

Total Mortgage Loans

<CAPTION>

                                                                            Share of
                                                          Share of       Excess Sale or
                                                      Excess Operating    Refinancing       Periodic
PROPERTY                                                 Cash Flows         Proceeds      Payment Terms   Prior Liens
--------                                               ---------------   --------------   -------------   -----------
<S>                                                          <C>               <C>             <C>         <C>
FIRST MORTGAGE LOANS:

  Stony Brook II

   East Haven, CT                                            N/A               N/A             (F)              --

  Sunset Gardens

   Eagle Pass, TX                                            N/A               N/A             (G)              --

  Alexandrine

   Detroit, MI                                               N/A               N/A             (G)              --

  Desert View (H)

   Coolidge, AZ                                              N/A               N/A             (G)              --


Subtotal First Mortgage Loans

MEZZANINE LOANS (I):

Stabilized Properties
---------------------

  Stony Brook II

   East Haven, CT                                            40%               35%             (F)              --

  Plaza at San Jacinto (J)

   Houston, TX                                               50%               50%             (G)              --


Subtotal Stabilized Mezzanine Loans

Properties in Lease-Up
----------------------

  The Hollows (K)

   Greenville, NC                                            50%               25%             (G)         $ 8,886

  Elmhurst Village (L) (M)

   Oveido, FL                                                50%               25%             (G)          21,615

  The Reserve at Autumn Creek (L) (M) (N)

   Friendswood, TX                                           50%               25%             (G)          15,978

  Club at Brazos (O) (K)

   Rosenberg, TX                                             50%               25%             (G)          14,363

  Northbrooke (L) (M)

   Harris County, TX                                         50%               50%             (G)          14,032

Subtotal Properties in  Lease-Up


Properties in Construction/Rehabilitation
-----------------------------------------

  Del Mar Villas

   Dallas, TX                                                N/A               N/A             (G)           5,554

  Mountain Valley

   Dallas, TX                                                N/A               N/A             (G)           6,023

  Villas at Highpoint

   Lewisville, TX                                            N/A               N/A             (G)          18,800

Subtotal Properties in Construction/Rehabilitation

Subtotal Mezzanine Loans

Total Mortgage Loans

<CAPTION>
                                                                                                            Interest
                                                                                                        Earned Applicable
                                                       Outstanding                        Carrying         to the Nine
                                                      Face Amount of    Unamortized       Amount of        Months Ended
PROPERTY                                               Mortgages (D)   Costs and Fees   Mortgages (E)   September 30, 2003
--------                                              --------------   --------------   -------------   ------------------
<S>                                                       <C>             <C>              <C>               <C>
FIRST MORTGAGE LOANS:

  Stony Brook II

   East Haven, CT                                         $    --         $     --         $    --           $    497

  Sunset Gardens

   Eagle Pass, TX                                           1,479               --           1,479                139

  Alexandrine

   Detroit, MI                                                342               --             342                 29

  Desert View (H)

   Coolidge, AZ                                               960               --             960                 42
                                                      --------------------------------------------------------------------

Subtotal First Mortgage Loans                               2,781               --           2,781                707
                                                      --------------------------------------------------------------------
MEZZANINE LOANS (I):

Stabilized Properties
---------------------

  Stony Brook II

   East Haven, CT                                              --               --              --                527

  Plaza at San Jacinto (J)

   Houston, TX                                                 --               --              --                 39

                                                      --------------------------------------------------------------------
Subtotal Stabilized Mezzanine Loans                            --               --              --                566
                                                      --------------------------------------------------------------------
Properties in Lease-Up
----------------------

  The Hollows (K)

   Greenville, NC                                           1,549             (138)          1,411                130

  Elmhurst Village (L) (M)

   Oveido, FL                                               2,874             (398)          2,476                240

  The Reserve at Autumn Creek (L) (M) (N)

   Friendswood, TX                                          1,987              (56)          1,931                 35

  Club at Brazos (O) (K)

   Rosenberg, TX                                            1,962              (76)          1,886                150

  Northbrooke (L) (M)

   Harris County, TX                                        1,500             (134)          1,366                132
                                                      --------------------------------------------------------------------
Subtotal Properties in  Lease-Up                            9,872             (802)          9,070                687
                                                      --------------------------------------------------------------------

Properties in Construction/Rehabilitation
-----------------------------------------

  Del Mar Villas

   Dallas, TX                                                 765               --             765                 35

  Mountain Valley

   Dallas, TX                                                 776               --             776                 35

  Villas at Highpoint

   Lewisville, TX                                           2,482             (185)          2,297                151
                                                      --------------------------------------------------------------------
Subtotal Properties in Construction/Rehabilitation          4,023             (185)          3,838                221
                                                      --------------------------------------------------------------------
Subtotal Mezzanine Loans                                   13,895             (987)         12,908              1,474
                                                      --------------------------------------------------------------------
Total Mortgage Loans                                      $16,676         $   (987)        $15,689           $  2,181
                                                      ====================================================================
</TABLE>

                                        9
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


(A)  Loans are subject to mandatory  prepayment at the option of the Company ten
     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 loans.  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
     and  participation in sale or refinancing  proceeds and certain  provisions
     that cap the  Company's  total  yield,  including  additional  interest and
     participations, over the term of the loan.

(C)  Lifetime  interest cap  represents  the maximum  annual  return,  including
     interest,  fees and participations,  that can be earned by the Company over
     the life of the mezzanine loan,  computed as a percentage of the balance of
     the first mortgage loan plus the mezzanine loan.

(D)  As of September 30, 2003,  all interest  payments on the mortgage loans are
     current, with the exception of Reserve at Autumn Creek - See (N).

(E)  Carrying amounts of the loans are net of unamortized  origination costs and
     fees and loan discounts.

(F)  The  Stonybrook II first  mortgage  loan and mezzanine  loan were repaid in
     January 2003.

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

(H)  Loan purchased in April 2003 in connection with a guarantee by the Company.

(I)  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
     36 months after construction completion by an entity related to the general
     partner of the entity that owns the underlying property.

(J)  The  Plaza at San  Jacinto  mezzanine  loan has been  reclassified  to real
     estate owned -- see Note 5.

(K)  The Company does not have an interest in the first lien  position  relating
     to this mezzanine loan.

(L)  The Company has an  interest  in the first lien  position  relating to this
     mezzanine loan.

(M)  The first  mortgage loans related to those  properties  were converted from
     participations  in FHA loans to ownership of the GNMA  certificates and are
     held by the Company.

(N)  Certain  required  debt service  payments  have been  missed,  causing this
     mezzanine  loan to be in  default.  As of May  2003,  the  Company  stopped
     accruing  income on the mezzanine  loan.  During  October 2003, the Company
     exercised  its  rights  under the  subordinated  promissory  note and other
     documents to take  possession  of the real estate  collateral of the Autumn
     Creek  property,  subject  to the  first  mortgage  loan,  not owned by the
     Company. The Company has obtained an independent appraisal for the property
     underlying the mezzanine  loan. The appraisal  determined that the value of
     the property  exceeded the value of the first  mortgage  outstanding on the
     property and the Company's mezzanine loan outstanding. As such, the Company
     believes  that no reserve for  impairment  is necessary  at this time.  The
     Company  has  incurred  approximately  $56,000  of costs in the  process of
     protecting its  investment,  which are included in  amortization  and other
     expenses.

(O)  The funding of this mezzanine  loan is based on property level  operational
     achievements.

(P)  Interest cap on these loans is the maximum rate permitted by law.

                                       10
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)



NOTE 3 - Investments in Debt Securities - Available for Sale

Information relating to debt securities owned by the Company as of September 30,
2003 is as follows:
(Dollars in thousands)
<TABLE>
<CAPTION>






                                                    Purchased/                        Amortized
                                     Certificate      Final          Stated            Cost at
Name                                    Number     Payment Date   Interest Rate   September 30, 2003
----------                           -----------   ------------   -------------   ------------------
<S>                                    <C>           <C>             <C>              <C>
GNMA Certificates
-----------------

Western Manor (1)                       355540        7/27/94        7.125%           $    2,461
                                                      3/15/29

Copper Commons (2)                      382486        7/28/94        8.500%                   --
                                                      8/15/29

SunCoast Capital Group, Ltd. (1)       G002412        6/23/97        7.000%                  285
                                                      4/20/27

Elmhurst Village (1)                    549391        6/28/01        7.745%               21,615
                                                      1/15/42

Reserve at Autumn Creek (3)             448748        6/28/01        7.745%               15,978
                                                      1/15/42

Casitas at Montecito (4)                519289        3/11/02        7.300%                   --
                                                     10/15/42

Village at Marshfield (1)               519281        3/11/02        7.475%               21,402
                                                      1/15/42

Cantera Crossing (1)                    532662        3/28/02        6.500%                6,019
                                                       6/1/29

Filmore Park (1)                        536739        3/28/02        6.700%                1,434
                                                     10/15/42

Northbrooke (1)                         548972        5/24/02        7.080%               14,032
                                                       8/1/43

Ellington Plaza (1)                     585494        7/26/02        6.835%               22,295
                                                       6/1/44

Burlington                              595515        11/1/02        5.900%                6,838
                                                      4/15/31

FNMA DUS Certificates
---------------------

Cambridge                               385971        4/11/03        5.560%                3,676
                                                       3/1/33

Bayforest                               381974        4/21/03        7.430%                4,321
                                                      10/1/28

Coventry Place                          384920         5/9/03        6.480%                  793
                                                       3/1/32

Rancho de Cieto                         385229        5/13/03        6.330%                2,619
                                                       9/1/17

Elmwood Gardens                         386113        5/15/03        5.350%                5,562
                                                       5/1/33

<CAPTION>

                                                                                 Interest Income
                                                                               Earned Applicable
                                         Unrealized                               to the Nine
                                       Gain (Loss) at         Balance at          Months Ended
Name                                 September 30, 2003   September 30, 2003   September 30, 2003
----------                           ------------------   ------------------   ------------------
<S>                                     <C>                   <C>                  <C>
GNMA Certificates
-----------------

Western Manor (1)                       $         --          $    2,461           $      145


Copper Commons (2)                                --                  --                   17


SunCoast Capital Group, Ltd. (1)                  18                 303                   21


Elmhurst Village (1)                           4,053              25,668                1,257


Reserve at Autumn Creek (3)                    2,996              18,974                  929


Casitas at Montecito (4)                          --                  --                   70


Village at Marshfield (1)                      1,906              23,308                1,080


Cantera Crossing (1)                             746               6,765                  292


Filmore Park (1)                                 163               1,597                   62


Northbrooke (1)                                2,013              16,045                  661


Ellington Plaza (1)                            2,926              25,221                  763


Burlington                                       356               7,194                  298


FNMA DUS Certificates
---------------------

Cambridge                                       (169)              3,507                   92


Bayforest                                       (153)              4,168                  114


Coventry Place                                   (48)                745                   17


Rancho de Cieto                                 (133)              2,486                   48


Elmwood Gardens                                 (302)              5,260                  110
</TABLE>

                                       11
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>


                                                    Purchased/                        Amortized
                                     Certificate      Final          Stated            Cost at
Name                                    Number     Payment Date   Interest Rate   September 30, 2003
----------                           -----------   ------------   -------------   ------------------
<S>                                    <C>           <C>             <C>                   <C>


30 West                                 380751        5/27/03        6.080%                1,370
                                                      10/1/16

Jackson Park                            386139        5/30/03        5.150%                2,786
                                                       6/1/18

Courtwood                               386274        6/26/03        4.690%                1,771
                                                       6/1/33

Sultana                                 386259        6/30/03        4.650%                4,118
                                                       6/1/23

Buena                                   386273        6/30/03        4.825%                3,064
                                                       6/1/33

Allegro                                 386324        6/30/03        5.380%                2,582
                                                       7/1/33

Village West                            386243        6/30/03        4.910%                  789
                                                       6/1/21

Westwood/Monterey                       386421        9/15/03        5.090%                2,728
                                                       8/1/33

Euclid                                  386446        9/15/03        5.310%                2,380
                                                       8/1/33

Edgewood                                386458        9/15/03        5.370%                2,365
                                                       9/1/33

                                                                                  ---------------------

Total                                                                                 $  153,283
                                                                                  =====================


<CAPTION>
                                                                                 Interest Income
                                                                               Earned Applicable
                                         Unrealized                               to the Nine
                                       Gain (Loss) at         Balance at          Months Ended
Name                                 September 30, 2003   September 30, 2003   September 30, 2003
----------                           ------------------   ------------------   ------------------
<S>                                     <C>                   <C>                  <C>


30 West                                          (85)              1,285                   22


Jackson Park                                    (118)              2,668                   48


Courtwood                                       (205)              1,566                   22


Sultana                                         (455)              3,663                   48


Buena                                           (396)              2,668                   36


Allegro                                         (144)              2,438                   35


Village West                                     (81)                708                   10


Westwood/Monterey                                (22)              2,706                    7


Euclid                                           (20)              2,360                    6


Edgewood                                         (30)              2,335                    6


                                     ------------------------------------------------------------

Total                                   $     12,816          $  166,099           $    6,216
                                     ============================================================

</TABLE>



     (1) These GNMA and FNMA DUS certificates  are partially or  wholly-pledged
         as collateral for borrowings under the repurchase facility.
     (2) This GNMA certificate was repaid in April 2003 at par.
     (3) The Company  effectively owns 100% of the beneficial interest of Autumn
         Creek due to the fact that the Company  owns this GNMA  certificate  as
         well as the mezzanine  loan (see Note 2). The principal and interest on
         this GNMA is 100% recoverable through insurance from HUD and GNMA.
     (4) This GNMA  certificate  was repaid in March 2003 at par. As a result of
         the repayment,  the Company realized a loss of  approximately  $391,000
         due to the  unamortized  balance of the premium that was recorded  when
         the GNMA certificate had been purchased.

                                       12
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


The amortized  cost,  unrealized  gain and fair value for the investment in debt
securities at September 30, 2003 and December 31, 2002 were as follows:
<TABLE>
<CAPTION>
                                                   (Dollars in thousands)


                                            September 30,      December 31,
                                                2003               2002
                                            -------------      ------------
<S>                                           <C>                <C>
Amortized cost                                $153,283           $105,331
Net unrealized gain                             12,816              8,703
                                              --------           --------
Fair Value                                    $166,099           $114,034
                                              ========           ========
</TABLE>

As of  September  30,  2003,  there  were gross  unrealized  gains and losses of
$15,177,148 and $2,361,306,  respectively.  As of December 31, 2002,  there were
gross unrealized gains and losses of $8,730,076 and $27,147, respectively.


                                       13
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


NOTE 4 - Notes Receivable

The Company's notes  receivable are  collateralized  by equity  interests in the
owner of the  underlying  property and consist of the  following as of September
30, 2003:
<TABLE>
<CAPTION>
                             (Dollars in thousands)

                                                                                        Remaining
                                               Outstanding                              Committed
                                                Principal      Unamortized    Carrying  Balance to     Interest
Property                 Location                Balance     Costs and Fees    Amount    Fund (1)        Rate             Maturity
------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>                    <C>            <C>            <C>       <C>         <C>                <C>
Parwood (2)              Long Beach, CA         $  2,683       $    7         $ 2,676   $   567          11.00%         January 2004

Concord at Gulfgate (3)  Houston, TX               3,500           21           3,479        --          12.00%             May 2004

Noble Towers (2)(4)      Oakland, CA               3,581           35           3,546     3,719           9.75%            July 2005

Clarks Crossing (2)      Laredo, TX                1,150           --           1,150        --          12.00%        December 2003

Desert View (2)          Coolidge, AZ                 20           --              20        --          11.00%             May 2004

Valley View (2)          North Little Rock, AR       400           --             400        --          12.00%        December 2003

Del Mar Villas (5)       Dallas, TX                5,554           17           5,537        --     LIBOR + 4.625%(7)     April 2004

Mountain Valley (5)      Dallas, TX                6,023           40           5,983       284(6)  LIBOR + 4.750%(7)  November 2004

Baywoods (5)             Antioch, CA              10,990           49          10,941        --     LIBOR + 4.000%(7)     March 2005

Oaks of Baytown (5)      Baytown, TX               2,216           18           2,198     1,610     LIBOR + 4.500%(7)    August 2005

Quay Point (5)           Houston, TX               1,223            6           1,217        --     LIBOR + 3.600%(7)    August 2005
                                                --------------------------------------------------

    Total                                       $ 37,340       $  193         $37,147   $ 6,180
                                                ==================================================
</TABLE>

(1)  Funded on an as needed basis.
(2)  These loans are to limited partnerships who are affiliated with the Advisor
     (see Note 8).
(3)  This note is in default  (see  below).
(4)  Affiliate  of the Advisor has  provided a full  guarantee on the payment of
     principal and interest due on this note.
(5)  Pledged as  collateral  in connection  with  warehouse  facility with Fleet
     National Bank (see Note 7).
(6)  To be funded for rehabilitation.
(7)  LIBOR at September 30, 2003 was 1.12%.


                                       14
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


The property  underlying the note receivable  secured by the Concord at Gulfgate
partnership  interests missed required debt service payments  beginning with the
May 2003  payment,  causing the note to be in  default.  The Company has stopped
accruing  income on the note  receivable  and is taking the steps  necessary  to
protect its  investment.  The Company  obtained an independent  appraisal  which
indicates that the value of the property exceeds the value of the first mortgage
outstanding  on the property not owned by the Company,  and the  Company's  note
receivable outstanding.  The appraisal assumed that the property will be sold to
a  qualifying  501(c)(3)  entity  which  would  qualify for full real estate tax
abatement in Texas, which is consistent with the original underwriting completed
by the Company at the time the loan was originated.  The appraisal also assessed
the value of the property if the real estate tax abatement is not  received.  If
this occurs,  the value of the  property  could be  substantially  less than the
Company's current assessment.  The Company believes that it is probable that the
property will qualify for the tax abatement and,  accordingly,  has not recorded
an allowance for losses on the impaired loan.

NOTE 5 - Real Estate Owned

On March 7,  2003,  the  Company  exercised  its rights  under the  subordinated
promissory  note and  other  documents  to take  possession  of the real  estate
collateral of the Plaza at San Jacinto, a 132-unit  multifamily property located
in La Porte,  Texas.  The Company had provided a $1.2 million  mezzanine loan to
the owner of the Plaza at San Jacinto on May 24, 2001; this loan was in default.
The Company paid an  additional  approximate  amount of $6.7 million to purchase
the first mortgage loan on the property.  On May 6, 2003,  the Company  acquired
the real  estate at a  foreclosure  auction,  which has  enabled  the Company to
secure  and  protect  the real  estate  and cash  collateral.  Based on a recent
independent  appraisal,  the Company  believes that the value of the collateral,
less estimated  disposal  costs,  exceeds the amount paid for the first mortgage
loan and the carrying  amount of the mezzanine  loan.  However,  there can be no
assurance  that the  Company  will be able to sell this  property  for an amount
greater than or equal to its appraised  value.  The Company has reclassified its
investment in the Plaza at San Jacinto mezzanine loan, as well as the balance of
the first mortgage,  purchased during the first quarter, to real estate owned on
the  consolidated  balance  sheet and ceased  accrual of  interest.  Income from
operations of the property,  in the approximate amount of $127,000,  is recorded
as other income on the  consolidated  statement of income.  The property is held
for sale and is not being depreciated.  The Company also incurred  approximately
$87,000 of costs to effect this troubled debt  restructuring for the nine months
ended September 30, 2003, which are included in amortization and other expenses.
During October 2003, the Company has been actively  negotiating the sale of this
property with a potential  buyer.  No contract has been entered into to date and
no assurance  can be given by the Company  that a contract  will be entered into
with this particular buyer.

The property  underlying  the note  receivable  secured by the Concord at Little
York partnership  interests missed required debt service payments beginning with
the May 2003  payment,  causing the note to be in default.  The Company  stopped
accruing  interest  on the  note  receivable.  During  July  2003,  the  Company
exercised its rights under the subordinated  promissory note and other documents
to take  possession of the real estate  collateral of the Concord at Little York
property. The Company had provided a $3.5 million mezzanine loan to the owner of
the property in February 2002. The Company paid an additional approximate amount
of $11.7 million to purchase the first mortgage loan on the property.  On August
4, 2003,  the Company  acquired the real estate of the property at a foreclosure
auction, which has enabled the Company to secure and protect the real estate and
cash collateral.  Based on a recent independent appraisal,  the Company believes
that the value of the collateral  less  estimated  disposal  costs,  exceeds the
amount paid for the first mortgage loan and the carrying amount of the mezzanine
loan.  The  appraisal  assumed  that the  property  will be sold to a qualifying
501(c)(3)  entity which would qualify for a full real estate abatement in Texas,
which is consistent with the original  underwriting  completed by the Company at
the time the loan was originated.  Subsequent to September 30, 2003, the Company
sold the property to a qualified 501(c)(3) entity (see Note 13) and accordingly,
has not recorded an allowance for losses on the impaired  loan.  The Company has

                                       15
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


reclassified  its  investment  in  Concord at Little  York loan,  as well as the
balance of the first mortgage acquired, to real estate owned on the consolidated
balance sheet.  Losses from operations of the property in the approximate amount
of $12,600 are recorded in other income on the consolidated statement of income.

The property  underlying the note  receivable  secured by the Concord at Gessner
partnership  interests missed required debt service payments  beginning with the
May  2003  payment,  causing  the note to be in  default.  The  Company  stopped
accruing  interest  on the  note  receivable.  During  July  2003,  the  Company
exercised its rights under the subordinated  promissory note and other documents
to take  possession  of the real  estate  collateral  of the  Concord at Gessner
property. The Company had provided a $1.5 million mezzanine loan to the owner of
the property in March 2003. The Company paid an additional approximate amount of
$14.2 million to purchase the first mortgage loan on the property.  On August 4,
2003,  the Company  acquired  the real estate of the  property at a  foreclosure
auction, which has enabled the Company to secure and protect the real estate and
cash collateral.  Based on a recent independent appraisal,  the Company believes
that the value of the collateral  less  estimated  disposal  costs,  exceeds the
amount paid for the first mortgage loan and the carrying amount of the mezzanine
loan. The appraisal assumed that the property,  upon completion of construction,
will be sold to a qualifying  501(c)(3)  entity  which would  qualify for a full
real  estate  abatement  in  Texas,   which  is  consistent  with  the  original
underwriting  completed  by the  Company  at the time  the loan was  originated.
Subsequent to September  30, 2003,  the Company sold the property to a qualified
501(c)(3)  entity (see Note 13) and  accordingly,  has not recorded an allowance
for losses on the impaired loan. The Company has  reclassified its investment in
Concord at Gessner  mezzanine loan, as well as the balance of the first mortgage
acquired,  to real estate owned on the consolidated  balance sheet.  Losses from
operations of the property in the  approximate  amount of $2,000 are recorded in
other income on the  consolidated  statement  of income.  The Company is funding
additional  costs to complete the  construction  of the  property.  These costs,
estimated to be  approximately  $1.6 million,  of which $415,000 has been funded
through September 30, 2003, are being capitalized to real estate owned.

NOTE 6 - Repurchase Facility

The Company has a repurchase facility with Nomura Securities  International Inc.
(the "Nomura  Securities  Repurchase  Facility"),  which  enables the Company to
borrow  up to 97% of the fair  market  value  of GNMA and FNMA DUS  Certificates
owned by the Company.  Interest on borrowings are at 30-day LIBOR plus 0.02%. As
of September 30, 2003 and December 31, 2002, the amounts  outstanding under this
facility  were $140.7 and $87.9  million,  respectively,  and  weighted  average
interest  rates were 1.64% and 1.47%,  respectively.  Deferred costs relating to
the Nomura Securities Repurchase Facility have been fully amortized. All amounts
outstanding at September 30, 2003, had 30-day settlement terms.

NOTE 7- Warehouse Facility

In October 2002,  the Company  entered into a mortgage  warehouse line of credit
with Fleet National Bank (the "Fleet Warehouse Facility") in the amount of up to
$40 million. Under the terms of the Fleet Warehouse Facility, Fleet will advance
up to 83% of the total loan package, to be used to fund notes receivable,  which
the Company will make to its customers for the acquisition/refinancing and minor
renovation of existing,  lender-approved  multifamily properties. This facility,
which  matures  April  2006,  bears  interest at a rate of 30, 60, 90 or 180-day
LIBOR + 200 basis points,  at the discretion of the Company,  payable monthly on
the total  amounts  advanced.  Principal is due upon the earlier of refinance or
sale of the underlying project or upon maturity.  The Company pays a fee of 12.5
basis points,  paid  quarterly,  on any unused  portion of the  facility.  As of
September 30, 2003 and December 31, 2002,  the Company had  approximately  $20.5
and $8.8 million, respectively, in borrowings outstanding under this program.

                                       16
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


NOTE 8 - Related Party Transactions

The costs  incurred  to  related  parties  for the three and nine  months  ended
September 30, 2003 and 2002 were as follows, all of which are paid or payable to
the Advisor:
<TABLE>
<CAPTION>

                                    Three Months Ended       Nine Months Ended
                                       September 30,            September 30,
                                  ----------------------   ---------------------
                                    2003         2002        2003        2002
                                  ----------------------   ---------------------
<S>                               <C>          <C>         <C>         <C>
Expense reimbursement             $     275    $     110   $     598   $     428
Asset management fees                   266          208         769         618
Incentive fee*                          (73)          --          --          --
                                  ---------    ---------   ---------   ---------

                                  $     468    $     318   $   1,367   $   1,046
                                  =========    =========   =========   =========
</TABLE>

*  During  September  2003, the Company and its Advisor have agreed to amend its
   management  agreement regarding the payment of an incentive management fee to
   the Advisor. Under the terms of the amended agreement,  there is no change to
   the  calculation  of the incentive  management  fee.  However,  the incentive
   management fee is only earned by the Advisor if the Company  attains $1.60 in
   GAAP earnings per share for the calendar year.  Based on the amendment to the
   agreement and the Company's  current  projection for 2003 earnings per share,
   the Company  believes it will not incur an incentive  management fee in 2003.
   The Company had accrued an  incentive  management  fee of $73,000  during the
   first and  second  quarters  of 2003,  which is being  reversed  in the third
   quarter.

Some of the Company's notes  receivable (see Note 4), the guarantee on Creekside
Apartments  and standby  bridge  loan  commitments  described  in Note 11 are to
limited partnerships in which the general partner is an unaffiliated third party
and the limited partner is itself a limited partnership in which an affiliate of
Related is the general partner.

The Noble Towers notes  receivable  is guaranteed by an affiliate of the Advisor
(see Note 4).

In December 2002, Charter Municipal Mortgage Acceptance Company  ("CharterMac"),
an affiliate of the Advisor,  announced a proposed acquisition of Related, which
would include the Advisor.  The Company  believes that this acquisition will not
affect the  Company's  day-to-day  operations.  If the proposed  transaction  is
consummated,  ownership of the Advisor will be transferred  to  CharterMac,  but
management of the Advisor will remain unchanged as the principals of Related who
currently  manage the Advisor will become  executive  officers of CharterMac and
will remain  executive  officers of the  Advisor.  Due to the  provision  in the
Company's  trust  agreement  which  requires  the  Company to have a majority of
"independent"  trustees,  it is expected that two of the  Company's  independent
trustees  who serve on the boards of both  CharterMac  and the  Company  will no
longer  qualify  as  "independent"  trustees  if they  remain  on the  board  of
CharterMac following consummation of the proposed transaction. In such event, it
is expected that such  trustees will be required to be replaced,  within 60 days
following  consummation  of the proposed  transaction,  with two new independent
trustees.  CharterMac has filed a definitive proxy with the SEC and is holding a
shareholders meeting on November 17, 2003 to vote on the proposed acquisition.

NOTE 9 - Capital Stock and Share Option Plan

On April 23, 2003, the Company  completed a public offering of 1,955,000  common
shares  at  a  price  of  $15.00  per  share,  resulting  in  proceeds,  net  of
underwriters'   discount  and  expenses,  of  approximately  $27.5  million.  In
connection with this offering and pursuant to the Trust  Agreement,  the Company
issued 19,550 shares to the Advisor.

The Company applies the provisions of SFAS No. 123,  "Accounting for Stock-Based
Compensation"  for its  share  options  issued  to  non-employees.  Accordingly,

                                       17
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


compensation  cost is accrued based on the  estimated  fair value of the options
issued, and amortized over the vesting period. Because vesting of the options is
contingent  upon the  recipient  continuing  to provide  services to the Company
until the vesting date, the Company estimates the fair value of the non-employee
options at each period-end up to the vesting date, and adjusts  expensed amounts
accordingly.  The  fair  value  of each  option  grant is  estimated  using  the
Black-Scholes option-pricing model.

In April 2003, in accordance with the Incentive Share Option Plan, the Company's
Compensation  Committee  granted  190,000  options to employees of Related at an
exercise  price of $15.03,  which was the market price of the  Company's  common
shares at the grant date. These options vest equally,  in thirds, in April 2004,
2005 and 2006 and expire in 10 years.  These options were dilutive for the three
and nine months ended  September  30,  2003,  and were taken into account in the
calculation of diluted  earnings per share. At September 30, 2003, these options
had a fair value of $66,500 based on the Black-Scholes  pricing model, using the
following  assumptions:  dividend yield of 9.67%,  estimated  volatility of 16%,
risk free interest rate of 3.76% and expected  lives of 9.50 years.  The Company
recorded  compensation cost of $19,150,  reflected in general and administrative
expenses  for the nine  months  ended  September  30,  2003,  relating  to these
options.

In August 2003, the Company's Board of Trustees approved a share repurchase plan
for the Company. The plan enables the Company to repurchase,  from time to time,
up to 1,000,000 common shares.  The repurchases will be made in the open market,
and the timing will be dependent on the  availability of shares and other market
conditions. No repurchases have been made at September 30, 2003.

NOTE 10 - Earnings Per Share

Basic net  income  per share in the  amount of $.33 and $.41 and $1.12 and $1.22
for the three and nine months ended  September 30, 2003 and 2002,  respectively,
equals net income for the periods  ($2,776,231 and $2,587,524 and $8,541,505 and
$7,184,958,  respectively),  divided  by the basic  weighted  average  number of
shares  outstanding,  which were  8,338,180  and  6,363,630  and  7,622,590  and
5,901,176, respectively.

Diluted net income per share is calculated  using the weighted average number of
shares  outstanding  during the period plus the  additional  dilutive  effect of
common share  equivalents.  The dilutive effect of outstanding  share options is
calculated using the treasury stock method.

Diluted  net income per share in the amount of $.33 and $.41 and $1.12 and $1.22
for the three and nine months ended  September 30, 2003 and 2002,  respectively,
equals net income for the periods  ($2,776,231 and $2,587,524 and $8,541,505 and
$7,184,958,  respectively)  divided by the diluted  weighted  average  number of
shares  outstanding,  which were  8,346,866  and  6,363,630  and  7,633,997  and
5,901,176, respectively.

NOTE 11 - Commitments and Contingencies

The Company completed a loan program with Fannie Mae, which agreed to fully fund
the  origination  of $250 million of Delegated  Underwriter  and Servicer  loans
("DUS") for apartment properties that qualify for low income housing tax credits
("LIHTC")  under  Section  42 of the  Internal  Revenue  Code.  Under  this loan
program,  the Company would originate and contract for individual loans of up to
$6 million  each.  The  Company  would  guarantee  a first loss  position of the
aggregate principal amount of these loans and also guarantee  construction loans
for which it had issued a forward commitment to originate under this program.

Subsequent to creating this program,  the level of loan origination  competition
increased,  reducing the program's  projected financing value and profitability.
As a result,  the Company  decided in the first  quarter of 2002 to  discontinue
this  program.  Accordingly,  the Company  wrote off  approximately  $358,000 of

                                       18
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


unamortized deferred costs relating to this program, which is included in Fannie
Mae loan program expenses on the consolidated statement of income.

In  September  2003,  the Company  entered  into a letter of  agreement  with PW
Funding Inc. ("PWF"),  a subsidiary of CharterMac,  each of which are affiliates
of the  Advisor,  under which the Company  transferred  and  assigned all of its
rights and obligations to the two loans it originated under this program to PWF.
In turn,  the  Company  indemnified  PWF against any losses to Fannie Mae on the
loans.  CharterMac has agreed to guarantee PWF's performance with regard to this
program, which in turn, allowed for the release of approximately $8.3 million in
collateral  pledged  by the  Company to secure  its  obligations  under the loan
program. This agreement closed in October 2003.


                                       19
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


Standby and Forward Loan and GNMA Commitments
---------------------------------------------

The Company has issued the  following  standby and forward  bridge and permanent
loan  commitments  for  the  purpose  of   constructing/rehabilitating   certain
multifamily apartment complexes in various locations.
<TABLE>
<CAPTION>

                             (Dollars in thousands)

Standby and
Forward Bridge loan Commitments
---------------------------------------

                                                                                     Maximum Amount of Commitments
                                                                         ---------------------------------------------------

Issue Date   Project             Location           No. of Apt. Units    Less than 1 Year       1 - 3 Years
----------------------------------------------------------------------------------------------------------------------------
<S>          <C>                 <C>                       <C>              <C>                 <C>
  Jan-02     Parwood             Long Beach, CA              528            $   567 (1)         $    --
  Nov-02     Mountain Valley     Dallas, TX                  312                284 (2)              --
  Feb-03     Noble Towers        Oakland, CA                 195                 --                3,719 (3)
                                                    ------------------------------------------------------------------------

Total Standby and Forward Bridge Loan Commitments          1,035            $   851             $  3,719
                                                    ========================================================================
<CAPTION>

 Standby and Forward Permanent Loan Com-
 mitments
 ----------------------------------------

                                                                                     Maximum Amount of Commitments
                                                                         ---------------------------------------------------
Issue Date   Project             Location           No. of Apt. Units    Less than 1 Year       1 - 3 Years
----------------------------------------------------------------------------------------------------------------------------
<S>          <C>                 <C>                      <C>            <C>                       <C>
  May-02     Highland Park       Topeka, KS               200            $ 4,250 (4)(5)(6)         --
                                                    ------------------------------------------------------------------------

Total Standby and Forward Permanent Loan Commitments      200            $ 4,250                   --
                                                    ========================================================================
<CAPTION>

 Standby and Forward Mezzanine Loan Com-
 mitments
 ----------------------------------------

                                                                                     Maximum Amount of Commitments
                                                                         ---------------------------------------------------

Issue Date   Project               Location         No. of Apt. Units    Less than 1 Year       1 - 3 Years
----------------------------------------------------------------------------------------------------------------------------
<S>          <C>                   <C>                     <C>           <C>                      <C>
  April-03   Villas at Highpoint   Lewisville, TX          304           $   117 (2)            $  --
  April-03   Villas at Highpoint   Lewisville, TX           --                --                  693 (7)
                                                    ------------------------------------------------------------------------

Total Standby and Forward Mezzanine Loan Commitments       304           $   117                $ 693
                                                    ========================================================================
</TABLE>

                                       20
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)
<TABLE>
<CAPTION>


 Forward GNMA Commitments
 --------------------------------

                                                                                         Maximum Amount of Commitments
                                                                         -----------------------------------------------------------
Date Purchased   Project             Location                                     Less than 1 Year                   1 - 3 Years
------------------------------------------------------------------------------------------------------------------------------------
<S>              <C>                 <C>                                            <C>                              <C>
   Mar-02        Cantera Crossing    Dallas, TX                                     $   173 (2)                      $     --
   Mar-02        Fillmore Park       New Orleans, LA                                      6 (2)                            --
   May-02        Ellington Plaza     Washington, DC                                  15,380 (2)                            --
                                                                         -----------------------------------------------------------

Total Forward GNMA Commitments                                                      $15,559                                --
                                                                         -----------------------------------------------------------

Total Standby and Forward Loan and GNMA Commitments                                 $20,777                          $  4,412
                                                                         ===========================================================
</TABLE>

(1)  Funding has already begun.  Remaining  amount of commitment is not expected
     to be funded.
(2)  Funding has already begun. Amount represents  remaining commitment expected
     to be funded.
(3)  Fundings  will be on an as needed basis to complete  rehabilitation  of the
     property.
(4)  Funding  not  anticipated  to  occur.
(5)  The  Company  received  a loan  commitment  fee of  2.0%  for  issuing  the
     commitment.
(6)  The Company will receive a 1% loan origination fee if funding occurs.
(7)  Funding expected to occur after construction completion.


                                       21
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


Construction Loan Guarantees
----------------------------

During  2002,  the Company  guaranteed  the  following  loans in relation to the
construction of affordable multifamily apartment complexes in various locations.
The construction  loan guarantees will provide credit support for the properties
after construction  completion,  up until the date in which permanent  financing
takes place.

During October 2002,  the Company  entered into an agreement with Wachovia Bank,
National Association  ("Wachovia") to provide  stabilization  guarantees for new
construction of multifamily properties under the LIHTC program. Wachovia already
provides  construction  and  stabilization  guarantees  to Fannie Mae, for loans
Wachovia  originates under the Fannie Mae LIHTC forward commitment loan program,
but only for loans within  regions of the country  Wachovia has designated to be
within its territory.  For loans outside Wachovia's  territory,  the Company has
agreed to issue a  stabilization  guarantee,  for the benefit of  Wachovia.  The
Company is guarantying  that properties which have completed  construction  will
stabilize and the associated construction loans will convert to permanent Fannie
Mae  loans.  The  Company  receives  origination  and  guarantee  fees  from the
developers for providing the guarantees. If the properties do not stabilize with
enough net operating  income for Fannie Mae to fully fund its  commitment  for a
permanent  loan,  AMAC may be required to purchase  the  construction  loan from
Wachovia or to fund the difference  between the construction loan amount and the
reduced Fannie Mae permanent loan amount.
<TABLE>
<CAPTION>
                             (Dollars in thousands)

                                                                                           Maximum Amount of
                                                                                               Guarantee

                                                                                                     Loan Administra-   Construction
                                                                             Less than 1                tion fee(1)       Guarantee
Date Closed  PROJECT                     Location              No. of Units     Year      1-3 Years (annual percentage)     Fee (2)
------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>                         <C>                       <C>        <C>         <C>              <C>             <C>
Jul-02       Clark's Crossing            Laredo, TX                160        $ 4,790     $     --         0.500%          0.625%
Sept-02      Creekside Apts.             Colorado Springs, CO      144          7,500           --         0.375%             --
Oct-02       Village at Meadowbend (3)   Temple, TX                138             --        3,675         0.500%          0.750%
Nov-02       Mapleview Apartments (3)    Saginaw, MI               104             --        3,240         0.625%          0.247%
                                                               ---------------------------------------------------------------------

Total Construction Loan Guarantees                                 546        $12,290     $  6,915
                                                               =====================================================================
</TABLE>

(1)  Loan  Administration  Fee is paid on a monthly  basis during the  guarantee
     period.
(2)  Construction  Guarantee  Fee is an  up-front  fee -  paid  at  closing  and
     amortized over the guarantee period.
(3)  Guarantee was made under  Wachovia  Bank,  National  Association  Guarantee
     Agreement.

For each of these guarantees, and for the guarantees issued under the Fannie Mae
program  discussed in the first paragraph of this Note 11, the Company  monitors
the status of the  underlying  properties  and evaluates its exposure  under the
guarantees.  To date,  the Company has  concluded  that no accrual for  probable
losses is required under SFAS 5.


                                       22
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


NOTE 12 - Financial Risk Management and Derivatives

On March 25, 2003,  the Company  entered into a five-year  interest rate swap in
order to reduce the Company's exposure to any possible increases in the floating
interest rate on its Nomura Securities  Repurchase  Facility (Note 6). Under the
interest rate swap agreement, the Company is required to pay Fleet National Bank
(the  "Counterparty") a fixed rate of 3.48% on a notional amount of $30 million.
In return,  the Counterparty  will pay the Company a floating rate equivalent to
30-day LIBOR.  The average 30-day LIBOR rate for the three and nine months ended
September 30, 2003, was 1.11% and 1.23%, respectively.

A  possible  risk of such  swap  agreements  is the  possible  inability  of the
Counterparty to meet the terms of the contracts with the Company; however, there
is no current indication of such an inability.

The Company  accounts  for this swap under  Statement  of  Financial  Accounting
Standards  No.  133, as amended and  interpreted.  Accordingly,  the Company has
documented  its  established  policy for risk  management and its objectives and
strategies for the use of derivative  instruments  to potentially  mitigate such
risks.  At inception,  the Company  designated  the interest rate swap as a cash
flow hedge on the variable  interest  payments on its floating  rate  financing.
Accordingly,  the  interest  rate swap is recorded at its fair market value each
accounting  period,  with  changes in the market  value being  recorded in other
comprehensive  income to the extent  that the hedge is  effective  in  achieving
offsetting cash flows. The Company assesses,  both at the inception of the hedge
and on an ongoing  basis,  whether the swap  agreement  is highly  effective  in
offsetting   changes   in  the  cash  flows  of  the   hedged   financing.   Any
ineffectiveness in the hedging  relationship would be recorded in earnings.  The
Company's  assessment  is that this swap has been and will continue to be highly
effective.

At September 30, 2003,  this interest rate swap was recorded as a liability with
a fair  market  value  of  approximately  $697,884  included  in  interest  rate
derivatives on the consolidated balance sheet.

NOTE 13 - Subsequent Events

During  October  2003,  the Company  dissolved  AMAC/FM  Corporation  due to the
assignment of all rights and obligations under the Fannie Mae loan program to PW
Funding (see Note 11). The  dissolution  of this  subsidiary  did not impact the
Company's consolidated financial statements.

On October 10,  2003,  the Company  purchased  nine taxable  revenue  bonds at a
discount (99% of par) from  CharterMac  in the amount of $7.6 million.  The nine
taxable  revenue bonds,  each of which is secured by a first mortgage  position,
held by CharterMac, on a multifamily property, carry a weighted average interest
rate of 8.69%.  The price paid was  determined  by an  independent  third  party
valuation of the taxable  revenue bonds.  This  transaction  was approved by the
Company's Board of Trustees.

On October 15, 2003,  the Company's  Board of Trustees  approved and the Company
funded a bridge loan of approximately $1.3 million to Related Capital Guaranteed
Corporate Partners II, L.P., an affiliate of the Advisor. The Company received a
fee of $10,000,  which is equivalent to a yield of  approximately  18%. The loan
was repaid on October 31, 2003.

During  October 2003,  the Company  exercised its rights under the  subordinated
promissory  note and  other  documents  to take  possession  of the real  estate
collateral of the Autumn Creek  property,  subject to the first  mortgage  loan,
which is not owned by the Company.

On October  27,  2003,  the  Company  sold the Concord at Gessner and Concord at
Little York properties to a qualified  501(c)(3)  entity,  which qualifies for a
real estate tax  abatement.  In order to expedite  the  closings  and ensure the

                                       23
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 30, 2003
                                   (Unaudited)


501(c)(3) entity would receive the real estate tax abatement prior to January 1,
2004, the Company is providing 100% financing to the 501(c)(3) entity via bridge
loans on each property, which mature in April 2005, to the 501(c)(3) entity. The
501(c)(3)  entity will pay the Company 100% of each  properties' cash flow until
the  properties  are fully leased,  stabilized,  and  permanent  financing is in
place.  There  will be no  accrued  interest.  If  there  is a gap  between  the
permanent  mortgage  amount  and the  bridge  loan,  The  Company  will  provide
mezzanine  financing  at an  interest  rate at the greater of 8% or an amount to
equal  to 75% of cash  flows,  net of  first  mortgage  debt  service  payments.
Shortfalls  below the 8% expected  interest  rate will be accrued and payable to
the Company. Any payments in excess of the 8% expected interest rate will reduce
any accrued  interest  balances,  or, if none exist,  principal on the mezzanine
loan.

During  November 2003, the Company  exercised its rights under the  subordinated
promissory  note and  other  documents  to take  possession  of the real  estate
collateral supporting the Concord at Gulfgate loan, subject to a defaulted first
mortgage  loan,  which is not owned by the  Company.  The  Company  is in active
negotiations  with first  mortgagee to work out the default  issues.  During the
foreclosure  process,  the  Company  has been  named in a  lawsuit  filed by the
limited  partners of the  partnership  that owned the  property.  The Company is
currently  attempting to resolve this issue.  The Company is currently unable to
determine the possible outcome of the litigation.

On November 3, 2003, the Company  partially funded a $1.5 million bridge loan to
GKV Preservation  Partnership,  L.P., an affiliate of the Advisor. The Company's
initial funding was approximately $369,000. The loan, which matures in May 2004,
bears  interest  at a  rate  of  11.5%.  The  Company  received  a  bridge  loan
origination fee of $37,500.

During November 2003, a distribution of $3,335,272,  ($0.40 per share) which was
declared in September 2003,  will be paid to shareholders  for the quarter ended
September 30, 2003.

                                       24
<PAGE>


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

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

Interest  income  from debt  securities  increased  approximately  $816,000  and
$2,214,000 for the three and nine months ended September 30, 2003 as compared to
2002 primarily due to the purchase of an additional  three GNMA  certificates in
the latter part of 2002 and the purchase of fifteen FNMA DUS certificates during
2003 at an average interest rate yield of 5.49%.

Interest  income from mortgage loans  decreased  approximately  $118,000 for the
three months ended  September 30, 2003 as compared to 2002  primarily due to the
repayment of the  Stonybrook II first  mortgage and  mezzanine  loans in January
2003 and the  default of  required  debt  service  payments  from The Reserve at
Autumn  Creek.  Interest  income from  mortgage  loans  increased  approximately
$635,000  for the nine  months  ended  September  30,  2003 as  compared to 2002
primarily due to the additional interest and prepayment  penalties received,  as
well as the recognition of deferred loan origination fees, from the repayment of
the Stonybrook II first mortgage and mezzanine loans.

Interest  income from notes  receivable  increased  approximately  $173,000  and
$855,000 for the three and nine months ended  September  30, 2003 as compared to
2002 due to the initial funding of six notes receivable  during 2003,  partially
offset by the  default of required  debt  service  payments  from the Concord at
Gessner, Concord at Little York, and Concord at Gulfgate notes.

Interest expense increased approximately $403,000 and $873,000 for the three and
nine months ended  September  30, 2003 as compared to 2002 due to the  increased
borrowings on the new warehouse  facility and  additional  borrowings  under the
repurchase facility, as well as the addition of an interest rate swap agreement,
put  into  place  in  March  2003  to  mitigate  the  impact  of  interest  rate
fluctuations on the Company's cash flows and earnings.

Fees to Advisor increased  approximately $150,000 and $321,000 for the three and
nine months ended  September  30, 2003 as compared to 2002  primarily  due to an
increase in asset  management  fees payable to the Advisor due to an increase in
the assets and an increase in the overhead  reimbursement paid by the Company to
the Advisor.

Amortization and other expenses  increased  approximately  $121,000 and $321,000
for the three and nine months ended  September  30, 2003 as compared to 2002 due
to costs incurred in the Plaza at San Jacinto debt restructuring, costs incurred
to protect The  Reserve at Autumn  Creek  investment,  and the  amortization  of
deferred costs on the Fleet Warehouse Facility.

During  the nine  months  ended  September  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 Fannie Mae loan
program.

A loss on the  repayment  of debt  securities  in the  amount  of  approximately
$391,000 was recorded for the nine months ended September 30, 2003,  relating to
the  write-off  of  a  purchase  premium  due  to  the  repayment  of  one  GNMA
certificate.  During  2002,  the Company had a gain of  approximately  $614,000,
resulting from the sale of one GNMA certificate.

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

As of September 30, 2003, the Company's mortgage investments  consisted of three
mortgage  loans  and eight  mezzanine  loans  originated  by or on behalf of the
Company,   twenty-five  GNMA  and  FNMA  DUS   mortgage-backed   securities  and
pass-through certificates, eleven bridge loans and a preferred equity investment
in ARCap Investors, L.L.C. ("ARCap").

During 2003,  the Company has had five notes  receivable on which  required debt
service payments were not received, causing the notes to be in monetary default.
In four of these instances,  the Company has foreclosed on the property securing
the note receivable and taken possession of the property and in one instance the
Company  is  monitoring  the  situation  and  evaluating  its  alternatives  for
protecting its  investment.  The Company goes through an extensive  underwriting

                                       25
<PAGE>

process  prior to making its  investments,  and the Company  believes that these
recent  events of  monetary  default  are part of the risks and nature of making
certain types of mezzanine investments. While the Company is working to preserve
its invested  capital,  the defaults have had a negative impact on the Company's
cash flows in the short-term,  as required  interest  payments on the notes have
not been  received,  and the  liquidity of the Company's  investments  have been
reduced.  In  addition,  the Company is  committed  to fund  approximately  $1.6
million  to  complete  construction  on one of the  properties.  Through  recent
independent  appraisals on each of the properties,  the Company believes that it
will be able to liquidate each of the properties at amounts greater than that of
their carrying amounts less estimated costs of disposal. Subsequent to September
30, 2003, the Company has disposed of two of these properties (see Note 13). The
Company is actively  marketing the other  properties on which it has  foreclosed
and  expects  the  sales to occur in the near  term,  although  there  can be no
assurance that such sales will occur or that the Company will be able to realize
the appraised value upon sale.

During the nine months  ended  September  30,  2003,  cash and cash  equivalents
decreased approximately $610,000 primarily due to funding of notes receivable of
approximately   $20,230,000,   fundings  of  mortgage  loans  of   approximately
$3,774,000,   investments  in  debt  securities  of  approximately  $56,873,000,
purchases of first mortgage loans of approximately  $33,517,000,  and repayments
of repurchase facility payable of approximately $44,433,000, partially offset by
principal payments of mortgage loans of approximately $9,463,000,  proceeds from
warehouse  facility  payable of  approximately  $11,741,000,  proceeds  from the
issuance  of  common  shares of  approximately  $27,456,000,  proceeds  from the
repurchase facility payable of approximately  $97,260,000,  principal repayments
of  debt  securities  of  approximately  $8,396,000  and a  repayment  of a note
receivable of approximately $4,057,000.

The Company finances the acquisition of its assets primarily  through  borrowing
at  short-term  rates  using  demand  repurchase  agreements  and  the  mortgage
warehouse line of credit (see below). 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.

On April 23, 2003, the Company  completed a public offering of 1,955,000  common
shares,  at a  price  of  $15.00  per  share,  resulting  in  proceeds,  net  of
underwriters  discount and expenses,  of  approximately  $27.5 million.  The net
proceeds from the public offering have been used to fund investment activity.

The Company has the capacity to raise an additional  approximate  amount of $170
million  in  either  common  or  preferred   shares   remaining  under  a  shelf
registration  statement filed with the Securities and Exchange Commission during
2002. If market  conditions  warrant,  the Company may seek to raise  additional
funds up to this amount for investment  through further common and/or  preferred
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 facility enables the Company to borrow
up to 97% of the fair market  value of GNMA and FNMA DUS  certificates  owned by
the Company,  which are pledged as collateral  for the  borrowings.  Interest on
borrowings on GNMA and FNMA DUS  certificates are at 30-day LIBOR plus 0.02%. As
of September 30, 2003 and December 31, 2002, the amount  outstanding  under this
facility was approximately $140.7 and $87.9 million,  respectively, and weighted
average interest rates were 1.64% and 1.47%, respectively.  All borrowings under
this facility typically have 30-day settlement terms.  However,  the Company has
the  option to  shorten  or extend  the  length of the  settlement  terms at its
discretion.  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 October  2002,  the Company  entered into the Fleet  Warehouse  Facility with
Fleet  National Bank in the amount of $40 million.  Advances under the warehouse
facility,  up to 83% of the  total  loan  package,  will be  used to fund  notes

                                       26
<PAGE>

receivable,   which   the   Company   will  make  to  its   customers   for  the
acquisition/refinancing  and  minor  renovation  of  existing,   lender-approved
multifamily  properties located in stable  sub-markets.  The warehouse facility,
which  matures  April  2006,  bears  interest at a rate of 30, 60, 90 or 180-day
LIBOR + 200 basis points,  at the discretion of the Company,  payable monthly on
advances.  Principal  is due  upon  the  earlier  of  refinance  or  sale of the
underlying  property  or upon  maturity.  The  Company  pays a fee of 12.5 basis
points, paid quarterly,  on any unused portion of the facility.  As of September
30, 2003 and December 31, 2002, the Company had approximately  $20.5 million and
$8.8 million, respectively, in loans outstanding under this program.

In order to qualify as a REIT under the Code,  as  amended,  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,  as well
as  cash  generated  from  additional  borrowings  from  the  Nomura  Securities
Repurchase  Facility  and  Fleet  Warehouse  Facility,  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.

Under the Company's now  discontinued  loan program with Fannie Mae,  Fannie Mae
agreed to fully fund the  origination of $250 million of DUS loans for apartment
properties  that  qualify for LIHTCs under  Section 42 of the  Internal  Revenue
Code.  Under this loan  program,  the Company  would  originate and contract for
individual  loans of up to $6 million each. The Company would  guarantee a first
loss  position  of the  aggregate  principal  amount  of  these  loans  and also
guarantee  construction  loans for which it had issued a forward  commitment  to
originate under this program.

Subsequent to creating this program,  the level of loan origination  competition
increased,  reducing the program's  projected financing value and profitability.
As a result,  the Company  decided in the first  quarter of 2002 to  discontinue
this  program.  Accordingly,  the Company  wrote off  approximately  $358,000 of
unamortized deferred costs relating to this program, which is included in Fannie
Mae loan program expenses on the consolidated statement of income.

In  September  2003,  the Company  entered  into a letter of  agreement  with PW
Funding Inc. ("PWF"),  a subsidiary of CharterMac,  each of which are affiliates
of the  Advisor,  under which the Company  transferred  and  assigned all of its
rights and obligations to the two loans it originated under this program to PWF.
In turn,  the  Company  indemnified  PWF against any losses to Fannie Mae on the
loans.  CharterMac has agreed to guarantee PWF's performance with regard to this
program, which in turn, allowed for the release of approximately $8.3 million in
collateral  pledged  by the  Company to secure  its  obligations  under the loan
program. This agreement was closed in October 2003.

During February 2003, the Company received approximately $10 million in proceeds
relating to the  repayment of the Stony Brook II first  mortgage  and  mezzanine
loans,  of which,  $8.3 million was being held as  collateral  for the Company's
contingent  liabilities  under guarantees  issued in the Fannie Mae DUS program.
During  September  2003,  the $8.3 million was released back to the Company upon
the assignment of all rights and obligations under this program to PW Funding.

In November  2003, a  distribution  of  $3,335,272  ($.40 per share),  which was
declared in September  2003,  will be paid to the  shareholders  for the quarter
ended September 30, 2003.

For a summary of the Company's  commitments and  contingencies  at September 30,
2003, see Note 11 to the consolidated financial statements.

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.

                                       27
<PAGE>


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

Of the total  distributions  of $9,215,996  and  $7,079,540  for the nine months
ended  September 30, 2003 and 2002,  respectively,  $674,491  ($.09 per share or
7.32 %) represented a return of capital  determined in accordance with generally
accepted  accounting  principles  for the nine months ended  September 30, 2003.
There was no return of capital for the nine months ended  September 30, 2002. As
of September 30, 2003, 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 $15,145,386.
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.

Critical Accounting Policies
----------------------------

The Company's  critical  accounting  policies are described in its Form 10-K for
the year ended December 31, 2002.  These critical  accounting  policies have not
changed during 2003, but the Company has entered into several transactions which
involve new critical  accounting  policies as described in the  following  three
paragraphs.

During 2003, the Company entered into a five-year  interest rate swap,  which is
accounted for under SFAS No. 133,  "Accounting  for Derivative  Instruments  and
Hedging  Standards  No. 133".  At the  inception,  the Company  designated  this
interest rate swap as a cash flow hedge on the variable interest payments in its
floating rate financing. Accordingly, the interest rate swap is recorded at fair
market value each accounting period, with changes in market value being recorded
in other comprehensive  income to the extent the hedge is effective in achieving
offsetting cash flows. This hedge has been highly  effective,  so there has been
no ineffectiveness included in earnings. Net amounts receivable or payable under
the swap  agreements  are  recorded  as  adjustments  to interest  expense.  The
determination of fair value of the swap is based on third party valuation.

During 2003,  the Company  exercised  its rights under  subordinated  promissory
notes and other documents to take possession of certain real estate  collateral.
The Company has also  purchased the first  mortgage  loans on the properties and
acquired the real estate at foreclosure auctions.  When a loan is in the process
of foreclosure, it is the Company's policy to reclassify the balance of the loan
into real  estate  owned at the  lower of fair  value of the real  estate,  less
estimated  disposal  costs or the  carrying  amount  of the  loan,  and to cease
accrual of interest.  When the foreclosure  process is complete and the property
is owned by the  Company,  income or loss from  operations  of the  property  is
picked up on the Company's income statement and any payments made to the Company
reduces the  Company's  investment in the property.  The  determination  of fair
value of the real estate is based on independent appraisals.

During 2003, in accordance  with the Incentive  Share Option Plan, the Company's
Compensation   Committee  granted  190,000  options.  The  Company  applies  the
provisions of SFAS No. 123,  "Accounting for Stock-Based  Compensation"  for its
share options issued to non-employees. Accordingly, compensation cost is accrued
based on the estimated fair value of the options issued,  and amortized over the
vesting period.  Because vesting of the options is contingent upon the recipient
continuing  to provide  services to the  Company  until the  vesting  date,  the
Company estimates the fair value of the non-employee  options at each period-end
up to the vesting date, and adjusts expensed amounts accordingly. The fair value
of each  option  grant  is  estimated  by  management  using  the  Black-Scholes
option-pricing model.

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

                                       28
<PAGE>

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.

Item 3. 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.

INTEREST RATE RISK

Interest rate  fluctuations  can adversely affect the Company's income and value
of its common shares in many ways and present a variety of risks,  including the
risk of mismatch  between  asset yields and  borrowing  rates,  variances in the
yield curve and changing prepayment rates.

Various  financial  vehicles  exist  which  would allow  Company  management  to
mitigate the impact of interest rate  fluctuations  on the Company's  cash flows
and earnings. During March 2003, upon management's analysis of the interest rate
environment and the costs and risks of such strategies, the Company entered into
an  interest  rate  swap in order to hedge  against  increases  in the  floating
interest rate on its Nomura Securities  Repurchase Facility.  Under the interest
rate swap  agreement,  the Company is required to pay Fleet  National  Bank (the
"Counterparty")  a fixed  rate on a  notional  amount of debt.  In  return,  the
Counterparty will pay the Company a floating rate equivalent to the 30-day LIBOR
rate. On March 25, 2003, the Company entered into a five-year interest rate swap
that fixes the 30-day  LIBOR rate to 3.48% on a notional  amount of $30 million.
This effectively fixes $30 million of the Company's secured borrowings at 3.48%,
protecting the Company in the event the 30-day LIBOR rate rises. A possible risk
of such swap  agreements is the possible  inability of the  Counterparty to meet
the  terms of the  contracts  with the  Company;  however,  there is no  current
indication of such an inability.

The Company's operating results will depend in large part on differences between
the income from its assets (net of credit losses) and its borrowing costs.  Most
of the Company's assets,  consisting  primarily of mortgage loans, GNMA and FNMA
DUS  certificates,  and notes  receivable,  generate fixed returns and will have
terms in excess of five years. The Company funds the origination and acquisition
of a  significant  portion of these assets with  borrowings  which have interest
rates that reset  relatively  rapidly,  such as  monthly or  quarterly.  In most
cases,  the income  from  assets  will  respond  more  slowly to  interest  rate
fluctuations  than the cost of  borrowings,  creating a mismatch  between  asset
yields  and  borrowing   rates.   Consequently,   changes  in  interest   rates,
particularly  short-term interest rates, may influence the Company's net income.
The Company's debt bears  interest at rates that fluctuate with LIBOR.  Based on
the $131.2 million unhedged portion of $161.2 million of borrowings  outstanding
under these  facilities at September 30, 2003, a 1% change in LIBOR would reduce
the Company's  annual net income and cash flows by  approximately  $1.3 million.
However,  due to the fact that  interest  income from loans made under the Fleet
Warehouse  Facility  are also  based on  LIBOR,  a 1%  increase  in LIBOR  would
increase  the  Company's  annual  net  income  and cash flows from such loans by
approximately  $205,000.  Increases in these rates will  decrease the net income
and market value of the Company's net assets.  Interest rate  fluctuations  that
result in interest expense  exceeding  interest income would result in operating
losses.

The  value of the  Company's  assets  may be  affected  by  prepayment  rates on
investments.  Prepayment  rates are  influenced  by changes in current  interest
rates  and a variety  of  economic,  geographic  and other  factors  beyond  the
Company's control,  and consequently,  such prepayment rates cannot be predicted

                                       29
<PAGE>

with certainty. When the Company originates mortgage loans, it expects that such
mortgage loans will have a measure of protection  from prepayment in the form of
prepayment lock-out periods or prepayment  penalties.  However,  such protection
may not be available with respect to investments which the Company acquires, but
does not originate. In periods of declining mortgage interest rates, prepayments
on mortgages generally increase.  If general interest rates decline as well, the
proceeds  of such  prepayments  received  during  such  periods are likely to be
reinvested  by the  Company  in  assets  yielding  less  than the  yields on the
investments  that were  prepaid.  In  addition,  the  market  value of  mortgage
investments may, because of the risk of prepayment,  benefit less from declining
interest rates than from other fixed-income securities.  Conversely,  in periods
of rising interest rates,  prepayments on mortgages generally decrease, in which
case the Company would not have the prepayment  proceeds  available to invest in
assets with higher yields.  Under certain interest rate and prepayment scenarios
the  Company  may fail to  recoup  fully  its  cost of  acquisition  of  certain
investments.

REAL ESTATE RISK

Multifamily and commercial property values and net operating income derived from
such  properties  are subject to volatility  and may be affected  adversely by a
number of factors,  including, but not limited to, national,  regional and local
economic  conditions (which may be adversely  affected by industry slowdowns and
other factors);  local real estate conditions (such as an oversupply of housing,
retail,  industrial,  office or other  commercial  space);  changes or continued
weakness in specific industry segments;  construction  quality,  age and design;
demographic  factors;  retroactive  changes to  building or similar  codes;  and
increases  in  operating  expenses  (such as  energy  costs).  In the  event net
operating income decreases,  a borrower may have difficulty paying the Company's
mortgage  loan,  which  could  result  in losses to the  Company.  In  addition,
decreases  in  property  values  reduce  the  value  of the  collateral  and the
potential  proceeds  available  to a borrower  to repay the  Company's  mortgage
loans, which could also cause the Company to suffer losses.

RISK IN OWNING SUBORDINATED INTERESTS

The Company has invested  indirectly in subordinated  CMBS through its ownership
of a $20.2 million preferred membership interest in ARCap.  Subordinated CMBS of
the type in which ARCap invests  include "first loss" and  non-investment  grade
subordinated interests. A first loss security is the most subordinate class in a
structure  and  accordingly  is the  first to bear the loss  upon a  default  on
restructuring  or  liquidation  of the  underlying  collateral  and the  last to
receive  payment of interest and principal.  Such classes are subject to special
risks, including a greater risk of loss of principal and non-payment of interest
than more senior, rated classes. The market values of subordinated  interests in
CMBS and other  subordinated  securities tend to be more sensitive to changes in
economic  conditions than more senior,  rated classes.  As a result of these and
other factors,  subordinated interests generally are not actively traded and may
not provide holders with liquidity of investment.  With respect to the Company's
investment in ARCap, the ability to transfer the membership interest in ARCap is
further limited by the terms of ARCap's operating agreement.

PARTICIPATING INTEREST

In connection with the  acquisition  and  origination of mortgages,  the Company
has, on occasion,  obtained and may continue to obtain  participating  interests
that may entitle it to payments based upon a development's cash flow, profits or
any  increase  in the value of the  development  that would be  realized  upon a
refinancing or sale of the development.  Competition for participating interests
is dependent to a large degree upon market conditions.  Participating  interests
are more difficult to obtain when mortgage  financing is available at relatively
low interest rates. In the current  interest rate  environment,  the Company may
have  greater  difficulty  obtaining   participating   interest.   Participating
interests are not government  insured or guaranteed and are therefore subject to
the general risks inherent in real estate  investments.  Therefore,  even if the
Company is  successful  in investing in mortgage  investments  which provide for
participating  interests,  there can be no assurance  that such  interests  will
result in additional payments.

                                       30
<PAGE>

REPURCHASE FACILITY COLLATERAL RISK

Repurchase  agreements  involve the risk that the market value of the securities
sold by the Company  may  decline and that the Company  will be required to post
additional collateral,  reduce the amount borrowed or suffer forced sales of the
collateral. If forced sales were made at prices lower than the carrying value of
the collateral,  the Company would experience  additional losses. If the Company
is  forced  to  liquidate  these  assets  to repay  borrowings,  there can be no
assurance  that the Company  will be able to maintain  compliance  with the REIT
asset and source of income requirements.

Item 4.  Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.  The Company's Chief Executive
Officer and Chief  Financial  Officer have  evaluated the  effectiveness  of the
Company's  disclosure  controls and procedures (as such term is defined in Rules
13a-14(c) and 15d-14(c)  under the  Securities  Exchange Act of 1934, as amended
(the "Exchange Act")) as of the end of the period covered by this report.  Based
on such  evaluation,  such officers have  concluded  that, as of the end of such
period, the Company's disclosure controls and procedures are effective.

INTERNAL CONTROL OVER FINANCIAL  REPORTING.  There have not been any significant
changes in the Company's  internal  control over financial  reporting during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially  affect, the Company's internal control over
financial reporting.


                                       31
<PAGE>

                           PART II. OTHER INFORMATION

Item 1.   Legal Proceedings

          Upon taking  possession of the real estate  collateral  supporting the
          Concord at  Gulfgate  loan,  the  Company  has been named in a lawsuit
          filed by the limited  partners of partnership that owned the property.
          The Company is currently attempting to resolve this issue. The Company
          is  currently   unable  to  determine  the  possible  outcome  of  the
          litigation.


Item 2.   Changes in Securities - None.

Item 3.   Defaults Upon Senior Securities and Use of Proceeds - 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

          Exhibits

          31.1 Chief Executive Officer certification  pursuant to Rule 13a-15 or
               15d-15

          31.2 Chief Financial Officer certification  pursuant to Rule 13a-15 or
               15d-15

          32.1 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.

          32.2 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.

         Reports on Form 8-K

          The  following  8-K reports were filed or  furnished,  as noted in the
          applicable Form 8-K, for the quarter ended September 30, 2003:

          Current report on Form 8-K,  filed on August 7, 2003,  relating to the
          press release  regarding the Company's  announcement  of its financial
          results for its second quarter ended June 30, 2003.

          Current report on Form 8-K, filed on August 19, 2003,  relating to the
          Company making  available  unaudited  supplemental  data regarding its
          operations for the quarter ended June 30, 2003.


                                       32
<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: November 13, 2003              By:  /s/ Stuart J. Boesky
                                          --------------------
                                          Stuart J. Boesky
                                          Trustee, Chairman of the Board,
                                          President and Chief Executive Officer


Date: November 13, 2003              By:  /s/ Stuart A. Rothstein
                                          -----------------------
                                          Stuart A. Rothstein
                                          Chief Financial Officer


<PAGE>

                                                                    Exhibit 31.1


                         CERTIFICATION PURSUANT TO RULE
                                13A-15 OR 15D-15


I, Stuart J. Boesky, hereby certify that:

     1.  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending September 30, 2003 of American Mortgage Acceptance Company;

     2.  Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary  in  order  to make  the  statements  made,  in  light of the
         circumstances  under which such  statements  were made,  not misleading
         with respect to the period covered by this quarterly report;

     3.  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the  registrant as of, and for, the periods  presented in
         this quarterly report;

     4.  The registrant's  other  certifying  officers and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined  in  Exchange  Act  Rules  13a-15  (e) and  15d-15(e))  for the
         registrant and we have:

         a) designed  such  disclosure  controls and  procedures  or caused such
         disclosure   controls  and   procedures   to  be  designed   under  our
         supervision,  to  ensure  the  material  information  relating  to  the
         registrant,  including its consolidated subsidiaries,  is made known to
         us by others within those entities,  particularly  during the period in
         which this quarterly report is being prepared;

         b) evaluated the effectiveness of the registrant's  disclosure controls
         and procedures and presented in this report our  conclusions  about the
         effectiveness  of the disclosure  controls and procedures as of the end
         of  the  period  covered  by  this  quarterly   report  based  on  such
         evaluation; and

         c) disclosed in this  quarterly  report any change in the  registrant's
         internal  control over  financial  reporting  that occurred  during the
         registrant's  most recent fiscal quarter that has materially  affected,
         or is reasonably likely to materially affect, the registrant's internal
         control over financial reporting;

     5.  The registrant's other certifying officers and I have disclosed,  based
         on our most recent  evaluation,  to the  registrant's  auditors and the
         audit  committee  of   registrant's   board  of  directors  or  persons
         performing the equivalent functions:

         a) all significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect  the  registrant's  ability to
         record, process, summarize and report financial information; and

         b) any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal control over financial reporting.


Date:  November 13, 2003                             By: /s/ Stuart J. Boesky
                                                         --------------------
                                                         Stuart J. Boesky
                                                         Chief Executive Officer

<PAGE>

                                                                    Exhibit 31.2


                         CERTIFICATION PURSUANT TO RULE
                                13A-15 OR 15D-15


I, Stuart A. Rothstein, hereby certify that:

     1.  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending September 30, 2003 of American Mortgage Acceptance Company;

     2.  Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary  in  order  to make  the  statements  made,  in  light of the
         circumstances  under which such  statements  were made,  not misleading
         with respect to the period covered by this quarterly report;

     3.  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the  registrant as of, and for, the periods  presented in
         this quarterly report;

     4.  The registrant's  other  certifying  officers and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined  in  Exchange  Act  Rules  13a-15  (e) and  15d-15(e))  for the
         registrant and we have:

         a) designed  such  disclosure  controls and  procedures  or caused such
         disclosure   controls  and   procedures   to  be  designed   under  our
         supervision,  to  ensure  the  material  information  relating  to  the
         registrant,  including its consolidated subsidiaries,  is made known to
         us by others within those entities,  particularly  during the period in
         which this quarterly report is being prepared;

         b) evaluated the effectiveness of the registrant's  disclosure controls
         and procedures and presented in this report our  conclusions  about the
         effectiveness  of the disclosure  controls and procedures as of the end
         of  the  period  covered  by  this  quarterly   report  based  on  such
         evaluation; and

         c) disclosed in this  quarterly  report any change in the  registrant's
         internal  control over  financial  reporting  that occurred  during the
         registrant's  most recent fiscal quarter that has materially  affected,
         or is reasonably likely to materially affect, the registrant's internal
         control over financial reporting;

     5.  The registrant's other certifying officers and I have disclosed,  based
         on our most recent  evaluation,  to the  registrant's  auditors and the
         audit  committee  of   registrant's   board  of  directors  or  persons
         performing the equivalent functions:

         a) all significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect  the  registrant's  ability to
         record, process, summarize and report financial information; and

         b) any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal control over financial reporting.


Date:  November 13, 2003                             By: /s/ Stuart A. Rothstein
                                                         -----------------------
                                                         Stuart A. Rothstein
                                                         Chief Financial Officer



<PAGE>
                                                                    Exhibit 32.1


                            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  September 30, 2003 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 results of operations of the
Company.


By:  /s/ Stuart J. Boesky
     --------------------
     Stuart J. Boesky
     Chief Executive Officer
     November 13, 2003



<PAGE>

                                                                    Exhibit 32.2


                            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  September 30, 2003 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
I,  Stuart A.  Rothstein,  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 results of operations of the
Company.


By:  /s/ Stuart A. Rothstein
     -----------------------
     Stuart A. Rothstein
     Chief Financial Officer
     November 13, 2003