SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


(Mark One)


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


For the quarterly period ended June 30, 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)
<TABLE>
<CAPTION>
                                                           ============   ============
                                                             June 30,     December 31,
                                                               2003           2002
                                                           ------------   ------------
                                                            (Unaudited)
<S>                                                        <C>            <C>
ASSETS
Investments in debt securities - available for sale        $    157,688   $    114,034
Investments in mortgage loans, net                               15,581         22,384
Investment in ARCap                                              20,240         20,240
Real estate owned - held for sale                                 7,844             --
Cash and cash equivalents                                         3,406         10,404
Restricted cash                                                   8,282             --
Notes receivable                                                 43,401         25,997
Accrued interest receivable                                       1,617          1,170
Other assets                                                        834            834
                                                           ------------   ------------
Total assets                                               $    258,893   $    195,063
                                                           ============   ============


LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:

   Repurchase facility payable                             $    105,717   $     87,880
   Warehouse facility payable                                    17,660          8,788
   Interest rate derivatives                                      1,234             --
   Accrued interest payable                                         292             60
   Accounts payable and accrued expenses                            459            762
   Due to Advisor and affiliates                                    655            690
   Distributions payable                                          3,335          2,545
                                                           ------------   ------------
Total liabilities                                               129,352        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, respectively                871            674
   Treasury shares of beneficial interest; 375,196 shares           (38)           (38)
   Additional paid-in capital                                   126,746         99,470
   Distributions in excess of net income                        (14,587)       (14,471)
   Accumulated other comprehensive income                        16,549          8,703
                                                           ------------   ------------
Total shareholders' equity                                      129,541         94,338
                                                           ------------   ------------
Total liabilities and shareholders' equity                 $    258,893   $    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            Six Months Ended
                                                        June 30,                    June 30,
                                               -------------------------   --------------------------
                                                   2003          2002          2003           2002
                                               -------------------------   --------------------------
<S>                                            <C>           <C>           <C>            <C>
Revenues:
   Interest income:
     Debt securities                           $     1,980   $     1,370   $     3,852    $     2,454
     Mortgage loans                                    356           609         1,763          1,010
     Notes receivable                                  878           627         1,796          1,114
     Temporary investments                               7            13            15             24
   Other income                                         82            76           110            136
                                               -----------   -----------   -----------    -----------

     Total revenues                                  3,303         2,695         7,536          4,738
                                               -----------   -----------   -----------    -----------

Expenses:
   Interest                                            643           307         1,050            579
   General and administrative                          182           164           425            284
   Fees to advisor                                     456           371           899            728
   Amortization and other                               49            --           206              6
   Fannie Mae loan program                              --             3            --            358
                                               -----------   -----------   -----------    -----------

     Total expenses                                  1,330           845         2,580          1,955
                                               -----------   -----------   -----------    -----------

Other gain:
   Equity in earnings of ARCap                         600           608         1,200          1,200
   Net gain (loss) on repayments and sales
     of debt securities                                 --            --          (391)           614
                                               -----------   -----------   -----------    -----------

     Total other gain                                  600           608           809          1,814
                                               -----------   -----------   -----------    -----------

   Net income                                  $     2,573   $     2,458   $     5,765    $     4,597
                                               ===========   ===========   ===========    ===========

   Net income per share
     Basic and diluted                         $       .32   $       .39   $       .79    $       .81
                                               ===========   ===========   ===========    ===========

   Weighted average shares outstanding
     Basic                                       8,144,259     6,363,630     7,258,863      5,666,116
                                               ===========   ===========   ===========    ===========
     Diluted                                     8,158,524     6,363,630     7,273,128      5,666,116
                                               ===========   ===========   ===========    ===========
</TABLE>

          See accompanying notes to consolidated financial statements

                                       -3-

<PAGE>


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

<TABLE>
<CAPTION>

                                        Shares of Beneficial     Treasury Shares of
                                              Interest           Beneficial Interest
                                        ---------------------    -------------------
                                          Shares      Amount      Shares     Amount
                                        ---------   ---------    --------  ---------
<S>                                     <C>         <C>          <C>        <C>
Balance at January 1, 2003              6,738,826   $     674    (375,196)  $    (38)

Comprehensive income:
Net income                                     --          --          --         --
Other comprehensive income:
  Net unrealized loss on interest
   rate derivatives
  Unrealized holding gain arising
   during the period
Less: reclassification adjustment for
  loss included in net income
Total other comprehensive income

Comprehensive income

Common shares issue                     1,974,550         197
Distributions                                  --          --          --       --
                                        ---------   ---------    --------   --------

Balance at June 30, 2003                8,713,376   $     871    (375,196)  $    (38)
                                        =========   =========    ========   ========

<CAPTION>

                                                                                       Accumulated
                                        Additional   Distributions                        Other
                                         Paid-in       in Excess     Comprehensive    Comprehensive
                                         Capital     of Net Income       Income           Income           Total
                                        ----------   -------------   -------------    -------------     ----------
<S>                                     <C>           <C>             <C>              <C>              <C>
Balance at January 1, 2003              $   99,470    $   (14,471)                     $     8,703      $   94,338


Comprehensive income:
Net income                                      --          5,765     $    5,765                --           5,765
                                                                      ----------
Other comprehensive income:
  Net unrealized loss on interest
   rate derivatives                                                       (1,234)
  Unrealized holding gain arising
   during the period                                                       8,689
Less: reclassification adjustment
   for loss included in net income                                           391
                                                                      ----------
Total other comprehensive income                                           7,846             7,846           7,846
                                                                      ----------
Comprehensive income                                                  $   13,611
                                                                      ==========
Common shares issue                         27,276                                                          27,473
Distributions                                   --         (5,881)                              --          (5,881)
                                        ----------    -----------                      -----------      ----------

Balance at June 30, 2003                $  126,746    $   (14,587)                     $    16,549      $  129,541
                                        ==========    ===========                      ===========      ==========
</TABLE>

See accompanying notes to consolidated financial statements.


                                       -4-
<PAGE>



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


<TABLE>
<CAPTION>
                                                       =========================
                                                            Six Months Ended
                                                                June 30,
                                                       -------------------------
                                                           2003          2002
                                                       -----------   -----------
<S>                                                    <C>           <C>
Cash flows from operating activities:
   Net income                                          $     5,765   $    4,597
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 - loan premium and
       origination costs and fees                             (224)         (61)
     Accretion of discount on debt securities                  107            6
   Changes in operating assets and liabilities:
     Accrued interest receivable                              (448)        (301)
     Other assets                                             (146)         467
     Due to Advisor and affiliates                             (35)         133
     Accounts payable and accrued expenses                    (304)        (842)
     Accrued interest payable                                  232           22
                                                       -----------   ----------

   Net cash provided by operating activities                 5,338        3,418
                                                       -----------   ----------

Cash flows from investing activities:
   Increase in investment in mortgage loans                (10,356)      (2,224)
   Repayments of mortgage loans                              9,464           23
   Funding of notes receivable                             (21,461)      (8,244)
   Repayment of notes receivable                             4,057           --
   Principal repayments on debt securities                   8,232          197
   Increase in investment in debt securities               (43,304)     (28,113)
   Increase in restricted cash                              (8,282)          --
   Other                                                        76           --
                                                       -----------   ----------

Net cash used in investing activities                      (61,574)     (38,361)
                                                       -----------   ----------
</TABLE>
                                    continued
                                       -5-

<PAGE>


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


<TABLE>
<CAPTION>
                                                        ========================
                                                            Six Months Ended
                                                                 June 30,
                                                        ------------------------
                                                           2003          2002
                                                        -----------   ----------

<S>                                                     <C>           <C>
Cash flows from financing activities:
   Proceeds from repurchase facility payable                 54,913       17,841
   Proceeds from warehouse facility payable                   8,872           --
   Repayments of repurchase facility payable                (37,076)          --
   Distribution paid to shareholders                         (5,881)      (3,699)
   Increase in deferred loan costs                              147           --
   Increase from distribution payable                           790           --
   Issuance of common shares                                 27,473       30,899
                                                        -----------   ----------

Net cash provided by financing activities                    49,238       45,041
                                                        -----------   ----------

Net (decrease) increase in cash and cash
   equivalents                                               (6,998)      10,098
Cash and cash equivalents at the beginning
   of the period                                             10,404        1,018
                                                        -----------   ----------
Cash and cash equivalents at the end of the
   period                                               $     3,406   $   11,116
                                                        ===========   ==========
Supplemental information:
Interest paid                                           $     1,029   $      557
                                                        ===========   ==========

Conversion of mortgage loans to real
   estate owned:

Increase in real estate owned                           $ 7,920,000
Decrease in mortgage loans                               (7,920,000)
                                                        -----------

                                                        $        --
                                                        -----------
</TABLE>

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

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 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  multi-family  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-multi-family 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 Company
believes  that it benefits  significantly  from its  relationship  with Related,
since  Related  provides  the  Company  with  resources  that are not  generally
available to smaller-capitalized, self-managed companies.

The consolidated  financial  statements  include the accounts of the Company and
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 of the Company as of June 30, 2003 and the
results of its  operations and its cash flows for the three and six months ended
June 30, 2003 and 2002.  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.


                                       -7-
<PAGE>

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

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 a material impact on the Company's
consolidated financial statements.

In July  2002,  the  FASB  issued  Statement  No.  146,  "Accounting  for  Costs
Associated  with Exit or Disposal  Activities".  SFAS No. 146  replaces  current
accounting literature and requires the recognition of costs associated with exit
or  disposal  activities  when they are  incurred  rather  than at the date of a
commitment to an exit or disposal plan. SFAS No. 146 became effective January 1,
2003. The implementation of this statement did not have a material effect 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. This Interpretation
does  not  prescribe  a  specific   approach  for  subsequently   measuring  the
guarantor's  recognized  liability over the term of the related  guarantee.  The
disclosure  provisions  of this  Interpretation  are  included  in Note 12.  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 currently receives a fee, in advance,  for acting
as a guarantor of certain construction loans. This fee is deferred and amortized
over  the  guarantee  period.   The  Company  believes  that  the  fee  received
approximates  the  fair  value  of the  obligation  undertaken  in  issuing  the
guarantee; therefore, the Company's current accounting for these guarantees will
not be affected by this Interpretation.

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 currently 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  July 1,  2003.  The  Company  believes  it has no
variable  interests in variable interest entities  requiring  consolidation.


                                       -8-
<PAGE>


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


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 adoption of
SFAS No.  149 on July 1,  2003,  as  required,  had no impact  on the  Company's
consolidated financial statements.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments and  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 adoption of this standard on July 1,
2003,  as  required,  had no  impact  on the  Company's  consolidated  financial
statements.

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

                                       -9-
<PAGE>


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


Note 2 - Investments in Mortgage Loans

Information  relating to the Company's  investments in mortgage loans as of June
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      9/03           N/A             11.50%       N/A
 Alexandrine
   Detroit, MI                                        30 Units     12/03           N/A             11.00%       N/A
 Desert View (P)
   Coolidge, AZ                                       45 Units      5/04           N/A             11.00%       N/A
Subtotal First Mortgage Loans

Mezzanine Loans (H):

Stabilized Properties
---------------------
 Stony Brook II
   East Haven, CT                                    125 Units      6/37         12/06          15.33%(B)       16%
 Plaza at San Jacinto (I)
   Houston, TX                                       132 Units      1/43          6/11          11.40%(B)       16%
Subtotal Stabilized Mezzanine Loans


Properties in Lease-Up
----------------------
 The Hollows (J)
   Greenville, NC                                    184 Units      1/42          1/12          10.00%(B)       16%
 Elmhurst Village (K)(L)
   Oveido, FL                                        313 Units      1/42          3/19          10.00%(B)       16%
 The Reserve at Autumn Creek (K)(L)(O)
   Friendswood, TX                                   212 Units      1/42          9/14          10.00%(B)       16%
 Club at Brazos (M)(J)
   Rosenberg, TX                                     200 Units      5/43          4/13          10.00%(B)       14%
Subtotal Properties in Lease-Up

Properties in Construction/Rehabilitation
-----------------------------------------
 Northbrooke (K)(L)
   Harris County, TX                                 240 Units      8/43           TBD          11.50%(B)       14%
 Del Mar Villas
   Dallas, TX                                        260 Units      4/04           N/A     LIBOR + 4.625%       (N)
 Mountain Valley
   Dallas, TX                                        312 Units     11/04           N/A     LIBOR + 4.750%       (N)
 Villas at Highpoint
   Lewisville, TX                                    304 Units      4/33          3/15             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 (P)
   Coolidge, AZ                                            N/A                N/A             (G)                  --

Subtotal First Mortgage Loans

Mezzanine Loans (H):

Stabilized Properties
---------------------
 Stony Brook II
   East Haven, CT                                          40%                35%             (F)                  --
 Plaza at San Jacinto (I)
   Houston, TX                                             50%                50%             (G)                  --

Subtotal Stabilized Mezzanine Loans


Properties in Lease-Up
----------------------
 The Hollows (J)
   Greenville, NC                                          50%                25%             (G)               8,898
 Elmhurst Village (K)(L)
   Oveido, FL                                              50%                25%             (G)              21,636
 The Reserve at Autumn Creek (K)(L)(O)
   Friendswood, TX                                         50%                25%             (G)              15,993
 Club at Brazos (M)(J)
   Rosenberg, TX                                           50%                25%             (G)              14,378

Subtotal Properties in Lease-Up

Properties in Construction/
  Rehabilitation
---------------------------
 Northbrooke (K)(L)
   Harris County, TX                                       50%                50%             (G)              13,268
 Del Mar Villas
   Dallas, TX                                              N/A                N/A             (G)               5,554
 Mountain Valley
   Dallas, TX                                              N/A                N/A             (G)               5,785
 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 Three
                                                        Fee Amount of     Unamortized        Amount of       Months Ended
Property                                                 Mortgages(D)    Costs and Fees    Mortgages(E)      June 30, 2003
--------                                                -------------    --------------    ------------    -----------------
<S>                                                      <C>                <C>               <C>              <C>
First Mortgage Loans:
 Stony Brook II
   East Haven, CT                                        $       --              --                --          $     497
 Sunset Gardens
   Eagle Pass, TX                                             1,479              (4)            1,475                 92
 Alexandrine
   Detroit, MI                                                  342              --               342                 19
 Desert View (P)
   Coolidge, AZ                                                 960              --               960                 14
                                                        --------------------------------------------------------------------
Subtotal First Mortgage Loans                                 2,781              (4)            2,777                622
                                                        --------------------------------------------------------------------
Mezzanine Loans (H):

Stabilized Properties
---------------------
 Stony Brook II
   East Haven, CT                                                --              --                --                527
 Plaza at San Jacinto (I)
   Houston, TX                                                   --              --                --                 39
                                                        --------------------------------------------------------------------
Subtotal Stabilized Mezzanine Loans                              --              --                --                566
                                                        --------------------------------------------------------------------

Properties in Lease-Up
----------------------
 The Hollows (J)
   Greenville, NC                                             1,549            (142)            1,407                 86
 Elmhurst Village (K)(L)
   Oveido, FL                                                 2,874            (405)            2,469                159
 The Reserve at Autumn Creek (K)(L)(O)
   Friendswood, TX                                            1,197             (57)            1,930                 34
 Club at Brazos (M)(J)
   Rosenberg, TX                                              1,962             (76)            1,886                 99
                                                        --------------------------------------------------------------------
Subtotal Properties in Lease-Up                               8,372            (680)            7,692                378
                                                        --------------------------------------------------------------------
Properties in Construction/
  Rehabilitation
---------------------------
 Northbrooke (K)(L)
   Harris County, TX                                          1,500            (136)            1,364                 88
 Del Mar Villas
   Dallas, TX                                                   765              --               765                 23
 Mountain Valley
   Dallas, TX                                                   776              --               776                 24
 Villas at Highpoint
   Lewisville, TX                                             2,394            (187)            2,207                 62
                                                        --------------------------------------------------------------------
Subtotal Properties in Construction/Rehabilitation            5,435            (323)            5,112                197
                                                        --------------------------------------------------------------------
Subtotal Mezzanine Loans                                     13,807          (1,003)           12,804              1,141
                                                        --------------------------------------------------------------------
Total Mortgage Loans                                     $   16,588         $(1,007)          $15,581          $   1,763
                                                        ====================================================================
</TABLE>



                                      -10-
<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 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 loan (prior
          liens).  The amount shown is the approximate  effective rate earned on
          the balance of the mezzanine  loan.  The mezzanine  loans also provide
          for payments of additional interest based on a percentage of cash flow
          remaining after debt service 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)  No  principal  amounts of  mortgage  loans are  subject to  delinquent
          interest as of June 30, 2003, except for Reserve at Autumn Creek - See
          (O).

     (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  -  see  Note  5.  Of  the  $10  million   received,
          approximately  $8.3  million  is  being  held as  restricted  cash for
          collateral in the Fannie Mae DUS program.

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

     (H)  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.

     (I)  The Plaza at San Jacinto  mezzanine loan has been reclassified to real
          estate owned -- see Note 6.

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

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

     (L)  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.

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

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

     (O)  Certain required debt service payments have been missed,  causing this
          mezzanine  loan to be in default.  The  Company  has stopped  accruing
          income on the mezzanine loan and is in the process of taking the steps
          necessary  to protect its  investment.  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,  not owned by
          the Company,  and the Company's  mezzanine loan outstanding.  As such,


                                      -11-
<PAGE>


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


          the Company  believes  that no reserve for  impairment is necessary at
          this time.

     (P)  Loan  purchased  in April 2003 in  connection  with a guarantee by the
          Company (see Note 12).


                                      -12-
<PAGE>



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


Note 3 - Investments in Debt Securities - Available for Sale

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

                                                 Date
                                               Purchase/
                                                 Final     Stated     Amortized      Unrealized                      Interest Income
                                 Certificate    Payment   Interest     Cost as     Gain (Loss) at     Balance at     End Applicable
Name                               Number         Due       Rate    June 30, 2003   June 30, 2003   June 30, 2003     to the Period
----                             -----------  ----------  --------  -------------  --------------   -------------    ---------------
<S>                                <C>         <C>         <C>         <C>               <C>           <C>                <C>
GNMA Certificates
-----------------

Western Manor (1)                  355540       7/27/94    7.125%      $ 2,465           $  29         $ 2,494            $  97
                                                3/15/29

Copper Commons (3)                 382486       7/28/94    8.500%           --              --              --               17
                                                8/15/29

SunCoast Capital Group, Ltd. (1)   G002412      6/23/97    7.000%          361              21             382               16
                                                4/20/27

Elmhurst Village (1)               549391       6/28/01    7.745%       21,636           5,078          26,714              839
                                                 1/1/42

Reserve at Autumn Creek (1)        448748       6/28/01    7.745%       15,993           3,753          19,746              620
                                                 1/1/42

Casitas at Montecito (2)           519289       3/11/02    7.300%           --              --              --               70
                                               10/15/42

Village at Marshfield (1)          519281       3/11/02    7.475%       21,433           2,648          24,081              721
                                                1/15/42

Cantera Crossing (1)               532662       3/28/02    6.500%        6,018           1,017           7,035              192
                                                 6/1/29

Filmore Park (1)                   536739       3/28/02    6.700%        1,235             195           1,430               41
                                               10/15/42

Northbrooke (1)                    548972       5/24/02    7.080%       13,416           2,522          15,938              430
                                                 8/1/43

Ellington Plaza (1)                585494       7/26/02    6.835%       16,923           2,973          19,896              437
                                                 6/1/44

Burlington                         595515       11/1/02    5.900%        6,862             319           7,181              199
                                                4/15/31
FNMA DUS Certificates
---------------------

Cambridge                          385971       4/11/03    5.560%        3,688             (21)          3,667               44
                                                 3/1/33

Bayforest                          381974       4/21/03    7.430%        4,337              (7)          4,330               50
                                                10/1/28

Coventry Place                     384920        5/9/03    6.480%          795              (6)            789                6
                                                 3/1/32

Rancho de Cieto                    385229       5/13/03    6.330%        2,629             (69)          2,560               17
                                                 9/1/17

Elmwood Gardens                    386113       5/15/03    5.350%        5,579             (29)          5,550               37
                                                 5/1/33

30 West                            380751       5/27/03    6.080%        1,378             (63)          1,315                6
                                                10/1/16
</TABLE>

                                      -13-
<PAGE>


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

<TABLE>
<CAPTION>


                                           Date
                                         Purchase/
                                           Final     Stated      Amortized       Unrealized                        Interest Income
                           Certificate    Payment   Interest      Cost as      Gain (Loss) at      Balance at      End Applicable
Name                         Number         Due       Rate     June 30, 2003    June 30, 2003    June 30, 2003      to the Period
----                       -----------  ----------  --------   -------------   --------------    -------------     ---------------
<S>                          <C>          <C>        <C>         <C>               <C>              <C>                 <C>
Jackson Park                 386139       5/30/03    5.150%          2,794             (40)            2,754                12
                                           6/1/18

Courtwood                    386274       6/26/03    4.690%          1,777            (137)            1,640                 1
                                           6/1/33

Sultana                      386259       6/30/03    4.650%          4,132            (259)            3,873                --
                                           6/1/23

Buena                        386273       6/30/03    4.825%          3,075             (75)            3,000                --
                                           6/1/33

Allegro                      386324       6/30/03    5.380%          2,587             (20)            2,567                --
                                           7/1/33

Village West                 386243       6/30/03    4.910%            792             (46)              746                --
                                           6/1/21
                                                               -------------------------------------------------------------------
Total                                                            $ 139,905         $17,783          $157,688            $3,852
                                                               ===================================================================
</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 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.

     (3)  This GNMA certificate was repaid in April 2003 at par.



                                      -14-
<PAGE>


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

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

                                                    June 30,        December 31,
                                                      2003              2002
                                                 -------------     -------------
<S>                                              <C>               <C>
Amortized cost                                   $     139,905     $     105,331
Net unrealized gain                                     17,783             8,703
                                                 -------------     -------------
Fair Value                                       $     157,688     $     114,034
                                                 =============     =============

</TABLE>

As of June 30, 2003, there were gross unrealized gains and losses of $18,554,513
and $771,256, respectively. As of December 31, 2002, there were gross unrealized
gains and losses of $8,730,076 and $27,147, respectively.


                                      -15-
<PAGE>



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

NOTE 4 - Notes Receivable

The Company's notes  receivable are  collateralized  by equity  interests in the
owner of the related property and consist of the following as of June 30, 2003:

                             (Dollars in thousands)
<TABLE>
<CAPTION>

                                                                                         Remaining
                                                 Outstanding   Unamortized               Committed
                                                  Principal       Costs     Carrying     Balance to      Interest
Property                   Location                Balance      and Fees     Amount       Fund (1)         Rate           Maturity
------------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>                    <C>            <C>        <C>         <C>         <C>                <C>
Parwood (3)                Long Beach, CA         $  2,683       $  14      $  2,669    $  567          11.00%          January 2004

Concord at Little York(6)  Houston, TX               3,500          13         3,487        --          12.00%         February 2004

Concord at Gulfgate (6)    Houston, TX               3,500          30         3,470        --          12.00%              May 2004

Reserve at Fox River(8)    Yorkville, IL             1,350          --         1,350        --          12.00%              May 2003

Noble Towers (3)(7)        Oakland, CA               6,872           9         6,863     7,300          12.00%             July 2005

Clarks Crossing (3)        Laredo, TX                1,650          28         1,622        --          12.00%          October 2003

Concord at Gessner (6)     Houston, TX               1,523          29         1,494        --          12.00%            March 2005

Desert View (3)            Coolidge, AZ                 20          --            20        --          11.00%              May 2004

Valley View (3)            North Little Rock, AR       400          --           400        --          12.00%         December 2003

Del Mar Villas (4)         Dallas, TX                5,554          25         5,529        --      LIBOR + 4.625%(5)     April 2004

Mountain Valley (4)        Dallas, TX                5,785          49         5,736       522 (2)  LIBOR + 4.750%(5)  November 2004

Baywoods (4)               Antioch, CA              10,819          58        10,761       171      LIBOR + 4.000%(5)     March 2005
                                                 --------------------------------------------------

    Total                                         $ 43,656       $ 255      $ 43,401    $8,560
                                                 ==================================================
</TABLE>

(1)  Funded on an as needed basis.
(2)  To be funded for rehabilitation.
(3)  These loans are to limited partnerships who are affiliated with the Advisor
     (see Note 9).
(4)  Pledged as  collateral  in connection  with  warehouse  facility with Fleet
     National Bank (see Note 8).
(5)  LIBOR at June 30, 2003 was 1.12%.
(6)  These notes are in default (see below).
(7)  Affiliate  of the Advisor has  provided a full  guarantee on the payment of
     principal and interest due on this note.
(8)  In July 2003, the land  associated  with this note was sold to third party,
     which assumed the note with the  modification  of certain terms.  The note,
     which now  matures  October  of 2003,  bears  interest  at a rate of 6% per
     annum.


                                      -16-
<PAGE>


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

The notes receivable  secured by The Concord at Little York, Concord at Gulfgate
and Concord at Gessner  partnership  interests each missed required debt service
payments  beginning  with  the May  2003  payment,  causing  the  notes to be in
default. The Company has stopped accruing income on each of the notes receivable
and is in the process of taking the steps  necessary to protect its  investment.
The  Company  obtained  an  independent  appraisal  for  each of the  properties
underlying the notes receivable. In each instance, the appraisal determined that
the value of the property exceeded the value of the first mortgages  outstanding
on the  particular  property,  not owned by the Company,  and the Company's note
receivable  outstanding.   The  appraisals  assumed  that  each  property,  upon
completion of  construction,  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 these loans
were originated. The appraisals also assessed the value of the properties if the
real estate tax  abatement is not  received.  If this  occurs,  the value of the
properties could be substantially  less than the Company's  current  assessment.
The Company  believes that it is probable that the  properties  will qualify for
the tax abatement and, accordingly,  has not recorded an allowance for losses on
these impaired loans.

NOTE 5 - Restricted Cash

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.   The  first  mortgage  and  mezzanine   loans  had  carrying  values  of
approximately  $8.3 million and $651,000,  respectively.  The cash proceeds from
the principal  repayment of the first mortgage loan are being held as collateral
for the Company's  contingent  liabilities under guarantees issued in the Fannie
Mae DUS  Program  (see  Note  12) and are  recorded  as  restricted  cash on the
consolidated  balance  sheet.  Included in the $10 million of cash proceeds were
additional interest payments of approximately  $526,000 and prepayment penalties
of  approximately  $331,000  that are recorded as interest  income from mortgage
loans on the  consolidated  statement  of income.  The Company  also  recognized
approximately $113,000 in deferred fee income which is also recorded in interest
income.

NOTE 6 - 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 $62,000, is recorded as
other income on the consolidated  statement of income.  The property is held for


                                      -17-
<PAGE>


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


sale and is not being  depreciated.  The  Company  also  incurred  approximately
$73,000 of costs to effect this troubled debt restructuring,  which are included
in amortization and other expenses.

NOTE 7 - 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 June 30, 2003 and  December  31,  2002,  the amounts  outstanding  under this
facility  were $105.7 and $87.9  million,  respectively,  and  weighted  average
interest  rates were 1.10% and 1.47%,  respectively.  Deferred costs relating to
the Nomura Securities Repurchase Facility have been fully amortized. All amounts
outstanding at June 30, 2003, had 30-day settlement terms.

NOTE 8- Warehouse Facility

In October 2002,  the Company  entered into a mortgage  warehouse line of credit
with Fleet National Bank in the amount of up to $40 million.  Advances under the
warehouse  facility,  up to 83% of the total loan package,  will be used to fund
first  mortgage  loans,  which the Company  will make to its  customers  for the
acquisition/refinancing  and  minor  renovation  of  existing,   lender-approved
multi-family 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 advances.  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  June  30,  2003  and  December  31,  2002,  the  Company  had
approximately $17.7 and $8.8 million,  respectively,  in borrowings  outstanding
under this program.

NOTE 9 - Related Party Transactions

The costs  incurred to related  parties for the three and six months  ended June
30,  2003 and 2002  were as  follows,  all of which are paid or  payable  to the
Advisor:
<TABLE>
<CAPTION>
                                =======================   ======================
                                  Three Months Ended         Six Months Ended
                                      June 30,                   June 30,
                                -----------------------   ----------------------
                                   2003         2002         2003        2002
                                -----------------------   ----------------------
<S>                             <C>          <C>          <C>         <C>
Expense reimbursement           $      186   $      143   $      333  $     318
Asset management fees                  254          228          503        410
Incentive fee                           16*          --           63*        --
                                ----------   ----------   ----------  ----------

                                $      456   $      371   $      899  $      728
                                ==========   ==========   ==========  ==========
</TABLE>

* Accrual based on management estimates of the Company's full-year 2003 results.

Some of the Company's notes  receivable (see Note 4), the guarantee on Creekside
Apartments  and standby  bridge  loan  commitments  described  in Note 12 are to
limited   partnerships   structured  as  follows:  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.


                                      -18-
<PAGE>

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

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

The Company has issued 19,550 common shares to the Advisor (see Note 10).

In December 2002, Charter Municipal Mortgage  Acceptance Company  ("CharterMac")
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 replaced with two new independent trustees.

NOTE 10 - Capital Stock and Share Option Plan

On April 23,  2003,  the Company  completed a public  offering of 1.955  million
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.

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 six  months  ended  June  30,  2003,  and were  taken  into  account  in the
calculation of diluted earnings per share. At June 30, 2003, these options had a
fair value of  $100,700  based on the  Black-Scholes  pricing  model,  using the
following  assumptions:  dividend yield of 9.22%,  estimated  volatility of 16%,
risk free interest rate of 3.86% and expected  lives of 9.93 years.  The Company
recorded  compensation cost of $13,488,  reflected in general and administrative
expenses  for the three and six months  ended June 30,  2003,  relating to these
options.

The  Company  has  adopted  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
using the Black-Scholes option-pricing model.

NOTE 11 - Earnings Per Share

Basic net  income per share in the amount of $.32 and $.39 and $.79 and $.81 for
the three and six months ended June 30, 2003 and 2002, respectively,  equals net
income for the periods ($2,573,123 and $2,458,410 and $5,765,274 and $4,597,434,


                                      -19-
<PAGE>


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

respectively),   divided  by  the  basic  weighted   average  number  of  shares
outstanding,  which were  8,144,259 and  6,363,630 and 7,258,863 and  5,666,116,
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 $.32 and $.39 and $.79 and $.81
for the three and six months ended June 30, 2003 and 2002, respectively,  equals
net income  for the  periods  ($2,573,123  and  $2,458,410  and  $5,765,274  and
$4,597,434,  respectively)  divided by the diluted  weighted  average  number of
shares  outstanding,  which were  8,158,524  and  6,363,630  and  7,273,128  and
5,666,116, respectively.

NOTE 12 - 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 for
apartment  properties  that  qualify for low income  housing  tax credits  under
Section 42 of the Internal  Revenue Code.  Under the loan  program,  the Company
intended to originate and contract for individual loans of up to $6 million each
over a two-year  period in  conjunction  with American  Property  Financing,  an
unaffiliated  third  party,  which  would  underwrite  and service the loans for
Fannie  Mae.  The Company  guaranteed  a first loss  position  on the  aggregate
principal  amount of the loans the  Company  originated  under this  program and
receives guaranty,  loan origination and other fees. The Company also guarantees
construction  loans for which it has issued a forward  commitment to originate a
loan under the Fannie Mae Program, with respect to which it guarantees repayment
of 100% of such  construction  loans.  As of June  30,  2003,  the  Company  has
originated  loans  totaling  approximately  $3.3  million  under the  Fannie Mae
Program.  Therefore,  the  Company's  maximum  guaranty  at June  30,  2003  was
approximately $3.3 million.

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.  The Company has reached an  agreement  in principle to terminate
this program and transfer its rights and  obligations to an  unaffiliated  third
party.  There  can  be no  assurance,  however,  that  this  agreement  will  be
consummated.  Accordingly,  during the first quarter of 2002,  the Company wrote
off the balance of unamortized  deferred  costs  relating to this program.  This
write-off  totaled  approximately  $358,000  and is  included in Fannie Mae loan
program expenses on the consolidated statement of income.

During March 2003, the Company's  liability under a forward commitment  relating
to a loan in the Fannie Mae Program, in the amount of $3.0 million, expired.

During April 2003, the Company  purchased the Desert View  construction  loan in
the amount of approximately  $1.0 million,  due to a default on such loan, which
was 100% guaranteed by the Company under the Fannie Mae loan program.  This loan
is included in investments in mortgage loans on the consolidated balance sheet.

Except for the write-off of the program costs  described  above,  the Fannie Mae
loan program has not had, and its  discontinuance  is not anticipated to have, a
significant  impact  on  the  Company's   financial   condition  or  results  of
operations.


                                      -20-
<PAGE>


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

The following  table provides  information  relating to the loans  originated on
Fannie Mae's behalf which remained as of June 30, 2003.
<TABLE>
<CAPTION>
                             (Dollars in thousands)

                                         Number of                    Loss
                                         Apartment   Originated    Sharing Fee
Property                Location           Units     Loan Amount  (annual rate)
--------------------------------------------------------------------------------
<S>                     <C>                 <C>        <C>            <C>
Valley View             Cedar Rapids, IA     96        $2,187         0.36%

Maple Ridge Apartments  Jackson, MI          69         1,137         0.52%
                                         ------------------------
         Total                              165        $3,324
                                         ------------------------
</TABLE>
                                      -21-
<PAGE>

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                  June 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
multi-family apartment complexes in various locations.

                             (Dollars in thousands)
<TABLE>
<CAPTION>

Standby and
Forward Bridge Loan Commitments
---------------------------------------

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

                                                             No. of
Issue Date   Project                   Location            Apt. Units      Less than 1 Year        1-3 Years
------------------------------------------------------------------------------------------------------------------------
  <S>        <C>                       <C>                   <C>             <C>                 <C>
  Jan-02     Parwood                   Long Beach, CA          528           $   567 (3)         $      --
  Nov-02     Mountain Valley           Dallas, TX              312               522 (3)
  Feb-03     Noble Towers              Oakland, CA             195                --                 7,300 (2)
  Mar-03     Baywoods Apartments       Antioch, CA             128               171 (3)
                                                           -------------------------------------------------------------

Total Standby and Forward Bridge Loan Commitments            1,163           $ 1,260             $   7,300
                                                           =============================================================

<CAPTION>

 Standby and Forward Permanent Loan
 Commitments
 --------------------------------------
                                                                                    Maximum Amount of Commitments
                                                                           ---------------------------------------------

                                                             No. of
Issue Date   Project                   Location            Apt. Units      Less than 1 Year        1-3 Years
------------------------------------------------------------------------------------------------------------------------
  <S>        <C>                       <C>                    <C>          <C>                          <C>
  Mar-02     Sunset Gardens            Eagle Pass, TX          60          $   717 (1)(7)               --
  May-02     Highland Park             Topeka, KS             200            4,250 (1)(5)(6)            --
                                                           -------------------------------------------------------------

Total Standby and Forward Permanent Loan Commitments          260          $ 4,967                      --
                                                           =============================================================

<CAPTION>

 Standby and Forward Mezzanine Loan
 Commitments
 --------------------------------------

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

                                                             No. of
Issue Date   Project                   Location            Apt. Units      Less than 1 Year        1-3 Years
------------------------------------------------------------------------------------------------------------------------
  <S>        <C>                       <C>                    <C>            <C>                       <C>
  April-03   Villas at Highpoint       Lewisville, TX         304            $   206 (3)                --
  April-03   Villas at Highpoint       Lewisville, TX          --                                      693 (4)
                                                           -------------------------------------------------------------

Total Standby and Forward Mezzanine Loan Commitments          304            $   206                   693
                                                           =============================================================
</TABLE>


                                       -22-
<PAGE>

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

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


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

Date Purchased                Project                           Less than 1 Year                     1-3 Years
------------------------------------------------        -------------------------------------------------------------------
   <S>              <C>                                          <C>                                 <C>
   Mar-02           Cantera Crossing                             $     439 (3)                       $    --
   Mar-02           Fillmore Park                                      203 (3)                            --
   May-02           Ellington Plaza                                 20,785 (3)                            --
   May-02           Northbrooke                                        623 (3)                            --
                                                        -------------------------------------------------------------------

Total Forward GNMA Commitments                                   $  22,050                                --
                                                        -------------------------------------------------------------------

Total Standby and Forward Loan and GNMA Commitments              $  28,483                           $ 7,993
                                                        ===================================================================
</TABLE>

(1) Funding not anticipated to occur.
(2) Fundings  will be on an as needed basis to complete  rehabilitation  of the
    property.
(3) Funding has already  begun.  Amount  represents  remaining  commitment to be
    funded.
(4) Funding expected to occur after construction completion.
(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) The Company received a loan commitment fee of 3.5% for issuing the
    commitment.


                                      -23-
<PAGE>

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


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

During  2002,  the Company  guaranteed  the  following  loans in relation to the
construction  of  affordable   multi-family   apartment   complexes  in  various
locations.  The construction loan guarantees will provide credit support for the
following  projects 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  multi-family  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.

                             (Dollars in thousands)
<TABLE>
<CAPTION>
                                                                  Maximum Amount of
                                                                     Guarantee

                                                                                                  Loan Administra-      Construction
 Date                                                        No. of     Less than                     tion Fee (1)        Guarantee
Closed    Project                    Location                Units       1 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 12, 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.

                                      -24-
<PAGE>


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


NOTE 13 - 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 7). 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 six months ended
June 30, 2003, was 1.25% and 1.29%, 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 will be 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 June 30, 2003,  this  interest  rate swap was recorded as a liability  with a
fair  market  value of  approximately  $1,234,000,  included  in  interest  rate
derivatives on the consolidated balance sheet.

NOTE 14 - Subsequent Events

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

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 as of the date of the filing of this
report.

During July and August 2003,  the Company had  purchased  The Concord at Gessner
and Concord at Little York first mortgage loans for the amounts of $14.2 million
and $11.7  million,  respectively.  Subsequent  to the  purchase  of these first
mortgage  loans,  the Company has exercised its right to acquire the  underlying
real estate in foreclosure auctions.


                                      -25-
<PAGE>


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

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

Interest  income from mortgage loans  decreased  approximately  $253,000 for the
three  months  ended June 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
$753,000  for the six months  ended June 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 debt  securities  increased  approximately  $610,000  and
$1,398,000  for the three and six months ended June 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 twelve FNMA DUS certificates during 2003
at an average interest rate yield of 5.34%.

Interest  income from notes  receivable  increased  approximately  $251,000  and
$682,000  for the three and six months  ended June 30,  2003 as compared to 2002
due to the funding of four notes receivable during 2003 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 $336,000 and $471,000 for the three and
six  months  ended  June  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  $85,000 and $171,000 for the three and
six months ended June 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 the accrual of estimated incentive management fees.

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

Amortization and other expenses increased approximately $49,000 and $200,000 for
the three and six months  ended June 30,  2003 as  compared to 2002 due to costs
incurred in the Plaza at San Jacinto debt  restructuring and the amortization of
deferred costs on the Fleet Warehouse Facility.

A loss on the  repayment  of debt  securities  in the  amount  of  approximately
$391,000 was  recorded  for the six months ended June 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 June 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-two   GNMA  and  FNMA  DUS   mortgage-backed   securities  and


                                      -26-
<PAGE>

pass-through certificates, twelve bridge loans and a preferred equity investment
in ARCap Investors, L.L.C. ("ARCap").

During the six months ended June 30, 2003, cash and cash  equivalents  decreased
approximately  $6,998,000  primarily  due to  funding  of  notes  receivable  of
approximately  $21,461,000,  an increase  in  restricted  cash of  approximately
$8,282,000,  an  increase  in  investment  in  mortgage  loans of  approximately
$10,356,000,  investments  in GNMA and FNMA DUS  certificates  of  approximately
$43,304,000,  and  repayments of repurchase  facility  payable of  approximately
$37,076,000,  partially  offset  by  principal  payments  of  mortgage  loans of
approximately   $9,464,000,   proceeds  from  warehouse   facility   payable  of
approximately  $8,872,000,  proceeds  from the  issuance  of  common  shares  of
approximately  $27,473,000,  proceeds from the  repurchase  facility  payable of
approximately   $54,913,000,   principal   repayments   of  GNMA  and  FNMA  DUS
certificates of approximately $8,232,000 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  million
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 June 30,  2003 and  December  31,  2002,  the amount  outstanding  under this
facility was approximately $105.7 and $87.9 million,  respectively, and weighted
average interest rates were 1.10% 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  first
mortgage  loans,   which  the  Company  will  make  to  its  customers  for  the
acquisition/refinancing  and  minor  renovation  of  existing,   lender-approved
multi-family  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


                                      -27-
<PAGE>

underlying  project or upon  maturity.  The Company will pay a fee of 12.5 basis
points,  paid quarterly,  on any unused portion of the facility.  As of June 30,
2003 and December 31, 2002, the Company had approximately $17.7 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 will meet
its needs for  short-term  liquidity,  and will be  sufficient to pay all of the
Company's  expenses and to make  distributions  to its  shareholders  in amounts
sufficient to retain the Company's REIT status in the foreseeable future.

The Company  entered into a loan program with Fannie Mae,  which agreed to fully
fund the origination of $250 million of Delegated Underwriter and Servicer loans
for apartment  properties  that qualify for low income housing tax credits under
Section 42 of the Internal  Revenue Code.  Under the loan  program,  the Company
intended to originate and contract for individual loans of up to $6 million each
over a two-year  period in  conjunction  with American  Property  Financing,  an
unaffiliated  third  party,  which  would  underwrite  and service the loans for
Fannie  Mae.  The  Company  guarantees  a first  loss  position  of up to $21.25
million,  depending on the aggregate  principal  amount of the loans the Company
originates under this program and would receive  guaranty,  loan origination and
other fees.  The Company  also  guarantees  construction  loans for which it has
issued a forward  commitment  to  originate a loan under the Fannie Mae Program,
with  respect  to which it  guarantees  repayment  of 100% of such  construction
loans.  As  of  June  30,  2003,  the  Company  has  originated  loans  totaling
approximately  $3.3  million  under  the  Fannie  Mae  Program.  Therefore,  the
Company's maximum guaranty at June 30, 2003 was $3.3 million.

Subsequent to creating this program,  the level of loan origination  competition
has   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.  The Company has reached an agreement in principle to
terminate   this  program  and  transfer  its  rights  and   obligations   to  a
non-affiliated  third  party.  There  can be no  assurance,  however,  that this
agreement will be  consummated.  Accordingly,  during the first quarter of 2002,
the Company wrote off the balance of unamortized deferred costs relating to this
program. This write-off totaled approximately $358,000 and is included in Fannie
Mae loan program expenses in the June 30, 2002 consolidated statement of income.

During  March  of 2003,  the  Company's  liability  under a  forward  commitment
relating to the Fannie Mae Program, in the amount of $3.0 million expired.

During April 2003, the Company  purchased the Desert View  construction  loan in
the amount of approximately  $1.0 million,  due to a default on such loan, which
was 100% guaranteed by the Company under the Fannie Mae loan program.  This loan
is included in investments in mortgage loans in the consolidated balance sheet.

Except for the write-off of the program costs  described  above,  the Fannie Mae
loan program has not had, and its  discontinuance  is not anticipated to have, a
significant  impact  on  the  Company's   financial   condition  or  results  of
operations.

During February 2003, the Company received approximately $10 million in proceeds
relating to the  repayment of the Stony Brook II first  mortgage  and  mezzanine


                                      -28-
<PAGE>

loans,  of which,  $8.3 million is being held as  collateral  for the  Company's
contingent liabilities under guarantees issued in the Fannie Mae DUS program.

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

For a summary of the Company's  commitments and  contingencies at June 30, 2003,
see Note 12 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.

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

Of the total distributions of $5,880,724 and $4,693,177 for the six months ended
June 30, 2003 and 2002,  respectively,  $115,450  ($.01 per share or 1.96 %) and
$95,743 ($.02 per share or 2.04%)  represented a return of capital determined in
accordance with generally accepted accounting  principles,  respectively.  As of
June 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 $14,586,345.
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  two
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.

During 2003, the Company  exercised its rights under a  subordinated  promissory
note and other documents to take  possession of certain real estate  collateral.
The Company has also  purchased  the first  mortgage  loan on the  property  and
acquired the real estate at a foreclosure auction. 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.

During 2003, in accordance  with the Incentive  Share Option Plan, the Company's
Compensation  Committee  granted  190,000  options to employees of Related.  The
Company has adopted the provisions of SFAS No. 123,  "Accounting for Stock-Based
Compensation"  for its  share  options  issued  to  non-employees.  Accordingly,


                                      -29-
<PAGE>

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.

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

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

Inflation
---------

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

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


                                       -30-
<PAGE>

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
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 $93.4 million unhedged portion
of $123.4 million of borrowings  outstanding  under these facilities at June 30,
2003, a 1% change in LIBOR would reduce the Company's annual net income and cash
flows by approximately  $934,000.  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  $177,000.  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
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

Multi-family  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.


                                      -31-
<PAGE>

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.

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
report, 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.

                                      -32-
<PAGE>

                           PART II. OTHER INFORMATION

Item 1.   Legal Proceedings

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

Item 2.   Changes in Securities - None.

Item 3.   Defaults Upon Senior Securities and Use of Proceeds

          A proxy  and  proxy  statement  soliciting  the vote of the  Company's
          shareholders for the Company's annual meeting of shareholders was sent
          to  shareholders  on or about April 30, 2003. Such meeting was held on
          June 11, 2003. Stuart Boesky,  Peter Allen,  Arthur Fisch, Alan Hirmes
          and Scott Mannes were  re-elected  trustees for a one-year  term.  The
          five  individuals  elected,  and the  number  of  votes  cast  for and
          abstaining with respect to each of them, is as follows:
<TABLE>
<CAPTION>
                                                    For              Abstain
                                               --------------     --------------
<S>                                              <C>                  <C>
Stuart J. Boesky                                 7,485,283            279,499
Peter T. Allen                                   7,605,601            159,181
Arthur P. Fisch                                  7,601,799            162,983
Alan P. Hirmes                                   7,503,585            261,197
Scott M. Mannes                                  7,607,158            157,624
</TABLE>

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

Item 5.   Other Information

          Steven  Wendel has resigned his  position as Chief  Operating  Officer
          ("COO") of the Company,  effective  April 25, 2003, in order to pursue
          other endeavors.  The Company has begun a search for a new COO. In the
          interim, Alan Hirmes, the Executive Vice President of the Company, has
          been functioning as the COO.

Item 6.   Exhibits and Reports on Form 8-K

          Exhibits

          31.1 Chief Executive Officer certification  pursuant to Rule 13a-14 or
               15d-14

          31.2 Chief Financial Officer certification  pursuant to Rule 13a-14 or
               15d-14

          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 June 30, 2003:

          Current  report on Form 8-K  relating to the Company  entering  into a
          five-year, 30-day London Inter-Bank offer rate interest rate swap with
          a notional amount of $30 million.


                                      -33-
<PAGE>


          Current report on Form 8-K relating to the press release regarding the
          Company's  announcement of its financial results for its first quarter
          ended March 31, 2003.

          Current  report on Form 8-K relating to the Company  making  available
          unaudited  supplemental  data regarding its operations for the quarter
          ended March 31, 2003.


                                      -34-
<PAGE>


                                   SIGNATURES


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


                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                                  (Registrant)


Date: August 12, 2003                  By: /s/ Stuart J. Boesky
                                           --------------------
                                           Stuart J. Boesky
                                           Trustee, Chairman of the Board,
                                           President and Chief Executive Officer


Date: August 12, 2003                  By: /s/ Stuart A. Rothstein
                                           -----------------------
                                           Stuart A. Rothstein
                                           Chief Financial Officer


<PAGE>


                                                                    Exhibit 31.1
                         CERTIFICATION PURSUANT TO RULE
                                13a-14 or 15d-14


I, Stuart J. Boesky, hereby certify that:

     1.   I have  reviewed  this  quarterly  report on Form 10-Q for the  period
          ending June 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:  August 12, 2003                 By: /s/ Stuart J. Boesky
       ---------------                     --------------------
                                           Stuart J. Boesky
                                           Chief Executive Officer


<PAGE>

                                                                Exhibit 31.2


                         CERTIFICATION PURSUANT TO RULE
                                13a-14 or 15d-14


I, Stuart A. Rothstein, hereby certify that:

     1.   I have  reviewed  this  quarterly  report on Form 10-Q for the  period
          ending June 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:  August 12, 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 June 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
     August 12, 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 June 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
     August 12, 2003