SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549

                             FORM 10-Q

(Mark One)


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


For the quarterly period ended March 31, 1998

                                 OR

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


                   Commission File Number 0-23972


                 AMERICAN MORTGAGE INVESTORS TRUST
       (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 [ ]


                                        1
<PAGE>

                                     PART I

Item 1.  Financial Statements
                 AMERICAN MORTGAGE INVESTORS TRUST
                           Balance Sheets
<TABLE>
<CAPTION>

                                                    March 31,      December 31,
                                                      1998              1997
                                                  -----------      ------------
                                                  (Unaudited)         (Audited)
ASSETS                                                         
<S>                                               <C>              <C>         
Investments in loans (Note 2)                     $ 46,603,187     $ 46,792,853
Investment in REMIC and GNMA
  Certificates and FHA
  Insured Project Loan (Note 3)                     11,602,252       12,495,878
Cash and cash equivalents                            2,423,043        1,840,715
Organization costs (net of
  accumulated amortization
  of $47,500 and $45,000,
  respectively)                                          2,500            5,000
Deferred costs                                           9,549            9,549
Accrued interest receivable                            638,823          501,927
                                                  ------------     ------------
   Total assets                                   $ 61,279,354     $ 61,645,922
                                                  ============     ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
  Accounts payable and
   accrued expenses                               $     51,465     $     49,123
  Due to affiliates (Note 4)                         1,323,584        1,210,874
                                                  ------------     ------------
Total liabilities                                    1,375,049        1,259,997
                                                  ------------     ------------
Commitments (Note 5)
Shareholders' equity:
  Shares of beneficial interest;
   $.10 par value; 12,500,000
   shares authorized; 4,109,670
   and 4,087,583 shares issued
   and outstanding, respectively                       410,968          408,759
  Treasury stock; $.10 par value;
   270,425 and 248,339 shares,
   respectively                                        (27,043)         (24,834)
  Additional paid-in capital                        68,849,733       68,849,725
  Distribution in excess of net income              (9,464,381)      (9,021,323)
  Accumulated other comprehensive income:
Net unrealized gain  on marketable
   securities (Note 3)                                 135,028          173,598
                                                  ------------     ------------
Total shareholders' equity                          59,904,305       60,385,925
                                                  ------------     ------------
Total liabilities and shareholders'
equity                                            $ 61,279,354     $ 61,645,922
                                                  ============     ============
</TABLE>

                 See Accompanying Notes to Financial Statements
                                        2

<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                            Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>

                                              Three Months Ended
                                                   March 31,
                                              -------------------
                                              1998           1997
                                              -------------------
Revenues:
<S>                                      <C>            <C>        
  Interest income:
  Mortgage loans (Note 2)                 $  845,699     $  776,512
  REMIC and GNMA
   Certificates and FHA Insured
   Project Loan (Note 3)                     233,385        260,241
  Temporary investments                       24,423         43,916
                                           ---------      ----------

   Total revenues                          1,103,507      1,080,669
                                           ---------      ---------

Expenses:
  General and administrative                  30,109         34,706
  General and administrative -
   related parties (Note 4)                  110,423        115,799
  Realized loss on sale
   of REMICs and GNMAs
   and FHA Insured
   Project Loan (Note 3)                         368          9,996
  Amortization                                 2,500          2,500
                                           ---------     ----------

   Total expenses                            143,400        163,001
                                           ---------     ----------

   Net income                             $  960,107     $  917,668
                                           =========      =========

   Basic net income
    per weighted
    average share                         $      .23     $      .24
                                           =========    ===========
</TABLE>

                 See Accompanying Notes to Financial Statements
                                        3
<PAGE>


                        AMERICAN MORTGAGE INVESTORS TRUST
                  Statement of Changes in Shareholders' Equity
                                   (Unaudited)
                                 Net Unrealized
<TABLE>
<CAPTION>

                                                                      
                        Shares of                                                                  Gain (Loss) on            
                   Beneficial Interest          Treasury Stock        Additional   Distribution      Securities              
                   -------------------       -------------------       Paid-in     in Excess of        Avail-                
                   Shares       Amount       Shares       Amount       Capital      Net Income     able for Sale        Total
                   ------       ------       ------       ------       -------      ----------     -------------        -----
<S>                <C>          <C>          <C>          <C>         <C>           <C>               <C>            <C>        
Balance at         4,087,583    $ 408,759    (248,339)    $(24,834)   $68,849,725   $(9,021,323)      $173,598       $60,385,925
  January 1,
  1998
Net Income                 0            0           0            0             0        960,107              0           960,107
Distributions              0            0           0            0             0     (1,403,165)             0        (1,403,165)
Purchase of                0            0     (22,086)      (2,209)     (341,891)             0              0          (344,100)
  Treasury                                                                                           
  Stock                                                                                              
Issuance of           22,087        2,209           0            0       341,899              0              0           344,108
  shares of                                                                                          
  beneficial                                                                                         
  interest                                                                                           
Change in net              0            0           0            0             0              0        (38,570)          (38,570)
  unrealized                                                                                        
  gain on
  securities
  available
  for sale
                 ------------ ------------ ------------ ------------ ------------- -------------- ----------------- -------------
Balance at         4,109,670    $ 410,968    (270,425)    $(27,043)   $68,849,733   $(9,464,381)      $135,028       $59,904,305
  March 31,
  1998
                 ============ ============ ============ ============ ============= ============== ================= =============
</TABLE>

See accompanying notes to financial statements.

                                       4
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                            Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                        Three Months Ended
                                                             March 31,
                                                  -----------------------------
                                                       1998           1997
                                                  -----------------------------
Cash flows from operating activities:       
<S>                                               <C>               <C>        
  Net income                                      $   960,107       $   917,668
Adjustments to reconcile net income
  to net cash provided by
  operating activities
   Amortization expense -
    organization costs                                  2,500             2,500
   Amortization expense - loan
    premium and origination costs                     125,407           119,207
   Amortization of REMIC
    and GNMA and FHA
    Insured Project Loan discount                     (10,420)           (9,869)
   Loss on sale of REMIC
    certificates                                            0             9,406
   Loss on sale of GNMAs                                  368               457
   Loss on sale of FHA
    Insured Project Loan                                    0               134
Changes in operating assets and
  liabilities:
  (Increase) decrease in accrued
   interest receivable                               (136,896)           13,898
  Increase in due to affiliates                       112,710           115,981
  Increase (decrease) in accounts
   payable and accrued expenses                         2,342           (46,179)
                                                  -----------       -----------
   Total adjustments                                   96,011           205,535
                                                  -----------       -----------
  Net cash provided by
   operating activities                             1,056,118         1,123,203
                                                  -----------       -----------
</TABLE>

                                        5
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                            Statements of Cash Flows
                                   (continued)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                              Three Months Ended
                                                  March 31,
                                          -------------------------
                                             1998            1997
                                          -------------------------
Cash flows from investing activities:
<S>                                          <C>         <C>
  Investments in loans                             0     (1,484,076)
  Principal repayments of loans               64,259         46,390
  Principal repayments of GNMAs               58,136         25,108
  Principal repayments of REMICs             806,972        278,514
  Principal repayments of FHA
   Insured Project Loan                            0         11,799
                                          ----------     ----------
  Net cash provided by (used in)
    investing activities                     929,367     (1,122,265)
                                          ----------     ----------

Cash flows from financing activities:
  Distributions to shareholders           (1,403,165)    (1,403,764)
  Proceeds from issuance of shares
   of beneficial interest                    344,108        358,577
  Purchase of Treasury Stock                (344,100)             0
                                          ----------     ----------
  Net cash used in financing
   activities                             (1,403,157)    (1,045,187)
                                          ----------     ---------- 
Net increase (decrease) in cash and
  cash equivalents                           582,328     (1,044,249)
Cash and cash equivalents at
  beginning of period                      1,840,715      4,828,561
                                          ----------     ----------
Cash and cash equivalents at
  end of period                           $2,423,043     $3,784,312
                                          ==========     ==========

Supplemental schedule of non cash 
  investing activities:
  Decrease in deferred costs              $        0     $    3,032
  Increase in investments
   in loans                               $        0     $   (3,032)
                                          ----------     ----------

                                          $        0     $        0
                                          ==========     ==========
</TABLE>

                                        6
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)

Note 1 - General

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

The Company issued 10,000 shares of beneficial interest at $20 per share in
exchange for $200,000 cash from Related AMI Associates, Inc., the current
advisor to the Company (the "Advisor").

Pursuant to the Redemption Plan which became effective November 30, 1994, the
Company is required to redeem eligible shares presented for redemption for cash
to the extent it has sufficient net proceeds from the sale of shares under the
Reinvestment Plan. Since November 30, 1994, 251,588 shares have been sold
through the Reinvestment Plan, the proceeds of which are restricted for use in
connection with the Redemption Plan and are not included in gross proceeds.
Pursuant to the Redemption Plan as of March 31, 1998, 270,253 shares have been
redeemed, for an aggregate price of $4,948,969. As of March 31, 1998, the
backlog of shares to be redeemed is 123,704. The Board subsequently adopted a
policy to adjust the redemption price annually to reflect the then net asset
value of a share of the Company's stock. This new policy is effective for
redemptions with respect to quarters ended September 30, 1997 and thereafter.
With respect to the Reinvestment Plan, the Board also adopted a policy to adjust
the reinvestment price at which participants may acquire additional shares under
the Reinvestment Plan to also reflect the then net asset value of a share of the
Company's stock. The change in policy with respect to the reinvestment price was
effective November 30, 1997.

Management of the Company has made a number of estimates and assumptions
relating to the reporting of assets and liabilities and the disclosures of
contingent assets and liabilities to prepare these financial statements in
conformity with generally accepted accounting principals. Actual results could
differ from those estimates.


                                        7
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)

The unaudited financial statements have been prepared on the same basis as the
audited financial statements included in the Company's Form 10-K for the year
ended December 31, 1997. In the opinion of the Advisor, the accompanying
unaudited financial statements contain all adjustments (consisting only of
normal recurring adjustments) necessary to present fairly the financial position
of the Company as of March 31, 1998, the results of operations and cash flows
for the three months ended March 31, 1998 and 1997. However, the operating
results for the three months ended March 31, 1998 may not be indicative of the
results for the year.

Certain information and note disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been omitted. It is suggested that these financial statements be read in
conjunction with the financial statements and notes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1997.

In February 1997, the Financial Accounting Standards Board (the "FASB") issued
SFAS No. 128, "Earnings per Share" which is effective for periods ending after
December 15, 1997. This statement requires that the current calculations of
earnings per share be replaced by basic and diluted earnings per share
calculations. The Company has determined that the application of SFAS No. 128
had no effect on its calculation of earnings per share.

Net income per weighted average share is computed based on the net income for
the period, divided by the weighted average number of shares outstanding for the
period. The weighted average number of shares outstanding for the three months
ended March 31, 1998 and 1997 were 4,097,400 and 3,843,212, respectively.

The Company adopted SFAS No. 130, Reporting Comprehensive Income on January 1,
1998. SFAS No. 130 establishes standards for reporting and displaying
comprehensive income and its components in a financial statement that is
displayed with the same prominence as other financial statements.
Reclassification of financial statements for earlier periods, provided for
comparative purposes, is required. The statement also requires the accumulated
balance of other comprehensive income to be displayed

                                        8
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)

separately from retained earnings and additional paid-in capital in the equity
section of the balance sheet. Total comprehensive income for the quarters ended
March 31, 1998 and 1997 was $921,537 and $781,066, respectively.

The Company adopted SFAS No. 131, Disclosures about Segments of an Enterprise
and Related Information on January 1, 1998. SFAS No. 131 establishes standards
for reporting information about operating segments in annual and interim
financial statements. Operating segments are defined as components of an
enterprise about which separate financial information is available that is
evaluated regularly by the chief operating decision maker in deciding how to
allocate resources and in assessing performance. Categories required to be
reported as well as reconciled to the financial statements are segment profit or
loss, certain specific revenue and expense items, and segment assets. The
Company operates in one segment, investment in mortgages or mortgage backed
securities.

                                        9
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)

NOTE 2 - Investments in Loans

The Company originally funded five Originated Mortgages (excluding GNMAs-see
Note 3), five noninterest bearing Additional Loans and two additional
loan-bridge loans in the aggregate amount of $46,837,304.

Information relating to investments in Originated Mortgages and Additional Loans
as of March 31, 1998 and December 31, 1997 is as follows:

<TABLE>
<CAPTION>

                       Date of                                                                                    
                       Invest-                                                                                    
                        ment/            Amounts Advanced                                  Total                  
                        Final    -----------------------------------                      Amounts       Out       
                         Matu                                 Total                      Advanced    -standing    
             Descrip    -rity     Mortgage    Additional     Amounts       Amounts          and         Loan      
Property     -tion       Date       Loans        Loans      Advanced     Unadvanced    Unadvanced     Balance     
--------     ------    -------   ---------   ----------     --------     ----------    ----------     -------     
<S>            <C>      <C>     <C>            <C>          <C>          <C>                           <C>        
The Cove       308      12/93   $ 6,800,000    $  840,500   $ 7,640,500  $         0   $ 7,724,710     $7,450,009 
Apts.          Apt      1/29                                                                                      
Houston,       Units    (D)                                                                                       
TX (A)                                                                                                            
                                                                                                                  
Oxford on      405      12/93     9,350,000     1,156,000    10,506,000            0    10,621,790     10,244,076 
Greenridge     Apt.     1/29                                                                                      
Apts.          Units    (D)                                                                                       
Houston,                                                                                                          
TX (A)                                                                                                            
                                                                                                                  
Town &         330      4/94      9,348,000     1,039,000    10,387,000            0    10,387,000     10,135,677 
Country IV     Apt.     5/29                                                                                      
Apts.          Units    (E)                                                                                       
Urbana,                                                                                                           
IL (B)                                                                                                            
                                                                                                                  
Columbiana     204      4/94      8,276,895       563,000     8,839,895      406,105     9,246,000      8,824,939 
Lakes Apts.    Apt.     11/35                                                                                     
Columbia,      Units    (F)                                                                                       
SC (C)                                                                                                            
                                                                                                                  
Stony Brook    125      12/95     8,500,000       763,909     9,263,909            0     9,263,909      9,239,747 
Village II     Apt.     6/37                                                                                      
Apts.          Units    (F)                                                                                       
East Haven,                                                                                                       
CT (G)                                                                                                            
                                -----------    ----------   -----------     --------   -----------    ----------- 
Total                           $42,274,895    $4,362,409   $46,637,304     $406,105   $47,243,409    $45,894,448 
                                ===========    ==========   ===========     ========   ===========    =========== 
                                                                                                                  
</TABLE>

<TABLE>
<CAPTION>

                                                                              Interest                              
                                         Accum      Balance                   Earned         Less                  
                             Origi-     -ulated       at       Balance at     by the         1998        Net       
                             nation       Amor-     Mar. 31,    December      Company       Amor-      Interest    
                             Costs      tization   1998 (H)     31, 1997      for 1998     tization     Earned     
                             -----      --------   ---------    --------      --------     --------     ------     
<S>                       <C>         <C>          <C>         <C>           <C>           <C>         <C>        
The Cove                  $  444,215  $  434,329   $7,459,895  $7,498,346    $149,201      $25,242     $123,959   
Apts.                                                                                                             
Houston,                                                                                                          
TX (A)                                                                                                            
                                                                                                                  
Oxford on                    610,814     597,324   10,257,566  10,310,443     274,674       34,715      239,959   
Greenridge                                                                                                        
Apts.                                                                                                             
Houston,                                                                                                          
TX (A)                                                                                                            
                                                                                                                  
Town &                       603,895     459,443   10,280,129  10,327,840     204,834       29,074      175,760   
Country IV                                                                                                        
Apts.                                                                                                             
Urbana,                                                                                                           
IL (B)                                                                                                            
                                                                                                                  
Columbiana                   532,835     219,415    9,138,359   9,158,473     166,147       14,076      152,071   
Lakes Apts.                                                                                                       
Columbia,                                                                                                         
SC (C)                                                                                                            
                                                                                                                  
Stony Brook                  413,492     186,001    9,467,238   9,497,751     176,250       22,300      153,950   
Village II                                                                                                        
Apts.                                                                                                             
East Haven,                                                                                                       
CT (G)                                                                                                            
                          ----------  ----------  ----------- -----------    --------     --------     --------   
Total                     $2,605,251  $1,896,512  $46,603,187 $46,792,853    $971,106     $125,407     $845,699   
                          ==========  ==========  =========== ===========    ========     ========     ========   
</TABLE>

                                       10
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)


(A) The interest rates for The Cove and Oxford are 7.625%-9.129% during the
permanent loan period. In addition to the interest rate during the permanent
loan period, the Company will be entitled to 30% of the cash flow remaining
after payment of 9.129% interest and accrued interest, if any. Payments at the
rate of 9.129% were guaranteed by the developer until December 1996.

(B) The interest rates for Town and Country are 7.375%-9.167% during the
permanent loan period. In addition to the interest rate during the permanent
loan period, the Company will be entitled to 30% of the cash flow remaining
after payment of 9.167% interest. Payments at the rate of 9.167% were guaranteed
by the developer until June 1997.

(C) The interest rates for Columbiana are 7.9%-8.678% during the permanent loan
period and 7.4% during the construction period. In addition to the interest rate
during the permanent loan period, the Company will be entitled to 25% of the
cash flow remaining after payment of 8.678% interest. Payments at the rate of
8.678% are guaranteed by the developer until December 1998.

(D) The Originated Mortgages have terms of 35 years, subject to mandatory
prepayment at any time after 10 years and upon one year's notice.

(E) The Originated Mortgage has a term of 35 years, subject to mandatory
prepayment at any time after 12 years and upon one year's notice.

(F) The Originated Mortgage has a term of 40 years, subject to mandatory
prepayment at any time after 10 years and upon one year's notice.

(G) The interest rates for Stony Brook are 7.75%-9.128% during the permanent
loan period and 8.625% during the construction period. In addition to the
interest rate during the permanent loan period, the Company will be entitled to
40% of the cash flow remaining after payment of 9.128% interest.

(H) Aggregate cost for federal income tax purposes is $45,707,370.

                                       11
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)



NOTE 3 - Investment in REMIC and GNMA Certificates and FHA Insured Project Loan

Information relating to investments in REMIC and GNMA Certificates and FHA
Insured Project Loan as of March 31, 1998 and December 31, 1997 is as follows:

<TABLE>
<CAPTION>


                                                                                  Original                                      
                                                       Date                       Purchase                                      
                                                    Purchased                       Price                          Premium       
                                                      /Final         Stated       Including      Principal at   (Discount) at    
                                    Certificate      Payment        Interest         Prem/          March           March        
Seller                                Number           Date           Rate          (Disc)         31, 1998        31, 1998      
------                               ---------       -------         ------        ---------       ---------       --------     
                                                                                                                                
GNMA Certificates                                                                                                               
<S>                                  <C>             <C>             <C>        <C>             <C>              <C>            
Bear Stearns                         0355540         7/27/94         7.125%     $  2,407,102    $  2,582,854     $(238,914)     
                                                     3/15/29                                                                    
                                                                                                                                
Malone Mortgage                      0382486         7/28/94         8.500%        2,197,130       2,165,254        (8,119)     
                                                     8/15/29                                                                    
                                                                                                                                
Goldman Sachs                        0328502         7/29/94         8.250%        3,928,615       3,694,220        (3,461)     
                                                     7/15/29                                                                    
                                                                                                                                
SunCoast Capital Group, Ltd.         G22412(6)       6/23/97         7.000%        1,981,566       1,939,802       (12,730)     
                                                     4/20/27                                                                    
REMIC Certificates                                                                                                              
                                                                                                                                
Bear Stearns                         FNMA            8/27/93         6.500%       10,160,938               0             0      
                                     1992-17G(1)     Sold (1)                                                                   
                                                                                                                                
Bear Stearns                         FHLMC           10/26/93        4.850%        4,838,600               0             0      
                                     G-024C          Sold                                                                       
                                                                                                                                
Meridan Capital Markets              FHLMC           10/25/94        5.750%        1,721,291               0             0      
                                     1292ZA          6/15/97                                                                    
                                                                                                                                
Meridan Capital Markets              FNMA            10/25/94        5.250%          258,357               0             0      
                                     1992-153A       9/25/97                                                                    
                                                                                                                                
Meridan Capital Markets              FHLMC           10/27/94        6.500%          742,538               0             0      
                                     1580A           9/15/98(5)                                                                 
                                                                                                                                
Meridan Capital Markets              FHLMC           11/9/94         7.350%          269,658               0             0      
                                     1258C           5/15/04(2)                                                                 
                                                                                                                                
SunCoast Capital Group, Ltd.         FHLMC           3/30/97         7.000%          507,288               0             0      
                                     17218(4)        2/1/98 (6)                                                                 
                                                                                                                                
SunCoast Capital Group, Ltd.         FHLMC           5/30/97         6.500%          251,967               0             0      
                                     17161(4)        2/1/98 (7)                                                                 
                                                                                                                                
SunCoast Capital Group, Ltd.         FHLMC           6/23/97         7.000%          147,437               0             0      
                                     17125(4)        4/20/27 (8)                                                                
                                                                                                                                
SunCoast Capital Group, Ltd.         FNMA            6/30/97         7.500%          983,125       1,000,000       (16,875)     
                                     1997-42V(4)     10/18/09                                                                   
FHA Insured Loan Project                                                                                                        
                                                                                                                                
Donaldson, Lufkin & Jenrette         092-11005       1/3/95          8.600%        3,374,679               0             0      
                                                     4/1/19(3)                                                                  
                                                                                                                                
                                                                                 -----------     -----------     ---------      
Total                                                                            $33,770,291     $11,382,130     $(280,099)     
                                                                                 ===========     ===========     =========      
</TABLE>

<TABLE>
<CAPTION>
                                                    Loan
                                  Accumulated    Origination      Unrealized                                    
                                  Amortization    Costs at        Gain (Loss)    Balance at    Balance at                 
                                    at March        March          at March         March        December               
Seller                              31, 1998       31, 1998        31, 1998       31, 1998       31, 1997                 
------                              --------       --------        --------      -----------   -----------    
                                                                                                                          
GNMA Certificates                                                                                                         
<S>                                 <C>            <C>              <C>           <C>           <C>                       
Bear Stearns                        $74,034        $ 79,907         $88,402       $2,586,283    $2,604,394                
                                                                                                                          
                                                                                                                          
Malone Mortgage                       2,627          73,539          18,226        2,251,527     2,253,185                
                                                                                                                          
                                                                                                                          
Goldman Sachs                         1,218         125,822          (7,557)       3,810,242     3,833,576                
                                                                                                                          
                                                                                                                          
SunCoast Capital Group, Ltd.          5,745               0          22,594        1,955,411     1,982,055                
                                                                                                                          
REMIC Certificates                                                                                                        
                                                                                                                          
Bear Stearns                              0               0               0                0             0                
                                                                                                                          
                                                                                                                          
Bear Stearns                              0               0               0                0             0                
                                                                                                                          
                                                                                                                          
Meridan Capital Markets                   0               0               0                0             0                
                                                                                                                          
                                                                                                                          
Meridan Capital Markets                   0               0               0                0             0                
                                                                                                                          
                                                                                                                          
Meridan Capital Markets                   0               0               0                0             0                
                                                                                                                          
                                                                                                                          
Meridan Capital Markets                   0               0               0                0             0                
                                                                                                                          
                                                                                                                          
SunCoast Capital Group, Ltd.              0               0               0                0       473,051                
                                                                                                                          
                                                                                                                          
SunCoast Capital Group, Ltd.              0               0               0                0       198,075                
                                                                                                                          
                                                                                                                          
SunCoast Capital Group, Ltd.              0               0               0                0       148,495                
                                                                                                                          
                                                                                                                          
SunCoast Capital Group, Ltd.          2,301               0          13,363          998,789     1,003,047                
                                                                                                                          
FHA Insured Loan Project                                                                                                  
                                                                                                                          
Donaldson, Lufkin & Jenrette              0               0               0                0             0                
                                                                                                                          
                                                                                                                         
                                    -------        --------        --------      -----------   -----------    
Total                               $85,925        $279,268        $135,028      $11,602,252   $12,495,878    
                                    =======        ========        ========      ===========   ===========    
</TABLE>                                      


<TABLE>
<CAPTION>

                                  Interest                                       
                                   Earned                                
                                   by the     1998 Amor-        Net             
                                   Company     tization/     Interest         
Seller                            for 1998    (Accretion)     Earned          
------                           ----------   ------------    ------          
<S>                               <C>           <C>          <C>              
GNMA Certificates                                          
                                                           
Bear Stearns                      $ 46,003      $ 5,053      $ 51,056         
                                                                              
                                                                              
Malone Mortgage                     45,997          179        46,176         
                                                                              
                                                                              
Goldman Sachs                       76,324           83        76,407         
                                                                              
                                                                              
SunCoast Capital Group, Ltd.        34,255        4,338        38,593         
                                                                              
REMIC Certificates                                                            
                                                                              
Bear Stearns                             0            0             0         
                                                                              
                                                                              
Bear Stearns                             0            0             0         
                                                                              
                                                                              
Meridan Capital Markets                  0            0             0         
                                                                              
                                                                              
Meridan Capital Markets                  0            0             0         
                                                                              
                                                                              
Meridan Capital Markets                  0            0             0         
                                                                              
                                                                              
Meridan Capital Markets                  0            0             0         
                                                                              
                                                                              
SunCoast Capital Group, Ltd.           767            0           767         
                                                                              
                                                                              
SunCoast Capital Group, Ltd.           869            0           869         
                                                                              
                                                                              
SunCoast Capital Group, Ltd.             0            0             0         
                                                                              
                                                                              
SunCoast Capital Group, Ltd.        18,750          767        19,517         
                                                                              
FHA Insured Loan Project                                                       
                                                                               
Donaldson, Lufkin & Jenrette             0            0             0         
                                                                              
                                  --------      -------      --------     
                                  $222,965      $10,420      $233,385     
                                  ========      =======      ========     
</TABLE>                                                  

                                       12
<PAGE>


                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)

(1) On October 15, 1993, the Company allocated $5,000,000 of the principal face
value as an Acquired Mortgage based on the expectation that a majority of the
investment would be held for at least two years. Based on such allocation,
compensation was paid to the Advisor. The Advisor has undertaken to reimburse
the Company for any compensation paid to it which is attributable to the portion
of any REMIC Certificate which is sold to support the Company's distribution
policy (the "Advisor's Reimbursement Undertaking"). On both November 4, 1993 and
February 1, 1994, the Company sold $200,000 of the REMIC Certificate and the
Advisor has reimbursed the Company for the fees previously paid and the trading
loss incurred with respect to the portions of the REMIC Certificate which were
sold. On March 30, 1995, the Company sold $4,500,000 of the temporary portion at
the discounted price of 90.9375% or $4,092,188. The realized loss on this sale
was $447,472. Also on August 15, 1997, the Company sold the remaining balance of
the temporary and permanent portions of the REMIC Certificate which totaled
$5,100,000. The realized loss on this sale was $328,895.

(2) The stated final payment date was May 15, 2004. The actual final payment
amounting to $7,099 was received on April 15, 1997.

(3) The stated final payment date was April 1, 2019. The actual final payment
amounting to $3,392,445 was received on May 23, 1997.

(4) Purchased as a permanent investment using the proceeds from the final
payment received from the FHA Insured Project Loan (See (6) above) and a portion
of the proceeds from the sale of Fannie Mae REMIC Certificate #1992-17G (see (1)
above).

(5) The stated final payment date was September 25, 1998. The actual final
payment amounting to $17,952 was received on November 15, 1997.

(6) The stated final payment date was February 1, 1998. The actual final payment
amounting to $131,188 was received on February 20, 1998.

                                       13
<PAGE>
                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)

(7) The stated final payment date was February 1, 1998. The actual final payment
amounting to $184,818 was received on February 20, 1998.

(8) The stated final payment date was April 20, 2027. The actual final payment
amounting to $145,942 was received January 22, 1998.

                                       14
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)

Note 3 - Investment in REMIC and GNMA Certificates and FHA Insured Project Loan
(continued)

The amortized cost, unrealized gain (loss) and fair value for the investment in
REMIC and GNMA Certificates and FHA Insured Project Loan at March 31, 1998 and
December 31, 1997 are as follows:

<TABLE>
<CAPTION>

                                           Gross        Gross                                   Gross        Gross                 
                          Amortized     Unrealized   Unrealized                 Amortized    Unrealized   Unrealized      Fair
                           Cost at        Gain at     (Loss) at    Fair Value     Cost at      Gain at     (Loss) at     Value of
                            March          March        March       at March     December      December     December     December
Security                  31, 1998      31, 1998      31, 1998     31, 1998      31, 1997      31, 1997     31, 1997      31, 1997
--------                 -----------    --------       -------    -----------  -----------     --------     --------    -----------
<S>                      <C>            <C>            <C>        <C>          <C>             <C>          <C>         <C>        
Fannie Mae REMICs        $   985,426    $ 13,363       $     0    $   998,789  $   984,659     $ 18,388     $      0    $ 1,003,047
Federal Home Loan                  0           0             0              0      806,972       12,649            0        819,621
  REMICs                                            
Ginnie Mae Certificates   10,481,798     129,222        (7,557)    10,603,463   10,530,649      146,012       (3,451)    10,673,210
                         -----------    --------       -------    -----------  -----------     --------     --------    -----------
                                                    
                         $11,467,224    $142,585       $(7,557)   $11,602,252  $12,322,280     $177,049     $ (3,451)   $12,495,878
                         ===========    ========       =======    ===========  ===========     ========     ========    ===========
</TABLE>                                           

                                       15
<PAGE>

                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)

The change in the unrealized loss for the three months ended March 31, 1998 and
the year ended December 31, 1997 were as follows:


<TABLE>
<CAPTION>

<S>                                                                   <C>       
Unrealized loss at January 1, 1997                                    $ (81,386)

Sale of securities during the year ended
   December 31, 1997 included in
   unrealized loss at December 31, 1996                                  15,647
Unrealized gain on securities
   purchased during the twelve months
   ended December 31, 1997                                               53,925
Unrealized gain on securities held at
   December 31, 1997 and 1996                                           185,412
                                                                      ---------

Unrealized gain at December 31, 1997                                  $ 173,598

Sale of securities during the three months
   ended March 31, 1998 included in
   unrealized gain at December 31, 1997                                  13,235
Unrealized loss on securities held at
   March 31, 1998 and December 31, 1997                                 (51,805)
                                                                      ---------

Unrealized gain at March 31, 1998                                     $ 135,028
                                                                      =========
</TABLE>

For the three months ended March 31, 1998, there were losses of $368 (including
acquisition fees and expenses) on principal repayments of REMICs and GNMAs.

Note 4 - Related Party Transactions

The Company has entered into an agreement with the Advisor pursuant to which the
Advisor receives compensation consisting primarily of (i) compensation in
connection with the organization and start-up of the Company and the Company's
investment in the Mortgage Investments; (ii) asset management fees calculated as
a percentage of total assets invested by the Company, which totaled $89,963 and
$89,469 for the three months ended March 31, 1998 and 1997, respectively, such
amounts are included in due to affiliates; (iii) a subordinated incentive fee
based on the economic gain on the sale of Mortgage Investments; (iv) an amount,
payable

                                       16
<PAGE>


                        AMERICAN MORTGAGE INVESTORS TRUST
                          Notes to Financial Statements
                                 March 31, 1998
                                   (Unaudited)


in shares of the Company which, after issuance, will equal 1% of all shares of
the Company issued during the offering period or pursuant to the Company's
Reinvestment Plan as compensation for services rendered. During the Offering the
Advisor received 38,481 shares, in addition to the 10,000 shares purchased,
however, as a result of the shares being redeemed, the Advisor was required to
return 172 shares. (As of March 31, 1998 and December 31, 1997, shares received
by the Advisor totaled 38,309 at a total value of $565,058 ($14.75 per share));
(v) acquisition expense allowance and acquisition fees calculated as a
percentage of the Gross Proceeds applicable to the origination of Originated
Mortgages and related Additional Loans and the acquisition of Acquired Mortgages
and Additional Loans; (acquisition fees and acquisition expense allowance
approximated $2,545,000 and $725,000 at both March 31, 1998 and December 31,
1997); and (vi) certain other fees. In addition to the costs, fees and expenses
discussed above, the Company will reimburse affiliates of the Advisor for
certain administrative and other cost incurred on behalf of the Company. The
costs and expenses incurred for the three months ended March 31, 1998 and 1997
were $20,460 and $26,330, respectively.

In order to minimize the possible adverse effects of the Company's investment
and distribution policy of attempting to maintain stable distributions to
shareholders during the offering and acquisition stages, the Company has made
the following undertakings: (a) the Advisor has agreed not to retain acquisition
fees or loan disposition fees with respect to any portion of REMICs or CMOs
which are sold pursuant to the distribution policy; such fees totaled $96,112 as
of March 31, 1998 and December 31, 1997; (b) the Advisor has agreed to
contribute to the Company funds equal to the amount by which all trading losses
exceed the gains resulting from the sale of REMIC and CMO investments to
supplement the distribution policy; such funds totaled $97,221 as of March 31,
1998 and December 31, 1997; and (c) the Company has agreed to limit the total
amount which can be returned to investors from the early sale of investments to
support the distributions policy to less than 3% of the Gross Proceeds. As of
March 31, 1998, the aggregate amount of disposition proceeds used to support
distributions equaled 2.44% of the Gross Proceeds, resulting in approximately

                                       17
<PAGE>

$428,000 being available to support future distributions if necessary.

Note 5 - Subsequent Event

On May 15, 1998, a distribution of $1,371,611 and $17,272 was paid to the
Investors and the Advisor, respectively, representing the 1998 first quarter
distribution. The distribution was funded from cash collections of debt service
payments and interest income through approximately the distribution date, May
15, 1998.

                                       18
<PAGE>

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

Liquidity and Capital Resources

The Company has completed the offering and acquisition stage and has utilized
the Net Proceeds of the Offering primarily to make or invest in Originated
Mortgages and Acquired Mortgages. The Company has also invested in uninsured
Additional Loans made directly to the developers or sponsors of Developments.
Not more than an aggregate of 7% of the Net Proceeds raised in the Offering may
be invested in Additional Loans. As of March 31, 1998, of the total Net Proceeds
available for investment, 84.9% had been invested in Originated Mortgages
(including 6.32% in Additional Loans) and 15.1% in Acquired Mortgages.

As permitted by the provisions of the Redemption Plan, the Board of Trustees
implemented the following change to the calculation of the redemption price for
the quarter ended June 30, 1997: the original $19 per share redemption price was
reduced to reflect any return of principal received by shareholders. As of June
30, 1997, the amount of principal which had been distributed to shareholders was
$1.53 per share and, therefore, the redemption price was $17.47 per share ($19
per share less $1.53 per share) for redemptions which occurred in October 1997
for the quarter ended June 30, 1997. The Board subsequently adopted a policy to
adjust the redemption price each quarter to reflect the then net asset value of
a share of the Company's stock. This new policy is effective for redemptions
with respect to quarters ended September 30, 1997 and thereafter. As of March
31, 1998, the backlog of shares to be redeemed is 123,704. With respect to the
Reinvestment Plan, the Board also adopted a policy to adjust the reinvestment
price at which participants may acquire additional shares under the Reinvestment
Plan to also reflect the then net assets value of a share of the Company's
stock. The change in policy with respect to the reinvestment price is effective
November 30, 1997.

During the three months ended March 31, 1998, cash and cash equivalents
increased approximately $582,000 due to principal repayments of loans, GNMAs and
REMICs ($929,000) and cash provided by operating activities ($1,056,000) which
exceeded distributions to shareholders ($1,403,000). Included in the adjustments
to reconcile the net income to cash provided by operating activities is net
amortization in the amount of $117,000.

                                       19
<PAGE>

For a description of the Company's investments in Originated Mortgages, REMIC
and GNMA Certificates (see Notes 2 and 3 of Notes to Financial Statements).

Net unrealized gains on REMIC and GNMA investments included in shareholders'
equity pursuant to Statement of Financial Accounting Standards No. 115
aggregated $135,028 at March 31, 1998. This represents a decrease of $38,570 in
the unrealized gain for the three months ended March 31, 1998, of which an
increase of $13,235 is attributable to the sale of securities (which resulted in
a realized loss of $368) and a decrease of $51,805 is attributable to a decrease
in market prices for the investments held at March 31, 1998 and December 31,
1997. As of May 12, 1998, the unrealized gain was approximately $159,000.

The yield on the REMIC and GNMA Certificates will depend, in part, upon the rate
and timing of principal prepayments on the underlying mortgages in the asset
pool. Generally, as market interest rates decrease, mortgage prepayment rates
increase and the market value of interest rate sensitive obligations like the
REMIC and GNMA Certificates increases. As market interest rates increase,
mortgage prepayment rates tend to decrease and the market value of interest rate
sensitive obligations like the REMICs and GNMAs tends to decrease. The effect of
prepayments on yield is greater the earlier a prepayment of principal is
received. Due to the complexity of the REMIC structure and the uncertainty of
future economic and other factors that affect interest rates and mortgage
prepayments, it is not possible to predict the effect of future events upon the
yield to maturity or the market value of the REMIC and GNMA Certificates upon
any sale or other disposition or whether the Company, if it chose to, would be
able to reinvest proceeds from prepayments at favorable rates relative to the
coupon rate.

The Company expects to use its reinvestment dividend to redeem shares through
its Redemption Plan and does not expect to have reinvested dividends available
for investment. Unadvanced amounts will be invested in temporary investments.
The Company expects that cash generated from the Company's investments will be
sufficient to pay all of the Company's expenses in the foreseeable future.

The Company's liquidity is based primarily on interest received from permanent
Mortgage Investments and interest on unadvanced amounts from Originated
Mortgages. In order to qualify

                                       20
<PAGE>

as a REIT under the Internal Revenue Code, as amended, the Company must, among
other things, distribute at least 95% of its taxable income.

Results of Operations

Results of operations for the three months ended March 31, 1998, primarily
consist of interest income from Originated Mortgages, REMIC certificates and
temporary investments less administrative expenses, realized losses on sale of
REMICs and GNMAs and amortization expenses. Results of operations for the three
months ended March 31, 1997, primarily consists of interest income from
Originated Mortgages, REMIC certificates, a FHA Insured Project Loan and
temporary investments less administrative expenses, realized losses on sale of
REMICs and GNMAs, and a FHA Insured Project Loan and amortization expenses. The
total of the annual operating expenses of the Company may not exceed the greater
of (i) 2% of the Average Invested Assets of the Company or (ii) 25% of the
Company's Net Income, unless such excess is approved by the Independent
Trustees. On an annualized basis, there was no such excess for the three months
ended March 31, 1998 and 1997.

Interest income from Originated Mortgages (excluding GNMAs) increased
approximately $69,000 for the three months ended March 31, 1998 as compared to
the corresponding period in 1997, primarily due to the additional advances on
the Stonybrook Originated Mortgage since March 31, 1997 and the receipt of cash
flow interest in 1998 for Oxford.

Interest income from REMIC and GNMA Certificates and FHA Insured Project Loan
decreased approximately $27,000 for the three months ended March 31, 1998 as
compared to the corresponding period in 1997 primarily due to the repayment of
the FHA Insured Project Loan in May 1997, partially offset by the purchase of
two REMICs in May 1997 and two REMICs and one GNMA in June 1997.

Interest income from temporary investments decreased approximately $19,000 for
the three months ended March 31, 1998 as compared to the corresponding period in
1997, primarily due to a decrease in temporarily invested proceeds earning
interest in 1998.

Realized loss on sale of REMICs and GNMAs and FHA Insured Project Loan decreased
approximately $10,000 for the three

                                       21
<PAGE>

months ended March 31, 1998 as compared to the corresponding period in 1997
primarily due to the repayment of four REMICs in 1997.

Distribution Policy

The Company has adopted a policy of attempting to maintain stable distributions
to shareholders during the offering and acquisition stages of the Company. In
order to accomplish this result, it has disposed of, and may be required to
continue to dispose of, a portion of the CMOs and REMICs during this period. The
effect of this policy has been the following: (a) a portion of the distributions
have constituted, and will continue to constitute, a return of capital; (b)
earlier investors' returns from an investment in the Company will be greater
than later investors' returns; and (c) there will be a decrease in funds
remaining to be invested in Mortgage Investments. The Company has completed the
offering and acquisition stage and therefore, the Board reviewed and changed the
current distribution policy. Beginning in 1998, the Company has change its
distribution policy. The new policy calls for quarterly distributions which more
closely reflect collections of interest payments.

In order to minimize the possible adverse effects of the investment and
distribution policy described above, the Company has made the following
undertakings: (a) the Advisor has agreed not to retain acquisition fees or loan
disposition fees with respect to any portion of REMICs or CMOs which are sold
pursuant to the distribution policy; such fees totaled $96,112 as of March 31,
1998 and December 31, 1997; (b) the Advisor has agreed to contribute to the
Company funds equal to the amount by which all trading losses exceed the gains
resulting from the sale of REMIC and CMO investments to supplement the
distribution policy; such funds totaled $97,221 as of March 31, 1998 and
December 31, 1997; and (c) the Company has agreed to limit the total amount
which can be returned to investors from the early sale of investments to support
the distributions policy to less than 3% of the Gross Proceeds. During the three
months ended March 31, 1998, no investments were sold in order to support the
distribution policy.

Of the total distributions of $1,403,165 and $1,403,764 made for the three
months ended March 31, 1998 and 1997, $443,058 ($.12 per share or 32%) and
$486,096 ($.13 per share or 35%) represents a return of capital determined in
accordance with generally accepted accounting principles. As of March 31, 1998,
the aggregate 

                                       22
<PAGE>

amount of the distributions made since the commencement of the Offering
representing a return of capital, in accordance with generally accepted
accounting principles, totaled $9,455,790. The portion of the distributions
which constitutes a return of capital was significant during the acquisition
stage in order to maintain level distributions to shareholders. However, as
described above, the aggregate amount of the disposition proceeds used for
distributions cannot in the aggregate exceed 3% of the Gross Proceeds. As of
March 31, 1998, the aggregate amount of disposition proceeds used to support
distributions equaled 2.44% of the Gross Proceeds resulting in approximately
$428,000 being available to support future distributions if necessary.

Management expects that cash flow from operations combined with the balance of
the disposition proceeds above will be sufficient to fund the Company's
operating expenses and continue to make distributions as determined by the Board
on a quarterly basis.

Year 2000 Compliance

As the year 2000 approaches, an issue has emerged regarding how existing
application software programs and operating systems can accommodate this date
value. Failure to adequately address this issue could have potentially serious
repercussions. The Advisor is in the process of working with the Company's
service providers to prepare for the year 2000. Based on information currently
available, the Company does not expect that it will incur significant operating
expenses or be required to incur material costs to be year 2000 compliant.

                                       23
<PAGE>

                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings - None

Item 2. Changes in Securities - None

Item 3. Defaults Upon Senior Securities - None

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

Item 5. Other Information - None

Item 6. Exhibits and Reports on Form 8-K

        (a)  Exhibits

             3, 4  Amended and Restated Declaration of Trust, dated as of March
29, 1993, as amended as of July 1, 1993 as previously filed as an Exhibit to
Post-Effective Amendment No. 1 dated November 9, 1993.

                   Amendment No. 2 to Amended and Restated Declaration of Trust,
dated as of April 5, 1994 as previously filed as an Exhibit to Annual Report on
Form 10-K for the year ended December 31, 1993.

             10(a) Escrow Agreement, dated as of April 16, 1993 and amended as
of August 25, 1993 as previously filed as an Exhibit to Post-Effective Amendment
No. 1 dated November 9, 1993.

             10(b) Advisory Services Agreement, dated as of March 29, 1993, as
amended as of October 26, 1993 as previously filed as an Exhibit to
Post-Effective Amendment No. 1 dated November 9, 1993.

                   Amendment to Advisory Services Agreement, dated as of
December 31, 1993 as previously filed as an Exhibit to Annual Report on Form
10-K for the year ended December 31, 1993.

                   Third Amendment to Advisory Services Agreement, dated as of
March 29, 1994 as previously filed as an Exhibit to Annual Report on Form 10-K
for the year ended December 31, 1993.

                                       24
<PAGE>


Item 6. Exhibits and Reports on Form 8-K (continued)

        (a)  Exhibits (continued)

             10(c) TRI Capital Corporation Mortgage Note in the principal amount
of $9,350,000 dated December 16, 1993 as previously filed as an Exhibit to
Current Report on Form 8-K dated December 16, 1993.

             10(d) Equity Loan Note in the principal amount of $1,156,000 dated
December 16, 1993 as previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.

             10(e) Bridge Loan Note in the principal amount of $115,790, dated
December 16, 1993 as previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.

             10(f) Subordinated Promissory Note by Oxford Apartments, L.C.,
dated December 16, 1993 as previously filed as an Exhibit to Current Report on
Form 8-K dated December 16, 1993.

             10(g) Limited Operating Guaranty between Al L. Bradley, Jr., Tim L.
Myers, Allied Realty Services, Ltd. and American Mortgage Investors Trust, dated
December 16, 1993 as previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.

             10(h) TRI Capital Corporation Mortgage Note in the principal amount
of $6,800,000, dated December 16, 1993 as previously filed as an Exhibit to
Current Report on Form 8-K dated December 16, 1993.

             10(i) Equity Loan Note in the principal amount of $840,500, dated
December 16, 1993 as previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.

             10(j) Bridge Loan Note in the principal amount of $84,210, dated
December 16, 1993 as previously filed as an Exhibit to Current Report of Form
8-K dated December 1, 1993.

             10(k) Subordinated Promissory Note by Cove Apartments, L.C., dated
December 16, 1993 as previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.

                                       25
<PAGE>


Item 6. Exhibits and Reports on Form 8-K (continued)

        (a)  Exhibits (continued)

             10(l) Limited Operating Guaranty between Al L. Bradley, Jr., Tim L.
Myers, Allied Realty Services, Ltd. and American Mortgage Investors Trust, dated
December 16, 1993 as previously filed as an Exhibit to Current Report on Form
8-K dated December 16, 1993.

             10(m) Cambridge Realty Capital LTD Mortgage Note in the principal
amount of $9,348,000, dated April 5, 1994 as previously filed as an Exhibit to
Current Report on Form 8-K dated April 21, 1994.

             10(n) Equity Loan Note in the principal amount of $1,039,000, dated
April 5, 1994 as previously filed as an Exhibit to Current Report on Form 8-K
dated April 21, 1994.

             10(o) Subordinated Promissory Note by Town and Country IV
Apartments, L.C., dated April 5, 1994 as previously filed as an Exhibit to
Current Report on Form 8-K dated April 21, 1994.

             10(p) Limited Operating Guaranty between Leonard E. Wineburgh,
Arnold H. Dwinn and the Company, dated April 5, 1994 as previously filed as an
Exhibit to Current Report on Form 8-K dated April 21, 1994.

             10(q) American Capital Resource, Inc. Mortgage Note in the
principal amount of $8,683,000 dated April 5, 1994 as previously filed as an
Exhibit to Current Report on Form 8-K dated April 28, 1994.

             10(r) Equity Loan Note in the principal amount of $563,000 dated
April 5, 1994 as previously filed as an Exhibit to Current Report on Form 8-K
dated April 28, 1994.

             10(s) Subordinated Promissory Note by Columbiana Lakes Apartments,
L.C., dated April 5, 1994 as previously filed as an Exhibit to Current Report on
Form 8-K dated April 28, 1994.

             10(t) Limited Operating Guaranty between Anderson G. Wise, Ronald
P. Curry and the Company, dated April 5, 1994 as previously filed as an Exhibit
to Current Report on Form 8-K dated April 28, 1994.

                                       26
<PAGE>


Item 6. Exhibits and Reports on Form 8-K (continued)

        (a)  Exhibits (continued)

             10(u) Rockport Mortgage Corporation Mortgage Note is the principal
amount of $8,500,000 dated December 15, 1995, as previously filed as an Exhibit
to Current Report on Form 8-K dated December 15, 1995.

             10(v) Equity Loan Note in the principal amount of $1,039,000 dated
December 15, 1995, as previously filed as an Exhibit to Current report on Form
8-K dated December 15, 1995.

             10(w) Subordinated Promissory Note by SCI-ROEV East Haven Land
Limited Partnership, dated December 15, 1995, as previously filed as an Exhibit
to Current Report on Form 8-K dated December 15, 1995.

             10(x) Limited Operating Guaranty between SCI Real Estate
Development, Ltd., and Euro General East Haven, Inc., and the Company dated
December 15, 1995, as previously filed as an Exhibit to Current Report in Form
8-K dated December 15, 1995.

             27     Financial Data Schedule (filed herewith).

        (b) Reports on Form 8-K.

             No reports on Form 8-K were filed during the quarter.

                                       27
<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 INVESTORS TRUST
                                  (Registrant)

Date: May 15, 1998

                      By: /s/ John B. Roche
                          -----------------
                          John B. Roche
                          Senior Vice President and
                          Chief Financial and Accounting Officer