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


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


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




                                    FORM 8-K


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




                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15 (D) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934

        DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): AUGUST 8, 2006


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




                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
               (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)


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




                                  MASSACHUSETTS
                 (STATE OR OTHER JURISDICTION OF INCORPORATION)


        0-23972                                         13-6972380
(COMMISSION FILE NUMBER)                    (IRS EMPLOYER IDENTIFICATION NUMBER)


                     625 MADISON AVENUE, NEW YORK, NY 10022
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 317-5700

                                 NOT APPLICABLE
          (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT


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




Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)


[ ]  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)


[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))


[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))



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


<PAGE>



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



ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
           ---------------------------------------------

On  August  8,  2006,  American  Mortgage  Acceptance  Company  ("AMAC"  or  the
"Company") (AMEX: AMC) released a press release announcing its financial results
for the second  quarter and six months ended June 30, 2006. A copy of this press
release is  attached to this  Current  Report as Exhibit  99.1 and  incorporated
herein by reference.

The  information  included in this Current  Report,  including  the  information
included in Exhibit 99.1 attached hereto,  is intended to be furnished  pursuant
to "Item 2.02.  Disclosure of Results of Operations and Financial Condition" and
not deemed to be "filed" for purposes of Section 18 of the  Securities  Exchange
Act of 1934, as amended (the "Exchange  Act"),  or  incorporated by reference in
any filing under the  Securities Act of 1933, as amended  ("Securities  Act") or
the Exchange  Act, or otherwise  subject to the  liabilities  of that Section of
Sections 11 and 12 (a) (2) of the Securities Act.

ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(a).  Financial Statements
      --------------------

Not Applicable

(b).  Pro Forma Financial Information
      -------------------------------

Not Applicable

(c).  Exhibits
      --------

99.1 Press Release dated August 8, 2006,  "American Mortgage  Acceptance Company
Reports Second Quarter Financial Results For 2006".


<PAGE>



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



                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and 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)

                                            BY: /s/ Jeff T. Blau
                                                ----------------
                                                Jeff T. Blau
                                                Chief Executive Officer


August 8, 2006


<PAGE>



AT THE COMPANY
--------------
Brenda Abuaf, Corporate Communications
(800) 831-4826


                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                REPORTS SECOND QUARTER FINANCIAL RESULTS FOR 2006



NEW YORK, NY - AUGUST 8, 2006 - American Mortgage  Acceptance Company ("AMAC" or
the "Company")  (AMEX:  AMC) today  announced  financial  results for its second
quarter and six months ended June 30, 2006.

"AMAC had a very successful  second quarter," said Marc D. Schnitzer,  President
of AMAC. "The balance sheet lending program that we launched at the beginning of
2006 has been well  received,  and as a result,  our loan  originations  for the
first six  months of the year  totaled  $151.7  million,  representing  a 135.0%
increase over our origination activity for the first six months of 2005. We have
continued  to  diversify  our lending  programs to include  other asset  classes
beyond our historical focus on multifamily,  and approximately  $43.5 million of
the loans that we originated in the first six months of 2006 were for office and
retail properties. We are very optimistic that AMAC will continue to execute its
business plan and meet its goals for the year."

FINANCIAL HIGHLIGHTS

AMAC reported total revenues of approximately  $9.6 million for the three months
ended June 30, 2006,  representing  an increase of 22.0% as compared to revenues
of approximately  $7.9 million for the three months ended June 30, 2005.  AMAC's
total revenues for the six months ended June 30, 2006 were  approximately  $17.7
million, representing an increase of approximately 21.2% as compared to revenues
of approximately $14.6 million for the six months ended June 30, 2005.

The table below summarizes  AMAC's net income and Funds from Operations  ("FFO")
for the three and six months  ended  June 30,  2006 and 2005.  AMAC's  financial
results for the three and six months ended June 30, 2006  include a  significant
amount of income  recognized  from the  change in the fair  value of  derivative
instruments and certain  associated costs.  Therefore,  the Company is reporting
net income and FFO both excluding  ("adjusted")  and including these changes and
costs.

<TABLE>
<CAPTION>

                                            THREE MONTHS ENDED JUNE 30,            SIX MONTHS ENDED JUNE 30,
                                        -----------------------------------  -----------------------------------
(In thousands, except per share data)      2006         2005      % CHANGE      2006         2005      % CHANGE
                                        ---------    ---------    ---------  ---------    ---------    ---------
<S>                                     <C>          <C>            <C>      <C>          <C>            <C>
Net Income                              $   5,215    $   3,069      69.9%    $   7,384    $   5,896      25.2%
Adjusted Net Income                     $   3,393    $   3,069      10.6%    $   5,420    $   5,896      (8.1%)
Funds from Operations*                  $   5,665    $   3,405      66.4%    $   8,284    $   6,598      25.6%
Adjusted Funds from Operations*         $   3,843    $   3,405      12.9%    $   6,320    $   6,598      (4.2%)

Per Share Data (diluted):
  Net Income                            $    0.63    $    0.37      70.3%    $    0.89    $    0.71      25.4%
  Adjusted Net Income                   $    0.41    $    0.37      10.8%    $    0.65    $    0.71      (8.5%)
  Funds from Operations*                $    0.68    $    0.41      65.9%    $    1.00    $    0.79      26.6%
  Adjusted Funds from Operations*       $    0.46    $    0.41      12.2%    $    0.76    $    0.79      (3.8%)

</TABLE>

*    See footnote (1) to the Selected  Financial  Data for a discussion of Funds
     from Operations.


<PAGE>



AMAC's  present  quarterly  dividend on an annualized  basis is $1.60 per share,
representing an approximate 10.3% yield on the $15.49 per share closing price on
August 7, 2006.

INVESTMENT ACTIVITY

As  previously  announced  in March of this year,  we formed  AMAC CDO Funding I
("AMAC CDO") for the purpose of managing our first planned  Collateralized  Debt
Obligation  ("CDO")  securitization.   In  the  second  quarter  of  2006,  AMAC
originated   ten  first  mortgage  loans  and   subordinated   notes,   totaling
approximately  $151.7  million  for the CDO  securitization.  These  investments
included first mortgage and mezzanine loans secured by  multifamily,  office and
anchored retail properties.

MANAGEMENT CONFERENCE CALL

Management will conduct a conference  call today to review the Company's  second
quarter  financial  results for the period ended June 30, 2006.  The  conference
call is scheduled for 11:00 a.m.  Eastern  Time.  Callers will be invited to ask
questions. Investors, brokers, analysts, and shareholders wishing to participate
should call (800) 946-0713. A webcast of the presentation will be available live
and     can     be     accessed      through     the     Company's      website,
http://www.americanmortgageco.com.  To listen to the  presentation  via webcast,
please go to the  website's  "Investor  Relations"  section  at least 15 minutes
prior to the start of the  presentation.  For interested  individuals  unable to
join the  conference  call,  a  replay  of the call  will be  available  through
Saturday,  August  12,  2006 at  (888)  203-1112  (Passcode  4068717)  or on our
website, http://www.americanmortgageco.com, through Tuesday, September 5, 2006.

SUPPLEMENTAL FINANCIAL INFORMATION

For  more  detailed  financial  information,   please  access  the  Supplemental
Financial  Package,  which is available in the Investor Relations section of the
AMAC website at www.americanmortgageco.com.

ABOUT THE COMPANY

AMAC is a real estate  investment  trust that  specializes  in  multifamily  and
commercial  real estate  finance.  AMAC  originates and acquires first mortgage,
mezzanine and bridge loans secured by properties  throughout  the United States.
For     more      information,      please      visit     our     website     at
http://www.americanmortgageco.com  or contact the Investor Relations  Department
directly at (800) 831-4826.


<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)

<TABLE>
<CAPTION>

                                                                    ===========  ===========
                                                                      June 30,   December 31,
                                                                       2006         2005
                                                                    -----------  -----------
                                                                    (Unaudited)
<S>                                                                   <C>         <C>
Financial Position

Total assets                                                          $517,150    $400,723
                                                                      ========    ========

Repurchase facilities payable                                         $184,253    $209,101
                                                                      ========    ========

Warehouse facility payable                                            $     --    $  4,070
                                                                      ========    ========

CDO repurchase facility                                               $127,644    $     --
                                                                      ========    ========

Line of credit - related party                                        $ 27,042    $     --
                                                                      ========    ========

Mortgages payable on real estate owned                                $ 40,220    $ 40,487
                                                                      ========    ========

Preferred shares of subsidiary (subject to mandatory repurchase) $      25,000    $ 25,000
                                                                      ========    ========

Total liabilities                                                     $411,985    $286,540
                                                                      ========    ========

Total shareholders' equity                                            $105,165    $114,183
                                                                      ========    ========

</TABLE>
<TABLE>
<CAPTION>

                                       Three Months Ended     Six Months Ended
                                             June 30,              June 30,
                                       ----------------------------------------
                                         2006       2005       2006       2005
                                       ----------------------------------------
                                                      (Unaudited)
<S>                                    <C>        <C>        <C>        <C>
Operations

Total revenues                         $ 9,587    $ 7,860    $17,651    $14,563
                                       =======    =======    =======    =======

Net income                             $ 5,215    $ 3,069    $ 7,384    $ 5,896
                                       =======    =======    =======    =======

Adjusted net income (1)                $ 3,393    $ 3,069    $ 5,420    $ 5,896
                                       =======    =======    =======    =======

Net income per share
  (basic and diluted)                  $  0.63    $  0.37    $  0.89    $  0.71
                                       =======    =======    =======    =======

Adjusted net income per share
  (basic and diluted) (1)              $  0.41    $  0.37    $  0.65    $  0.71
                                       =======    =======    =======    =======

Weighted average shares outstanding
  Basic                                  8,304      8,311      8,304      8,324
                                       =======    =======    =======    =======
  Diluted                                8,304      8,311      8,305      8,327
                                       =======    =======    =======    =======

</TABLE>

(1)  Excludes  change  in fair  value  of  derivative  instruments  and  certain
     associated costs.


<PAGE>


              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)


Funds from Operations ("FFO")(1),  as calculated in accordance with the National
Association of Real Estate  Investment  Trusts  ("NAREIT")  definition,  for the
three  and six  months  ended  June 30,  2006 and  2005,  is  summarized  in the
following table:

<TABLE>
<CAPTION>
                                           Three Months Ended               Six Months Ended
                                                June 30,                        June 30,
                                        ------------------------------------------------------
                                           2006          2005               2006        2005
                                        ------------------------------------------------------
<S>                                     <C>           <C>                <C>         <C>
Net Income                              $   5,215     $   3,069          $   7,384   $   5,896

Depreciation of real property                 450           336                900         702
                                        ---------     ---------          ---------   ---------

FFO                                     $   5,665     $   3,405          $   8,284   $   6,598
                                        =========     =========          =========   =========

Adjusted FFO (2)                        $   3,843     $   3,405          $   6,320   $   6,598
                                        =========     =========          =========   =========

Cash flows from operating activities    $   3,578     $   2,843          $   5,232   $   6,575
                                        =========     =========          =========   =========
Cash flows from investing activities    $(130,507)    $ (23,261)         $(130,274)  $ (56,709)
                                        =========     =========          =========   =========
Cash flows from financing activities    $ 129,943     $  19,139          $ 117,520   $  56,309
                                        =========     =========          =========   =========

FFO per share (basic and diluted)       $    0.68     $    0.41          $    1.00   $    0.79
                                        =========     =========          =========   =========
Adjusted FFO per share
  (basic and diluted) (2)               $    0.46     $    0.41          $    0.76   $    0.79
                                        =========     =========          =========   =========

Weighted average shares outstanding
  Basic                                     8,304         8,311              8,304       8,324
                                        =========     =========          =========   =========
  Diluted                                   8,304         8,311              8,305       8,327
                                        =========     =========          =========   =========

</TABLE>

(1)  FFO represents  net income or loss  (computed in accordance  with generally
     accepted accounting principles ("GAAP")),  excluding gains (or losses) from
     sales of property,  excluding depreciation and amortization related to real
     property and  including  funds from  operations  for  unconsolidated  joint
     ventures  calculated on the same basis.  AMAC  calculates FFO in accordance
     with the NAREIT  definition.  FFO does not represent  cash  generated  from
     operating  activities  in  accordance  with  GAAP  and is  not  necessarily
     indicative  of cash  available  to  fund  cash  needs.  FFO  should  not be
     considered as an alternative to net income as an indicator of the Company's
     operating  performance  or as an  alternative to cash flows as a measure of
     liquidity.  Management  considers FFO a  supplemental  measure of operating
     performance,   and,  along  with  cash  flows  from  operating  activities,
     financing activities,  and investing activities, it provides investors with
     an  indication  of the ability of the Company to incur and service debt, to
     make  capital  expenditures,  and to fund other cash  needs.  Since not all
     companies  calculate FFO in a similar  fashion,  our calculation  presented
     above may not be comparable to similarly titled measures  reported by other
     companies.

(2)  Excludes  change  in fair  value  of  derivative  instruments  and  certain
     associated costs.


<PAGE>



                                       ###

CERTAIN  STATEMENTS IN THIS DOCUMENT MAY CONSTITUTE  FORWARD-LOOKING  STATEMENTS
WITHIN THE MEANING OF THE "SAFE  HARBOR"  PROVISIONS  OF THE PRIVATE  SECURITIES
LITIGATION  REFORM  ACT OF 1995.  THESE  STATEMENTS  ARE  BASED ON  MANAGEMENT'S
CURRENT  EXPECTATIONS  AND  BELIEFS  AND ARE  SUBJECT TO A NUMBER OF FACTORS AND
UNCERTAINTIES  THAT COULD CAUSE ACTUAL RESULTS TO DIFFER  MATERIALLY  FROM THOSE
DESCRIBED IN THE FORWARD-LOOKING  STATEMENTS.  THESE RISKS AND UNCERTAINTIES ARE
DETAILED  IN  AMAC'S  MOST  RECENT  ANNUAL  REPORT ON FORM 10-K AND IN ITS OTHER
FILINGS WITH THE SECURITIES AND EXCHANGE  COMMISSION AND INCLUDE,  AMONG OTHERS,
RISKS OF INVESTING IN UNINSURED AND  NON-INVESTMENT  GRADE  MORTGAGE  ASSETS AND
SUBORDINATED  COMMERCIAL  MORTGAGE-BACKED  SECURITIES  ("CMBS");  COMPETITION IN
ACQUIRING DESIRABLE  INVESTMENTS;  INTEREST RATE FLUCTUATIONS;  RISKS ASSOCIATED
WITH HEDGING TRANSACTIONS,  WHICH CAN LIMIT GAINS AND INCREASE EXPOSURE TO LOSS;
RISKS  ASSOCIATED WITH  INVESTMENTS IN REAL ESTATE  GENERALLY AND THE PROPERTIES
WHICH SECURE MANY OF OUR INVESTMENTS; GENERAL ECONOMIC CONDITIONS,  PARTICULARLY
AS THEY AFFECT THE VALUE OF OUR ASSETS AND THE CREDIT  STATUS OF OUR  BORROWERS;
DEPENDENCE  ON  OUR  EXTERNAL  ADVISOR  FOR  ALL  SERVICES   NECESSARY  FOR  OUR
OPERATIONS;  CONFLICTS  WHICH MAY ARISE AMONG US AND OTHER  ENTITIES  AFFILIATED
WITH  OUR  ADVISOR  WHICH  HAVE  SIMILAR  INVESTMENT  POLICIES  TO  OURS;  RISKS
ASSOCIATED WITH THE REPURCHASE  AGREEMENTS WE UTILIZE TO FINANCE OUR INVESTMENTS
AND THE  AVAILABILITY  OF FINANCING  GENERALLY;  AND RISKS  ASSOCIATED  WITH OUR
CONTEMPLATED  CDO  TRANSACTIONS,  WHICH  INCLUDE,  BUT ARE NOT  LIMITED  TO, THE
INABILITY TO ACQUIRE  ELIGIBLE  INVESTMENTS FOR A CDO ISSUANCE AND THE INABILITY
TO FIND SUITABLE REPLACEMENT INVESTMENTS IN COLLATERALIZED DEBT OBLIGATIONS WITH
REINVESTMENT  PERIODS.  . SUCH  FORWARD-LOOKING  STATEMENTS SPEAK ONLY AS OF THE
DATE OF THIS DOCUMENT. AMAC EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO
RELEASE  PUBLICLY  ANY UPDATES OR REVISIONS  TO ANY  FORWARD-LOOKING  STATEMENTS
CONTAINED  HEREIN TO  REFLECT  ANY  CHANGE IN AMAC'S  EXPECTATIONS  WITH  REGARD
THERETO  OR CHANGE IN EVENTS,  CONDITIONS,  OR  CIRCUMSTANCES  ON WHICH ANY SUCH
STATEMENT IS BASED.

                                       ###
[{"type": "8-K", "sequence": "1", "filename": "f8k_june2006-amac.txt", "description": "AMAC JUNE 2006 PRESS RELEASE", "secsgml_size_bytes": 22268}]
{"company-data": {"conformed-name": "AMERICAN MORTGAGE ACCEPTANCE CO", "cik": "0000878774", "assigned-sic": "6798", "irs-number": "136972380", "state-of-incorporation": "MA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14583", "film-number": "061010987"}, "business-address": {"street1": "625 MADISON AVE", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2124215333"}, "mail-address": {"street1": "625 MADISON AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "AMERICAN MORTGAGE INVESTORS TRUST", "date-changed": "19931013"}}
--------------------------------------------------------------------------------

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

                                    FORM 8-K

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

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15 (D) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934

        DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): AUGUST 8, 2006

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

                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
               (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

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

                                  MASSACHUSETTS
                 (STATE OR OTHER JURISDICTION OF INCORPORATION)

        0-23972                                         13-6972380
(COMMISSION FILE NUMBER)                    (IRS EMPLOYER IDENTIFICATION NUMBER)

                     625 MADISON AVENUE, NEW YORK, NY 10022
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 317-5700

                                 NOT APPLICABLE
          (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT

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

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

[ ]  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))

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

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
           ---------------------------------------------

On  August  8,  2006,  American  Mortgage  Acceptance  Company  ("AMAC"  or  the
"Company") (AMEX: AMC) released a press release announcing its financial results
for the second  quarter and six months ended June 30, 2006. A copy of this press
release is  attached to this  Current  Report as Exhibit  99.1 and  incorporated
herein by reference.

The  information  included in this Current  Report,  including  the  information
included in Exhibit 99.1 attached hereto,  is intended to be furnished  pursuant
to "Item 2.02.  Disclosure of Results of Operations and Financial Condition" and
not deemed to be "filed" for purposes of Section 18 of the  Securities  Exchange
Act of 1934, as amended (the "Exchange  Act"),  or  incorporated by reference in
any filing under the  Securities Act of 1933, as amended  ("Securities  Act") or
the Exchange  Act, or otherwise  subject to the  liabilities  of that Section of
Sections 11 and 12 (a) (2) of the Securities Act.

ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(a).  Financial Statements
      --------------------

Not Applicable

(b).  Pro Forma Financial Information
      -------------------------------

Not Applicable

(c).  Exhibits
      --------

99.1 Press Release dated August 8, 2006,  "American Mortgage  Acceptance Company
Reports Second Quarter Financial Results For 2006".
--------------------------------------------------------------------------------

                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and 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)

                                            BY: /s/ Jeff T. Blau
                                                ----------------
                                                Jeff T. Blau
                                                Chief Executive Officer

August 8, 2006
AT THE COMPANY
--------------
Brenda Abuaf, Corporate Communications
(800) 831-4826

                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                REPORTS SECOND QUARTER FINANCIAL RESULTS FOR 2006

NEW YORK, NY - AUGUST 8, 2006 - American Mortgage  Acceptance Company ("AMAC" or
the "Company")  (AMEX:  AMC) today  announced  financial  results for its second
quarter and six months ended June 30, 2006.

"AMAC had a very successful  second quarter," said Marc D. Schnitzer,  President
of AMAC. "The balance sheet lending program that we launched at the beginning of
2006 has been well  received,  and as a result,  our loan  originations  for the
first six  months of the year  totaled  $151.7  million,  representing  a 135.0%
increase over our origination activity for the first six months of 2005. We have
continued  to  diversify  our lending  programs to include  other asset  classes
beyond our historical focus on multifamily,  and approximately  $43.5 million of
the loans that we originated in the first six months of 2006 were for office and
retail properties. We are very optimistic that AMAC will continue to execute its
business plan and meet its goals for the year."

FINANCIAL HIGHLIGHTS

AMAC reported total revenues of approximately  $9.6 million for the three months
ended June 30, 2006,  representing  an increase of 22.0% as compared to revenues
of approximately  $7.9 million for the three months ended June 30, 2005.  AMAC's
total revenues for the six months ended June 30, 2006 were  approximately  $17.7
million, representing an increase of approximately 21.2% as compared to revenues
of approximately $14.6 million for the six months ended June 30, 2005.

The table below summarizes  AMAC's net income and Funds from Operations  ("FFO")
for the three and six months  ended  June 30,  2006 and 2005.  AMAC's  financial
results for the three and six months ended June 30, 2006  include a  significant
amount of income  recognized  from the  change in the fair  value of  derivative
instruments and certain  associated costs.  Therefore,  the Company is reporting
net income and FFO both excluding  ("adjusted")  and including these changes and
costs.
THREE MONTHS ENDED JUNE 30,            SIX MONTHS ENDED JUNE 30,
                                        -----------------------------------  -----------------------------------
(In thousands, except per share data)      2006         2005      % CHANGE      2006         2005      % CHANGE
                                        ---------    ---------    ---------  ---------    ---------    ---------
Net Income                              $   5,215    $   3,069      69.9%    $   7,384    $   5,896      25.2%
Adjusted Net Income                     $   3,393    $   3,069      10.6%    $   5,420    $   5,896      (8.1%)
Funds from Operations*                  $   5,665    $   3,405      66.4%    $   8,284    $   6,598      25.6%
Adjusted Funds from Operations*         $   3,843    $   3,405      12.9%    $   6,320    $   6,598      (4.2%)

Per Share Data (diluted):
  Net Income                            $    0.63    $    0.37      70.3%    $    0.89    $    0.71      25.4%
  Adjusted Net Income                   $    0.41    $    0.37      10.8%    $    0.65    $    0.71      (8.5%)
  Funds from Operations*                $    0.68    $    0.41      65.9%    $    1.00    $    0.79      26.6%
  Adjusted Funds from Operations*       $    0.46    $    0.41      12.2%    $    0.76    $    0.79      (3.8%)
*    See footnote (1) to the Selected  Financial  Data for a discussion of Funds
     from Operations.
AMAC's  present  quarterly  dividend on an annualized  basis is $1.60 per share,
representing an approximate 10.3% yield on the $15.49 per share closing price on
August 7, 2006.

INVESTMENT ACTIVITY

As  previously  announced  in March of this year,  we formed  AMAC CDO Funding I
("AMAC CDO") for the purpose of managing our first planned  Collateralized  Debt
Obligation  ("CDO")  securitization.   In  the  second  quarter  of  2006,  AMAC
originated   ten  first  mortgage  loans  and   subordinated   notes,   totaling
approximately  $151.7  million  for the CDO  securitization.  These  investments
included first mortgage and mezzanine loans secured by  multifamily,  office and
anchored retail properties.

MANAGEMENT CONFERENCE CALL

Management will conduct a conference  call today to review the Company's  second
quarter  financial  results for the period ended June 30, 2006.  The  conference
call is scheduled for 11:00 a.m.  Eastern  Time.  Callers will be invited to ask
questions. Investors, brokers, analysts, and shareholders wishing to participate
should call (800) 946-0713. A webcast of the presentation will be available live
and     can     be     accessed      through     the     Company's      website,
http://www.americanmortgageco.com.  To listen to the  presentation  via webcast,
please go to the  website's  "Investor  Relations"  section  at least 15 minutes
prior to the start of the  presentation.  For interested  individuals  unable to
join the  conference  call,  a  replay  of the call  will be  available  through
Saturday,  August  12,  2006 at  (888)  203-1112  (Passcode  4068717)  or on our
website, http://www.americanmortgageco.com, through Tuesday, September 5, 2006.

SUPPLEMENTAL FINANCIAL INFORMATION

For  more  detailed  financial  information,   please  access  the  Supplemental
Financial  Package,  which is available in the Investor Relations section of the
AMAC website at www.americanmortgageco.com.

ABOUT THE COMPANY

AMAC is a real estate  investment  trust that  specializes  in  multifamily  and
commercial  real estate  finance.  AMAC  originates and acquires first mortgage,
mezzanine and bridge loans secured by properties  throughout  the United States.
For     more      information,      please      visit     our     website     at
http://www.americanmortgageco.com  or contact the Investor Relations  Department
directly at (800) 831-4826.
AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)
===========  ===========
                                                                      June 30,   December 31,
                                                                       2006         2005
                                                                    -----------  -----------
                                                                    (Unaudited)
Financial Position

Total assets                                                          $517,150    $400,723
                                                                      ========    ========

Repurchase facilities payable                                         $184,253    $209,101
                                                                      ========    ========

Warehouse facility payable                                            $     --    $  4,070
                                                                      ========    ========

CDO repurchase facility                                               $127,644    $     --
                                                                      ========    ========

Line of credit - related party                                        $ 27,042    $     --
                                                                      ========    ========

Mortgages payable on real estate owned                                $ 40,220    $ 40,487
                                                                      ========    ========

Preferred shares of subsidiary (subject to mandatory repurchase) $      25,000    $ 25,000
                                                                      ========    ========

Total liabilities                                                     $411,985    $286,540
                                                                      ========    ========

Total shareholders' equity                                            $105,165    $114,183
                                                                      ========    ========
Three Months Ended     Six Months Ended
                                             June 30,              June 30,
                                       ----------------------------------------
                                         2006       2005       2006       2005
                                       ----------------------------------------
                                                      (Unaudited)
Operations

Total revenues                         $ 9,587    $ 7,860    $17,651    $14,563
                                       =======    =======    =======    =======

Net income                             $ 5,215    $ 3,069    $ 7,384    $ 5,896
                                       =======    =======    =======    =======

Adjusted net income (1)                $ 3,393    $ 3,069    $ 5,420    $ 5,896
                                       =======    =======    =======    =======

Net income per share
  (basic and diluted)                  $  0.63    $  0.37    $  0.89    $  0.71
                                       =======    =======    =======    =======

Adjusted net income per share
  (basic and diluted) (1)              $  0.41    $  0.37    $  0.65    $  0.71
                                       =======    =======    =======    =======

Weighted average shares outstanding
  Basic                                  8,304      8,311      8,304      8,324
                                       =======    =======    =======    =======
  Diluted                                8,304      8,311      8,305      8,327
                                       =======    =======    =======    =======
(1)  Excludes  change  in fair  value  of  derivative  instruments  and  certain
     associated costs.
AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)

Funds from Operations ("FFO")(1),  as calculated in accordance with the National
Association of Real Estate  Investment  Trusts  ("NAREIT")  definition,  for the
three  and six  months  ended  June 30,  2006 and  2005,  is  summarized  in the
following table:
Three Months Ended               Six Months Ended
                                                June 30,                        June 30,
                                        ------------------------------------------------------
                                           2006          2005               2006        2005
                                        ------------------------------------------------------
Net Income                              $   5,215     $   3,069          $   7,384   $   5,896

Depreciation of real property                 450           336                900         702
                                        ---------     ---------          ---------   ---------

FFO                                     $   5,665     $   3,405          $   8,284   $   6,598
                                        =========     =========          =========   =========

Adjusted FFO (2)                        $   3,843     $   3,405          $   6,320   $   6,598
                                        =========     =========          =========   =========

Cash flows from operating activities    $   3,578     $   2,843          $   5,232   $   6,575
                                        =========     =========          =========   =========
Cash flows from investing activities    $(130,507)    $ (23,261)         $(130,274)  $ (56,709)
                                        =========     =========          =========   =========
Cash flows from financing activities    $ 129,943     $  19,139          $ 117,520   $  56,309
                                        =========     =========          =========   =========

FFO per share (basic and diluted)       $    0.68     $    0.41          $    1.00   $    0.79
                                        =========     =========          =========   =========
Adjusted FFO per share
  (basic and diluted) (2)               $    0.46     $    0.41          $    0.76   $    0.79
                                        =========     =========          =========   =========

Weighted average shares outstanding
  Basic                                     8,304         8,311              8,304       8,324
                                        =========     =========          =========   =========
  Diluted                                   8,304         8,311              8,305       8,327
                                        =========     =========          =========   =========
(1)  FFO represents  net income or loss  (computed in accordance  with generally
     accepted accounting principles ("GAAP")),  excluding gains (or losses) from
     sales of property,  excluding depreciation and amortization related to real
     property and  including  funds from  operations  for  unconsolidated  joint
     ventures  calculated on the same basis.  AMAC  calculates FFO in accordance
     with the NAREIT  definition.  FFO does not represent  cash  generated  from
     operating  activities  in  accordance  with  GAAP  and is  not  necessarily
     indicative  of cash  available  to  fund  cash  needs.  FFO  should  not be
     considered as an alternative to net income as an indicator of the Company's
     operating  performance  or as an  alternative to cash flows as a measure of
     liquidity.  Management  considers FFO a  supplemental  measure of operating
     performance,   and,  along  with  cash  flows  from  operating  activities,
     financing activities,  and investing activities, it provides investors with
     an  indication  of the ability of the Company to incur and service debt, to
     make  capital  expenditures,  and to fund other cash  needs.  Since not all
     companies  calculate FFO in a similar  fashion,  our calculation  presented
     above may not be comparable to similarly titled measures  reported by other
     companies.

(2)  Excludes  change  in fair  value  of  derivative  instruments  and  certain
     associated costs.
###

CERTAIN  STATEMENTS IN THIS DOCUMENT MAY CONSTITUTE  FORWARD-LOOKING  STATEMENTS
WITHIN THE MEANING OF THE "SAFE  HARBOR"  PROVISIONS  OF THE PRIVATE  SECURITIES
LITIGATION  REFORM  ACT OF 1995.  THESE  STATEMENTS  ARE  BASED ON  MANAGEMENT'S
CURRENT  EXPECTATIONS  AND  BELIEFS  AND ARE  SUBJECT TO A NUMBER OF FACTORS AND
UNCERTAINTIES  THAT COULD CAUSE ACTUAL RESULTS TO DIFFER  MATERIALLY  FROM THOSE
DESCRIBED IN THE FORWARD-LOOKING  STATEMENTS.  THESE RISKS AND UNCERTAINTIES ARE
DETAILED  IN  AMAC'S  MOST  RECENT  ANNUAL  REPORT ON FORM 10-K AND IN ITS OTHER
FILINGS WITH THE SECURITIES AND EXCHANGE  COMMISSION AND INCLUDE,  AMONG OTHERS,
RISKS OF INVESTING IN UNINSURED AND  NON-INVESTMENT  GRADE  MORTGAGE  ASSETS AND
SUBORDINATED  COMMERCIAL  MORTGAGE-BACKED  SECURITIES  ("CMBS");  COMPETITION IN
ACQUIRING DESIRABLE  INVESTMENTS;  INTEREST RATE FLUCTUATIONS;  RISKS ASSOCIATED
WITH HEDGING TRANSACTIONS,  WHICH CAN LIMIT GAINS AND INCREASE EXPOSURE TO LOSS;
RISKS  ASSOCIATED WITH  INVESTMENTS IN REAL ESTATE  GENERALLY AND THE PROPERTIES
WHICH SECURE MANY OF OUR INVESTMENTS; GENERAL ECONOMIC CONDITIONS,  PARTICULARLY
AS THEY AFFECT THE VALUE OF OUR ASSETS AND THE CREDIT  STATUS OF OUR  BORROWERS;
DEPENDENCE  ON  OUR  EXTERNAL  ADVISOR  FOR  ALL  SERVICES   NECESSARY  FOR  OUR
OPERATIONS;  CONFLICTS  WHICH MAY ARISE AMONG US AND OTHER  ENTITIES  AFFILIATED
WITH  OUR  ADVISOR  WHICH  HAVE  SIMILAR  INVESTMENT  POLICIES  TO  OURS;  RISKS
ASSOCIATED WITH THE REPURCHASE  AGREEMENTS WE UTILIZE TO FINANCE OUR INVESTMENTS
AND THE  AVAILABILITY  OF FINANCING  GENERALLY;  AND RISKS  ASSOCIATED  WITH OUR
CONTEMPLATED  CDO  TRANSACTIONS,  WHICH  INCLUDE,  BUT ARE NOT  LIMITED  TO, THE
INABILITY TO ACQUIRE  ELIGIBLE  INVESTMENTS FOR A CDO ISSUANCE AND THE INABILITY
TO FIND SUITABLE REPLACEMENT INVESTMENTS IN COLLATERALIZED DEBT OBLIGATIONS WITH
REINVESTMENT  PERIODS.  . SUCH  FORWARD-LOOKING  STATEMENTS SPEAK ONLY AS OF THE
DATE OF THIS DOCUMENT. AMAC EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO
RELEASE  PUBLICLY  ANY UPDATES OR REVISIONS  TO ANY  FORWARD-LOOKING  STATEMENTS
CONTAINED  HEREIN TO  REFLECT  ANY  CHANGE IN AMAC'S  EXPECTATIONS  WITH  REGARD
THERETO  OR CHANGE IN EVENTS,  CONDITIONS,  OR  CIRCUMSTANCES  ON WHICH ANY SUCH
STATEMENT IS BASED.

                                       ###