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


                                  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): NOVEMBER 7, 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, 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  November  7,  2006,  American  Mortgage  Acceptance  Company  ("AMAC" or the
"Company") (AMEX: AMC) released a press release announcing its financial results
for the third  quarter and nine months ended  September 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 November 7, 2006, "American Mortgage Acceptance Company
Reports Third 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/ J. Larry Duggins
                                                 --------------------
                                                 J. Larry Duggins
                                                 Chief Executive Officer


November 7, 2006


<PAGE>



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

                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                REPORTS THIRD QUARTER FINANCIAL RESULTS FOR 2006

NEW YORK, NY - NOVEMBER 7, 2006 - American Mortgage  Acceptance  Company ("AMAC"
or the "Company")  (AMEX:  AMC) today announced  financial results for its third
quarter and nine months ended September 30, 2006.

"AMAC's  financial  results  in the  third  quarter  reflect  the  impact of our
strategy to divest of lower-yielding, non-core assets, and invest in assets with
a higher  return on equity for AMAC,"  said J. Larry  Duggins,  Chief  Executive
Officer of AMAC.  "Subsequent to quarter end, our Board of Trustees approved the
sale of 22 of our Fannie Mae certificates with an outstanding carrying amount of
$82.1  million.  We then  contracted  to sell 20 of these  certificates  and are
currently reviewing our options to sell the two remaining  securities.  As we no
longer  intended to hold these  securities,  we  concluded  that the  unrealized
losses  associated  with these assets were other than  temporary as of September
30, 2006, and we recognized  impairment losses of approximately  $2.2 million in
the third quarter.  These  certificates were acquired prior to the launch of our
new direct  lending  program  and were not  producing a return on equity to AMAC
equivalent to what we expect to earn on the new mortgage investments acquired in
2006.  We expect to use the proceeds  from this sale to fund our  existing  loan
pipeline  and to  deploy  the  capital  into  higher  yielding  investments.  In
addition,  in connection with a total credit analysis of our mortgage portfolio,
our risk  management  professionals  felt that it was necessary to write down an
additional  $2.4 million  related to two  non-performing  loans that had been in
monetary  default.  These loans were also originated  prior to the launch of our
direct lending program and had a different risk profile  associated with them as
compared  to the  loans  we are  currently  originating.  We are  continuing  to
pro-actively  manage any  non-performing  loans to ensure  that we take the most
appropriate  measures to preserve  our  investments,  as well as examine ways to
more efficiently deploy our capital and maximize shareholder value. Importantly,
our loan  origination  activity  totaled  $140.6  million in the third  quarter,
bringing our year to date originations to approximately $292.3 million, a record
level for our Company."

FINANCIAL HIGHLIGHTS

AMAC reported total revenues of approximately $10.2 million for the three months
ended  September  30,  2006,  representing  a decrease  of 20.0% as  compared to
revenues of approximately $12.8 million for the three months ended September 30,
2005.  Revenues  compared  unfavorably  to the  third  quarter  of 2005 due to a
significant  non-recurring  prepayment fee recognized in the 2005 period. AMAC's
total revenues for the nine months ended  September 30, 2006 were  approximately
$26.6 million,  representing  an increase of  approximately  1.5% as compared to
revenues of approximately  $26.2 million for the nine months ended September 30,
2005.

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

<TABLE>
C
                                         THREE MONTHS ENDED SEPTEMBER 30,        NINE MONTHS ENDED SEPTEMBER 30,
(In thousands, except per share data)     2006         2005       % CHANGE      2006         2005       % CHANGE
                                        -------      -------      --------    -------      -------      --------
<S>                                     <C>          <C>           <C>        <C>          <C>           <C>
Net Income                              $ 1,234      $ 7,312       (83.1%)    $ 8,618      $13,208       (34.8%)
Adjusted Net Income                     $11,476      $ 7,312        56.9%     $16,873      $13,208        27.7%
FFO*                                    $ 1,767      $ 7,648       (76.9%)    $10,050      $14,246       (29.5%)
Adjusted FFO*                           $12,009      $ 7,648        57.0%     $18,305      $14,246        28.5%

Per Share Data (diluted):
Net Income                              $  0.15      $  0.88       (83.0%)    $  1.04      $  1.59       (34.6%)
Adjusted Net Income                     $  1.38      $  0.88        56.8%     $  2.03      $  1.59        27.7%
FFO*                                    $  0.21      $  0.92       (77.2%)    $  1.21      $  1.71       (29.2%)
Adjusted FFO*                           $  1.44      $  0.92        56.5%     $  2.20      $  1.71        28.7%

</TABLE>

*    See footnote (1) on page 4 to the Selected  Financial Data for a discussion
     of FFO.


<PAGE>



As previously disclosed,  Net Income,  Adjusted Net Income, FFO and Adjusted FFO
reported in this press release for 2006 include a $19.2 million gain  associated
with the Company's sale of its investment in ARCap Investors, LLC ("ARCap"), and
$3.0 million of equity in earnings of ARCap prior to the sale.

INVESTMENT ACTIVITY

In the third quarter of 2006, a subsidiary of AMAC originated first mortgage and
mezzanine loans and subordinated  notes totaling  approximately  $140.6 million,
bringing  our  total   origination   for  the  first  nine  months  of  2006  to
approximately  $292.3  million.  These  investments  and  loans are  secured  by
multifamily, office and retail properties.

CDO NOTES OFFERING

On October  18,  2006,  AMAC CDO  Funding I, a wholly  owned  subsidiary  of the
Company,  (the "Issuer"),  priced a proposed  offering of  approximately  $362.0
million  aggregate  principal  amount of non-recourse  CDO Notes.  AMAC CDO will
issue  the  Notes  secured  by  an  approximate   $400.0  million  portfolio  of
multifamily and commercial  real estate assets.  AMAC expects to account for the
transaction  as a  financing  and  record on its  balance  sheet the  underlying
collateral as assets and the Notes sold as liabilities.

This press release does not constitute an offer to sell or the  solicitation  of
an offer to buy nor shall  there be any sale of the Notes  referred to herein in
any state in which such offer,  solicitation  or sale would be unlawful prior to
registration or  qualification  under the securities laws of any such state. Any
offer, if any at all, will be made only by means of an offering memorandum.  The
Notes  will not be  registered  under the  Securities  Act or  applicable  state
securities  laws,  and are  being  offered  by the  initial  purchasers  only to
qualified institutional buyers in reliance on Rule 144A under the Securities Act
and  outside  the  United  States  in  accordance  with  Regulation  S under the
Securities Act. Unless so registered, the Notes cannot be offered or sold in the
United States  except  pursuant to an exemption  from,  or in a transaction  not
subject to, the  registration  requirements of the Securities Act and applicable
state securities laws.

MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today to review the Company's  third
quarter  financial  results  for  the  period  ended  September  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) 967-7141. A webcast of the presentation will be
available   live  and  can  be   accessed   through   the   Company's   website,
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,
November  11,  2006 at (888)  203-1112  (Passcode  1193874)  or on our  website,
www.americanmortgageco.com, through Tuesday, December 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>

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

   Total assets                                                            $601,746      $400,723
                                                                           ========      ========

   Debt Securities repurchase facilities                                   $150,150      $209,101
                                                                           ========      ========

   Mortgage loan repurchase facility                                       $258,492      $     --
                                                                           ========      ========

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

   Mortgages payable on real estate owned                                  $ 40,083      $ 40,487
                                                                           ========      ========

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

   Total liabilities                                                       $493,419      $286,540
                                                                           ========      ========

   Total shareholders' equity                                              $108,327      $114,183
                                                                           ========      ========

</TABLE>
<TABLE>
<CAPTION>

                                            ==============================================
                                             Three Months Ended         Nine Months Ended
                                                September 30,             September 30,
                                            ----------------------------------------------
                                              2006         2005         2006         2005
                                            ----------------------------------------------
                                                              (Unaudited)
<S>                                         <C>          <C>          <C>          <C>
Operations

   Total revenues                           $10,213      $12,766      $26,623      $26,225
                                            =======      =======      =======      =======

   Net income                               $ 1,234      $ 7,312      $ 8,618      $13,208
                                            =======      =======      =======      =======

   Adjusted net income (1)                  $11,476      $ 7,312      $16,873      $13,208
                                            =======      =======      =======      =======

   Net income per share
     (basic and diluted)                    $  0.15      $  0.88      $  1.04      $  1.59
                                            =======      =======      =======      =======

   Adjusted net income per share
     (basic and diluted) (1)                $  1.38      $  0.88      $  2.03      $  1.59
                                            =======      =======      =======      =======


   Weighted average shares outstanding
     Basic                                    8,307        8,311        8,305        8,320
                                            =======      =======      =======      =======
     Diluted                                  8,315        8,314        8,308        8,323
                                            =======      =======      =======      =======

</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 nine months ended  September  30, 2006 and 2005,  is summarized in the
following table:

<TABLE>
<CAPTION>


                                              Three Months Ended              Nine Months Ended
                                                 September 30,                   September 30,
                                          --------------------------------------------------------
                                             2006            2005           2006            2005
                                          --------------------------------------------------------
<S>                                       <C>             <C>            <C>             <C>
Net Income                                $   1,234       $   7,312      $   8,618       $  13,208

Depreciation of real property(2)                435             336          1,334           1,038
Accrued loss on sale(2)                          98              --             98              --
                                          ---------       ---------      ---------       ---------

FFO                                       $   1,767       $   7,648      $  10,050       $  14,246
                                          =========       =========      =========       =========

Adjusted FFO(3)                           $  12,009       $   7,648      $  18,305       $  14,246
                                          =========       =========      =========       =========

Cash flows from operating activities      $   3,702       $   8,547      $   8,934       $  15,051
                                          =========       =========      =========       =========
Cash flows from investing activities      $ (61,501)      $ (10,619)     $(191,775)      $ (67,257)
                                          =========       =========      =========       =========
Cash flows from financing activities      $  66,350       $  10,182      $ 183,870       $  66,491
                                          =========       =========      =========       =========

FFO per share (basic and diluted)         $    0.21       $    0.92      $    1.21       $    1.71
                                          =========       =========      =========       =========

Adjusted FFO per share(3)
  Basic                                   $    1.45       $    0.92      $    2.20       $    1.71
                                          =========       =========      =========       =========
  Diluted                                 $    1.44       $    0.92      $    2.20       $    1.71
                                          =========       =========      =========       =========

Weighted average shares outstanding
  Basic                                       8,307           8,311          8,305           8,320
                                          =========       =========      =========       =========
  Diluted                                     8,315           8,314          8,308           8,323
                                          =========       =========      =========       =========

</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 our operating
     performance  or as an  alternative to cash flows as a measure of liquidity.
     Our  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)  Includes   properties   classified   as  held  for  sale  and  included  in
     discontinued operations in our consolidated statements of income.

(3)  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_sept2006-amacpress.txt", "description": "AMAC PRESS RELEASE SEPTEMBER 2006 8-K", "secsgml_size_bytes": 26299}]
{"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": "061192094"}, "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): NOVEMBER 7, 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, 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  November  7,  2006,  American  Mortgage  Acceptance  Company  ("AMAC" or the
"Company") (AMEX: AMC) released a press release announcing its financial results
for the third  quarter and nine months ended  September 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 November 7, 2006, "American Mortgage Acceptance Company
Reports Third 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/ J. Larry Duggins
                                                 --------------------
                                                 J. Larry Duggins
                                                 Chief Executive Officer

November 7, 2006
AT THE COMPANY
--------------
Brenda Abuaf, Corporate Communications
(800) 831-4826

                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                REPORTS THIRD QUARTER FINANCIAL RESULTS FOR 2006

NEW YORK, NY - NOVEMBER 7, 2006 - American Mortgage  Acceptance  Company ("AMAC"
or the "Company")  (AMEX:  AMC) today announced  financial results for its third
quarter and nine months ended September 30, 2006.

"AMAC's  financial  results  in the  third  quarter  reflect  the  impact of our
strategy to divest of lower-yielding, non-core assets, and invest in assets with
a higher  return on equity for AMAC,"  said J. Larry  Duggins,  Chief  Executive
Officer of AMAC.  "Subsequent to quarter end, our Board of Trustees approved the
sale of 22 of our Fannie Mae certificates with an outstanding carrying amount of
$82.1  million.  We then  contracted  to sell 20 of these  certificates  and are
currently reviewing our options to sell the two remaining  securities.  As we no
longer  intended to hold these  securities,  we  concluded  that the  unrealized
losses  associated  with these assets were other than  temporary as of September
30, 2006, and we recognized  impairment losses of approximately  $2.2 million in
the third quarter.  These  certificates were acquired prior to the launch of our
new direct  lending  program  and were not  producing a return on equity to AMAC
equivalent to what we expect to earn on the new mortgage investments acquired in
2006.  We expect to use the proceeds  from this sale to fund our  existing  loan
pipeline  and to  deploy  the  capital  into  higher  yielding  investments.  In
addition,  in connection with a total credit analysis of our mortgage portfolio,
our risk  management  professionals  felt that it was necessary to write down an
additional  $2.4 million  related to two  non-performing  loans that had been in
monetary  default.  These loans were also originated  prior to the launch of our
direct lending program and had a different risk profile  associated with them as
compared  to the  loans  we are  currently  originating.  We are  continuing  to
pro-actively  manage any  non-performing  loans to ensure  that we take the most
appropriate  measures to preserve  our  investments,  as well as examine ways to
more efficiently deploy our capital and maximize shareholder value. Importantly,
our loan  origination  activity  totaled  $140.6  million in the third  quarter,
bringing our year to date originations to approximately $292.3 million, a record
level for our Company."

FINANCIAL HIGHLIGHTS

AMAC reported total revenues of approximately $10.2 million for the three months
ended  September  30,  2006,  representing  a decrease  of 20.0% as  compared to
revenues of approximately $12.8 million for the three months ended September 30,
2005.  Revenues  compared  unfavorably  to the  third  quarter  of 2005 due to a
significant  non-recurring  prepayment fee recognized in the 2005 period. AMAC's
total revenues for the nine months ended  September 30, 2006 were  approximately
$26.6 million,  representing  an increase of  approximately  1.5% as compared to
revenues of approximately  $26.2 million for the nine months ended September 30,
2005.

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

C
                                         THREE MONTHS ENDED SEPTEMBER 30,        NINE MONTHS ENDED SEPTEMBER 30,
(In thousands, except per share data)     2006         2005       % CHANGE      2006         2005       % CHANGE
                                        -------      -------      --------    -------      -------      --------
Net Income                              $ 1,234      $ 7,312       (83.1%)    $ 8,618      $13,208       (34.8%)
Adjusted Net Income                     $11,476      $ 7,312        56.9%     $16,873      $13,208        27.7%
FFO*                                    $ 1,767      $ 7,648       (76.9%)    $10,050      $14,246       (29.5%)
Adjusted FFO*                           $12,009      $ 7,648        57.0%     $18,305      $14,246        28.5%

Per Share Data (diluted):
Net Income                              $  0.15      $  0.88       (83.0%)    $  1.04      $  1.59       (34.6%)
Adjusted Net Income                     $  1.38      $  0.88        56.8%     $  2.03      $  1.59        27.7%
FFO*                                    $  0.21      $  0.92       (77.2%)    $  1.21      $  1.71       (29.2%)
Adjusted FFO*                           $  1.44      $  0.92        56.5%     $  2.20      $  1.71        28.7%
*    See footnote (1) on page 4 to the Selected  Financial Data for a discussion
     of FFO.
As previously disclosed,  Net Income,  Adjusted Net Income, FFO and Adjusted FFO
reported in this press release for 2006 include a $19.2 million gain  associated
with the Company's sale of its investment in ARCap Investors, LLC ("ARCap"), and
$3.0 million of equity in earnings of ARCap prior to the sale.

INVESTMENT ACTIVITY

In the third quarter of 2006, a subsidiary of AMAC originated first mortgage and
mezzanine loans and subordinated  notes totaling  approximately  $140.6 million,
bringing  our  total   origination   for  the  first  nine  months  of  2006  to
approximately  $292.3  million.  These  investments  and  loans are  secured  by
multifamily, office and retail properties.

CDO NOTES OFFERING

On October  18,  2006,  AMAC CDO  Funding I, a wholly  owned  subsidiary  of the
Company,  (the "Issuer"),  priced a proposed  offering of  approximately  $362.0
million  aggregate  principal  amount of non-recourse  CDO Notes.  AMAC CDO will
issue  the  Notes  secured  by  an  approximate   $400.0  million  portfolio  of
multifamily and commercial  real estate assets.  AMAC expects to account for the
transaction  as a  financing  and  record on its  balance  sheet the  underlying
collateral as assets and the Notes sold as liabilities.

This press release does not constitute an offer to sell or the  solicitation  of
an offer to buy nor shall  there be any sale of the Notes  referred to herein in
any state in which such offer,  solicitation  or sale would be unlawful prior to
registration or  qualification  under the securities laws of any such state. Any
offer, if any at all, will be made only by means of an offering memorandum.  The
Notes  will not be  registered  under the  Securities  Act or  applicable  state
securities  laws,  and are  being  offered  by the  initial  purchasers  only to
qualified institutional buyers in reliance on Rule 144A under the Securities Act
and  outside  the  United  States  in  accordance  with  Regulation  S under the
Securities Act. Unless so registered, the Notes cannot be offered or sold in the
United States  except  pursuant to an exemption  from,  or in a transaction  not
subject to, the  registration  requirements of the Securities Act and applicable
state securities laws.

MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today to review the Company's  third
quarter  financial  results  for  the  period  ended  September  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) 967-7141. A webcast of the presentation will be
available   live  and  can  be   accessed   through   the   Company's   website,
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,
November  11,  2006 at (888)  203-1112  (Passcode  1193874)  or on our  website,
www.americanmortgageco.com, through Tuesday, December 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)
============   ===========
                                                                         September 30,  December 31,
                                                                             2006           2005
                                                                         ------------   -----------
                                                                         (Unaudited)
Financial Position

   Total assets                                                            $601,746      $400,723
                                                                           ========      ========

   Debt Securities repurchase facilities                                   $150,150      $209,101
                                                                           ========      ========

   Mortgage loan repurchase facility                                       $258,492      $     --
                                                                           ========      ========

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

   Mortgages payable on real estate owned                                  $ 40,083      $ 40,487
                                                                           ========      ========

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

   Total liabilities                                                       $493,419      $286,540
                                                                           ========      ========

   Total shareholders' equity                                              $108,327      $114,183
                                                                           ========      ========
==============================================
                                             Three Months Ended         Nine Months Ended
                                                September 30,             September 30,
                                            ----------------------------------------------
                                              2006         2005         2006         2005
                                            ----------------------------------------------
                                                              (Unaudited)
Operations

   Total revenues                           $10,213      $12,766      $26,623      $26,225
                                            =======      =======      =======      =======

   Net income                               $ 1,234      $ 7,312      $ 8,618      $13,208
                                            =======      =======      =======      =======

   Adjusted net income (1)                  $11,476      $ 7,312      $16,873      $13,208
                                            =======      =======      =======      =======

   Net income per share
     (basic and diluted)                    $  0.15      $  0.88      $  1.04      $  1.59
                                            =======      =======      =======      =======

   Adjusted net income per share
     (basic and diluted) (1)                $  1.38      $  0.88      $  2.03      $  1.59
                                            =======      =======      =======      =======

   Weighted average shares outstanding
     Basic                                    8,307        8,311        8,305        8,320
                                            =======      =======      =======      =======
     Diluted                                  8,315        8,314        8,308        8,323
                                            =======      =======      =======      =======
(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 nine months ended  September  30, 2006 and 2005,  is summarized in the
following table:
Three Months Ended              Nine Months Ended
                                                 September 30,                   September 30,
                                          --------------------------------------------------------
                                             2006            2005           2006            2005
                                          --------------------------------------------------------
Net Income                                $   1,234       $   7,312      $   8,618       $  13,208

Depreciation of real property(2)                435             336          1,334           1,038
Accrued loss on sale(2)                          98              --             98              --
                                          ---------       ---------      ---------       ---------

FFO                                       $   1,767       $   7,648      $  10,050       $  14,246
                                          =========       =========      =========       =========

Adjusted FFO(3)                           $  12,009       $   7,648      $  18,305       $  14,246
                                          =========       =========      =========       =========

Cash flows from operating activities      $   3,702       $   8,547      $   8,934       $  15,051
                                          =========       =========      =========       =========
Cash flows from investing activities      $ (61,501)      $ (10,619)     $(191,775)      $ (67,257)
                                          =========       =========      =========       =========
Cash flows from financing activities      $  66,350       $  10,182      $ 183,870       $  66,491
                                          =========       =========      =========       =========

FFO per share (basic and diluted)         $    0.21       $    0.92      $    1.21       $    1.71
                                          =========       =========      =========       =========

Adjusted FFO per share(3)
  Basic                                   $    1.45       $    0.92      $    2.20       $    1.71
                                          =========       =========      =========       =========
  Diluted                                 $    1.44       $    0.92      $    2.20       $    1.71
                                          =========       =========      =========       =========

Weighted average shares outstanding
  Basic                                       8,307           8,311          8,305           8,320
                                          =========       =========      =========       =========
  Diluted                                     8,315           8,314          8,308           8,323
                                          =========       =========      =========       =========
(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 our operating
     performance  or as an  alternative to cash flows as a measure of liquidity.
     Our  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)  Includes   properties   classified   as  held  for  sale  and  included  in
     discontinued operations in our consolidated statements of income.

(3)  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.

                                       ###