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


                                  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): MAY 8, 2007


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


                      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 May 8, 2007,  American Mortgage  Acceptance Company ("AMAC" or the "Company")
(AMEX:  AMC) released a press release  announcing its financial  results for the
first  quarter ended March 31, 2007. 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 May 8, 2007,  "American  Mortgage  Acceptance  Company
Reports First Quarter Financial Results For 2007".


<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/ Robert L. Levy
                                                         ------------------
                                                         Robert L. Levy
                                                         Chief Financial Officer


May 8, 2007


<PAGE>



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



                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                REPORTS FIRST QUARTER FINANCIAL RESULTS FOR 2007



NEW YORK, NY - MAY 8, 2007 - American Mortgage Acceptance Company ("AMAC" or the
"Company") (AMEX:  AMC) today announced  financial results for the first quarter
ended March 31, 2007.

"AMAC had a strong  first  quarter  from  both an  operational  and a  financial
perspective," said J. Larry Duggins, Chief Executive Officer of the Company. "We
sold our  economic  interest in three  properties  that we  classified  as `real
estate  owned' on our balance  sheet,  enabling us to re-deploy the capital from
these non-core assets to fund our investment  pipeline.  Utilizing the strategic
relationships available to us through our advisor,  Centerline Capital Group, we
completed several high-quality, diverse transactions,  including a $32.5 million
mezzanine  transaction  for  the  development  of  Snowmass  Village  in  Aspen,
Colorado,  and a $10.1 million investment in bonds ranging from below investment
grade to investment  grade,  plus an equity component of a  Collateralized  Debt
Obligation  ("CDO")  issued by an affiliate of Nomura.  We are very pleased with
the progress we have made and our  investment  pipeline  continues to build.  We
believe that we are on track to meet our financial goals for the year."

FINANCIAL RESULTS

The table below summarizes  AMAC's revenues,  net income,  Funds from Operations
("FFO") and adjusted FFO for the three months ended March 31, 2007 and 2006. FFO
for the three months ended March 31, 2007 was impacted by the change in the fair
value of derivative instruments, net of certain associated costs. Therefore, the
Company is reporting FFO both  excluding  ("Adjusted  FFO") and including  these
changes and costs.

AMAC's net income in the first quarter was impacted by the sale of the Company's
economic interest in three properties, resulting in the recognition of a gain of
approximately $3.6 million or $0.43 per share.

<TABLE>
<CAPTION>

                                                THREE MONTHS ENDED MARCH 31,
                                           -------------------------------------
(In thousands, except per share data)       2007           2006         % CHANGE
                                           -------        -------       --------
<S>                                        <C>            <C>            <C>
Revenues                                   $12,501        $ 5,671        120.4%
Net Income                                 $ 5,164        $ 2,169        138.1%
FFO*                                       $ 1,889        $ 2,619        (27.9%)
Adjusted FFO*                              $ 1,920        $ 2,619        (26.7%)


Per Share Data (diluted):
  Net Income                               $  0.61        $  0.26        134.6%
  FFO*                                     $  0.22        $  0.32        (31.3%)
  Adjusted FFO*                            $  0.23        $  0.32        (28.1%)

</TABLE>

*    See footnotes (1) and (3) to the Selected  Financial  Data for a discussion
     of FFO and Adjusted FFO and a reconciliation from GAAP net income.

<PAGE>



INVESTMENT ACTIVITY

In the first quarter of 2007, a wholly owned subsidiary of AMAC originated first
mortgage,   mezzanine  and  bridge  loans  and   subordinated   notes   totaling
approximately  $113.2  million.  These  investments  and  loans are  secured  by
multifamily, office, hotel, retail and mixed use properties and consisted of the
following:

o    $54.4  million  of  first  mortgage   loans  for  retail  and   multifamily
     properties;
o    $45.7 million of mezzanine loans for mixed use and office properties;
o    $10.1 million  investment in bonds ranging from below  investment  grade to
     investment  grade, plus an equity component in a CDO issued by an affiliate
     of Nomura; and
o    $3.1 million in B-notes.

MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today at 10:00 a.m.  Eastern Time to
review the Company's first quarter  financial results for the period ended March
31, 2007. Investors,  brokers, analysts, and shareholders wishing to participate
should call (800) 946-0783. 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,  May 12,  2007  at  (888)  203-1112
(Passcode  2069340)  or  on  our  website,  www.americanmortgageco.com,  through
Wednesday, August 8, 2007.

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>

                                                  ===========   ===========
                                                   March 31,    December 31,
                                                     2007           2006
                                                  -----------   -----------
                                                  (Unaudited)
<S>                                                 <C>          <C>
Balance Sheet Highlights

   TOTAL ASSETS                                     $775,088     $720,984
                                                    ========     ========

   CDO notes payable                                $362,000     $362,000
                                                    ========     ========

   Debt Facilities:

       Repurchase facilities                        $268,389     $163,576
                                                    ========     ========

       Line of credit - related party               $ 10,190     $ 15,000
                                                    ========     ========

       Short-term notes payable-related party       $  4,968     $     --
                                                    ========     ========

       Mortgages payable on real estate owned       $     --     $ 39,944
                                                    ========     ========

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

   TOTAL LIABILITIES                                $688,376     $635,976
                                                    ========     ========

   TOTAL SHAREHOLDERS' EQUITY                       $ 86,712     $ 85,008
                                                    ========     ========

</TABLE>
<TABLE>
<CAPTION>


                                                  Three Months Ended
                                                       March 31,
                                                 -------------------
                                                  2007         2006
                                                 -------------------
                                                     (Unaudited)
<S>                                              <C>         <C>
Income Statement Highlights

   Total revenues                                $12,501     $ 5,671
                                                 =======     =======

   Income from continuing operations             $ 1,633     $ 2,288


   Income (loss) from discontinued
     operations                                  $ 3,531     $  (119)
                                                 -------     -------

   Net income                                    $ 5,164     $ 2,169
                                                 =======     =======

Per share amounts (basic and diluted):

   Net income from continuing operations         $  0.19     $  0.27

   Net income (loss) from discontinued
     operations                                  $  0.42     $ (0.01)
                                                 -------     -------

   Net income                                    $  0.61     $  0.26
                                                 =======     =======

   Weighted average shares outstanding
     Basic                                         8,402       8,304
                                                 =======     =======
     Diluted                                       8,402       8,307
                                                 =======     =======

</TABLE>

<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  months  ended March 31, 2007 and 2006,  is  summarized  in the  following
table:

<TABLE>
<CAPTION>

                                                          Three Months Ended
                                                               March 31,
                                                      -------------------------
                                                        2007             2006
                                                      -------------------------
<S>                                                   <C>              <C>
Net Income                                            $  5,164         $  2,169

Depreciation of real property(2)                           336              450
Gain on sale of real property(2)                        (3,611)              --
                                                      --------         --------

FFO                                                   $  1,889         $  2,619
                                                      ========         ========

Adjusted FFO(3)                                       $  1,920         $  2,619
                                                      ========         ========

Cash flows from operating activities                  $  1,629         $  1,654
                                                      ========         ========
Cash flows from investing activities                  $(84,328)        $    233
                                                      ========         ========
Cash flows from financing activities                  $ 89,654         $(12,423)
                                                      ========         ========

FFO per share (basic and diluted)                     $   0.22         $   0.32
                                                      ========         ========

Adjusted FFO per share(3)
  (basic and diluted)                                 $   0.23         $   0.32
                                                      ========         ========

Weighted average shares outstanding
  Basic                                                  8,402            8,304
                                                      ========         ========
  Diluted                                                8,402            8,307
                                                      ========         ========

</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 relating 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)  Relates  to  properties  sold in 2007  and  2006,  which  are  included  in
     discontinued operations in our consolidated statements of income.

(3)  Adjusted FFO excludes the change in fair value of  derivative  instruments,
     net of 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_march2007-amacpress.txt", "description": "AMAC MARCH 2007 PRESS RELEASE", "secsgml_size_bytes": 21178}]
{"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": "07825959"}, "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): MAY 8, 2007

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

                      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 May 8, 2007,  American Mortgage  Acceptance Company ("AMAC" or the "Company")
(AMEX:  AMC) released a press release  announcing its financial  results for the
first  quarter ended March 31, 2007. 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 May 8, 2007,  "American  Mortgage  Acceptance  Company
Reports First Quarter Financial Results For 2007".
--------------------------------------------------------------------------------

                                   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/ Robert L. Levy
                                                         ------------------
                                                         Robert L. Levy
                                                         Chief Financial Officer

May 8, 2007
AT THE COMPANY
--------------
Brenda Abuaf, Corporate Communications
(800) 831-4826

                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                REPORTS FIRST QUARTER FINANCIAL RESULTS FOR 2007

NEW YORK, NY - MAY 8, 2007 - American Mortgage Acceptance Company ("AMAC" or the
"Company") (AMEX:  AMC) today announced  financial results for the first quarter
ended March 31, 2007.

"AMAC had a strong  first  quarter  from  both an  operational  and a  financial
perspective," said J. Larry Duggins, Chief Executive Officer of the Company. "We
sold our  economic  interest in three  properties  that we  classified  as `real
estate  owned' on our balance  sheet,  enabling us to re-deploy the capital from
these non-core assets to fund our investment  pipeline.  Utilizing the strategic
relationships available to us through our advisor,  Centerline Capital Group, we
completed several high-quality, diverse transactions,  including a $32.5 million
mezzanine  transaction  for  the  development  of  Snowmass  Village  in  Aspen,
Colorado,  and a $10.1 million investment in bonds ranging from below investment
grade to investment  grade,  plus an equity component of a  Collateralized  Debt
Obligation  ("CDO")  issued by an affiliate of Nomura.  We are very pleased with
the progress we have made and our  investment  pipeline  continues to build.  We
believe that we are on track to meet our financial goals for the year."

FINANCIAL RESULTS

The table below summarizes  AMAC's revenues,  net income,  Funds from Operations
("FFO") and adjusted FFO for the three months ended March 31, 2007 and 2006. FFO
for the three months ended March 31, 2007 was impacted by the change in the fair
value of derivative instruments, net of certain associated costs. Therefore, the
Company is reporting FFO both  excluding  ("Adjusted  FFO") and including  these
changes and costs.

AMAC's net income in the first quarter was impacted by the sale of the Company's
economic interest in three properties, resulting in the recognition of a gain of
approximately $3.6 million or $0.43 per share.
THREE MONTHS ENDED MARCH 31,
                                           -------------------------------------
(In thousands, except per share data)       2007           2006         % CHANGE
                                           -------        -------       --------
Revenues                                   $12,501        $ 5,671        120.4%
Net Income                                 $ 5,164        $ 2,169        138.1%
FFO*                                       $ 1,889        $ 2,619        (27.9%)
Adjusted FFO*                              $ 1,920        $ 2,619        (26.7%)

Per Share Data (diluted):
  Net Income                               $  0.61        $  0.26        134.6%
  FFO*                                     $  0.22        $  0.32        (31.3%)
  Adjusted FFO*                            $  0.23        $  0.32        (28.1%)
*    See footnotes (1) and (3) to the Selected  Financial  Data for a discussion
     of FFO and Adjusted FFO and a reconciliation from GAAP net income.
INVESTMENT ACTIVITY

In the first quarter of 2007, a wholly owned subsidiary of AMAC originated first
mortgage,   mezzanine  and  bridge  loans  and   subordinated   notes   totaling
approximately  $113.2  million.  These  investments  and  loans are  secured  by
multifamily, office, hotel, retail and mixed use properties and consisted of the
following:

o    $54.4  million  of  first  mortgage   loans  for  retail  and   multifamily
     properties;
o    $45.7 million of mezzanine loans for mixed use and office properties;
o    $10.1 million  investment in bonds ranging from below  investment  grade to
     investment  grade, plus an equity component in a CDO issued by an affiliate
     of Nomura; and
o    $3.1 million in B-notes.

MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today at 10:00 a.m.  Eastern Time to
review the Company's first quarter  financial results for the period ended March
31, 2007. Investors,  brokers, analysts, and shareholders wishing to participate
should call (800) 946-0783. 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,  May 12,  2007  at  (888)  203-1112
(Passcode  2069340)  or  on  our  website,  www.americanmortgageco.com,  through
Wednesday, August 8, 2007.

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)
===========   ===========
                                                   March 31,    December 31,
                                                     2007           2006
                                                  -----------   -----------
                                                  (Unaudited)
Balance Sheet Highlights

   TOTAL ASSETS                                     $775,088     $720,984
                                                    ========     ========

   CDO notes payable                                $362,000     $362,000
                                                    ========     ========

   Debt Facilities:

       Repurchase facilities                        $268,389     $163,576
                                                    ========     ========

       Line of credit - related party               $ 10,190     $ 15,000
                                                    ========     ========

       Short-term notes payable-related party       $  4,968     $     --
                                                    ========     ========

       Mortgages payable on real estate owned       $     --     $ 39,944
                                                    ========     ========

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

   TOTAL LIABILITIES                                $688,376     $635,976
                                                    ========     ========

   TOTAL SHAREHOLDERS' EQUITY                       $ 86,712     $ 85,008
                                                    ========     ========
Three Months Ended
                                                       March 31,
                                                 -------------------
                                                  2007         2006
                                                 -------------------
                                                     (Unaudited)
Income Statement Highlights

   Total revenues                                $12,501     $ 5,671
                                                 =======     =======

   Income from continuing operations             $ 1,633     $ 2,288

   Income (loss) from discontinued
     operations                                  $ 3,531     $  (119)
                                                 -------     -------

   Net income                                    $ 5,164     $ 2,169
                                                 =======     =======

Per share amounts (basic and diluted):

   Net income from continuing operations         $  0.19     $  0.27

   Net income (loss) from discontinued
     operations                                  $  0.42     $ (0.01)
                                                 -------     -------

   Net income                                    $  0.61     $  0.26
                                                 =======     =======

   Weighted average shares outstanding
     Basic                                         8,402       8,304
                                                 =======     =======
     Diluted                                       8,402       8,307
                                                 =======     =======
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  months  ended March 31, 2007 and 2006,  is  summarized  in the  following
table:
Three Months Ended
                                                               March 31,
                                                      -------------------------
                                                        2007             2006
                                                      -------------------------
Net Income                                            $  5,164         $  2,169

Depreciation of real property(2)                           336              450
Gain on sale of real property(2)                        (3,611)              --
                                                      --------         --------

FFO                                                   $  1,889         $  2,619
                                                      ========         ========

Adjusted FFO(3)                                       $  1,920         $  2,619
                                                      ========         ========

Cash flows from operating activities                  $  1,629         $  1,654
                                                      ========         ========
Cash flows from investing activities                  $(84,328)        $    233
                                                      ========         ========
Cash flows from financing activities                  $ 89,654         $(12,423)
                                                      ========         ========

FFO per share (basic and diluted)                     $   0.22         $   0.32
                                                      ========         ========

Adjusted FFO per share(3)
  (basic and diluted)                                 $   0.23         $   0.32
                                                      ========         ========

Weighted average shares outstanding
  Basic                                                  8,402            8,304
                                                      ========         ========
  Diluted                                                8,402            8,307
                                                      ========         ========
(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 relating 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)  Relates  to  properties  sold in 2007  and  2006,  which  are  included  in
     discontinued operations in our consolidated statements of income.

(3)  Adjusted FFO excludes the change in fair value of  derivative  instruments,
     net of 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.

                                       ###