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Transaction Details

Company: American Mortgage Acceptance
Ticker:amc
Yahoo Beta:-0.25
Industry:REIT

Company Description:  American Mortgage Acceptance Co. is a REIT that purchases and origniates mortgages on multi-family houses, mezzanine real estate debt, and which makes bridge, standby, and forward commitement loans.

Purchase Date:28 Apr 2004 Sale Date:21 Oct 2006
Purchase Price:$14.22 Sale Price:$18.01
  --Split Adjusted:$14.22  --Split Adjusted:$18.01
Shares Purchased:300 Shares Sold:300
  --Split Adjusted:300  --Split Adjusted:300
Transaction Fee:$19.99 Transaction Fee:$13.16
Price Range (6 Months Prior):    Price Range (6 Months After):    
High$18.31 High$0.00
Date24 Mar 2004 Date01 Feb 1996
Low$13.85 Low$0.00
Date23 Apr 2004 Date01 Feb 1996
S&P (Purchase Date):$1,125.51 S&P (Sale Date):$1,316.21

Purchase
Timing:  We bought near the six month low.
Reason:  The class was interested in learning more about another type of security. The strong dividend payout is attractive. The class believes that the current price represents an unbiased expectation about interest rate expectations over the next several months.

Sale
Timing:  The stock is trading near a high.
Reason:  The stock has gone up considerably. Although commercial real estate is still doing well, the residential market has cooled and we are concerned that the commercial market may as well.

S&P Gain: 16.94 % Annualized Gain: 6.75%
Stock Gain: 26.65 % Annualized Gain: 10.36%

Dividends:$1,080.00
Net Holding Return ($): $2,183.67
Net Holding Return (%): 50.95 %