ACMC American Church Mortgage Company, a Real Estate Investment Trust (REIT), engages in the business of making mortgage loans to churches and other non-profit religious organizations throughout the United States. The company’s business is managed by Church Loan Advisors, Inc. (the Advisor). Financing Business The company’s primary business is to make first mortgage loans to churches and other non-profit religious organizations, and selecting and investing in mortgage-secured debt instruments issued by churches and other non-profit religious organizations throughout the United States. As of February 28, 2007, the company had made 158 loans to 132 churches. The company also invests approximately 30% of its Average Invested Assets in mortgage secured debt securities (bonds) issued by churches and other non-profit religious organizations. Tax Status The company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As a REIT, the company generally distributes approximately 90% of its net taxable income and would not be subject to federal income tax on income that it distributes to its stockholders. History American Church Mortgage Company was incorporated in 1994.