TheMinnetonka, MN-based real estate investment company'srevenuesare derived primarily from interest incomeearned from mortgageloans, typically in the range of$100,000 to $1 million, to churchesand othernon-profit religious organizations. The loans are usedforthe purchase, construction or refinancing of realestate and relatedimprovements.

The company alsodeclared a divided of 18.75 cents per share, tobepaid on Oct. 30 to shareholders of record on Sept. 30.Combinedwith previous dividends, this represents anannualized dividendyield of 8.33 percent, the companysaid.

A little more than a year ago, American ChurchMortgage commenceda public offering of 1.5 millionshares of common stock, it's thirdsuch offering sinceit was organized four year ago. AmericanInvestorsGroup of Minnetonka, MN, is conducting the offering onabest efforts basis.