American Residential Terminates REIT Status.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--March 20, 2003

American Residential Investment Trust, Inc. (AMEX:INV) today announced that it had completed the process of relinquishing its REIT status. The Company has notified the IRS of its election, so the Company's REIT status is terminated effective January 1, 2003. During 2002, the Company successfully transformed itself from a mortgage REIT to a mortgage bank serving the mortgage broker community.

In August 2002, stockholders approved the proposal to terminate REIT status. In January 2003, the Company announced that its common stock had been approved for listing on the American Stock Exchange (AMEX). The Company's common stock began trading on the AMEX on January 31, 2003.

John M. Robbins, Jr., Chief Executive Officer, said, "We have changed our revenue base and improved our prospects for sustained profitability. 2002 was a turning point for us as we transformed from a mortgage REIT to a mortgage banking company. We exceeded our strategic targets and established a platform for continued growth in 2003. We very much appreciate the support that our stockholders have given us throughout this process."

During 2002, the Company's mortgage banking subsidiary, American Mortgage Network funded $4.2 billion in home mortgages. Inclusive of start-up costs associated with the formation of its mortgage banking subsidiary, the Company had consolidated net income of $1.6 million, or $0.20 per diluted share, for the year ended December 31, 2002. The Company's diluted book value per share was $7.49 at December 31, 2002.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a wholly owned subsidiary of American Residential Investment Trust, Inc. AmNet underwrites and funds loans for the mortgage broker community through its national network of regional centers. AmNet has regional centers in Mission Viejo, California; Ontario, California; Sacramento, California; San Diego, California; Denver, Colorado; New Haven, Connecticut; Atlanta, Georgia; Minneapolis, Minnesota; Cherry Hill, New Jersey; Portland, Oregon; Providence, Rhode Island and Richmond, Virginia as well as offices in Tampa, Florida; Philadelphia, Pennsylvania and Kirkland, Washington. For more information, please visit www.amnetmortgage.com.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is the parent company of American Mortgage Network. The Company trades on the American Stock Exchange (AMEX:INV). For more information, please visit www.amerreit.com.

Forward Looking Statement

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding prospects for sustained profitability and continued growth in 2003. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: the level of interest rates generally, economic conditions generally, uncertainty as to the percentage of the pipeline that will result in mortgage loan fundings; fluctuation in the margins, net of hedging, of loans in the Company's pipeline; the predictability of the Company's expenses; the future correlation of volatility in forward mortgage sale instruments to the Company's loan lock commitments; interest rate volatility; the availability of financing for the funding of mortgage loans; the Company's liquidity position; the effects of termination of the Company's REIT status; and other risk factors outlined in American Residential Investment Trust's SEC reports.