8-K 1 bst02001.txt MARCH 8-K 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 Exchange Act of 1934 Date of Report (Date of earliest event reported): March 25, 2004 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-51279-22 22-3844513 Pooling and Servicing Agreement) (Commission 22-3844518 (State or other File Number) 22-3844517 jurisdiction 22-3844514 of Incorporation) IRS EIN c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On March 25, 2004 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2002-1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-1 Trust, relating to the March 25, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-1 Trust By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 4/6/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-1 Trust, relating to the March 25, 2004 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 112/3029/032004 Distribution Date: 123/2625/032004 BST Series: 2002-1 Contact: Customer Service - CTSLink Wells Fargo Bank ~~Minnesota~~, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 07384MHZ8 SEN 4.~~37662~~24368% 6763,~~939~~256,~~616~~004.5430 ~~247~~223,~~788~~698.0973 21,~~221~~483,~~294~~969.8883 II-A 07384MJA1 SEN 6.98000% 43,~~081~~153,~~046~~527.4415 2318,~~738~~343.0902 ~~192~~393,~~706~~417.8844 III-A 07384MJK9 SEN 4.~~76988~~45857% 87,~~875~~909,~~601~~308.0880 3529,~~279~~386.6084 3129,~~668~~750.0961 R-IA BST0201RA RES 0.00000% 0.00 0.00 0.00 R-IB BST0201RB RES 0.00000% 0.00 0.00 0.00 R-II BST0201R2 RES 0.00000% 0.00 0.00 0.00 R-III 07384MJL7 RES 6.~~14688~~05063% 0.00 0.00 0.00 B-1 07384MJM5 SUB 4.~~82057~~67856% 1,~~493~~472,~~287~~770.9778 5,~~998~~742.7404 76,~~342~~656.4916 B-2 07384MJN3 SUB 4.~~82057~~67856% 1,~~493~~472,~~287~~770.9778 5,~~998~~742.7404 76,~~342~~656.4916 B-3 07384MJP8 SUB 4.~~82057~~67856% 1,~~119~~104,~~896~~509.9197 4,~~498~~306.7826 54,~~506~~991.5381 B-4 07384MJQ6 SUB 4.~~82057~~67856% ~~522~~515,~~655~~474.3931 2,~~099~~009.5873 2,~~569~~329.9068 B-5 07384MJR4 SUB 4.~~82057~~67856% ~~298~~294,~~712~~608.8465 1,~~199~~148.9762 1,~~468~~331.7748 B-6 07384MJS2 SUB 4.~~82057~~67856% ~~231~~225,~~439~~702.3205 ~~929~~879.7297 1,~~137~~020.9906 Totals 8679,~~055~~404,~~544~~676.4679 ~~327~~291,~~531~~257.3125 21,~~471~~930,~~038~~123.0223

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 6561,~~718~~772,~~321~~034.6647 21,~~469~~707,~~082~~668.9756 0.00 II-A 0.00 32,~~888~~760,~~339~~109.5671 ~~216~~411,~~444~~760.9746 0.00 III-A 0.00 87,~~843~~879,~~932~~558.9919 6659,~~947~~137.6945 0.00 R-IA 0.00 0.00 0.00 0.00 R-IB 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 B-1 0.00 1,~~485~~466,~~945~~114.4862 1312,~~341~~398.2320 0.00 B-2 0.00 1,~~485~~466,~~945~~114.4862 1312,~~341~~398.2320 0.00 B-3 0.00 1,~~114~~099,~~390~~518.3816 109,~~005~~298.3107 0.00 B-4 0.00 ~~520~~513,~~085~~144.5064 4,~~669~~339.4841 0.00 B-5 0.00 ~~297~~293,~~244~~277.0717 2,~~668~~480.7410 0.00 B-6 ~~2,400~~0.1600 ~~227~~224,~~901~~682.1700 21,~~067~~900.7103 7273,~~909~~088.8838 Totals ~~2,400~~0.1600 8377,~~582~~474,~~106~~553.2958 2,~~798~~221,~~569~~380.3348 7273,~~909~~088.8838 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) I-A 119,408,000.00 6763,~~939~~256,~~616~~004.5430 ~~326~~315,~~022~~884.4237 1,~~895~~168,~~272~~085.46 0.00 0.00 II-A 15,660,500.00 43,~~081~~153,~~046~~527.4415 97,~~546~~079.0069 ~~183~~386,~~160~~337.8875 0.00 0.00 III-A 21,424,100.00 87,~~875~~909,~~601~~308.0880 3129,~~167~~198.8665 ~~500~~551.2396 0.00 0.00 R-IA 0.00 0.00 0.00 0.00 0.00 0.00 R-IB 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 R-III 50.00 0.00 0.00 0.00 0.00 0.00 B-1 1,621,700.00 1,~~493~~472,~~287~~770.9778 6,~~510~~656.2416 ~~832~~0.2600 0.00 0.00 B-2 1,621,700.00 1,~~493~~472,~~287~~770.9778 6,~~510~~656.2416 ~~832~~0.2600 0.00 0.00 B-3 1,216,200.00 1,~~119~~104,~~896~~509.9197 4,~~882~~991.3881 ~~624~~0.1500 0.00 0.00 B-4 567,600.00 ~~522~~515,~~655~~474.3931 2,~~278~~329.6068 ~~291~~0.2900 0.00 0.00 B-5 324,400.00 ~~298~~294,~~712~~608.8465 1,~~302~~331.2948 ~~166~~0.4800 0.00 0.00 B-6 324,455.58 ~~231~~225,~~439~~702.3205 1,~~009~~020.0006 ~~128~~0.9900 0.00 ~~2,400~~0.1600 Totals 162,168,705.58 8679,~~055~~404,~~544~~676.4679 ~~389~~375,~~229~~148.0306 21,~~081~~554,~~809~~975.0017 0.00 ~~2,400~~0.1600 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution I-A 21,~~221~~483,~~294~~969.8883 6561,~~718~~772,~~321~~034.6647 0.~~55036783~~51731906 21,~~221~~483,~~294~~969.8883 II-A ~~192~~393,~~706~~417.8844 32,~~888~~760,~~339~~109.5671 0.~~24828962~~17624659 ~~192~~393,~~706~~417.8844 III-A 3129,~~668~~750.0961 87,~~843~~879,~~932~~558.9919 0.~~41280301~~36778946 3129,~~668~~750.0961 R-IA 0.00 0.00 0.00000000 0.00 R-IB 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 B-1 76,~~342~~656.4916 1,~~485~~466,~~945~~114.4862 0.~~91628876~~90406032 76,~~342~~656.4916 B-2 76,~~342~~656.4916 1,~~485~~466,~~945~~114.4862 0.~~91628876~~90406032 76,~~342~~656.4916 B-3 54,~~506~~991.5381 1,~~114~~099,~~390~~518.3816 0.~~91628875~~90406032 54,~~506~~991.5381 B-4 2,~~569~~329.9068 ~~520~~513,~~085~~144.5064 0.~~91628876~~90406032 2,~~569~~329.9068 B-5 1,~~468~~331.7748 ~~297~~293,~~244~~277.0717 0.~~91628875~~90406033 1,~~468~~331.7748 B-6 31,~~538~~020.1506 ~~227~~224,~~901~~682.1700 0.~~70241100~~69248925 1,~~137~~020.9906 Totals 21,~~473~~930,~~438~~123.1823 8377,~~582~~474,~~106~~553.2958 0.~~51540219~~47774047 21,~~471~~930,~~038~~123.0223

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 119,408,000.00 ~~568~~529.~~97039177~~74678665 2.~~73032309~~64542049 159.~~87224022~~78230487 0.00000000 II-A 15,660,500.00 ~~260~~201.~~59490055~~36822898 0.~~60955908~~45207305 1124.~~69572364~~66956674 0.00000000 III-A 21,424,100.00 ~~414~~369.~~28116374~~17811250 1.~~45480370~~36288806 0.~~02334894~~02576351 0.00000000 R-IA 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,621,700.00 ~~920~~908.~~81640871~~16475304 4.~~01445397~~10443362 0.~~51320220~~00000000 0.00000000 B-2 1,621,700.00 ~~920~~908.~~81640871~~16475304 4.~~01445397~~10443362 0.~~51320220~~00000000 0.00000000 B-3 1,216,200.00 ~~920~~908.~~81640355~~16475086 4.~~01445486~~10443184 0.~~51319684~~00000000 0.00000000 B-4 567,600.00 ~~920~~908.~~81640240~~16474630 4.~~01444679~~10443975 0.~~51319591~~00000000 0.00000000 B-5 324,400.00 ~~920~~908.~~81639951~~16476572 4.~~01445746~~10443896 0.~~51319359~~00000000 0.00000000 B-6 324,455.58 ~~713~~695.~~31588749~~63312796 3.~~10982477~~14391264 0.~~39755827~~00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 1812.~~60256331~~42772536 ~~550~~517.~~36782845~~31906129 0.~~55036783~~51731906 1812.~~60256331~~42772536 II-A 0.00000000 1225.~~30528272~~12163979 ~~248~~176.~~28961783~~24658919 0.~~24828962~~17624659 1225.~~30528272~~12163979 III-A 0.00000000 1.~~47815264~~38865157 ~~412~~367.~~80301109~~78946093 0.~~41280301~~36778946 1.~~47815264~~38865157 R-IA 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 4.~~52765000~~10443362 ~~916~~904.~~28875871~~06031942 0.~~91628876~~90406032 4.~~52765000~~10443362 B-2 0.00000000 4.~~52765000~~10443362 ~~916~~904.~~28875871~~06031942 0.~~91628876~~90406032 4.~~52765000~~10443362 B-3 0.00000000 4.~~52765170~~10443184 ~~916~~904.~~28875185~~06031903 0.~~91628875~~90406032 4.~~52765170~~10443184 B-4 0.00000000 4.~~52766032~~10443975 ~~916~~904.~~28875969~~06032417 0.~~91628876~~90406032 4.~~52766032~~10443975 B-5 0.00000000 4.~~52765105~~10443896 ~~916~~904.~~28874846~~06032676 0.~~91628875~~90406033 4.~~52765105~~10443896 B-6 70.~~39749953~~00000000 103.~~90488257~~14391264 ~~702~~692.~~41100492~~48924614 0.~~70241100~~69248925 3.~~50738304~~14391264 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall I-A 119,408,000.00 4.~~37662~~24368% 6763,~~939~~256,~~616~~004.5430 ~~247~~223,~~788~~698.1072 0.00 0.00 II-A 15,660,500.00 6.98000% 43,~~081~~153,~~046~~527.4415 2318,~~738~~343.0902 0.00 0.00 III-A 21,424,100.00 4.~~76988~~45857% 87,~~875~~909,~~601~~308.0880 3529,~~279~~386.6084 0.00 0.00 R-IA 0.00 0.00000% 0.00 0.00 0.00 0.00 R-IB 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 R-III 50.00 6.~~14688~~05063% 0.00 0.00 0.00 0.00 B-1 1,621,700.00 4.~~82057~~67856% 1,~~493~~472,~~287~~770.9778 5,~~998~~742.7403 0.00 0.00 B-2 1,621,700.00 4.~~82057~~67856% 1,~~493~~472,~~287~~770.9778 5,~~998~~742.7403 0.00 0.00 B-3 1,216,200.00 4.~~82057~~67856% 1,~~119~~104,~~896~~509.9197 4,~~498~~306.7826 0.00 0.00 B-4 567,600.00 4.~~82057~~67856% ~~522~~515,~~655~~474.3931 2,~~099~~009.5873 0.00 0.00 B-5 324,400.00 4.~~82057~~67856% ~~298~~294,~~712~~608.8465 1,~~199~~148.9762 0.00 0.00 B-6 324,455.58 4.~~82057~~67856% ~~231~~225,~~439~~702.3205 ~~929~~879.7297 0.00 0.00 Totals 162,168,705.58 ~~327~~291,~~531~~257.3222 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance I-A (0.0001) 0.00 ~~247~~223,~~788~~698.0973 0.00 6561,~~718~~772,~~321~~034.6647 II-A 0.00 0.00 2318,~~738~~343.0902 0.00 32,~~888~~760,~~339~~109.5671 III-A 0.00 0.00 3529,~~279~~386.6084 0.00 87,~~843~~879,~~932~~558.9919 R-IA 0.00 0.00 0.00 0.00 0.00 R-IB 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 5,~~998~~742.7404 0.00 1,~~485~~466,~~945~~114.4862 B-2 0.00 0.00 5,~~998~~742.7404 0.00 1,~~485~~466,~~945~~114.4862 B-3 0.00 0.00 4,~~498~~306.7826 0.00 1,~~114~~099,~~390~~518.3816 B-4 0.00 0.00 2,~~099~~009.5873 0.00 ~~520~~513,~~085~~144.5064 B-5 0.00 0.00 1,~~199~~148.9762 0.00 ~~297~~293,~~244~~277.0717 B-6 0.00 0.00 ~~929~~879.7297 0.00 ~~227~~224,~~901~~682.1700 Totals (0.0001) 0.00 ~~327~~291,~~531~~257.3125 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall I-A 119,408,000.00 4.~~37662~~24368% ~~568~~529.~~97039177~~74678665 21.~~07513818~~87339810 0.00000000 0.00000000 II-A 15,660,500.00 6.98000% ~~260~~201.~~59490055~~36822898 1.~~51579388~~17129210 0.00000000 0.00000000 III-A 21,424,100.00 4.~~76988~~45857% ~~414~~369.~~28116374~~17811250 1.~~64672495~~37167209 0.00000000 0.00000000 R-IA 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 6.~~14688~~05063% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,621,700.00 4.~~82057~~67856% ~~920~~908.~~81640871~~16475304 3.~~69904421~~54074736 0.00000000 0.00000000 B-2 1,621,700.00 4.~~82057~~67856% ~~920~~908.~~81640871~~16475304 3.~~69904421~~54074736 0.00000000 0.00000000 B-3 1,216,200.00 4.~~82057~~67856% ~~920~~908.~~81640355~~16475086 3.~~69904621~~54074988 0.00000000 0.00000000 B-4 567,600.00 4.~~82057~~67856% ~~920~~908.~~81640240~~16474630 3.~~69904863~~54075053 0.00000000 0.00000000 B-5 324,400.00 4.~~82057~~67856% ~~920~~908.~~81639951~~16476572 3.~~69904439~~54075216 0.00000000 0.00000000 B-6 324,455.58 4.~~82057~~67856% ~~713~~695.~~31588749~~63312796 2.~~86547699~~71214322 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A (0.~~00000000~~00000008) 0.00000000 21.~~07513810~~87339818 0.00000000 ~~550~~517.~~36782845~~31906129 II-A 0.00000000 0.00000000 1.~~51579388~~17129210 0.00000000 ~~248~~176.~~28961783~~24658919 III-A 0.00000000 0.00000000 1.~~64672495~~37167209 0.00000000 ~~412~~367.~~80301109~~78946093 R-IA 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 3.~~69904421~~54075353 0.00000000 ~~916~~904.~~28875871~~06031942 B-2 0.00000000 0.00000000 3.~~69904421~~54075353 0.00000000 ~~916~~904.~~28875871~~06031942 B-3 0.00000000 0.00000000 3.~~69904621~~54074988 0.00000000 ~~916~~904.~~28875185~~06031903 B-4 0.00000000 0.00000000 3.~~69904863~~54075053 0.00000000 ~~916~~904.~~28875969~~06032417 B-5 0.00000000 0.00000000 3.~~69904439~~54075216 0.00000000 ~~916~~904.~~28874846~~06032676 B-6 0.00000000 0.00000000 2.~~86547699~~71214322 0.00000000 ~~702~~692.~~41100492~~48924614 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 2,~~832~~250,~~810~~828.5993 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 55,~~928~~069.4723 Realized Loss (Gains, Subsequent Expenses & Recoveries) ~~(2,400~~0.~~16)~~00 Prepayment Penalties 0.00 Total Deposits 2,~~886~~305,~~338~~898.9016 Withdrawals Reimbursement for Servicer Advances 5251,~~057~~586.7371 Payment of Service Fee 3532,~~711~~930.8497 Payment of Interest and Principal 2,~~798~~221,~~569~~380.3348 Total Withdrawals (Pool Distribution Amount) 2,~~886~~305,~~338~~898.9016 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall (0.0001)

SERVICING FEES Gross Servicing Fee 2624,~~892~~798.3921 FNMA Guaranty Fee 87,~~102~~471.3207 Trustee Fee ~~717~~661.1369 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 3532,~~711~~930.8497

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 50 0 0 50 ~~236,014~~0.5400 0.00 0.00 ~~236,014~~0.5400 30 Days 67 0 0 0 67 4,~~509~~952,~~275~~628.5577 0.00 0.00 0.00 4,~~509~~952,~~275~~628.5577 60 Days 1715 10 0 0 1815 1763,~~281,284~~887.8279 ~~80,205~~0.7800 0.00 0.00 1763,~~361,490~~887.6079 90 Days 43 0 0 0 43 ~~459~~199,~~695~~946.6707 0.00 0.00 0.00 ~~459~~199,~~695~~946.6707 120 Days 24 0 10 0 34 ~~303~~349,~~966~~808.5356 0.00 ~~30,163~~0.1300 0.00 ~~334~~349,~~129~~808.6656 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 37 0 20 10 67 ~~112~~428,~~646~~854.4010 0.00 ~~86,620~~0.4300 ~~20,813~~0.1200 ~~220~~428,~~079~~854.9510 Totals 9396 60 30 10 ~~103~~96 6,~~666~~695,~~868~~125.9729 ~~316,220~~0.3200 ~~116,783~~0.5600 ~~20,813~~0.1200 76,~~120~~695,~~685~~125.9729 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~322581~~000000% 0.000000% 0.000000% 0.~~322581~~000000% 0.~~281123~~000000% 0.000000% 0.000000% 0.~~281123~~000000% 30 Days 4.~~322581~~551630% 0.000000% 0.000000% 0.000000% 4.~~322581~~551630% 56.~~371122~~363906% 0.000000% 0.000000% 0.000000% 56.~~371122~~363906% 60 Days 1.~~096774~~019022% 0.~~064516~~000000% 0.000000% 0.000000% 1.~~161290~~019022% 10.~~526174~~981562% 0.~~095535~~000000% 0.000000% 0.000000% 10.~~621709~~981562% 90 Days 0.~~258065~~203804% 0.000000% 0.000000% 0.000000% 0.~~258065~~203804% 0.~~547556~~256922% 0.000000% 0.000000% 0.000000% 0.~~547556~~256922% 120 Days 0.~~129032~~271739% 0.000000% 0.~~064516~~000000% 0.000000% 0.~~193548~~271739% 0.~~362063~~449488% 0.000000% 0.~~035928~~000000% 0.000000% 0.~~397991~~449488% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.~~193548~~475543% 0.000000% 0.~~129032~~000000% 0.~~064516~~000000% 0.~~387097~~475543% 0.~~134176~~551058% 0.000000% 0.~~103176~~000000% 0.~~024791~~000000% 0.~~262143~~551058% Totals 6.~~000000~~521739% 0.~~387097~~000000% 0.~~193548~~000000% 0.~~064516~~000000% 6.~~645161~~521739% 78.~~941091~~602936% 0.~~376659~~000000% 0.~~139104~~000000% 0.~~024791~~000000% 8.~~481645~~602936%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 50 0 0 50 ~~236,014~~0.5400 0.00 0.00 ~~236,014~~0.5400 30 Days 64 0 0 0 64 34,~~823~~266,~~415~~043.2918 0.00 0.00 0.00 34,~~823~~266,~~415~~043.2918 60 Days 1614 10 0 0 1714 ~~958~~644,~~881~~731.7403 ~~80,205~~0.7800 0.00 0.00 1644,~~039,087~~731.5203 90 Days 23 0 0 0 23 ~~121~~199,~~511~~946.1307 0.00 0.00 0.00 ~~121~~199,~~511~~946.1307 120 Days 13 0 10 0 23 13108,~~744~~475.0462 0.00 ~~30,163~~0.1300 0.00 43108,~~907~~475.1762 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 36 0 20 10 6 ~~112~~197,~~646~~339.4067 0.00 ~~86,620~~0.4300 ~~20,813~~0.1200 ~~220~~197,~~079~~339.9567 Totals 8690 60 30 10 9690 5,~~030~~416,~~198~~535.6057 ~~316,220~~0.3200 ~~116,783~~0.5600 ~~20,813~~0.1200 5,~~484~~416,~~015~~535.6057 0-29 Days 0.~~334001~~000000% 0.000000% 0.000000% 0.~~334001~~000000% 0.~~337635~~000000% 0.000000% 0.000000% 0.~~337635~~000000% 30 Days 4.~~275217~~472397% 0.000000% 0.000000% 0.000000% 4.~~275217~~472397% 56.~~469651~~475146% 0.000000% 0.000000% 0.000000% 56.~~469651~~475146% 60 Days 10.~~068804~~978337% 0.~~066800~~000000% 0.000000% 0.000000% 10.~~135605~~978337% 10.~~371744~~978595% 0.~~114740~~000000% 0.000000% 0.000000% 10.~~486484~~978595% 90 Days 0.~~133601~~209644% 0.000000% 0.000000% 0.000000% 0.~~133601~~209644% 0.~~173830~~303485% 0.000000% 0.000000% 0.000000% 0.~~173830~~303485% 120 Days 0.~~066800~~209644% 0.000000% 0.~~066800~~000000% 0.000000% 0.~~133601~~209644% 0.~~019662~~164648% 0.000000% 0.~~043150~~000000% 0.000000% 0.~~062812~~164648% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.~~200401~~419287% 0.000000% 0.~~133601~~000000% 0.~~066800~~000000% 0.~~400802~~419287% 0.~~161148~~299529% 0.000000% 0.~~123916~~000000% 0.~~029775~~000000% 0.~~314839~~299529% Totals 56.~~744823~~289308% 0.~~400802~~000000% 0.~~200401~~000000% 0.~~066800~~000000% 6.~~412826~~289308% 78.~~196035~~221403% 0.~~452374~~000000% 0.~~167067~~000000% 0.~~029775~~000000% 78.~~845251~~221403% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 12 0 0 0 12 ~~179~~333,~~142~~253.6499 0.00 0.00 0.00 ~~179~~333,~~142~~253.6499 60 Days 01 0 0 0 01 0119,156.0076 0.00 0.00 0.00 0119,156.0076 90 Days 10 0 0 0 10 ~~106,670~~0.1100 0.00 0.00 0.00 ~~106,670~~0.1100 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 23 0 0 0 23 ~~285~~452,~~812~~410.75 0.00 0.00 0.00 ~~285~~452,~~812~~410.75 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 39.~~225806~~090909% 0.000000% 0.000000% 0.000000% 39.~~225806~~090909% 410.~~035838~~087647% 0.000000% 0.000000% 0.000000% 410.~~035838~~087647% 60 Days 04.~~000000~~545455% 0.000000% 0.000000% 0.000000% 04.~~000000~~545455% 03.~~000000~~606893% 0.000000% 0.000000% 0.000000% 03.~~000000~~606893% 90 Days 30.~~225806~~000000% 0.000000% 0.000000% 0.000000% 30.~~225806~~000000% 20.~~403131~~000000% 0.000000% 0.000000% 0.000000% 20.~~403131~~000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 613.~~451613~~636364% 0.000000% 0.000000% 0.000000% 613.~~451613~~636364% 613.~~438969~~694540% 0.000000% 0.000000% 0.000000% 613.~~438969~~694540% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 21 0 0 0 21 ~~506~~353,~~717~~331.6260 0.00 0.00 0.00 ~~506~~353,~~717~~331.6260 60 Days 10 0 0 0 10 ~~322,403~~0.0800 0.00 0.00 0.00 ~~322,403~~0.0800 90 Days 10 0 0 0 10 ~~231,514~~0.4300 0.00 0.00 0.00 ~~231,514~~0.4300 120 Days 1 0 0 0 1 ~~290~~241,~~222~~332.4994 0.00 0.00 0.00 ~~290~~241,~~222~~332.4994 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 01 0 0 0 01 0231,514.0043 0.00 0.00 0.00 0231,514.0043 Totals 53 0 0 0 53 1826,~~350,857~~178.6297 0.00 0.00 0.00 1826,~~350,857~~178.6297 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 95.~~090909~~263158% 0.000000% 0.000000% 0.000000% 95.~~090909~~263158% 54.~~271221~~091007% 0.000000% 0.000000% 0.000000% 54.~~271221~~091007% 60 Days 40.~~545455~~000000% 0.000000% 0.000000% 0.000000% 40.~~545455~~000000% 30.~~353856~~000000% 0.000000% 0.000000% 0.000000% 30.~~353856~~000000% 90 Days 40.~~545455~~000000% 0.000000% 0.000000% 0.000000% 40.~~545455~~000000% 20.~~408370~~000000% 0.000000% 0.000000% 0.000000% 20.~~408370~~000000% 120 Days 45.~~545455~~263158% 0.000000% 0.000000% 0.000000% 45.~~545455~~263158% 32.~~019092~~794244% 0.000000% 0.000000% 0.000000% 32.~~019092~~794244% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 05.~~000000~~263158% 0.000000% 0.000000% 0.000000% 05.~~000000~~263158% 02.~~000000~~680562% 0.000000% 0.000000% 0.000000% 02.~~000000~~680562% Totals 2215.~~727273~~789474% 0.000000% 0.000000% 0.000000% 2215.~~727273~~789474% 149.~~052539~~565812% 0.000000% 0.000000% 0.000000% 149.~~052539~~565812%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 55,~~928~~069.4723

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 42,760,705.58 26.36803780% 1715,~~863~~702,~~784~~519.6311 2120.~~37273805~~26796979% 7879.~~627262~~732030% 0.000000% Class 2A 27,100,205.58 16.71111913% 1312,~~975~~942,~~445~~409.0740 16.~~72061843~~70536815% 43.~~652120~~562602% 7554.~~773758~~516904% Class 3A 5,676,105.58 3.50012387% 5,~~131~~062,~~512~~851.0821 6.~~13948644~~53485690% 10.~~581132~~170511% ~~172~~155.~~345555~~634797% Class R-II 5,676,105.58 3.50012387% 5,~~131~~062,~~512~~851.0821 6.~~13948644~~53485690% 0.000000% 0.000000% Class R-III 5,676,055.58 3.50009304% 5,~~131~~062,~~512~~851.0821 6.~~13948644~~53485690% 0.000000% 0.000000% Class B-1 4,054,355.58 2.50008506% 3,~~645~~596,~~566~~736.6059 4.~~36165917~~64247475% 1.~~777827~~892382% 28.~~957264~~958280% Class B-2 2,432,655.58 1.50007708% 2,~~159~~130,621.1297 2.~~58383189~~75009261% 1.~~777827~~892382% 28.~~957264~~958280% Class B-3 1,216,455.58 0.75011734% 1,~~045~~031,~~230~~103.7481 1.~~25054367~~33089352% 1.~~333288~~419199% 21.~~716608~~717371% Class B-4 648,855.58 0.40011146% ~~525~~517,~~145~~959.2417 0.~~62829864~~66855393% 0.~~622245~~662340% 10.~~135132~~135487% Class B-5 324,455.58 0.20007287% ~~227~~224,~~901~~682.1700 0.~~27266742~~29000748% 0.~~355631~~378546% 5.~~792524~~792727% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.~~272667~~290007% 4.~~441209~~437855% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 54.~~065237~~899281% Weighted Average Net Coupon 4.~~690237~~524520% Weighted Average Pass-Through Rate 4.~~680237~~514519% Weighted Average Maturity(Stepdown Calculation ) ~~169~~166 Beginning Scheduled Collateral Loan Count 1,~~585~~494 Number Of Loans Paid In Full 3522 Ending Scheduled Collateral Loan Count 1,~~550~~472 Beginning Scheduled Collateral Balance 8679,~~055~~404,~~544~~676.4780 Ending Scheduled Collateral Balance 8377,~~582~~474,~~106~~553.2957 Ending Actual Collateral Balance at 3029-~~Nov~~Feb-~~2003~~2004 8377,~~954~~823,~~066~~721.0497 Monthly P &I Constant ~~752~~699,~~472~~336.1628 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount ~~2,400~~0.1600 Cumulative Realized Loss 7273,~~909~~085.8838 Class A Optimal Amount 2,~~760~~186,~~577~~037.9653 Ending Scheduled Balance for Premium Loans 8377,~~582~~474,~~106~~553.2957 Scheduled Principal ~~389~~375,~~229~~148.0206 Unscheduled Principal 21,~~084~~554,~~209~~975.1617

Miscellaneous Reporting Deficiency Amount 0.00 Guaranteed Interest Payment 0.00 Guaraneteed Principal Payment 0.00 Guarantor Remibursement Amount 0.00 Senior Percentage Group 1 94.~~582628~~291929% Senior Prepayment Pct. Group 1 100.000000% Subordinate Percentage Group 1 50.~~417372~~000000% Subordinate Prepayment Pct. Group 1 0.000000% Average Loss Severity Group 1 0 Senior Percentage Group 2 8885.~~313286~~464737% Senior Prepayment Pct. Group 2 100.000000% Subordinate Percentage Group 2 110.~~66714~~000000% Subordinate Prepayment Pct. Group 2 0.000000% Average Loss Severity Group 2 0 Senior Percentage Group 3 9291.~~420715~~653896% Senior Prepayment Pct. Group 3 100.000000% Subordinate Percentage Group 3 70.~~579285~~000000% Subordinate Prepayment Pct. Group 3 0.000000% Average Loss Severity Group 3 0

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~896618~~763402 7.~~500002~~500000 54.~~154876~~843570 Weighted Average Net Rate 4.~~521617~~388684 7.125000 4.~~779876~~468570 Weighted Average Maturity ~~161~~158 ~~205~~202 ~~187~~184 Beginning Loan Count 1,~~531~~450 3225 2219 Loans Paid In Full 3419 13 0 Ending Loan Count 1,~~497~~431 31 22 19 Beginning Scheduled Balance 7167,~~830~~085,~~967~~280.2201 43,~~621~~689,~~101~~857.3567 98,~~603~~629,~~475~~539.9012 Ending scheduled Balance 6965,~~585~~582,~~814~~187.9475 43,~~427~~295,~~123~~236.0717 98,~~569~~597,~~168~~129.2865 Record Date 1102/3029/~~2003~~2004 1102/3029/~~2003~~2004 1102/3029/~~2003~~2004 Principal And Interest Constant ~~637~~601,~~803~~301.1993 3931,~~691~~345.1436 7466,~~977~~688.8399 Scheduled Principal ~~344~~335,~~695~~006.8880 108,~~809~~283.2575 3331,~~723~~857.8951 Unscheduled Principal 1,~~900~~168,~~456~~085.4046 ~~183~~386,~~169~~337.0375 ~~583~~551.7396 Scheduled Interest ~~293~~266,~~107~~295.3113 2823,~~881~~061.8961 4134,~~253~~831.9448 Servicing Fees 2220,~~447~~948.2040 1,~~444~~153.1008 32,~~001~~696.0973 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~598~~559.5803 3830.5175 8071.0491 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~270~~244,~~061~~787.5370 2721,~~399~~877.2878 3832,~~172~~062.8184 Realized Loss Amount ~~2,308~~0.5100 80.1500 830.5000 Cumulative Realized Loss 72,~~500~~651.5393 ~~119~~143.6575 289.70 Percentage of Cumulative Losses 0.~~0586~~0587 0.~~0007~~0009 0.0013 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 4.~~511618~~378684 7.~~115002~~115000 4.~~769876~~458570

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 54.~~065237~~899281 Weighted Average Net Rate 4.~~690237~~524520 Weighted Average Maturity ~~169~~166 Beginning Loan Count 1,~~585~~494 Loans Paid In Full 3522 Ending Loan Count 1,~~550~~472 Beginning Scheduled Balance 8679,~~055~~404,~~544~~676.4780 Ending scheduled Balance 8377,~~582~~474,~~106~~553.2957 Record Date 1102/3029/~~2003~~2004 Principal And Interest Constant ~~752~~699,~~472~~336.1628 Scheduled Principal ~~389~~375,~~229~~148.0206 Unscheduled Principal 21,~~084~~554,~~209~~975.1617 Scheduled Interest ~~363~~324,~~243~~188.1422 Servicing Fees 2624,~~892~~798.3921 Master Servicing Fees 0.00 Trustee Fee ~~717~~661.1369 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest ~~335~~298,~~633~~728.6232 Realized Loss Amount ~~2,400~~0.1600 Cumulative Realized Loss 7273,~~909~~085.8838 Percentage of Cumulative Losses 0.~~0450~~0451 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 4.~~680237~~514519

Filing Compare · BEAR STEARNS ARM TRUST MORTGAGE PASS THR CERTS SERIES 2002 1