8-K 1 sam03ar2_apr.txt APRIL 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): April 19, 2004 STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Mortgage Pass-Through Certificates, Series 2003-AR2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-68542-21 54-2121815 Pooling and Servicing Agreement) (Commission 54-2121816 (State or other File Number) 54-2121817 jurisdiction IRS EIN of Incorporation) 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 April 19, 2004 a distribution was made to holders of STRUCTURED ASSET MORTGAGE INVESTMENTS INC., Mortgage Pass-Through Certificates, Series 2003-AR2 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 2003-AR2 Trust, relating to the April 19, 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. STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Mortgage Pass-Through Certificates, Series 2003-AR2 Trust By: Wells Fargo Bank, N.A. as Master Servicer By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 4/21/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-AR2 Trust, relating to the April 19, 2004 distribution. EX-99.1

Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Record Date: 103/31/0304 Distribution Date: 114/19/0304 SAM Series: 2003-AR2 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 A-1 86358HTY5 SEN 1.~~49000~~46000% ~~365~~351,~~815~~962,~~796~~806.3854 ~~454~~428,~~221~~014.2869 32,~~339~~741,~~016~~923.7361 A-2 86358HTZ2 SEN 32.~~03367~~97531% 8985,~~506~~597,~~689~~029.8593 ~~226~~212,~~278~~128.4560 ~~446~~516,~~592~~600.5768 X 86358HUA5 SEN 1.~~39874~~42243% 0.00 ~~461~~452,~~672~~839.8404 0.00 R-I 86358HUF4 SEN 0.00000% 0.00 0.00 0.00 R-II 86358HUG2 SEN 0.00000% 0.00 0.00 0.00 R-III 86358HUH0 SEN 0.00000% 0.00 0.00 0.00 M 86358HUB3 MEZ 1.~~87000~~84000% 15,000,000.00 2322,~~375~~988.0090 0.00 B-1 86358HUC1 SUB 2.~~12000~~09000% 6,500,000.00 11,~~483~~315.3337 0.00 B-2 86358HUD9 SUB 2.~~12000~~09000% 4,750,000.00 8,~~391~~268.6792 0.00 B-3 86358HUE7 SUB 2.~~12000~~09000% 4,000,000.00 76,~~066~~963.6730 0.00 B-4 86358HUJ6 SUB 2.~~94733~~93236% 1,750,000.00 4,~~298~~274.1930 0.00 B-5 86358HUL1 SUB 2.~~94733~~93236% 1,250,000.00 3,~~070~~053.1407 0.00 B-6 86358HUN7 SUB 2.~~94733~~93236% 3,000,000.00 7,~~368~~327.3336 0.00 Totals ~~491~~473,~~572~~809,~~486~~836.2347 1,~~207~~157,~~225~~173.9055 3,~~785~~258,~~609~~524.3029

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~362~~349,~~476~~220,~~779~~882.6593 3,~~793~~169,~~238~~938.0130 0.00 A-2 0.00 8985,~~060~~080,~~097~~429.2825 ~~672~~728,~~871~~729.0228 0.00 X 0.00 0.00 ~~461~~452,~~672~~839.8404 0.00 R-I 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 M 0.00 15,000,000.00 2322,~~375~~988.0090 0.00 B-1 0.00 6,500,000.00 11,~~483~~315.3337 0.00 B-2 0.00 4,750,000.00 8,~~391~~268.6792 0.00 B-3 0.00 4,000,000.00 76,~~066~~963.6730 0.00 B-4 0.00 1,750,000.00 4,~~298~~274.1930 0.00 B-5 0.00 1,250,000.00 3,~~070~~053.1407 0.00 B-6 0.00 3,000,000.00 7,~~368~~327.3336 0.00 Totals 0.00 ~~487~~470,~~786~~551,~~876~~312.9318 4,~~992~~415,~~835~~697.2084 0.00 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) A-1 371,000,000.00 ~~365~~351,~~815~~962,~~796~~806.3854 0.00 32,~~339~~741,~~016~~923.7361 0.00 0.00 A-2 92,750,000.00 8985,~~506~~597,~~689~~029.8593 0.00 ~~446~~516,~~592~~600.5768 0.00 0.00 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 R-III 50.00 0.00 0.00 0.00 0.00 0.00 M 15,000,000.00 15,000,000.00 0.00 0.00 0.00 0.00 B-1 6,500,000.00 6,500,000.00 0.00 0.00 0.00 0.00 B-2 4,750,000.00 4,750,000.00 0.00 0.00 0.00 0.00 B-3 4,000,000.00 4,000,000.00 0.00 0.00 0.00 0.00 B-4 1,750,000.00 1,750,000.00 0.00 0.00 0.00 0.00 B-5 1,250,000.00 1,250,000.00 0.00 0.00 0.00 0.00 B-6 3,000,000.00 3,000,000.00 0.00 0.00 0.00 0.00 Totals 500,000,150.00 ~~491~~473,~~572~~809,~~486~~836.2347 0.00 3,~~785~~258,~~609~~524.3029 0.00 0.00 (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 A-1 32,~~339~~741,~~016~~923.7361 ~~362~~349,~~476~~220,~~779~~882.6593 0.~~97702636~~94129618 32,~~339~~741,~~016~~923.7361 A-2 ~~446~~516,~~592~~600.5768 8985,~~060~~080,~~097~~429.2825 0.~~96021668~~91730921 ~~446~~516,~~592~~600.5768 R-I 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 M 0.00 15,000,000.00 1.00000000 0.00 B-1 0.00 6,500,000.00 1.00000000 0.00 B-2 0.00 4,750,000.00 1.00000000 0.00 B-3 0.00 4,000,000.00 1.00000000 0.00 B-4 0.00 1,750,000.00 1.00000000 0.00 B-5 0.00 1,250,000.00 1.00000000 0.00 B-6 0.00 3,000,000.00 1.00000000 0.00 Totals 3,~~785~~258,~~609~~524.3029 ~~487~~470,~~786~~551,~~876~~312.9318 0.~~97557346~~94110234 3,~~785~~258,~~609~~524.3029

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 371,000,000.00 ~~986~~948.~~02640534~~68681008 0.00000000 97.~~00004509~~39062968 0.00000000 A-2 92,750,000.00 ~~965~~922.~~03169650~~87902889 0.00000000 45.~~81501423~~56981865 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000000 0.00000000 0.00000000 0.00000000 M 15,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 6,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 4,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 4,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 1,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-5 1,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-6 3,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 97.~~00004509~~39062968 ~~977~~941.~~02636024~~29618040 0.~~97702636~~94129618 97.~~00004509~~39062968 A-2 0.00000000 45.~~81501423~~56981865 ~~960~~917.~~21668226~~30921024 0.~~96021668~~91730921 45.~~81501423~~56981865 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-I 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 M 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (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 A-1 371,000,000.00 1.~~49000~~46000% ~~365~~351,~~815~~962,~~796~~806.3854 ~~454~~428,221.2841 0.00 0.00 A-2 92,750,000.00 32.~~03367~~97531% 8985,~~506~~597,~~689~~029.8593 ~~226~~212,~~278~~231.4506 0.00 0.00 X 0.00 1.~~39874~~42243% ~~396~~382,~~065~~212,~~796~~806.3854 ~~461~~453,~~662~~057.3675 0.00 0.00 R-I 50.00 0.00000% 0.00 0.00 0.00 0.00 R-II 50.00 0.00000% 0.00 0.00 0.00 0.00 R-III 50.00 0.00000% 0.00 0.00 0.00 0.00 M 15,000,000.00 1.~~87000~~84000% 15,000,000.00 23,~~375~~000.00 0.00 0.00 B-1 6,500,000.00 2.~~12000~~09000% 6,500,000.00 11,~~483~~320.3383 0.00 0.00 B-2 4,750,000.00 2.~~12000~~09000% 4,750,000.00 8,~~391~~272.6792 0.00 0.00 B-3 4,000,000.00 2.~~12000~~09000% 4,000,000.00 76,~~066~~966.67 0.00 0.00 B-4 1,750,000.00 2.~~94733~~93236% 1,750,000.00 4,~~298~~276.1936 0.00 0.00 B-5 1,250,000.00 2.~~94733~~93236% 1,250,000.00 3,~~070~~054.1454 0.00 0.00 B-6 3,000,000.00 2.~~94733~~93236% 3,000,000.00 7,~~368~~330.3390 0.00 0.00 Totals 500,000,150.00 1,~~207~~157,~~215~~732.4244 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 A-1 0206.0072 0.00 ~~454~~428,~~221~~014.2869 0.00 ~~362~~349,~~476~~220,~~779~~882.6593 A-2 0102.0045 0.00 ~~226~~212,~~278~~128.4560 0.00 8985,~~060~~080,~~097~~429.2825 X 0218.0071 0.00 ~~461~~452,~~672~~839.8404 0.00 ~~392~~379,~~726~~470,~~779~~882.6593 R-I 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 M 011.0010 0.00 2322,~~375~~988.0090 0.00 15,000,000.00 B-1 05.0047 0.00 11,~~483~~315.3337 0.00 6,500,000.00 B-2 03.0099 0.00 8,~~391~~268.6792 0.00 4,750,000.00 B-3 03.0036 0.00 76,~~066~~963.6730 0.00 4,000,000.00 B-4 02.0006 0.00 4,~~298~~274.1930 0.00 1,750,000.00 B-5 01.0047 0.00 3,~~070~~053.1407 0.00 1,250,000.00 B-6 03.0054 0.00 7,~~368~~327.3336 0.00 3,000,000.00 Totals 0558.0087 0.00 1,~~207~~157,~~225~~173.9055 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 A-1 371,000,000.00 1.~~49000~~46000% ~~986~~948.~~02640534~~68681008 1.~~22431612~~15423561 0.00000000 0.00000000 A-2 92,750,000.00 32.~~03367~~97531% ~~965~~922.~~03169650~~87902889 2.~~43965984~~28820550 0.00000000 0.00000000 X 0.00 1.~~39874~~42243% ~~987~~952.~~07986637~~55528110 1.~~15056040~~12911589 0.00000000 0.00000000 R-I 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 M 15,000,000.00 1.~~87000~~84000% 1000.00000000 1.~~55833333~~53333333 0.00000000 0.00000000 B-1 6,500,000.00 2.~~12000~~09000% 1000.00000000 1.~~76666615~~74166615 0.00000000 0.00000000 B-2 4,750,000.00 2.~~12000~~09000% 1000.00000000 1.~~76666737~~74166737 0.00000000 0.00000000 B-3 4,000,000.00 2.~~12000~~09000% 1000.00000000 1.~~76666750~~74166750 0.00000000 0.00000000 B-4 1,750,000.00 2.~~94733~~93236% 1000.00000000 2.~~45610857~~44363429 0.00000000 0.00000000 B-5 1,250,000.00 2.~~94733~~93236% 1000.00000000 2.~~45611200~~44363200 0.00000000 0.00000000 B-6 3,000,000.00 2.~~94733~~93236% 1000.00000000 2.~~45611000~~44363333 0.00000000 0.00000000 (5) All classes are per $1,000 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 A-1 0.~~00000000~~00055720 0.00000000 1.~~22431612~~15367841 0.00000000 ~~977~~941.~~02636024~~29618040 A-2 0.~~00000000~~00110458 0.00000000 2.~~43965984~~28710081 0.00000000 ~~960~~917.~~21668226~~30921024 X 0.~~00000000~~00054507 0.00000000 1.~~15058652~~12857082 0.00000000 ~~978~~945.~~75832935~~72182662 R-I 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 M 0.~~00000000~~00074000 0.00000000 1.~~55833333~~53259333 0.00000000 1000.00000000 B-1 0.~~00000000~~00084154 0.00000000 1.~~76666615~~74082615 0.00000000 1000.00000000 B-2 0.~~00000000~~00084000 0.00000000 1.~~76666737~~74082526 0.00000000 1000.00000000 B-3 0.~~00000000~~00084000 0.00000000 1.~~76666750~~74082500 0.00000000 1000.00000000 B-4 0.~~00000000~~00117714 0.00000000 2.~~45610857~~44245714 0.00000000 1000.00000000 B-5 0.~~00000000~~00117600 0.00000000 2.~~45611200~~44245600 0.00000000 1000.00000000 B-6 0.~~00000000~~00118000 0.00000000 2.~~45611000~~44245333 0.00000000 1000.00000000 (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 54,~~181~~584,~~938~~859.5299 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 129,~~856~~125.8964 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 54,~~194~~593,~~795~~985.4163 Withdrawals Reimbursement for Servicer Advances 3617,~~035~~998.0222 Payment of Service Fee ~~165~~160,~~925~~289.1957 Payment of Interest and Principal 4,~~992~~415,~~835~~697.2084 Total Withdrawals (Pool Distribution Amount) 54,~~194~~593,~~795~~985.4163 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0558.0087 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0558.0087

SERVICING FEES Gross Servicing Fee 4241,~~777~~433.74 Additional Servicing Fee ~~122~~117,~~123~~868.4674 Master Servicing Fee ~~1,023~~987.9909 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~165~~160,~~925~~289.1957

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1810 0 0 0 1810 42,~~782~~056,~~829~~945.1832 0.00 0.00 0.00 42,~~782~~056,~~829~~945.1832 60 Days 02 0 0 0 02 01,197,550.00 0.00 0.00 0.00 01,197,550.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 1812 0 0 0 1812 43,~~782~~254,~~829~~495.1832 0.00 0.00 0.00 43,~~782~~254,~~829~~495.1832 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~139241~~647668% 0.000000% 0.000000% 0.000000% 10.~~139241~~647668% 0.~~980489~~437133% 0.000000% 0.000000% 0.000000% 0.~~980489~~437133% 60 Days 0.~~000000~~129534% 0.000000% 0.000000% 0.000000% 0.~~000000~~129534% 0.~~000000~~254498% 0.000000% 0.000000% 0.000000% 0.~~000000~~254498% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 10.~~139241~~777202% 0.000000% 0.000000% 0.000000% 10.~~139241~~777202% 0.~~980489~~691631% 0.000000% 0.000000% 0.000000% 0.~~980489~~691631%

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 138 0 0 0 138 41,~~143~~878,~~329~~745.1832 0.00 0.00 0.00 41,~~143~~878,~~329~~745.1832 60 Days 02 0 0 0 02 01,197,550.00 0.00 0.00 0.00 01,197,550.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 1310 0 0 0 1310 43,~~143~~076,~~329~~295.1832 0.00 0.00 0.00 43,~~143~~076,~~329~~295.1832 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~036683~~651997% 0.000000% 0.000000% 0.000000% 10.~~036683~~651997% 10.~~058358~~496732% 0.000000% 0.000000% 0.000000% 10.~~058358~~496732% 60 Days 0.~~000000~~162999% 0.000000% 0.000000% 0.000000% 0.~~000000~~162999% 0.~~000000~~316627% 0.000000% 0.000000% 0.000000% 0.~~000000~~316627% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 10.~~036683~~814996% 0.000000% 0.000000% 0.000000% 10.~~036683~~814996% 10.~~058358~~813359% 0.000000% 0.000000% 0.000000% 10.~~058358~~813359% 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 52 0 0 0 52 ~~639~~178,~~500~~200.00 0.00 0.00 0.00 ~~639~~178,~~500~~200.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 52 0 0 0 52 ~~639~~178,~~500~~200.00 0.00 0.00 0.00 ~~639~~178,~~500~~200.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~533742~~630915% 0.000000% 0.000000% 0.000000% 10.~~533742~~630915% 0.~~663975~~192998% 0.000000% 0.000000% 0.000000% 0.~~663975~~192998% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 10.~~533742~~630915% 0.000000% 0.000000% 0.000000% 10.~~533742~~630915% 0.~~663975~~192998% 0.000000% 0.000000% 0.000000% 0.~~663975~~192998%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 129,~~856~~125.8964

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 3.~~352036~~338104% Weighted Average Net Coupon 3.~~247609~~233166% Weighted Average Pass-Through Rate 2.~~946989~~932145% Weighted Average Maturity(Stepdown Calculation ) ~~315~~310 Beginning Scheduled Collateral Loan Count 1,~~593~~550 Number Of Loans Paid In Full 136 Ending Scheduled Collateral Loan Count 1,~~580~~544 Beginning Scheduled Collateral Balance ~~491~~473,~~572~~809,~~486~~837.9418 Ending Scheduled Collateral Balance ~~487~~470,~~786~~551,~~877~~312.6489 Ending Actual Collateral Balance at 31-~~Oct~~Mar-~~2003~~2004 ~~487~~470,~~800~~553,~~498~~552.8323 Monthly P &I Constant 1,~~378~~322,~~429~~688.1935 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~487~~470,~~786~~551,~~877~~312.6489 Scheduled Principal 0.00 Unscheduled Principal 3,~~785~~258,~~609~~524.3029

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.~~323301~~319561 3.~~469289~~414185 3.~~352036~~338104 Weighted Average Net Rate 3.~~222741~~218677 3.~~349083~~292617 3.~~247609~~233166 Weighted Average Maturity ~~312~~307 ~~326~~321 ~~315~~310 Beginning Loan Count 1,~~265~~232 ~~328~~318 1,~~593~~550 Loans Paid In Full 115 21 136 Ending Loan Count 1,~~254~~227 ~~326~~317 1,~~580~~544 Beginning Scheduled Balance ~~394~~380,~~815~~962,~~796~~806.6985 9692,~~756~~847,~~690~~030.2533 ~~491~~473,~~572~~809,~~486~~837.9418 Ending scheduled Balance ~~391~~378,~~476~~220,~~779~~883.9624 9692,~~310~~330,~~097~~429.6865 ~~487~~470,~~786~~551,~~877~~312.6489 Record Date 1003/31/~~2003~~2004 1003/31/~~2003~~2004 1003/31/~~2003~~2004 Principal And Interest Constant 1,~~093~~054,~~460~~141.5591 ~~284~~268,~~968~~546.6444 1,~~378~~322,~~429~~688.1935 Scheduled Principal 0.00 0.00 0.00 Unscheduled Principal 32,~~339~~741,~~016~~923.7361 ~~446~~516,~~592~~600.5768 3,~~785~~258,~~609~~524.3029 Scheduled Interest 1,~~093~~053,~~409~~857.8388 ~~279~~264,~~730~~164.7713 1,~~373~~318,~~140~~022.6001 Servicing Fees 3332,~~085~~027.4671 9,~~692~~406.2803 4241,~~777~~433.74 Master Servicing Fees ~~822~~793.4567 ~~201~~193.5442 ~~1,023~~987.9909 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 9693,~~893~~510.4092 2524,~~230~~357.0682 ~~122~~117,~~123~~868.4674 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 ~~962~~927,~~608~~525.5258 ~~244~~230,~~606~~206.8986 1,~~207~~157,~~215~~732.4144 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 2.~~925745~~921626 32.~~033674~~975305 2.~~946989~~932145

Miscellaneous Reporting Group Group 1 ~~Amt Remaining in Int Coverage Acct Gr 1 13,619.17 Amt Withdrawn from Int Coverage Acct Gr1 110.74 Amt Remaining in Prefunding Acct~~ Group 1 ~~0.00 Amt Withdrawn from Prefunding Acct Gr 1 38,937.01 Amt from Pref Acct to buy Sub Loans Gr1 0.00 Group 1~~ Senior Percentage 92.~~654802~~387708% Group 1 Senior Prepayment Percentage 100.000000% Group 1 Sen Mez & Sub Percentage 7.~~345198~~612292% Group 1 Sen Mez & Sub Prep Percentage 0.000000% Group Group 2 ~~Amt Remaining in Int Coverage Acct Gr 2 9,538.26 Amt Withdrawn from Int Coverage Acct Gr2 64.06 Amt Remaining in Prefunding Acct~~ Group 2 ~~0.00 Amt Withdrawn from Prefunding Acct Gr 2 21,409.00 Amt from Pref Acct to buy Sub Loans Gr2 0.00 Group 2~~ Senior Percentage 92.~~506978~~191457% Group 2 Senior Prepayment Percentage 100.000000% Group 2 Sen Mez & Sub Percentage 7.~~493022~~808543% Group 2 Sen Mez & Sub Prep Percentage 0.000000%

Filing Compare · STRUCTURED ASSET MORTGAGE INVEST TRUST 2003-AR2