8-K 1 sam03ar2_sep.txt SEPTEMBER 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): September 20, 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 20, 2004 a distribution was made to holders of STRUCTURED ASSET MORTGAGE INVESTMENTS INC., Mortgage Pass-Through Certificates, Series 2003-AR2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-AR2 Trust, relating to the September 20, 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 (Registrant) 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: 9/21/2004 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 September 20, 2004 distribution. EX-99.1

Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Record Date: 38/31/042004 Distribution Date: 49/1920/042004 SAM Series: 2003-AR2 Contact: Customer Service - CTSLink Wells Fargo Bank, 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.~~46000~~97000% ~~351~~328,~~962~~603,~~806~~873.5430 ~~428~~539,~~014~~458.6903 24,~~741~~586,~~923~~144.6169 A-2 86358HTZ2 SEN 23.~~97531~~28606% 8580,~~597~~566,~~029~~349.9346 ~~212~~220,~~128~~621.6068 ~~516~~48,~~600~~509.6821 X 86358HUA5 SEN 1.~~42243~~17339% 0.00 ~~452~~350,~~839~~896.0408 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 12.~~84000~~35000% 15,000,000.00 2229,~~988~~375.9000 0.00 B-1 86358HUC1 SUB 2.~~09000~~60000% 6,500,000.00 1114,~~315~~083.3733 0.00 B-2 86358HUD9 SUB 2.~~09000~~60000% 4,750,000.00 810,~~268~~291.9267 0.00 B-3 86358HUE7 SUB 2.~~09000~~60000% 4,000,000.00 68,~~963~~666.3067 0.00 B-4 86358HUJ6 SUB 23.~~93236~~20468% 1,750,000.00 4,~~274~~673.3049 0.00 B-5 86358HUL1 SUB 23.~~93236~~20468% 1,250,000.00 3,~~053~~338.0721 0.00 B-6 86358HUN7 SUB 23.~~93236~~20468% 3,000,000.00 78,~~327~~011.3669 0.00 Totals ~~473~~445,~~809~~420,~~836~~222.4776 1,~~157~~189,~~173~~415.5585 34,~~258~~634,~~524~~653.2990

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~349~~324,~~220~~017,~~882~~728.9361 35,~~169~~125,~~938~~602.3072 0.00 A-2 0.00 8580,~~080~~517,~~429~~840.25 ~~728~~269,~~729~~130.2889 0.00 X 0.00 0.00 ~~452~~350,~~839~~896.0408 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 2229,~~988~~375.9000 0.00 B-1 0.00 6,500,000.00 1114,~~315~~083.3733 0.00 B-2 0.00 4,750,000.00 810,~~268~~291.9267 0.00 B-3 0.00 4,000,000.00 68,~~963~~666.3067 0.00 B-4 0.00 1,750,000.00 4,~~274~~673.3049 0.00 B-5 0.00 1,250,000.00 3,~~053~~338.0721 0.00 B-6 0.00 3,000,000.00 78,~~327~~011.3669 0.00 Totals 0.00 ~~470~~440,~~551~~785,~~312~~568.1886 45,~~415~~824,~~697~~069.8475 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 ~~351~~328,~~962~~603,~~806~~873.5430 0.00 24,~~741~~586,~~923~~144.6169 0.00 0.00 A-2 92,750,000.00 8580,~~597~~566,~~029~~349.9346 0.00 ~~516~~48,~~600~~509.6821 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 ~~473~~445,~~809~~420,~~836~~222.4776 0.00 34,~~258~~634,~~524~~653.2990 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 24,~~741~~586,~~923~~144.6169 ~~349~~324,~~220~~017,~~882~~728.9361 0.~~94129618~~87336315 24,~~741~~586,~~923~~144.6169 A-2 ~~516~~48,~~600~~509.6821 8580,~~080~~517,~~429~~840.25 0.~~91730921~~86811688 ~~516~~48,~~600~~509.6821 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 34,~~258~~634,~~524~~653.2990 ~~470~~440,~~551~~785,~~312~~568.1886 0.~~94110234~~88157087 34,~~258~~634,~~524~~653.2990

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 ~~948~~885.~~68681008~~72472588 0.00000000 712.~~39062968~~36157598 0.00000000 A-2 92,750,000.00 ~~922~~868.~~87902889~~63988636 0.00000000 50.~~56981865~~52301035 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 712.~~39062968~~36157598 ~~941~~873.~~29618040~~36314989 0.~~94129618~~87336315 712.~~39062968~~36157598 A-2 0.00000000 50.~~56981865~~52301035 ~~917~~868.~~30921024~~11687601 0.~~91730921~~86811688 50.~~56981865~~52301035 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.~~46000~~97000% ~~351~~328,~~962~~603,~~806~~873.5430 ~~428~~539,~~221~~458.4103 0.00 0.00 A-2 92,750,000.00 23.~~97531~~28606% 8580,~~597~~566,~~029~~349.9346 ~~212~~220,~~231~~621.0668 0.00 0.00 X 0.00 1.~~42243~~17339% ~~382~~358,~~212~~853,~~806~~873.5430 ~~453~~350,~~057~~896.7508 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 12.~~84000~~35000% 15,000,000.00 2329,~~000~~375.00 0.00 0.00 B-1 6,500,000.00 2.~~09000~~60000% 6,500,000.00 1114,~~320~~083.8333 0.00 0.00 B-2 4,750,000.00 2.~~09000~~60000% 4,750,000.00 810,~~272~~291.9267 0.00 0.00 B-3 4,000,000.00 2.~~09000~~60000% 4,000,000.00 68,~~966~~666.67 0.00 0.00 B-4 1,750,000.00 23.~~93236~~20468% 1,750,000.00 4,~~276~~673.3649 0.00 0.00 B-5 1,250,000.00 23.~~93236~~20468% 1,250,000.00 3,~~054~~338.5421 0.00 0.00 B-6 3,000,000.00 23.~~93236~~20468% 3,000,000.00 78,~~330~~011.9069 0.00 0.00 Totals 500,000,150.00 1,~~157~~189,~~732~~415.4485 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 ~~206~~0.7200 0.00 ~~428~~539,~~014~~458.6903 0.00 ~~349~~324,~~220~~017,~~882~~728.9361 A-2 ~~102~~0.4500 0.00 ~~212~~220,~~128~~621.6068 0.00 8580,~~080~~517,~~429~~840.25 X ~~218~~0.7100 0.00 ~~452~~350,~~839~~896.0408 0.00 ~~379~~354,~~470~~267,~~882~~728.9361 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 110.1000 0.00 2229,~~988~~375.9000 0.00 15,000,000.00 B-1 50.4700 0.00 1114,~~315~~083.3733 0.00 6,500,000.00 B-2 30.9900 0.00 810,~~268~~291.9267 0.00 4,750,000.00 B-3 30.3600 0.00 68,~~963~~666.3067 0.00 4,000,000.00 B-4 20.0600 0.00 4,~~274~~673.3049 0.00 1,750,000.00 B-5 10.4700 0.00 3,~~053~~338.0721 0.00 1,250,000.00 B-6 30.5400 0.00 78,~~327~~011.3669 0.00 3,000,000.00 Totals ~~558~~0.8700 0.00 1,~~157~~189,~~173~~415.5585 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.~~46000~~97000% ~~948~~885.~~68681008~~72472588 1.~~15423561~~45406477 0.00000000 0.00000000 A-2 92,750,000.00 23.~~97531~~28606% ~~922~~868.~~87902889~~63988636 2.~~28820550~~37867040 0.00000000 0.00000000 X 0.00 1.~~42243~~17339% ~~952~~894.~~55528110~~33987115 10.~~12911589~~87450736 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 12.~~84000~~35000% 1000.00000000 1.~~53333333~~95833333 0.00000000 0.00000000 B-1 6,500,000.00 2.~~09000~~60000% 1000.00000000 12.~~74166615~~16666615 0.00000000 0.00000000 B-2 4,750,000.00 2.~~09000~~60000% 1000.00000000 12.~~74166737~~16666737 0.00000000 0.00000000 B-3 4,000,000.00 2.~~09000~~60000% 1000.00000000 12.~~74166750~~16666750 0.00000000 0.00000000 B-4 1,750,000.00 23.~~93236~~20468% 1000.00000000 2.~~44363429~~67056571 0.00000000 0.00000000 B-5 1,250,000.00 23.~~93236~~20468% 1000.00000000 2.~~44363200~~67056800 0.00000000 0.00000000 B-6 3,000,000.00 23.~~93236~~20468% 1000.00000000 2.~~44363333~~67056333 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.~~00055720~~00000000 0.00000000 1.~~15367841~~45406477 0.00000000 ~~941~~873.~~29618040~~36314989 A-2 0.~~00110458~~00000000 0.00000000 2.~~28710081~~37867040 0.00000000 ~~917~~868.~~30921024~~11687601 X 0.~~00054507~~00000000 0.00000000 10.~~12857082~~87450736 0.00000000 ~~945~~882.~~72182662~~91022707 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.~~00074000~~00000000 0.00000000 1.~~53259333~~95833333 0.00000000 1000.00000000 B-1 0.~~00084154~~00000000 0.00000000 12.~~74082615~~16666615 0.00000000 1000.00000000 B-2 0.~~00084000~~00000000 0.00000000 12.~~74082526~~16666737 0.00000000 1000.00000000 B-3 0.~~00084000~~00000000 0.00000000 12.~~74082500~~16666750 0.00000000 1000.00000000 B-4 0.~~00117714~~00000000 0.00000000 2.~~44245714~~67056571 0.00000000 1000.00000000 B-5 0.~~00117600~~00000000 0.00000000 2.~~44245600~~67056800 0.00000000 1000.00000000 B-6 0.~~00118000~~00000000 0.00000000 2.~~44245333~~67056333 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 45,~~584~~953,~~859~~200.9962 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 911,~~125~~513.6422 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 45,~~593~~964,~~985~~713.6384 Withdrawals Reimbursement for Servicer Advances 173,~~998~~345.2231 Payment of Service Fee ~~160~~137,~~289~~298.5778 Payment of Interest and Principal 45,~~415~~824,~~697~~069.8475 Total Withdrawals (Pool Distribution Amount) 45,~~593~~964,~~985~~713.6384 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall ~~558~~0.8700 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall ~~558~~0.8700

SERVICING FEES Gross Servicing Fee 4125,~~433~~611.7485 Additional Servicing Fee ~~117~~110,~~868~~758.7497 Master Servicing Fee ~~987~~927.0996 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~160~~137,~~289~~298.5778

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 1011 0 0 0 1011 23,~~056~~885,~~945~~595.3283 0.00 0.00 0.00 23,~~056~~885,~~945~~595.3283 60 Days 21 0 0 0 2 1 100,~~197,550~~000.00 0.00 0.00 0.00 1100,~~197,550~~000.00 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 12 0 0 0 12 3,~~254~~985,~~495~~595.3283 0.00 0.00 0.00 3,~~254~~985,~~495~~595.3283 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 0.~~647668~~749319% 0.000000% 0.000000% 0.000000% 0.~~647668~~749319% 0.~~437133~~881510% 0.000000% 0.000000% 0.000000% 0.~~437133~~881510% 60 Days 0.~~129534~~068120% 0.000000% 0.000000% 0.000000% 0.~~129534~~068120% 0.~~254498~~022687% 0.000000% 0.000000% 0.000000% 0.~~254498~~022687% 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 0.~~777202~~817439% 0.000000% 0.000000% 0.000000% 0.~~777202~~817439% 0.~~691631~~904197% 0.000000% 0.000000% 0.000000% 0.~~691631~~904197%

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 8 0 0 0 8 ~~1,878,745.32 0.00 0.00 0.00 1,878,745.32 60 Days~~ 2 ~~0 0 0 2 1~~,~~197~~975,~~550~~077.0039 0.00 0.00 0.00 1,197,550.00 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 10 0 0 0 10 3,076,295.32 0.00 0.00 0.00 3,076,295.32 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.651997% 0.000000% 0.000000% 0.000000% 0.651997% 0.496732% 0.000000% 0.000000% 0.000000% 0.496732% 60 Days 0.162999% 0.000000% 0.000000% 0.000000% 0.162999% 0.316627% 0.000000% 0.000000% 0.000000% 0.316627% 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 0.814996% 0.000000% 0.000000% 0.000000% 0.814996% 0.813359% 0.000000% 0.000000% 0.000000% 0.813359% 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 2 0 0 0 2 178,~~200.00 0.00 0.00 0.00 178~~975,~~200~~077.0039 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 28 0 0 0 28 ~~178~~2,~~200~~975,077.0039 0.00 0.00 0.00 ~~178~~2,~~200~~975,077.0039 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~630915~~689061% 0.000000% 0.000000% 0.000000% 0.~~630915~~689061% 0.~~192998~~842755% 0.000000% 0.000000% 0.000000% 0.~~192998~~842755% 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 0.~~630915~~689061% 0.000000% 0.000000% 0.000000% 0.~~630915~~689061% 0.~~192998~~842755% 0.000000% 0.000000% 0.000000% 0.~~192998~~842755%

~~OTHER~~DELINQUENT ~~INFORMATION~~BANKRUPTCY ~~Current~~FORECLOSURE ~~Period~~REO ~~Class~~Total AGroup ~~Insufficient~~2 ~~Funds~~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 ~~Principal~~0.00 ~~Balance~~0.00 of0.00 ~~Contaminated~~30 ~~Properties~~Days 3 0 0 0 3 910,518.44 0.00 ~~Periodic~~0.00 ~~Advance~~0.00 9910,~~125~~518.6444 60 Days 1 0 0 0 1 100,000.00 0.00 0.00 0.00 100,000.00 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 4 0 0 0 4 1,010,518.44 0.00 0.00 0.00 1,010,518.44 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.977199% 0.000000% 0.000000% 0.000000% 0.977199% 1.037385% 0.000000% 0.000000% 0.000000% 1.037385% 60 Days 0.325733% 0.000000% 0.000000% 0.000000% 0.325733% 0.113933% 0.000000% 0.000000% 0.000000% 0.113933% 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 1.302932% 0.000000% 0.000000% 0.000000% 1.302932% 1.151318% 0.000000% 0.000000% 0.000000% 1.151318%

~~COLLATERAL~~OTHER ~~STATEMENT~~INFORMATION ~~Collateral~~Current ~~Description~~Period ~~Mixed~~Class ~~ARM~~A ~~Weighted~~Insufficient ~~Average~~Funds Gross Coupon 3.338104% Weighted Average Net Coupon 3.233166% Weighted Average Pass-Through Rate 2.932145% Weighted Average Maturity(Stepdown Calculation ) 310 Beginning Scheduled Collateral Loan Count 1,550 Number Of Loans Paid In Full 6 Ending Scheduled Collateral Loan Count 1,544 Beginning Scheduled Collateral Balance 473,809,837.18 Ending Scheduled Collateral Balance 470,551,312.89 Ending Actual Collateral Balance at 31-Mar-2004 470,553,552.23 Monthly P &I Constant 1,322,688.35 Special Servicing Fee 0.00 ~~Prepayment~~Principal ~~Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled~~ Balance ~~for~~of ~~Premium~~Contaminated ~~Loans~~Properties ~~470,551,312.89 Scheduled Principal~~ 0.00 ~~Unscheduled~~Periodic ~~Principal~~Advance 311,~~258,524~~513.2922

~~Group~~COLLATERAL ~~Level~~STATEMENT Collateral ~~Statement Group Group 1 Group 2 Total Collateral~~ Description Mixed ARM ~~Mixed~~Weighted ~~ARM~~Average ~~Mixed~~Gross ~~ARM~~Coupon 3.574282% Weighted Average Net Coupon ~~Rate~~ 3.~~319561~~505282% ~~3.414185 3.338104~~ Weighted Average ~~Net~~Pass-Through Rate 3.~~218677~~204388% ~~3.292617 3.233166~~ Weighted Average Maturity(Stepdown ~~307~~Calculation ~~321~~) ~~310~~305 Beginning Scheduled Collateral Loan Count 1,~~232~~480 ~~318~~Number ~~1,550~~Of Loans Paid In Full 512 1Ending 6Scheduled ~~Ending~~Collateral Loan Count 1,~~227~~468 ~~317 1,544~~ Beginning Scheduled Collateral Balance ~~380~~445,~~962~~420,~~806~~223.8547 ~~92,847,030.33 473,809,837.18~~ Ending ~~scheduled~~Scheduled Collateral Balance ~~378~~440,~~220~~785,~~883~~569.2457 ~~92,330,429.65~~Ending ~~470,551,312.89~~Actual ~~Record~~Collateral ~~Date~~Balance ~~03/31/2004~~at ~~03/~~31/-Aug-2004 ~~03/31/2004 Principal And Interest Constant 1~~440,~~054~~788,~~141~~547.9102 ~~268,546.44~~Monthly ~~1,322,688.35~~P ~~Scheduled~~&I ~~Principal~~Constant ~~0.00 0.00 0.00 Unscheduled Principal 2,741,923.61 516,600.68 3,258,524.29 Scheduled Interest~~ 1,~~053~~329,~~857~~890.8824 ~~264,164.13~~Special ~~1,318,022.01~~ Servicing ~~Fees 32,027.71 9,406.03 41,433.74 Master Servicing Fees 793.67 193.42 987.09 Trustee~~ Fee 0.00 ~~0.00~~Prepayment ~~0.00~~Penalties ~~FRY Amount~~ 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 93,510.92 24,357.82 117,868.74 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 927,525.58 230,206.86 1,157,732.44 Realized Loss Amount 0.00 ~~0.00 0.00~~ Cumulative Realized Loss 0.00 ~~0.00~~Ending ~~0.00~~Scheduled ~~Percentage~~Balance offor ~~Cumulative~~Premium ~~Losses~~Loans 0440,785,569.~~0000~~57 ~~0.0000~~Scheduled ~~0.0000~~Principal ~~Prepayment Penalties~~ 0.00 ~~0.00~~Unscheduled ~~0.00~~Principal ~~Special Servicing Fee 0~~4,634,653.~~00 0.00 0.00 Pass-Through Rate 2.921626 2.975305 2.932145~~90

~~Miscellaneous~~Group ~~Reporting~~Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.552988 3.660997 3.574282 Weighted Average Net Rate 3.480329 3.606894 3.505282 Weighted Average Maturity 302 316 305 Beginning Loan Count 1,173 ~~Senior~~307 ~~Percentage~~1,480 Loans Paid In Full 12 0 12 Ending Loan Count 1,161 307 1,468 Beginning Scheduled Balance 357,603,873.61 87,816,349.86 445,420,223.47 Ending scheduled Balance 353,017,728.92 87,767,840.~~387708%~~65 ~~Group~~440,785,569.57 1Record ~~Senior~~Date ~~Prepayment~~08/31/2004 ~~Percentage~~08/31/2004 ~~100~~08/31/2004 Principal And Interest Constant 1,059,073.~~000000%~~41 ~~Group~~270,816.83 1,329,890.24 ~~Sen~~Scheduled ~~Mez~~Principal &0.00 ~~Sub~~0.00 ~~Percentage~~0.00 7Unscheduled Principal 4,586,144.~~612292%~~69 ~~Group~~48,509.21 4,634,653.90 Scheduled Interest 1,058,801.77 ~~Sen~~267,912.84 ~~Mez~~1,326,714.61 &Servicing ~~Sub~~Fees ~~Prep~~21,652.53 ~~Percentage~~3,959.32 25,611.85 Master Servicing Fees 745.01 182.95 927.96 Trustee Fee 0.~~000000%~~00 ~~Group~~0.00 ~~Group~~0.00 2FRY ~~Group~~Amount 20.00 ~~Senior~~0.00 ~~Percentage~~0.00 92Special Hazard Fee 0.~~191457%~~00 ~~Group~~0.00 20.00 ~~Senior~~Other ~~Prepayment~~Fee ~~Percentage~~87,463.38 ~~100~~23,295.~~000000%~~59 ~~Group~~110,758.97 2Pool ~~Sen~~Insurance ~~Mez~~Fee &0.00 ~~Sub~~0.00 ~~Percentage~~0.00 7Spread Fee 1 0.~~808543%~~00 ~~Group~~0.00 0.00 Spread Fee 2 ~~Sen~~0.00 ~~Mez~~0.00 &0.00 ~~Sub~~Spread ~~Prep~~Fee 3 0.00 0.00 0.00 Net Interest 948,940.85 240,474.98 1,189,415.83 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.~~000000%~~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 3.184331 3.286062 3.204388

Filing Compare · STRUCTURED ASSET MORTGAGE INVEST TRUST 2003-AR2