8-K 1 sam03ar2_dec.txt DECEMBER 8K 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): December 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 December 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 December 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: 12/21/2004 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 December 20, 2004 distribution. EX-99.1

Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Record Date: 911/30/042004 Distribution Date: 1012/1920/042004 ~~SAM~~Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates 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 2.~~18125~~50000% ~~324~~314,~~017~~591,~~728~~306.6168 ~~588~~655,~~969~~398.7354 56,~~042~~530,~~210~~581.3954 A-2 86358HTZ2 SEN 3.~~33611~~47731% 8078,~~517~~163,~~840~~614.2573 ~~223~~226,~~846~~499.7711 ~~692~~1,~~818~~377,284.1530 X 86358HUA5 SEN 10.~~03403~~93513% 0.00 ~~305,~~268,748.3272 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 2.~~56125~~88000% 15,000,000.00 3236,~~015~~000.6300 0.00 B-1 86358HUC1 SUB 23.~~81125~~13000% 6,500,000.00 1516,~~227~~954.6017 0.00 B-2 86358HUD9 SUB 23.~~81125~~13000% 4,750,000.00 1112,~~127~~389.8658 0.00 B-3 86358HUE7 SUB 23.~~81125~~13000% 4,000,000.00 910,~~370~~433.8333 0.00 B-4 86358HUJ6 SUB 3.~~27293~~47911% 1,750,000.00 45,~~773~~073.0270 0.00 B-5 86358HUL1 SUB 3.~~27293~~47911% 1,250,000.00 3,~~409~~624.3007 0.00 B-6 86358HUN7 SUB 3.~~27293~~47911% 3,000,000.00 8,~~182~~697.3377 0.00 Totals ~~440~~429,~~785~~004,~~568~~921.8641 1,~~202~~243,~~191~~818.3999 57,~~735~~907,~~028~~865.5484

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~318~~308,~~975~~060,~~518~~725.2214 57,~~631~~185,~~180~~980.1208 0.00 A-2 0.00 7976,~~825~~786,~~022~~330.1043 ~~916~~1,~~664~~603,783.9241 0.00 X 0.00 0.00 ~~305,~~268,748.3272 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 3236,~~015~~000.6300 0.00 B-1 0.00 6,500,000.00 1516,~~227~~954.6017 0.00 B-2 0.00 4,750,000.00 1112,~~127~~389.8658 0.00 B-3 0.00 4,000,000.00 910,~~370~~433.8333 0.00 B-4 0.00 1,750,000.00 45,~~773~~073.0270 0.00 B-5 0.00 1,250,000.00 3,~~409~~624.3007 0.00 B-6 0.00 3,000,000.00 8,~~182~~697.3377 0.00 Totals 0.00 ~~435~~421,~~050~~097,~~540~~055.3257 69,~~937~~151,~~219~~684.9383 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 ~~324~~314,~~017~~591,~~728~~306.6168 0.00 56,~~042~~530,~~210~~581.3954 0.00 0.00 A-2 92,750,000.00 8078,~~517~~163,~~840~~614.2573 0.00 ~~692~~1,~~818~~377,284.1530 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 ~~440~~429,~~785~~004,~~568~~921.8641 0.00 57,~~735~~907,~~028~~865.5484 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 56,~~042~~530,~~210~~581.3954 ~~318~~308,~~975~~060,~~518~~725.2214 0.~~85977229~~83035236 56,~~042~~530,~~210~~581.3954 A-2 ~~692~~1,~~818~~377,284.1530 7976,~~825~~786,~~022~~330.1043 0.~~86064714~~82788496 ~~692~~1,~~818~~377,284.1530 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 57,~~735~~907,~~028~~865.5484 ~~435~~421,~~050~~097,~~540~~055.3257 0.~~87010082~~84219386 57,~~735~~907,~~028~~865.5484

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 ~~873~~847.~~36314989~~95500453 0.00000000 1317.~~59086358~~60264566 0.00000000 A-2 92,750,000.00 ~~868~~842.~~11687601~~73439062 0.00000000 714.~~46973747~~84942642 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 1317.~~59086358~~60264566 ~~859~~830.~~77228631~~35235887 0.~~85977229~~83035236 1317.~~59086358~~60264566 A-2 0.00000000 714.~~46973747~~84942642 ~~860~~827.~~64713854~~88496420 0.~~86064714~~82788496 714.~~46973747~~84942642 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 2.~~18125~~50000% ~~324~~314,~~017~~591,~~728~~306.6168 ~~588~~655,~~969~~398.7356 0.00 0.00 A-2 92,750,000.00 3.~~33611~~47731% 8078,~~517~~163,~~840~~614.2573 ~~223~~226,~~846~~499.7711 0.00 0.00 X 0.00 10.~~03403~~93513% ~~354~~344,~~267~~841,~~728~~306.6168 ~~305,~~268,725.3170 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 2.~~56125~~88000% 15,000,000.00 3236,~~015~~000.6300 0.00 0.00 B-1 6,500,000.00 23.~~81125~~13000% 6,500,000.00 1516,~~227~~954.6017 0.00 0.00 B-2 4,750,000.00 23.~~81125~~13000% 4,750,000.00 1112,~~127~~389.8658 0.00 0.00 B-3 4,000,000.00 23.~~81125~~13000% 4,000,000.00 910,~~370~~433.8333 0.00 0.00 B-4 1,750,000.00 3.~~27293~~47911% 1,750,000.00 45,~~773~~073.0270 0.00 0.00 B-5 1,250,000.00 3.~~27293~~47911% 1,250,000.00 3,~~409~~624.3007 0.00 0.00 B-6 3,000,000.00 3.~~27293~~47911% 3,000,000.00 8,~~182~~697.3377 0.00 0.00 Totals 500,000,150.00 1,~~202~~243,~~191~~795.3899 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 (0.01) 0.00 ~~588~~655,~~969~~398.7354 0.00 ~~318~~308,~~975~~060,~~518~~725.2214 A-2 0.00 0.00 ~~223~~226,~~846~~499.7711 0.00 7976,~~825~~786,~~022~~330.1043 X 0.00 0.00 ~~305,~~268,748.3272 0.00 ~~349~~338,~~225~~310,~~518~~725.2214 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 0.00 0.00 3236,~~015~~000.6300 0.00 15,000,000.00 B-1 0.00 0.00 1516,~~227~~954.6017 0.00 6,500,000.00 B-2 0.00 0.00 1112,~~127~~389.8658 0.00 4,750,000.00 B-3 0.00 0.00 910,~~370~~433.8333 0.00 4,000,000.00 B-4 0.00 0.00 45,~~773~~073.0270 0.00 1,750,000.00 B-5 0.00 0.00 3,~~409~~624.3007 0.00 1,250,000.00 B-6 0.00 0.00 8,~~182~~697.3377 0.00 3,000,000.00 Totals (0.01) 0.00 1,~~202~~243,~~191~~818.3999 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 2.~~18125~~50000% ~~873~~847.~~36314989~~95500453 1.~~58751949~~76657294 0.00000000 0.00000000 A-2 92,750,000.00 3.~~33611~~47731% ~~868~~842.~~11687601~~73439062 2.~~41344226~~44203892 0.00000000 0.00000000 X 0.00 10.~~03403~~93513% ~~882~~859.~~91022707~~41758674 0.~~76079330~~66972137 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 2.~~56125~~88000% 1000.00000000 2.~~13437533~~40000000 0.00000000 0.00000000 B-1 6,500,000.00 23.~~81125~~13000% 1000.00000000 2.~~34270769~~60833385 0.00000000 0.00000000 B-2 4,750,000.00 23.~~81125~~13000% 1000.00000000 2.~~34270737~~60833263 0.00000000 0.00000000 B-3 4,000,000.00 23.~~81125~~13000% 1000.00000000 2.~~34270750~~60833250 0.00000000 0.00000000 B-4 1,750,000.00 3.~~27293~~47911% 1000.00000000 2.~~72744000~~89925714 0.00000000 0.00000000 B-5 1,250,000.00 3.~~27293~~47911% 1000.00000000 2.~~72744000~~89925600 0.00000000 0.00000000 B-6 3,000,000.00 3.~~27293~~47911% 1000.00000000 2.~~72744333~~89925667 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 (0.00000003) 0.00000000 1.~~58751949~~76657288 0.00000000 ~~859~~830.~~77228631~~35235887 A-2 0.00000000 0.00000000 2.~~41344226~~44203892 0.00000000 ~~860~~827.~~64713854~~88496420 X 0.00000000 0.00000000 0.~~76079332~~66977874 0.00000000 ~~870~~843.~~34397064~~14199412 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 2.~~13437533~~40000000 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 2.~~34270769~~60833385 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 2.~~34270737~~60833263 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 2.~~34270750~~60833250 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 2.~~72744000~~89925714 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 2.~~72744000~~89925600 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 2.~~72744333~~89925667 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 79,~~065~~289,~~649~~754.7579 Liquidations, Insurance Proceeds, Reserve Funds 023.0002 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1815,~~924~~247.8756 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 79,~~084~~305,~~574~~025.6237 Withdrawals Reimbursement for Servicer Advances 1121,~~513~~152.2292 Payment of Service Fee ~~135~~132,~~841~~187.4762 Payment of Interest and Principal 69,~~937~~151,~~219~~684.9383 Total Withdrawals (Pool Distribution Amount) 79,~~084~~305,~~574~~025.6237 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 2524,~~414~~354.8735 Additional Servicing Fee ~~109~~106,~~508~~939.3151 Master Servicing Fee ~~918~~893.2976 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~135~~132,~~841~~187.4762

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 1719 0 0 0 1719 54,~~537~~029,~~167~~028.1542 0.00 0.00 0.00 54,~~537~~029,~~167~~028.1542 60 Days 21 0 0 0 21 ~~394~~139,~~710~~999.9779 0.00 0.00 0.00 ~~394~~139,~~710~~999.9779 90 Days 01 0 0 0 01 0435,843.0088 0.00 0.00 0.00 0435,843.0088 120 Days 0 0 01 0 01 0.00 0.00 0145,800.00 0.00 0145,800.00 150 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 1921 0 01 0 1922 54,~~931~~604,~~878~~872.1209 0.00 0145,800.00 0.00 54,~~931~~750,~~878~~672.1209 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 1.~~165981~~333333% 0.000000% 0.000000% 0.000000% 1.~~165981~~333333% 10.~~272758~~956788% 0.000000% 0.000000% 0.000000% 10.~~272758~~956788% 60 Days 0.~~137174~~070175% 0.000000% 0.000000% 0.000000% 0.~~137174~~070175% 0.~~090727~~033246% 0.000000% 0.000000% 0.000000% 0.~~090727~~033246% 90 Days 0.~~000000~~070175% 0.000000% 0.000000% 0.000000% 0.~~000000~~070175% 0.~~000000~~103501% 0.000000% 0.000000% 0.000000% 0.~~000000~~103501% 120 Days 0.000000% 0.000000% 0.~~000000~~070175% 0.000000% 0.~~000000~~070175% 0.000000% 0.000000% 0.~~000000~~034624% 0.000000% 0.~~000000~~034624% 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.~~303155~~473684% 0.000000% 0.~~000000~~070175% 0.000000% 1.~~303155~~543860% 1.~~363485~~093536% 0.000000% 0.~~000000~~034624% 0.000000% 1.~~363485~~128159%

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 1211 0 0 0 1211 42,~~453~~399,~~550~~487.5424 0.00 0.00 0.00 42,~~453~~399,~~550~~487.5424 60 Days 21 0 0 0 21 ~~394~~139,~~710~~999.9779 0.00 0.00 0.00 ~~394~~139,~~710~~999.9779 90 Days 01 0 0 0 01 0435,843.0088 0.00 0.00 0.00 0435,843.0088 120 Days 0 0 01 0 01 0.00 0.00 0145,800.00 0.00 0145,800.00 150 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 1413 0 01 0 14 42,~~848~~975,~~261~~330.5191 0.00 0145,800.00 0.00 43,~~848~~121,~~261~~130.5191 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~040763~~976043% 0.000000% 0.000000% 0.000000% 10.~~040763~~976043% 10.~~279845~~711885% 0.000000% 0.000000% 0.000000% 10.~~279845~~711885% 60 Days 0.~~173461~~088731% 0.000000% 0.000000% 0.000000% 0.~~173461~~088731% 0.~~113431~~041535% 0.000000% 0.000000% 0.000000% 0.~~113431~~041535% 90 Days 0.~~000000~~088731% 0.000000% 0.000000% 0.000000% 0.~~000000~~088731% 0.~~000000~~129307% 0.000000% 0.000000% 0.000000% 0.~~000000~~129307% 120 Days 0.000000% 0.000000% 0.~~000000~~088731% 0.000000% 0.~~000000~~088731% 0.000000% 0.000000% 0.~~000000~~043256% 0.000000% 0.~~000000~~043256% 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.~~214224~~153505% 0.000000% 0.~~000000~~088731% 0.000000% 1.~~214224~~242236% 10.~~393276~~882728% 0.000000% 0.~~000000~~043256% 0.000000% 10.~~393276~~925984% 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 58 0 0 0 58 1,~~083~~629,~~616~~541.6118 0.00 0.00 0.00 1,~~083~~629,~~616~~541.6118 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 58 0 0 0 58 1,~~083~~629,~~616~~541.6118 0.00 0.00 0.00 1,~~083~~629,~~616~~541.6118 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 12.~~639344~~684564% 0.000000% 0.000000% 0.000000% 12.~~639344~~684564% 1.~~244437~~939042% 0.000000% 0.000000% 0.000000% 1.~~244437~~939042% 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 12.~~639344~~684564% 0.000000% 0.000000% 0.000000% 12.~~639344~~684564% 1.~~244437~~939042% 0.000000% 0.000000% 0.000000% 1.~~244437~~939042%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1815,~~924~~247.8756

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 3.~~642677~~848861% Weighted Average Net Coupon 3.~~573487~~780738% Weighted Average Pass-Through Rate 3.~~272860~~479110% Weighted Average Maturity(Stepdown Calculation ) ~~304~~302 Beginning Scheduled Collateral Loan Count 1,~~468~~443 Number Of Loans Paid In Full 1018 Ending Scheduled Collateral Loan Count 1,~~458~~425 Beginning Scheduled Collateral Balance ~~440~~429,~~785~~004,~~569~~922.5712 Ending Scheduled Collateral Balance ~~435~~421,~~050~~097,~~541~~056.0328 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2004 ~~435~~421,~~052~~099,~~667~~442.4934 Monthly P &I Constant 1,~~341~~378,~~216~~369.7170 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 ~~435~~421,~~050~~097,~~541~~056.0328 Scheduled Principal 0.00 Unscheduled Principal 57,~~735~~907,~~028~~865.5484

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.~~625679~~847859 3.~~711046~~852892 3.~~642677~~848861 Weighted Average Net Rate 3.~~552737~~775992 3.~~656950~~799828 3.~~573487~~780738 Weighted Average Maturity ~~301~~299 ~~315~~313 ~~304~~302 Beginning Loan Count 1,~~161~~141 ~~307~~302 1,~~468~~443 Loans Paid In Full 814 24 1018 Ending Loan Count 1,~~153~~127 ~~305~~298 1,~~458~~425 Beginning Scheduled Balance ~~353~~343,~~017~~591,~~728~~306.9299 8785,~~767~~413,~~840~~615.6513 ~~440~~429,~~785~~004,~~569~~922.5712 Ending scheduled Balance ~~347~~337,~~975~~060,~~518~~725.5345 8784,~~075~~036,~~022~~330.5083 ~~435~~421,~~050~~097,~~541~~056.0328 Record Date 0911/30/2004 0911/30/2004 0911/30/2004 Principal And Interest Constant 1,~~066~~101,~~874~~996.7133 ~~274~~276,~~342~~373.0037 1,~~341~~378,~~216~~369.7170 Scheduled Principal 0.00 0.00 0.00 Unscheduled Principal 56,~~042~~530,~~210~~581.3954 ~~692~~1,~~818~~377,284.1530 57,~~735~~907,~~028~~865.5484 Scheduled Interest 1,~~066~~101,~~607~~742.4439 ~~271~~274,~~425~~241.4423 1,~~338~~375,~~032~~983.8862 Servicing Fees 2120,~~458~~577.2434 3,~~956~~777.6301 2524,~~414~~354.8735 Master Servicing Fees ~~735~~715.4481 ~~182~~177.8595 ~~918~~893.2976 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 8684,~~224~~161.7708 2322,~~283~~778.5443 ~~109~~106,~~508~~939.3151 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 ~~958~~996,~~188~~288.9916 ~~244~~247,~~002~~507.4284 1,~~202~~243,~~191~~796.4100 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 3.~~257136~~479558 3.~~336107~~477308 3.~~272860~~479110

Miscellaneous Reporting Group Group 1 Group 1 Senior Percentage 91.~~785115~~559740% Group 1 Senior Prepayment Percentage 100.000000% Group 1 Sen Mez & Sub Percentage 8.~~214885~~440260% Group 1 Sen Mez & Sub Prep Percentage 0.000000% Group Group 2 Group 2 Senior Percentage 91.~~739571~~511891% Group 2 Senior Prepayment Percentage 100.000000% Group 2 Sen Mez & Sub Percentage 8.~~260429~~488109% Group 2 Sen Mez & Sub Prep Percentage 0.000000%

Filing Compare · STRUCTURED ASSET MORTGAGE INVEST TRUST 2003-AR2