8-K 1 dsl05ar1_10506.txt 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): June 20, 2005 DSLA MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2005-AR1 Trust (Exact name of registrant as specified in its charter) Delaware (governing law of 333-120038-08 Pooling and Servicing Agreement) (Commission 54-2168093 (State or other File Number) 54-2168094 jurisdiction 54-2168095 of Incorporation) IRS EIN c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Rd. 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 June 20, 2005 a distribution was made to holders of DSLA MORTGAGE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2005-AR1 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 2005-AR1 Trust, relating to the June 20, 2005 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. DSLA MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2005-AR1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 6/21/05 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-AR1 Trust, relating to the June 20, 2005 distribution. EX-99.1

Downey Savings and Loan Association Mortgage Pass-Through Certificates Record Date: 5/231/~~2005~~05 Distribution Date: 56/1920/~~2005~~05 Downey Savings and Loan Association Mortgage Pass-Through Certificates Series 2005-AR1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com 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~~ 1A 23332UCL6 SEN 3.~~25000~~36000% ~~493~~488,~~670~~682,~~413~~408.3576 1,~~337~~459,~~024~~531.0446 ~~4,988,004.59~~ AR 23332UCY8 SEN 5.~~00808~~00695% 0.00 0.00 ~~0.00~~ 2-A1A 23332UCM4 SEN 3.~~23000~~34000% ~~265~~264,~~849~~264,~~396~~037.2830 ~~715~~784,~~577~~570.9656 ~~1,585,358.98~~ 2-A1B 23332UCN2 SEN 3.~~30000~~41000% ~~177~~176,~~233~~176,~~595~~685.1318 ~~487~~534,~~392~~011.3911 ~~1,056,909.95~~ 2-A2 23332UCP7 SEN 3.~~31000~~42000% 5554,~~018~~690,~~441~~346.5003 ~~151~~166,~~759~~258.2065 ~~328,095.46~~ B1 23332UCQ5 SUB 3.~~45000~~56000% 30,011,~~479~~473.5979 8694,~~283~~969.0064 ~~5.80~~ B2 23332UCR3 SUB 3.~~76000~~87000% 23,463,~~211~~206.4591 7380,~~518~~713.0643 ~~4.54~~ B3 23332UCS1 SUB 4.~~68000~~79000% 16,369,~~170~~167.9983 6369,~~839~~696.7728 ~~3.16~~ B4 23332UCT9 SUB 4.~~73000~~84000% 14,731,~~854~~851.0621 5863,~~068~~379.0670 ~~2.85~~ B5 23332UCU6 SUB 4.~~73000~~84000% 6,001,~~496~~495.2509 2325,~~655~~819.9077 ~~1.16~~ B6 23332UCV4 SUB 4.~~73000~~84000% 4,371,~~727~~726.8399 1718,~~231~~808.8914 ~~0.85~~ X1 23332UCW2 IO 1.00000% 0.00 ~~766~~736,~~428~~301.7438 ~~0.00~~ X2 23332UCX0 SEN 0.~~89395~~75624% 0.02 ~~983~~878,~~476~~156.6414 ~~0.00~~ Y DSL05AR1Y YM 0.00000% 0.01 0.00 ~~0.00~~ C DSL05AR1C C 0.00000% 0.00 0.00 ~~0.00~~ Totals 1,~~086~~078,~~720~~762,~~786~~399.4612 4,~~764~~912,~~255~~216.~~65 7,958,387.34~~26

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses 1A 5,638,564.32 0.00 ~~488~~483,~~682~~043,~~408~~844.7645 67,~~325~~098,~~028~~095.6378 0.00 AR 0.00 0.00 0.00 0.00 0.00 2-A1A 2,497,115.01 0.00 ~~264~~261,~~264~~766,~~037~~922.3029 23,~~300~~281,~~936~~685.9457 0.00 2-A1B 1,664,749.58 0.00 ~~176~~174,~~176~~511,~~685~~935.1860 12,~~544~~198,~~302~~760.3469 0.00 2-A2 516,786.49 0.00 54,~~690~~173,~~346~~559.0355 ~~479~~683,~~854~~045.6614 0.00 B1 4.77 0.00 30,011,~~473~~469.7902 8694,~~288~~974.8041 0.00 B2 3.73 0.00 23,463,~~206~~203.9118 7380,~~522~~717.6016 0.00 B3 2.60 0.00 16,369,~~167~~165.8322 6369,~~842~~698.9388 0.00 B4 2.34 0.00 14,731,~~851~~848.2187 5863,~~070~~382.9104 0.00 B5 0.95 0.00 6,001,~~495~~494.0914 2325,~~657~~820.0672 0.00 B6 0.69 0.00 4,371,726.9929 1718,~~232~~808.7483 0.03 X1 0.00 0.00 ~~766~~0.00 736,~~428~~301.7438 0.00 X2 0.00 0.00 0.02 ~~983~~878,~~476~~156.6414 0.00 Y 0.00 0.00 0.01 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 Totals 10,317,230.48 0.00 1,~~078~~068,~~762~~445,~~399~~168.1264 1215,~~722~~229,~~642~~446.9974 0.03 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) 1A 496,942,000.00 ~~493~~488,~~670~~682,~~413~~408.3576 ~~191~~155.4183 45,~~987~~638,~~813~~408.1849 0.00 0.00 AR 100.00 0.00 0.00 0.00 0.00 0.00 2-A1A 266,804,000.00 ~~265~~264,~~849~~264,~~396~~037.2830 0.00 12,~~585~~497,~~358~~115.9801 0.00 0.00 2-A1B 177,870,000.00 ~~177~~176,~~233~~176,~~595~~685.1318 0.00 1,~~056~~664,~~909~~749.9558 0.00 0.00 2-A2 55,216,000.00 5554,~~018~~690,~~441~~346.5003 0.00 ~~328~~516,~~095~~786.4649 0.00 0.00 B1 30,024,000.00 30,011,~~479~~473.5979 54.8077 0.00 0.00 0.00 B2 23,473,000.00 23,463,~~211~~206.4591 43.5473 0.00 0.00 0.00 B3 16,376,000.00 16,369,~~170~~167.9983 32.1660 0.00 0.00 0.00 B4 14,738,000.00 14,731,~~854~~851.0621 2.8534 0.00 0.00 0.00 B5 6,004,000.00 6,001,~~496~~495.2509 10.1695 0.00 0.00 0.00 B6 4,373,551.69 4,371,~~727~~726.8399 0.8569 0.00 0.00 0.00 X1 0.00 0.00 0.00 0.00 0.00 0.00 X2 0.00 0.02 0.00 0.00 0.00 0.00 Y 0.01 0.01 0.00 0.00 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,091,820,651.70 1,~~086~~078,~~720~~762,~~786~~399.4612 ~~209~~170.7791 710,~~958~~317,~~177~~059.57 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 1A 45,~~988~~638,~~004~~564.5932 ~~488~~483,~~682~~043,~~408~~844.7645 0.~~98337916~~97203264 45,~~988~~638,~~004~~564.5932 AR 0.00 0.00 0.00000000 0.00 2-A1A 12,~~585~~497,~~358~~115.9801 ~~264~~261,~~264~~766,~~037~~922.3029 0.~~99048004~~98112068 12,~~585~~497,~~358~~115.9801 2-A1B 1,~~056~~664,~~909~~749.9558 ~~176~~174,~~176~~511,~~685~~935.1860 0.~~99048004~~98112068 1,~~056~~664,~~909~~749.9558 2-A2 ~~328~~516,~~095~~786.4649 54,~~690~~173,~~346~~559.0355 0.~~99048004~~98112068 ~~328~~516,~~095~~786.4649 B1 54.8077 30,011,~~473~~469.7902 0.~~99958279~~99958263 54.8077 B2 43.5473 23,463,~~206~~203.9118 0.~~99958279~~99958263 43.5473 B3 32.1660 16,369,~~167~~165.8322 0.~~99958279~~99958263 32.1660 B4 2.8534 14,731,~~851~~848.2187 0.~~99958279~~99958263 2.8534 B5 10.1695 6,001,~~495~~494.0914 0.~~99958279~~99958263 10.1695 B6 0.8569 4,371,726.9929 0.~~99958279~~99958263 0.8569 X1 0.00 0.00 0.00000000 0.00 X2 0.00 0.02 0.00000000 0.00 Y 0.00 0.01 1.00000000 0.00 C 0.00 0.00 0.00000000 0.00 Totals 710,~~958~~317,~~387~~230.3448 1,~~078~~068,~~762~~445,~~399~~168.1264 0.~~98803993~~97859036 710,~~958~~317,~~387~~230.3448

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1A 496,942,000.00 ~~993~~983.~~41656240~~37916449 0.~~00038518~~00031358 1011.~~03701273~~34621040 0.00000000 AR 100.00 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 266,804,000.00 ~~996~~990.~~42207868~~48004265 0.00000000 59.~~94203603~~35936122 0.00000000 2-A1B 177,870,000.00 ~~996~~990.~~42207865~~48004262 0.00000000 59.~~94203604~~35936122 0.00000000 2-A2 55,216,000.00 ~~996~~990.~~42207875~~48004256 0.00000000 59.~~94203600~~35936124 0.00000000 B1 30,024,000.00 999.~~58298661~~58279343 0.~~00019318~~00015887 0.00000000 0.00000000 B2 23,473,000.00 999.~~58298684~~58279342 0.~~00019341~~00015891 0.00000000 0.00000000 B3 16,376,000.00 999.~~58298669~~58279372 0.~~00019297~~00015877 0.00000000 0.00000000 B4 14,738,000.00 999.~~58298684~~58279346 0.~~00019338~~00015877 0.00000000 0.00000000 B5 6,004,000.00 999.~~58298634~~58279314 0.~~00019320~~00015823 0.00000000 0.00000000 B6 4,373,551.69 999.~~58297966~~58278760 0.~~00019435~~00015777 0.00000000 0.00000000 X1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 Y 0.01 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000000 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 1A 0.00000000 1011.~~03739791~~34652398 ~~983~~972.~~37916449~~03264053 0.~~98337916~~97203264 1011.~~03739791~~34652398 AR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 0.00000000 59.~~94203603~~35936122 ~~990~~981.~~48004265~~12068144 0.~~99048004~~98112068 59.~~94203603~~35936122 2-A1B 0.00000000 59.~~94203604~~35936122 ~~990~~981.~~48004262~~12068140 0.~~99048004~~98112068 59.~~94203604~~35936122 2-A2 0.00000000 59.~~94203600~~35936124 ~~990~~981.~~48004256~~12068151 0.~~99048004~~98112068 59.~~94203600~~35936124 B1 0.00000000 0.~~00019318~~00015887 999.~~58279343~~58263456 0.~~99958279~~99958263 0.~~00019318~~00015887 B2 0.00000000 0.~~00019341~~00015891 999.~~58279342~~58263452 0.~~99958279~~99958263 0.~~00019341~~00015891 B3 0.00000000 0.~~00019297~~00015877 999.~~58279372~~58263434 0.~~99958279~~99958263 0.~~00019297~~00015877 B4 0.00000000 0.~~00019338~~00015877 999.~~58279346~~58263469 0.~~99958279~~99958263 0.~~00019338~~00015877 B5 0.00000000 0.~~00019320~~00015823 999.~~58279314~~58263491 0.~~99958279~~99958263 0.~~00019320~~00015823 B6 0.00000000 0.~~00019435~~00015777 999.~~58278760~~58262755 0.~~99958279~~99958263 0.~~00019435~~00015777 X1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Y 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 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 1A 496,942,000.00 3.~~25000~~36000% ~~493~~488,~~670~~682,~~413~~408.3576 1,~~337~~459,~~024~~531.0446 0.00 0.00 AR 100.00 5.~~00808~~00695% 0.00 0.00 0.00 0.00 2-A1A 266,804,000.00 3.~~23000~~34000% ~~265~~264,~~849~~264,~~396~~037.2830 ~~715~~784,~~577~~570.9656 0.00 0.00 2-A1B 177,870,000.00 3.~~30000~~41000% ~~177~~176,~~233~~176,~~595~~685.1318 ~~487~~534,~~392~~011.3911 0.00 0.00 2-A2 55,216,000.00 3.~~31000~~42000% 5554,~~018~~690,~~441~~346.5003 ~~151~~166,~~759~~258.2065 0.00 0.00 B1 30,024,000.00 3.~~45000~~56000% 30,011,~~479~~473.5979 8694,~~283~~969.0064 0.00 0.00 B2 23,473,000.00 3.~~76000~~87000% 23,463,~~211~~206.4591 7380,~~518~~713.0643 0.00 0.00 B3 16,376,000.00 4.~~68000~~79000% 16,369,~~170~~167.9983 6369,~~839~~696.7728 0.00 0.00 B4 14,738,000.00 4.~~73000~~84000% 14,731,~~854~~851.0621 5863,~~068~~379.0670 0.00 0.00 B5 6,004,000.00 4.~~73000~~84000% 6,001,~~496~~495.2509 2325,~~655~~819.9077 0.00 0.00 B6 4,373,551.69 4.~~73000~~84000% 4,371,~~727~~726.8399 1718,~~231~~808.8914 0.00 0.00 X1 0.00 1.00000% ~~919~~883,~~714~~561,~~492~~656.4325 ~~766~~736,~~428~~301.7438 0.00 0.00 X2 0.00 0.~~89395~~75624% 1,~~086~~078,~~720~~762,~~786~~399.4411 ~~809~~679,~~563~~831.5684 0.00 0.00 Y 0.01 0.00000% 0.01 0.00 0.00 0.00 C 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,091,820,651.70 4,~~590~~713,~~342~~891.5796 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 1A 0.00 0.00 1,~~337~~459,~~024~~531.0446 0.00 ~~488~~483,~~682~~043,~~408~~844.7645 AR 0.00 0.00 0.00 0.00 0.00 2-A1A 0.00 0.00 ~~715~~784,~~577~~570.9656 0.00 ~~264~~261,~~264~~766,~~037~~922.3029 2-A1B 0.00 0.00 ~~487~~534,~~392~~011.3911 0.00 ~~176~~174,~~176~~511,~~685~~935.1860 2-A2 0.00 0.00 ~~151~~166,~~759~~258.2065 0.00 54,~~690~~173,~~346~~559.0355 B1 0.00 0.00 8694,~~283~~969.0064 0.00 30,011,~~473~~469.7902 B2 0.00 0.00 7380,~~518~~713.0643 0.00 23,463,~~206~~203.9118 B3 0.00 0.00 6369,~~839~~696.7728 0.00 16,369,~~167~~165.8322 B4 0.00 0.00 5863,~~068~~379.0670 0.00 14,731,~~851~~848.2187 B5 0.00 0.00 2325,~~655~~819.9077 0.00 6,001,~~495~~494.0914 B6 0.00 0.00 1718,~~231~~808.8914 0.00 4,371,726.9929 X1 0.00 0.00 ~~766~~736,~~428~~301.7438 0.00 ~~883~~848,~~561~~698,~~656~~339.2542 X2 0.00 0.00 ~~983~~878,~~476~~156.6414 0.00 1,~~078~~068,~~762~~445,~~399~~168.1162 Y 0.00 0.00 0.00 0.00 0.01 C 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 4,~~764~~912,~~255~~216.6526 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 1A 496,942,000.00 3.~~25000~~36000% ~~993~~983.~~41656240~~37916449 2.~~69050320~~93702577 0.00000000 0.00000000 AR 100.00 5.~~00808~~00695% 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 266,804,000.00 3.~~23000~~34000% ~~996~~990.~~42207868~~48004265 2.~~68203610~~94062518 0.00000000 0.00000000 2-A1B 177,870,000.00 3.~~30000~~41000% ~~996~~990.~~42207865~~48004262 23.~~74016074~~00225507 0.00000000 0.00000000 2-A2 55,216,000.00 3.~~31000~~42000% ~~996~~990.~~42207875~~48004256 23.~~74846421~~01105929 0.00000000 0.00000000 B1 30,024,000.00 3.~~45000~~56000% 999.~~58298661~~58279343 23.~~87380096~~16312417 0.00000000 0.00000000 B2 23,473,000.00 3.~~76000~~87000% 999.~~58298684~~58279342 3.~~13202658~~43856473 0.00000000 0.00000000 B3 16,376,000.00 4.~~68000~~79000% 999.~~58298669~~58279372 34.~~89837384~~25600147 0.00000000 0.00000000 B4 14,738,000.00 4.~~73000~~84000% 999.~~58298684~~58279346 34.~~94002307~~30042747 0.00000000 0.00000000 B5 6,004,000.00 4.~~73000~~84000% 999.~~58298634~~58279314 34.~~94002332~~30042805 0.00000000 0.00000000 B6 4,373,551.69 4.~~73000~~84000% 999.~~58297966~~58278760 34.~~94002203~~30042705 0.00000000 0.00000000 X1 0.00 1.00000% ~~922~~886.~~63740774~~36967538 0.~~76886450~~73864140 0.00000000 0.00000000 X2 0.00 0.~~89395~~75624% 0.00000000 0.00000000 0.00000000 0.00000000 Y 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000% 0.00000000 0.00000000 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 1A 0.00000000 0.00000000 2.~~69050320~~93702577 0.00000000 ~~983~~972.~~37916449~~03264053 AR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 0.00000000 0.00000000 2.~~68203610~~94062518 0.00000000 ~~990~~981.~~48004265~~12068144 2-A1B 0.00000000 0.00000000 23.~~74016074~~00225507 0.00000000 ~~990~~981.~~48004262~~12068140 2-A2 0.00000000 0.00000000 23.~~74846421~~01105929 0.00000000 ~~990~~981.~~48004256~~12068151 B1 0.00000000 0.00000000 23.~~87380096~~16312417 0.00000000 999.~~58279343~~58263456 B2 0.00000000 0.00000000 3.~~13202658~~43856473 0.00000000 999.~~58279342~~58263452 B3 0.00000000 0.00000000 34.~~89837384~~25600147 0.00000000 999.~~58279372~~58263434 B4 0.00000000 0.00000000 34.~~94002307~~30042747 0.00000000 999.~~58279346~~58263469 B5 0.00000000 0.00000000 34.~~94002332~~30042805 0.00000000 999.~~58279314~~58263491 B6 0.00000000 0.00000000 34.~~94002203~~30042705 0.00000000 999.~~58278760~~58262755 X1 0.00000000 0.00000000 0.~~76886450~~73864140 0.00000000 ~~886~~851.~~36967538~~39556056 X2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Y 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Class Rate Balance Balance Balance Balance Percentage X-1 IO-1 1.00000% ~~458,474,335.03~~ 440,432,339.82 423,034,580.60 0.00 0.00 8885.~~62851999~~12755625% X-1 IO-2 1.00000% ~~461,240,157.40~~ 443,129,316.43 425,663,758.82 0.00 0.00 8885.~~64536527~~15148509% X-2 PO-1 0.00000% 0.00 0.00 0.01 0.01 100.00000000% X-2 PO-2 0.00000% 0.00 0.00 0.01 0.01 100.00000000% X-2 IO 0.~~89395~~75624% 1,~~086~~078,~~720~~762,~~786~~399.4209 1,~~078~~068,~~762~~445,~~399~~168.0960 0.00 0.00 9897.~~80399289~~85903637%

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1315,~~068~~560,~~582~~689.4448 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 012,163.0029 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1315,~~068~~572,~~582~~852.4477 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~345~~343,~~939~~406.4503 Payment of Interest and Principal 1215,~~722~~229,~~642~~446.9974 Total Withdrawals (Pool Distribution Amount) 1315,~~068~~572,~~582~~852.4477 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~339~~337,~~600~~113.25 Master Servicing Fee 6,~~339~~292.2078 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~345~~343,~~939~~406.4503

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 1 0 0 1 ~~517~~518,~~620~~203.3613 0.00 0.00 ~~517~~518,~~620~~203.3613 30 Days 813 0 0 0 813 13,~~896~~530,~~173~~785.1947 0.00 0.00 0.00 13,~~896~~530,~~173~~785.1947 60 Days 02 0 0 0 02 0430,371.0042 0.00 0.00 0.00 0430,371.0042 90 Days 10 0 0 0 10 ~~239,000~~0.00 0.00 0.00 0.00 ~~239,000~~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 915 1 0 0 1016 23,~~135~~961,~~173~~156.1989 ~~517~~518,~~620~~203.3613 0.00 0.00 24,~~652~~479,~~793~~360.5502 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.~~030102~~030432% 0.000000% 0.000000% 0.~~030102~~030432% 0.~~048039~~048564% 0.000000% 0.000000% 0.~~048039~~048564% 30 Days 0.~~240819~~395618% 0.000000% 0.000000% 0.000000% 0.~~240819~~395618% 0.~~175978~~330891% 0.000000% 0.000000% 0.000000% 0.~~175978~~330891% 60 Days 0.~~000000~~060864% 0.000000% 0.000000% 0.000000% 0.~~000000~~060864% 0.~~000000~~040333% 0.000000% 0.000000% 0.000000% 0.~~000000~~040333% 90 Days 0.~~030102~~000000% 0.000000% 0.000000% 0.000000% 0.~~030102~~000000% 0.~~022181~~000000% 0.000000% 0.000000% 0.000000% 0.~~022181~~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.~~270921~~456482% 0.~~030102~~030432% 0.000000% 0.000000% 0.~~301023~~486914% 0.~~198159~~371223% 0.~~048039~~048564% 0.000000% 0.000000% 0.~~246198~~419787%

Delinquency Status By Groups

~~Delinquency Status By Groups~~ DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 711 0 0 0 711 12,~~520~~390,~~289~~858.7993 0.00 0.00 0.00 12,~~520~~390,~~289~~858.7993 60 Days 02 0 0 0 02 0430,371.0042 0.00 0.00 0.00 0430,371.0042 90 Days 10 0 0 0 10 ~~239,000~~0.00 0.00 0.00 0.00 ~~239,000~~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 813 0 0 0 813 12,~~759~~821,~~289~~230.7935 0.00 0.00 0.00 12,~~759~~821,~~289~~230.7935 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~314607~~500000% 0.000000% 0.000000% 0.000000% 0.~~314607~~500000% 0.~~283961~~451371% 0.000000% 0.000000% 0.000000% 0.~~283961~~451371% 60 Days 0.~~000000~~090909% 0.000000% 0.000000% 0.000000% 0.~~000000~~090909% 0.~~000000~~081250% 0.000000% 0.000000% 0.000000% 0.~~000000~~081250% 90 Days 0.~~044944~~000000% 0.000000% 0.000000% 0.000000% 0.~~044944~~000000% 0.~~044641~~000000% 0.000000% 0.000000% 0.000000% 0.~~044641~~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.~~359551~~590909% 0.000000% 0.000000% 0.000000% 0.~~359551~~590909% 0.~~328601~~532621% 0.000000% 0.000000% 0.000000% 0.~~328601~~532621% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 1 0 0 1 ~~517~~518,~~620~~203.3613 0.00 0.00 ~~517~~518,~~620~~203.3613 30 Days 12 0 0 0 12 ~~375~~1,~~883~~139,926.4054 0.00 0.00 0.00 ~~375~~1,~~883~~139,926.4054 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 12 1 0 0 23 ~~375~~1,~~883~~139,926.4054 ~~517~~518,~~620~~203.3613 0.00 0.00 ~~893~~1,~~503~~658,129.7667 0-29 Days 0.~~091158~~092081% 0.000000% 0.000000% 0.~~091158~~092081% 0.~~095481~~096434% 0.000000% 0.000000% 0.~~095481~~096434% 30 Days 0.~~091158~~184162% 0.000000% 0.000000% 0.000000% 0.~~091158~~184162% 0.~~069336~~212132% 0.000000% 0.000000% 0.000000% 0.~~069336~~212132% 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.~~091158~~184162% 0.~~091158~~092081% 0.000000% 0.000000% 0.~~182315~~276243% 0.~~069336~~212132% 0.~~095481~~096434% 0.000000% 0.000000% 0.~~164817~~308565%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 012,163.0029

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~450838~~625666% Weighted Average Net Coupon 5.~~075838~~250666% Weighted Average Pass-Through Rate 5.~~068838~~243666% Weighted Average Maturity(Stepdown Calculation ) ~~392~~391 Beginning Scheduled Collateral Loan Count 3,~~355~~322 Number Of Loans Paid In Full 3336 Ending Scheduled Collateral Loan Count 3,~~322~~286 Beginning Scheduled Collateral Balance 1,~~086~~078,~~720~~762,~~786~~399.4512 Ending Scheduled Collateral Balance 1,~~078~~068,~~762~~445,~~399~~168.1263 Ending Actual Collateral Balance at 0231-May-2005 1,~~077~~067,~~504~~055,~~525~~180.9081 Monthly P &I Constant 3,~~347~~319,~~555~~174.3305 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~209~~170.7692 Unscheduled Principal 912,~~547~~055,~~114~~354.1834

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~540333~~715075 5.~~362115~~537367 5.~~450838~~625666 Weighted Average Net Rate 5.~~165333~~340075 45.~~987115~~162367 5.~~075838~~250666 Weighted Average Maturity ~~385~~384 ~~399~~398 ~~392~~391 Beginning Loan Count 2,~~250~~225 1,~~105~~097 3,~~355~~322 Loans Paid In Full 25 811 3336 Ending Loan Count 2,~~225~~200 1,~~097~~086 3,~~322~~286 Beginning Scheduled Balance ~~541~~536,~~005~~017,~~024~~001.8086 ~~545~~542,~~715~~745,~~761~~397.6526 1,~~086~~078,~~720~~762,~~786~~399.4512 Ending ~~scheduled~~Scheduled Balance ~~536~~530,~~017~~378,~~001~~422.8645 ~~542~~538,~~745~~066,~~397~~746.2618 1,~~078~~068,~~762~~445,~~399~~168.1263 Record Date 05/0231/2005 05/0231/2005 05/0231/2005 Principal And Interest Constant 1,~~693~~676,~~987~~773.6480 1,~~653~~642,~~567~~400.6925 3,~~347~~319,~~555~~174.3305 Scheduled Principal ~~209~~170.7692 0.00 ~~209~~170.7692 Unscheduled Principal 56,~~791~~514,~~825~~620.1200 35,~~755~~540,~~289~~734.0634 912,~~547~~055,~~114~~354.1834 Scheduled Interest 2,~~497~~552,~~789~~814.8239 2,~~438~~504,~~492~~483.3651 45,~~936~~057,~~282~~297.1890 Servicing Fees ~~169~~167,~~064~~505.0731 ~~170~~169,~~536~~607.1894 ~~339~~337,~~600~~113.25 Master Servicing Fees 3,~~155~~126.8677 3,~~183~~166.3401 6,~~339~~292.2078 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 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 2,~~325~~382,~~569~~182.8931 2,~~264~~331,~~772~~709.8456 4,~~590~~713,~~342~~891.7387 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 5.~~158333~~333075 45.~~980115~~155367 5.~~068838~~243666

Miscellaneous Reporting Group 1 Available Funds 78,~~422~~130,~~486~~289.5099 Deferred Interest ~~632~~675,~~937~~504.5600 Senior % 91.~~250615~~169199% Senior Prepayment % 100.000000% Subordinate % 8.~~749385~~830801% Subordinate Prepayment % 0.000000% Net Deferred Interest 0.00 Group 2 Available Funds 57,~~300~~099,156.4876 Deferred Interest ~~646~~713,~~211~~807.2675 Senior % 91.~~274885~~227134% Senior Prepayment % 100.000000% Subordinate % 8.~~725115~~772866% Subordinate Prepayment % 0.000000% Net Deferred Interest 0.00

Filing Compare · GREENWICH DSLA MORTGAGE LOAN TRUST 2005-AR1