8-K 1 dsl05ar1_10507.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): July 19, 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 July 19, 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 July 19, 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: 7/21/05 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 July 19, 2005 distribution. EX-99.1

Downey Savings and Loan Association Mortgage Pass-Through Certificates Record Date: 56/3130/05 Distribution Date: 67/2019/05 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 Class CUSIP Description Rate Balance Distribution 1A 23332UCL6 SEN 3.~~36000~~53000% ~~488~~483,~~682~~043,~~408~~844.7645 1,~~459~~373,~~531~~588.4684 AR 23332UCY8 SEN 5.00695% 0.00 0.00 2-A1A 23332UCM4 SEN 3.~~34000~~51000% ~~264~~261,~~264~~766,~~037~~922.3029 ~~784~~740,~~570~~145.5697 2-A1B 23332UCN2 SEN 3.~~41000~~58000% ~~176~~174,~~176~~511,~~685~~935.1860 ~~534~~503,~~011~~273.1103 2-A2 23332UCP7 SEN 3.~~42000~~59000% 54,~~690~~173,~~346~~559.0355 ~~166~~156,~~258~~666.6592 B1 23332UCQ5 SUB 3.~~56000~~73000% 30,011,~~473~~469.7902 9490,~~969~~176.6413 B2 23332UCR3 SUB 34.~~87000~~04000% 23,463,~~206~~203.9118 8076,~~713~~359.4369 B3 23332UCS1 SUB 4.~~79000~~96000% 16,369,~~167~~165.8322 6965,~~696~~403.2891 B4 23332UCT9 SUB 45.~~84000~~01000% 14,731,~~851~~848.2187 6359,~~379~~455.7029 B5 23332UCU6 SUB 45.~~84000~~01000% 6,001,~~495~~494.0914 2524,~~819~~221.7703 B6 23332UCV4 SUB 45.~~84000~~01000% 4,371,726.9929 1817,~~808~~643.1456 X1 23332UCW2 IO 1.00000% 0.00 ~~736~~707,~~301~~248.3862 X2 23332UCX0 SEN 01.~~75624~~11686% 0.02 ~~878~~1,~~156~~381,146.1480 Y DSL05AR1Y YM 0.00000% 0.01 0.00 C DSL05AR1C C 0.00000% 0.00 0.00 Totals 1,~~078~~068,~~762~~445,~~399~~168.1264 45,~~912~~195,~~216~~329.2679

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses 1A 511,~~638~~593,~~564~~115.3215 0.00 ~~483~~471,~~043~~450,~~844~~729.4530 712,~~098~~966,~~095~~703.7899 0.00 AR 0.00 0.00 0.00 0.00 0.00 2-A1A 23,~~497~~758,~~115~~566.0156 0.00 ~~261~~258,~~766~~008,~~922~~355.2972 34,~~281~~498,~~685~~712.5753 0.00 2-A1B 12,~~664~~505,~~749~~720.5843 0.00 ~~174~~172,~~511~~006,~~935~~215.6017 23,~~198~~008,~~760~~993.6946 0.00 2-A2 ~~516~~777,~~786~~848.4920 0.00 5453,~~173~~395,~~559~~711.5534 ~~683~~934,~~045~~515.1412 0.00 B1 4.7727 0.00 30,011,~~469~~464.0275 9490,~~974~~180.4140 0.00 B2 3.7334 0.00 23,463,~~203~~199.1884 8076,~~717~~363.1603 0.00 B3 2.6033 0.00 16,369,~~165~~162.2289 6965,~~698~~406.8824 0.00 B4 2.3410 0.00 14,731,~~848~~846.8777 6359,~~382~~457.0439 0.00 B5 0.9585 0.00 6,001,~~494~~493.1428 2524,~~820~~221.7288 0.00 B6 0.6962 0.00 4,371,~~726~~725.2967 1817,~~808~~644.8318 0.03 X1 0.00 0.00 0.00 ~~736~~707,~~301~~248.3862 0.00 X2 0.00 0.00 0.02 ~~878~~1,~~156~~381,146.1480 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 1018,~~317~~635,~~230~~263.4885 0.00 1,~~068~~049,~~445~~809,~~168~~904.6476 1523,~~229~~830,~~446~~593.7464 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 ~~488~~483,~~682~~043,~~408~~844.7645 ~~155~~138.8301 511,~~638~~592,~~408~~977.4914 0.00 0.00 AR 100.00 0.00 0.00 0.00 0.00 0.00 2-A1A 266,804,000.00 ~~264~~261,~~264~~766,~~037~~922.3029 0.00 23,~~497~~758,~~115~~566.0156 0.00 0.00 2-A1B 177,870,000.00 ~~176~~174,~~176~~511,~~685~~935.1860 0.00 12,~~664~~505,~~749~~720.5843 0.00 0.00 2-A2 55,216,000.00 54,~~690~~173,~~346~~559.0355 0.00 ~~516~~777,~~786~~848.4920 0.00 0.00 B1 30,024,000.00 30,011,~~473~~469.7902 4.7727 0.00 0.00 0.00 B2 23,473,000.00 23,463,~~206~~203.9118 3.7334 0.00 0.00 0.00 B3 16,376,000.00 16,369,~~167~~165.8322 2.6033 0.00 0.00 0.00 B4 14,738,000.00 14,731,~~851~~848.2187 2.3410 0.00 0.00 0.00 B5 6,004,000.00 6,001,~~495~~494.0914 0.9585 0.00 0.00 0.00 B6 4,373,551.69 4,371,726.9929 0.6962 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,~~078~~068,~~762~~445,~~399~~168.1264 ~~170~~151.9152 1018,~~317~~635,~~059~~112.5733 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 511,~~638~~593,~~564~~115.3215 ~~483~~471,~~043~~450,~~844~~729.4530 0.~~97203264~~94870373 511,~~638~~593,~~564~~115.3215 AR 0.00 0.00 0.00000000 0.00 2-A1A 23,~~497~~758,~~115~~566.0156 ~~261~~258,~~766~~008,~~922~~355.2972 0.~~98112068~~96703331 23,~~497~~758,~~115~~566.0156 2-A1B 12,~~664~~505,~~749~~720.5843 ~~174~~172,~~511~~006,~~935~~215.6017 0.~~98112068~~96703331 12,~~664~~505,~~749~~720.5843 2-A2 ~~516~~777,~~786~~848.4920 5453,~~173~~395,~~559~~711.5534 0.~~98112068~~96703331 ~~516~~777,~~786~~848.4920 B1 4.7727 30,011,~~469~~464.0275 0.~~99958263~~99958249 4.7727 B2 3.7334 23,463,~~203~~199.1884 0.~~99958263~~99958249 3.7334 B3 2.6033 16,369,~~165~~162.2289 0.~~99958263~~99958249 2.6033 B4 2.3410 14,731,~~848~~846.8777 0.~~99958263~~99958249 2.3410 B5 0.9585 6,001,~~494~~493.1428 0.~~99958263~~99958249 0.9585 B6 0.6962 4,371,~~726~~725.2967 0.~~99958263~~99958249 0.6962 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 1018,~~317~~635,~~230~~263.4885 1,~~068~~049,~~445~~809,~~168~~904.6476 0.~~97859036~~96152230 1018,~~317~~635,~~230~~263.4885

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1A 496,942,000.00 ~~983~~972.~~37916449~~03264053 0.~~00031358~~00027772 1123.~~34621040~~32863219 0.00000000 AR 100.00 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 266,804,000.00 ~~990~~981.~~48004265~~12068144 0.00000000 914.~~35936122~~08736960 0.00000000 2-A1B 177,870,000.00 ~~990~~981.~~48004262~~12068140 0.00000000 914.~~35936122~~08736960 0.00000000 2-A2 55,216,000.00 ~~990~~981.~~48004256~~12068151 0.00000000 914.~~35936124~~08736960 0.00000000 B1 30,024,000.00 999.~~58279343~~58263456 0.~~00015887~~00014222 0.00000000 0.00000000 B2 23,473,000.00 999.~~58279342~~58263452 0.~~00015891~~00014229 0.00000000 0.00000000 B3 16,376,000.00 999.~~58279372~~58263434 0.~~00015877~~00014228 0.00000000 0.00000000 B4 14,738,000.00 999.~~58279346~~58263469 0.~~00015877~~00014249 0.00000000 0.00000000 B5 6,004,000.00 999.~~58279314~~58263491 0.~~00015823~~00014157 0.00000000 0.00000000 B6 4,373,551.69 999.~~58278760~~58262755 0.~~00015777~~00014176 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 1123.~~34652398~~32890991 ~~972~~948.~~03264053~~70373062 0.~~97203264~~94870373 1123.~~34652398~~32890991 AR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 0.00000000 914.~~35936122~~08736960 ~~981~~967.~~12068144~~03331179 0.~~98112068~~96703331 914.~~35936122~~08736960 2-A1B 0.00000000 914.~~35936122~~08736960 ~~981~~967.~~12068140~~03331180 0.~~98112068~~96703331 914.~~35936122~~08736960 2-A2 0.00000000 914.~~35936124~~08736960 ~~981~~967.~~12068151~~03331172 0.~~98112068~~96703331 914.~~35936124~~08736960 B1 0.00000000 0.~~00015887~~00014222 999.~~58263456~~58249234 0.~~99958263~~99958249 0.~~00015887~~00014222 B2 0.00000000 0.~~00015891~~00014229 999.~~58263452~~58249223 0.~~99958263~~99958249 0.~~00015891~~00014229 B3 0.00000000 0.~~00015877~~00014228 999.~~58263434~~58249206 0.~~99958263~~99958249 0.~~00015877~~00014228 B4 0.00000000 0.~~00015877~~00014249 999.~~58263469~~58249220 0.~~99958263~~99958249 0.~~00015877~~00014249 B5 0.00000000 0.~~00015823~~00014157 999.~~58263491~~58249167 0.~~99958263~~99958249 0.~~00015823~~00014157 B6 0.00000000 0.~~00015777~~00014176 999.~~58262755~~58248579 0.~~99958263~~99958249 0.~~00015777~~00014176 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.~~36000~~53000% ~~488~~483,~~682~~043,~~408~~844.7645 1,~~459~~373,~~531~~588.4684 0.00 0.00 AR 100.00 5.00695% 0.00 0.00 0.00 0.00 2-A1A 266,804,000.00 3.~~34000~~51000% ~~264~~261,~~264~~766,~~037~~922.3029 ~~784~~740,~~570~~145.5697 0.00 0.00 2-A1B 177,870,000.00 3.~~41000~~58000% ~~176~~174,~~176~~511,~~685~~935.1860 ~~534~~503,~~011~~273.1103 0.00 0.00 2-A2 55,216,000.00 3.~~42000~~59000% 54,~~690~~173,~~346~~559.0355 ~~166~~156,~~258~~666.6592 0.00 0.00 B1 30,024,000.00 3.~~56000~~73000% 30,011,~~473~~469.7902 9490,~~969~~176.6413 0.00 0.00 B2 23,473,000.00 34.~~87000~~04000% 23,463,~~206~~203.9118 8076,~~713~~359.4369 0.00 0.00 B3 16,376,000.00 4.~~79000~~96000% 16,369,~~167~~165.8322 6965,~~696~~403.2891 0.00 0.00 B4 14,738,000.00 45.~~84000~~01000% 14,731,~~851~~848.2187 6359,~~379~~455.7029 0.00 0.00 B5 6,004,000.00 45.~~84000~~01000% 6,001,~~495~~494.0914 2524,~~819~~221.7703 0.00 0.00 B6 4,373,551.69 45.~~84000~~01000% 4,371,726.9929 1817,~~808~~643.1456 0.00 0.00 X1 0.00 1.00000% ~~883~~848,~~561~~698,~~656~~339.2542 ~~736~~707,~~301~~248.3862 0.00 0.00 X2 0.00 01.~~75624~~11686% 1,~~078~~068,~~762~~445,~~399~~168.1162 ~~679~~994,~~831~~422.8401 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,~~713~~808,~~891~~605.9600 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,~~459~~373,~~531~~588.4684 0.00 ~~483~~471,~~043~~450,~~844~~729.4530 AR 0.00 0.00 0.00 0.00 0.00 2-A1A 0.00 0.00 ~~784~~740,~~570~~145.5697 0.00 ~~261~~258,~~766~~008,~~922~~355.2972 2-A1B 0.00 0.00 ~~534~~503,~~011~~273.1103 0.00 ~~174~~172,~~511~~006,~~935~~215.6017 2-A2 0.00 0.00 ~~166~~156,~~258~~666.6592 0.00 5453,~~173~~395,~~559~~711.5534 B1 0.00 0.00 9490,~~969~~176.6413 0.00 30,011,~~469~~464.0275 B2 0.00 0.00 8076,~~713~~359.4369 0.00 23,463,~~203~~199.1884 B3 0.00 0.00 6965,~~696~~403.2891 0.00 16,369,~~165~~162.2289 B4 0.00 0.00 6359,~~379~~455.7029 0.00 14,731,~~848~~846.8777 B5 0.00 0.00 2524,~~819~~221.7703 0.00 6,001,~~494~~493.1428 B6 0.00 0.00 1817,~~808~~643.1456 0.00 4,371,~~726~~725.2967 X1 0.00 0.00 ~~736~~707,~~301~~248.3862 0.00 ~~848~~815,~~698~~078,~~339~~673.4272 X2 0.00 0.00 ~~878~~1,~~156~~381,146.1480 0.00 1,~~068~~049,~~445~~809,~~168~~904.6275 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 45,~~912~~195,~~216~~329.2679 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.~~36000~~53000% ~~983~~972.~~37916449~~03264053 2.~~93702577~~76408281 0.00000000 0.00000000 AR 100.00 5.00695% 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 266,804,000.00 3.~~34000~~51000% ~~990~~981.~~48004265~~12068144 2.~~94062518~~77411872 0.00000000 0.00000000 2-A1B 177,870,000.00 3.~~41000~~58000% ~~990~~981.~~48004262~~12068140 32.~~00225507~~82944302 0.00000000 0.00000000 2-A2 55,216,000.00 3.~~42000~~59000% ~~990~~981.~~48004256~~12068151 32.~~01105929~~83734642 0.00000000 0.00000000 B1 30,024,000.00 3.~~56000~~73000% 999.~~58279343~~58263456 3.~~16312417~~00346823 0.00000000 0.00000000 B2 23,473,000.00 34.~~87000~~04000% 999.~~58279342~~58263452 3.~~43856473~~25308610 0.00000000 0.00000000 B3 16,376,000.00 4.~~79000~~96000% 999.~~58279372~~58263434 43.~~25600147~~99388801 0.00000000 0.00000000 B4 14,738,000.00 45.~~84000~~01000% 999.~~58279346~~58263469 4.~~30042747~~03414914 0.00000000 0.00000000 B5 6,004,000.00 45.~~84000~~01000% 999.~~58279314~~58263491 4.~~30042805~~03414890 0.00000000 0.00000000 B6 4,373,551.69 45.~~84000~~01000% 999.~~58278760~~58262755 4.~~30042705~~03414919 0.00000000 0.00000000 X1 0.00 1.00000% ~~886~~851.~~36967538~~39556056 0.~~73864140~~70949630 0.00000000 0.00000000 X2 0.00 01.~~75624~~11686% 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.~~93702577~~76408281 0.00000000 ~~972~~948.~~03264053~~70373062 AR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 0.00000000 0.00000000 2.~~94062518~~77411872 0.00000000 ~~981~~967.~~12068144~~03331179 2-A1B 0.00000000 0.00000000 32.~~00225507~~82944302 0.00000000 ~~981~~967.~~12068140~~03331180 2-A2 0.00000000 0.00000000 32.~~01105929~~83734642 0.00000000 ~~981~~967.~~12068151~~03331172 B1 0.00000000 0.00000000 3.~~16312417~~00346823 0.00000000 999.~~58263456~~58249234 B2 0.00000000 0.00000000 3.~~43856473~~25308610 0.00000000 999.~~58263452~~58249223 B3 0.00000000 0.00000000 43.~~25600147~~99388801 0.00000000 999.~~58263434~~58249206 B4 0.00000000 0.00000000 4.~~30042747~~03414914 0.00000000 999.~~58263469~~58249220 B5 0.00000000 0.00000000 4.~~30042805~~03414890 0.00000000 999.~~58263491~~58249167 B6 0.00000000 0.00000000 4.~~30042705~~03414919 0.00000000 999.~~58262755~~58248579 X1 0.00000000 0.00000000 0.~~73864140~~70949630 0.00000000 ~~851~~817.~~39556056~~66904927 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% ~~440,432,339.82~~ 423,034,580.60 406,258,123.21 0.00 0.00 8581.~~12755625~~75161753% X-1 IO-2 1.00000% ~~443,129,316.43~~ 425,663,758.82 408,820,550.51 0.00 0.00 8581.~~15148509~~78210216% 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 01.~~75624~~11686% 1,~~078~~068,~~762~~445,~~399~~168.0960 1,~~068~~049,~~445~~809,~~168~~904.6073 0.00 0.00 9796.~~85903637~~15223005%

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1524,~~560~~152,~~689~~409.4876 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1218,~~163~~305.2959 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1524,~~572~~170,~~852~~715.7735 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~343~~340,~~406~~121.0371 Payment of Interest and Principal 1523,~~229~~830,~~446~~593.7464 Total Withdrawals (Pool Distribution Amount) 1524,~~572~~170,~~852~~715.7735 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~337~~333,~~113~~889.2512 Master Servicing Fee 6,~~292~~232.7859 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~343~~340,~~406~~121.0371

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT 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 1 518,~~203~~864.1344 0.00 0.00 518,~~203~~864.1344 30 Days 1316 0 0 0 1316 35,~~530~~486,~~785~~001.4780 0.00 0.00 0.00 35,~~530~~486,~~785~~001.4780 60 Days 2 0 0 0 2 ~~430~~747,~~371~~385.4210 0.00 0.00 0.00 ~~430~~747,~~371~~385.4210 90 Days 0 0 01 0 01 0.00 0.00 0358,417.0029 0.00 0358,417.0029 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 1518 1 01 0 1620 36,~~961~~233,~~156~~386.8990 518,~~203~~864.1344 0358,417.0029 0.00 47,~~479~~110,~~360~~668.0263 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.~~030432~~031027% 0.000000% 0.000000% 0.~~030432~~031027% 0.~~048564~~049495% 0.000000% 0.000000% 0.~~048564~~049495% 30 Days 0.~~395618~~496432% 0.000000% 0.000000% 0.000000% 0.~~395618~~496432% 0.~~330891~~523316% 0.000000% 0.000000% 0.000000% 0.~~330891~~523316% 60 Days 0.~~060864~~062054% 0.000000% 0.000000% 0.000000% 0.~~060864~~062054% 0.~~040333~~071294% 0.000000% 0.000000% 0.000000% 0.~~040333~~071294% 90 Days 0.000000% 0.000000% 0.~~000000~~031027% 0.000000% 0.~~000000~~031027% 0.000000% 0.000000% 0.~~000000~~034190% 0.000000% 0.~~000000~~034190% 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.~~456482~~558486% 0.~~030432~~031027% 0.~~000000~~031027% 0.000000% 0.~~486914~~620540% 0.~~371223~~594610% 0.~~048564~~049495% 0.~~000000~~034190% 0.000000% 0.~~419787~~678295%

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 11 0 0 0 11 2,~~390~~016,~~858~~993.9302 0.00 0.00 0.00 2,~~390~~016,~~858~~993.9302 60 Days 21 0 0 0 21 ~~430~~252,~~371~~088.4200 0.00 0.00 0.00 ~~430~~252,~~371~~088.4200 90 Days 0 0 01 0 01 0.00 0.00 0358,417.0029 0.00 0358,417.0029 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 1312 0 01 0 13 2,~~821~~269,~~230~~081.3502 0.00 0358,417.0029 0.00 2,~~821~~627,~~230~~498.3531 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~500000~~510915% 0.000000% 0.000000% 0.000000% 0.~~500000~~510915% 0.~~451371~~389345% 0.000000% 0.000000% 0.000000% 0.~~451371~~389345% 60 Days 0.~~090909~~046447% 0.000000% 0.000000% 0.000000% 0.~~090909~~046447% 0.~~081250~~048661% 0.000000% 0.000000% 0.000000% 0.~~081250~~048661% 90 Days 0.000000% 0.000000% 0.~~000000~~046447% 0.000000% 0.~~000000~~046447% 0.000000% 0.000000% 0.~~000000~~069186% 0.000000% 0.~~000000~~069186% 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.~~590909~~557362% 0.000000% 0.~~000000~~046447% 0.000000% 0.~~590909~~603809% 0.~~532621~~438006% 0.000000% 0.~~000000~~069186% 0.000000% 0.~~532621~~507192% 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 1 518,~~203~~864.1344 0.00 0.00 518,~~203~~864.1344 30 Days 25 0 0 0 25 13,~~139~~469,~~926~~008.5478 0.00 0.00 0.00 13,~~139~~469,~~926~~008.5478 60 Days 01 0 0 0 01 0495,297.0010 0.00 0.00 0.00 0495,297.0010 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 26 1 0 0 37 13,~~139~~964,~~926~~305.5488 518,~~203~~864.1344 0.00 0.00 14,~~658~~483,~~129~~170.6732 0-29 Days 0.~~092081~~093458% 0.000000% 0.000000% 0.~~092081~~093458% 0.~~096434~~097850% 0.000000% 0.000000% 0.~~096434~~097850% 30 Days 0.~~184162~~467290% 0.000000% 0.000000% 0.000000% 0.~~184162~~467290% 0.~~212132~~654199% 0.000000% 0.000000% 0.000000% 0.~~212132~~654199% 60 Days 0.~~000000~~093458% 0.000000% 0.000000% 0.000000% 0.~~000000~~093458% 0.~~000000~~093405% 0.000000% 0.000000% 0.000000% 0.~~000000~~093405% 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.~~184162~~560748% 0.~~092081~~093458% 0.000000% 0.000000% 0.~~276243~~654206% 0.~~212132~~747604% 0.~~096434~~097850% 0.000000% 0.000000% 0.~~308565~~845454%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1218,~~163~~305.2959

REO Detail - All Mortgage Loans in REO during Current Period

~~COLLATERAL~~Summary ~~STATEMENT~~12 ~~Collateral~~Month ~~Description~~REO ~~Mixed~~History* ~~ARM~~New ~~Weighted~~REO ~~Average~~Loans ~~Gross~~Month ~~Coupon~~REO 5Percentage Loans in REO 0 Aug-04 0.~~625666~~000% ~~Weighted~~Original ~~Average~~Principal ~~Net~~Balance ~~Coupon~~0.00 5Sep-04 0.~~250666~~000% ~~Weighted~~Current ~~Average~~Principal ~~Pass~~Balance 0.00 Oct-~~Through~~04 ~~Rate~~0.000% 5Nov-04 0.~~243666~~000% ~~Weighted~~Current ~~Average~~REO ~~Maturity(Stepdown~~Total ~~Calculation)~~Dec-04 ~~391~~0.000% ~~Beginning~~Loans ~~Scheduled~~in ~~Collateral~~REO ~~Loan~~0 ~~Count~~Jan-05 ~~3,322~~0.000% ~~Number~~Original OfPrincipal ~~Loans~~Balance ~~Paid~~0.00 InFeb-05 ~~Full~~0.000% 36Current ~~Ending~~Principal ~~Scheduled~~Balance ~~Collateral~~0.00 ~~Loan~~Mar-05 ~~Count~~0.000% ~~3,286~~Apr-05 ~~Beginning~~0.000% ~~Scheduled~~May-05 ~~Collateral~~0.000% ~~Balance~~Jun-05 ~~1,078,762,399~~0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 1 12 ~~Ending~~Month ~~Scheduled~~REO ~~Collateral~~History* New REO Loans Month REO Percentage Loans in REO 0 Aug-04 0.000% Original Principal Balance ~~1,068,445,168~~0.6300 ~~Ending~~Sep-04 ~~Actual~~0.000% ~~Collateral~~Current Principal Balance at0.00 31Oct-~~May~~04 0.000% Nov-~~2005~~04 ~~1,067,055,180~~0.81000% ~~Monthly~~Current ~~P&I~~REO ~~Constant~~Total ~~3,319,174~~Dec-04 0.000% Loans in REO 0 Jan-05 ~~Special~~0.000% ~~Servicing~~Original ~~Fee~~Principal Balance 0.00 ~~Prepayment~~Feb-05 ~~Penalties~~0.000% Current Principal Balance 0.00 ~~Realized~~Mar-05 ~~Loss~~0.000% ~~Amount~~Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 2 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Aug-04 0.000% Original Principal Balance 0.00 ~~Cumulative~~Sep-04 ~~Realized~~0.000% ~~Loss~~Current Principal Balance 0.00 ~~Scheduled~~Oct-04 0.000% Nov-04 0.000% Current REO Total Dec-04 0.000% Loans in REO 0 Jan-05 0.000% Original Principal ~~170~~Balance 0.9200 ~~Unscheduled~~Feb-05 0.000% Current Principal ~~12,055,354~~Balance 0.3400 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

~~Group~~REO Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.715075 5.537367 5.625666 Weighted Average Net Rate 5.340075 5.162367 5.250666 Weighted Average Maturity 384 398 391 Beginning Loan ~~Count~~Detail ~~2,225~~- ~~1,097~~All ~~3,322~~Mortgage Loans ~~Paid~~in InREO ~~Full~~during 25Current 11Period 36Month ~~Ending~~ Loan ~~Count~~First ~~2,200~~Original ~~1,086~~Loan ~~3,286~~Entered ~~Beginning~~Payment ~~Scheduled~~LTV ~~Balance~~at ~~536,017,001.86~~Principal ~~542,745,397.26~~Group ~~1,078,762,399.12~~Number ~~Ending~~REO ~~Scheduled Balance 530,378,422.45 538,066,746.18 1,068,445,168.63 Record~~ Date ~~05/31/2005~~State ~~05/31/2005~~Origination ~~05/31/2005~~Balance ~~Principal~~No ~~And~~REO ~~Interest~~loans ~~Constant~~this ~~1,676,773~~period.80 1,642,400.25 3,319,174.05 Scheduled Principal 170.92 0.00 170.92 Unscheduled Principal 6,514,620.00 5,540,734.34 12,055,354.34 Scheduled Interest 2,552,814.39 2,504,483.51 5,057,297.90 Servicing Fees 167,505.31 169,607.94 337,113.25 Master Servicing Fees 3,126.77 3,166.01 6,292.78 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 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 2,382,182.31 2,331,709.56 4,713,891.87 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 5.333075 5.155367 5.243666

~~Miscellaneous~~REO ~~Reporting~~Loan ~~Group~~Detail 1- ~~Available~~All ~~Funds~~Mortgage ~~8,130,289.99~~Loans ~~Deferred~~in ~~Interest~~REO ~~675,504.00~~during ~~Senior~~Current %Period ~~91.169199%~~(continued) ~~Senior~~Current ~~Prepayment~~Paid %Current ~~100.000000%~~Approximate ~~Subordinate~~Loan %Principal ~~8.830801%~~To ~~Subordinate~~Months ~~Prepayment~~Loan %Delinquent ~~0.000000% Net Deferred Interest 0.00~~ Group 2Number ~~Available~~Balance ~~Funds~~Date ~~7,099,156.76~~Delinquent ~~Deferred~~Rate Interest ~~713,807.75~~No ~~Senior~~REO %loans ~~91.227134%~~this ~~Senior Prepayment % 100~~period.~~000000% Subordinate % 8.772866% Subordinate Prepayment % 0.000000% Net Deferred Interest 0.00~~

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Prepayment - Voluntary Prepayments

Realized Loss Report - Collateral Summary

Filing Compare · GREENWICH DSLA MORTGAGE LOAN TRUST 2005-AR1