8-K 1 bsa05sd2_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 25, 2005 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2005-SD2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-113636-35 Pooling and Servicing Agreement) (Commission 54-2173190 (State or other File Number) 54-2173191 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 July 25, 2005 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2005-SD2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2005-SD2 Trust, relating to the July 25, 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. BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2005-SD2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 7/27/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2005-SD2 Trust, relating to the July 25, 2005 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset Backed Certificates Record Date: 56/3130/2005 Distribution Date: 67/2725/2005 Bear Stearns Asset Backed Securities Asset Backed Certificates Series 2005-SD2 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 I-A-1 073877BF8 SEN 3.~~29000~~51438% 2726,~~318~~366,~~089~~994.5580 8272,~~386~~071.8172 I-A-2 073877BG6 SEN 3.~~56000~~78438% 20,784,000.00 6761,~~825~~175.1276 I-A-3 073877BH4 SEN 3.~~49000~~71438% ~~119~~117,~~871~~500,~~103~~961.5871 ~~383~~339,~~487~~455.6484 I-M-1 073877BJ0 MEZ 3.~~74000~~96438% 10,171,000.00 3431,~~869~~361.5833 I-M-2 073877BK7 MEZ 4.~~09000~~31438% 3,423,000.00 1211,~~833~~486.4032 I-M-3 073877BL5 MEZ 4.~~24000~~46438% 1,956,000.00 76,~~602~~791.3281 I-M-4 073877BM3 MEZ 4.~~59000~~81438% 1,956,000.00 87,~~229~~324.8728 I-M-5 073877BN1 MEZ 56.~~99000~~21438% 1,956,000.00 109,~~740~~454.0714 I-M-6 073877BP6 MEZ 56.~~99000~~21438% 978,000.00 54,~~370~~727.0307 I-B 073877BW1 SUB 56.~~99000~~21438% 2,934,000.00 1614,~~110~~181.1122 II-A-1 073877BQ4 SEN 3.~~42000~~64438% ~~143~~136,~~133~~364,~~541~~314.6030 ~~448~~386,~~723~~527.6507 II-A-2 073877BR2 SEN 3.~~57000~~79438% 1615,~~028~~151,~~000~~798.0082 5244,~~451~~715.6375 II-M-1 073877BS0 MEZ 3.~~74000~~96438% 11,529,000.00 3935,~~525~~548.2660 II-M-2 073877BT8 MEZ 4.~~09000~~31438% 5,905,000.00 2219,~~138~~814.8399 II-M-3 073877BU5 MEZ 5.~~59000~~81438% 5,717,000.00 2925,~~294~~853.8696 II-B 073877BV3 SUB 5.~~59000~~81438% 1,125,000.00 5,~~764~~087.6958 I-B-IO 073877BY7 IO 0.00000% 0.00 0.00 II-B-IO 073877BZ4 IO 0.00000% 0.00 0.00 R 073877BX9 R 0.00000% 0.00 0.00 Totals ~~374~~363,~~784~~818,~~734~~069.7363 1,~~227~~075,~~353~~577.8744

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses I-A-1 ~~951~~842,~~094~~447.7503 0.00 2625,~~366~~524,~~994~~547.8078 1914,~~033,481~~518.5675 0.00 I-A-2 0.00 0.00 20,784,000.00 6761,~~825~~175.1276 0.00 I-A-3 2,~~370~~099,~~141~~390.8819 0.00 ~~117~~115,~~500~~401,~~961~~571.7152 2,~~753~~438,~~629~~846.5203 0.00 I-M-1 0.00 0.00 10,171,000.00 3431,~~869~~361.5833 0.00 I-M-2 0.00 0.00 3,423,000.00 1211,~~833~~486.4032 0.00 I-M-3 0.00 0.00 1,956,000.00 76,~~602~~791.3281 0.00 I-M-4 0.00 0.00 1,956,000.00 87,~~229~~324.8728 0.00 I-M-5 0.00 0.00 1,956,000.00 109,~~740~~454.0714 0.00 I-M-6 0.00 0.00 978,000.00 54,~~370~~727.0307 0.00 I-B 0.00 0.00 2,934,000.00 1614,~~110~~181.1122 0.00 II-A-1 65,~~769~~516,~~227~~272.3099 0.00 ~~136~~130,~~364~~848,~~314~~041.3031 75,~~217~~902,~~950~~800.9506 0.00 II-A-2 ~~876~~612,~~201~~927.1865 0.00 1514,~~151~~538,~~798~~871.8217 ~~928~~657,~~652~~643.8140 0.00 II-M-1 0.00 0.00 11,529,000.00 3935,~~525~~548.2660 0.00 II-M-2 0.00 0.00 5,905,000.00 2219,~~138~~814.8399 0.00 II-M-3 0.00 0.00 5,717,000.00 2925,~~294~~853.8696 0.00 II-B 0.00 0.00 1,125,000.00 5,~~764~~087.6958 0.00 I-B-IO 0.00 0.00 0.00 0.00 0.00 II-B-IO 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 109,~~966~~071,~~665~~037.1186 0.00 ~~363~~354,~~818~~747,~~069~~031.6378 1210,~~194~~146,~~018~~615.9830 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) I-A-1 28,117,000.00 2726,~~318~~366,~~089~~994.5580 0.00 ~~951~~842,~~094~~447.7503 0.00 0.00 I-A-2 20,784,000.00 20,784,000.00 0.00 0.00 0.00 0.00 I-A-3 121,862,000.00 ~~119~~117,~~871~~500,~~103~~961.5871 0.00 2,~~370~~099,~~141~~390.8819 0.00 0.00 I-M-1 10,171,000.00 10,171,000.00 0.00 0.00 0.00 0.00 I-M-2 3,423,000.00 3,423,000.00 0.00 0.00 0.00 0.00 I-M-3 1,956,000.00 1,956,000.00 0.00 0.00 0.00 0.00 I-M-4 1,956,000.00 1,956,000.00 0.00 0.00 0.00 0.00 I-M-5 1,956,000.00 1,956,000.00 0.00 0.00 0.00 0.00 I-M-6 978,000.00 978,000.00 0.00 0.00 0.00 0.00 I-B 2,934,000.00 2,934,000.00 0.00 0.00 0.00 0.00 II-A-1 144,250,000.00 ~~143~~136,~~133~~364,~~541~~314.6030 0.00 65,~~769~~516,~~227~~272.3099 0.00 0.00 II-A-2 16,028,000.00 1615,~~028~~151,~~000~~798.0082 0.00 ~~876~~612,~~201~~927.1865 0.00 0.00 II-M-1 11,529,000.00 11,529,000.00 0.00 0.00 0.00 0.00 II-M-2 5,905,000.00 5,905,000.00 0.00 0.00 0.00 0.00 II-M-3 5,717,000.00 5,717,000.00 0.00 0.00 0.00 0.00 II-B 1,125,000.00 1,125,000.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 378,691,000.00 ~~374~~363,~~784~~818,~~734~~069.7363 0.00 109,~~966~~071,~~665~~037.1186 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 I-A-1 ~~951~~842,~~094~~447.7503 2625,~~366~~524,~~994~~547.8078 0.~~93775989~~90779769 ~~951~~842,~~094~~447.7503 I-A-2 0.00 20,784,000.00 1.00000000 0.00 I-A-3 2,~~370~~099,~~141~~390.8819 ~~117~~115,~~500~~401,~~961~~571.7152 0.~~96421330~~94698570 2,~~370~~099,~~141~~390.8819 I-M-1 0.00 10,171,000.00 1.00000000 0.00 I-M-2 0.00 3,423,000.00 1.00000000 0.00 I-M-3 0.00 1,956,000.00 1.00000000 0.00 I-M-4 0.00 1,956,000.00 1.00000000 0.00 I-M-5 0.00 1,956,000.00 1.00000000 0.00 I-M-6 0.00 978,000.00 1.00000000 0.00 I-B 0.00 2,934,000.00 1.00000000 0.00 II-A-1 65,~~769~~516,~~227~~272.3099 ~~136~~130,~~364~~848,~~314~~041.3031 0.~~94533320~~90709214 65,~~769~~516,~~227~~272.3099 II-A-2 ~~876~~612,~~201~~927.1865 1514,~~151~~538,~~798~~871.8217 0.~~94533309~~90709204 ~~876~~612,~~201~~927.1865 II-M-1 0.00 11,529,000.00 1.00000000 0.00 II-M-2 0.00 5,905,000.00 1.00000000 0.00 II-M-3 0.00 5,717,000.00 1.00000000 0.00 II-B 0.00 1,125,000.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 109,~~966~~071,~~665~~037.1186 ~~363~~354,~~818~~747,~~069~~031.6378 0.~~96072542~~93677175 109,~~966~~071,~~665~~037.1186

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 28,117,000.00 ~~971~~937.~~58621297~~75988904 0.00000000 3329.~~82632393~~96219476 0.00000000 I-A-2 20,784,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-A-3 121,862,000.00 ~~983~~964.~~66269699~~21330448 0.00000000 1917.~~44939259~~22760327 0.00000000 I-M-1 10,171,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-M-2 3,423,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-M-3 1,956,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-M-4 1,956,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-M-5 1,956,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-M-6 978,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-B 2,934,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-1 144,250,000.00 ~~992~~945.~~26025373~~33320139 0.00000000 4638.~~92705234~~24106059 0.00000000 II-A-2 16,028,000.00 ~~1000~~945.~~00000000~~33309334 0.00000000 5438.~~66690666~~24105628 0.00000000 II-M-1 11,529,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-M-2 5,905,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-M-3 5,717,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-B 1,125,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A-1 0.00000000 3329.~~82632393~~96219476 ~~937~~907.~~75988904~~79769463 0.~~93775989~~90779769 3329.~~82632393~~96219476 I-A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-A-3 0.00000000 1917.~~44939259~~22760327 ~~964~~946.~~21330448~~98570120 0.~~96421330~~94698570 1917.~~44939259~~22760327 I-M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-1 0.00000000 4638.~~92705234~~24106059 ~~945~~907.~~33320139~~09214080 0.~~94533320~~90709214 4638.~~92705234~~24106059 II-A-2 0.00000000 5438.~~66690666~~24105628 ~~945~~907.~~33309334~~09203706 0.~~94533309~~90709204 5438.~~66690666~~24105628 II-M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 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 I-A-1 28,117,000.00 3.~~29000~~51438% 2726,~~318~~366,~~089~~994.5580 8272,~~386~~071.8172 0.00 0.00 I-A-2 20,784,000.00 3.~~56000~~78438% 20,784,000.00 6761,~~825~~175.1276 0.00 0.00 I-A-3 121,862,000.00 3.~~49000~~71438% ~~119~~117,~~871~~500,~~103~~961.5871 ~~383~~339,~~487~~455.6484 0.00 0.00 I-M-1 10,171,000.00 3.~~74000~~96438% 10,171,000.00 3431,~~869~~361.5833 0.00 0.00 I-M-2 3,423,000.00 4.~~09000~~31438% 3,423,000.00 1211,~~833~~486.4032 0.00 0.00 I-M-3 1,956,000.00 4.~~24000~~46438% 1,956,000.00 76,~~602~~791.3281 0.00 0.00 I-M-4 1,956,000.00 4.~~59000~~81438% 1,956,000.00 87,~~229~~324.8728 0.00 0.00 I-M-5 1,956,000.00 56.~~99000~~21438% 1,956,000.00 109,~~740~~454.0714 0.00 0.00 I-M-6 978,000.00 56.~~99000~~21438% 978,000.00 54,~~370~~727.0307 0.00 0.00 I-B 2,934,000.00 56.~~99000~~21438% 2,934,000.00 1614,~~110~~181.1122 0.00 0.00 II-A-1 144,250,000.00 3.~~42000~~64438% ~~143~~136,~~133~~364,~~541~~314.6030 ~~449~~386,~~073~~527.6707 0.00 0.00 II-A-2 16,028,000.00 3.~~57000~~79438% 1615,~~028~~151,~~000~~798.0082 5244,~~086~~715.2675 0.00 0.00 II-M-1 11,529,000.00 3.~~74000~~96438% 11,529,000.00 3935,~~525~~548.2660 0.00 0.00 II-M-2 5,905,000.00 4.~~09000~~31438% 5,905,000.00 2219,~~138~~814.8399 0.00 0.00 II-M-3 5,717,000.00 5.~~59000~~81438% 5,717,000.00 2925,~~294~~853.8696 0.00 0.00 II-B 1,125,000.00 5.~~59000~~81438% 1,125,000.00 5,~~764~~087.6958 0.00 0.00 I-B-IO 0.00 0.00000% ~~192~~189,~~814~~860,~~444~~004.3162 0.00 0.00 0.00 II-B-IO 0.00 0.00000% ~~186~~178,~~342~~993,~~319~~010.6826 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 378,691,000.00 1,~~227~~075,~~338~~577.5244 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 I-A-1 0.00 0.00 8272,~~386~~071.8172 0.00 2625,~~366~~524,~~994~~547.8078 I-A-2 0.00 0.00 6761,~~825~~175.1276 0.00 20,784,000.00 I-A-3 0.00 0.00 ~~383~~339,~~487~~455.6484 0.00 ~~117~~115,~~500~~401,~~961~~571.7152 I-M-1 0.00 0.00 3431,~~869~~361.5833 0.00 10,171,000.00 I-M-2 0.00 0.00 1211,~~833~~486.4032 0.00 3,423,000.00 I-M-3 0.00 0.00 76,~~602~~791.3281 0.00 1,956,000.00 I-M-4 0.00 0.00 87,~~229~~324.8728 0.00 1,956,000.00 I-M-5 0.00 0.00 109,~~740~~454.0714 0.00 1,956,000.00 I-M-6 0.00 0.00 54,~~370~~727.0307 0.00 978,000.00 I-B 0.00 0.00 1614,~~110~~181.1122 0.00 2,934,000.00 II-A-1 0.00 0.00 ~~448~~386,~~723~~527.6507 0.00 ~~136~~130,~~364~~848,~~314~~041.3031 II-A-2 0.00 0.00 5244,~~451~~715.6375 0.00 1514,~~151~~538,~~798~~871.8217 II-M-1 0.00 0.00 3935,~~525~~548.2660 0.00 11,529,000.00 II-M-2 0.00 0.00 2219,~~138~~814.8399 0.00 5,905,000.00 II-M-3 0.00 0.00 2925,~~294~~853.8696 0.00 5,717,000.00 II-B 0.00 0.00 5,~~764~~087.6958 0.00 1,125,000.00 I-B-IO 0.00 0.00 0.00 0.00 ~~189~~187,~~860~~341,~~004~~130.6239 II-B-IO 0.00 0.00 0.00 0.00 ~~178~~173,~~993~~208,~~010~~033.2602 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~227~~075,~~353~~577.8744 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 I-A-1 28,117,000.00 3.~~29000~~51438% ~~971~~937.~~58621297~~75988904 2.~~93014226~~56327915 0.00000000 0.00000000 I-A-2 20,784,000.00 3.~~56000~~78438% 1000.00000000 32.~~26333333~~94340647 0.00000000 0.00000000 I-A-3 121,862,000.00 3.~~49000~~71438% ~~983~~964.~~66269699~~21330448 32.~~14690092~~78557582 0.00000000 0.00000000 I-M-1 10,171,000.00 3.~~74000~~96438% 1000.00000000 3.~~42833350~~08340674 0.00000000 0.00000000 I-M-2 3,423,000.00 4.~~09000~~31438% 1000.00000000 3.~~74916740~~35562956 0.00000000 0.00000000 I-M-3 1,956,000.00 4.~~24000~~46438% 1000.00000000 3.~~88666667~~47229550 0.00000000 0.00000000 I-M-4 1,956,000.00 4.~~59000~~81438% 1000.00000000 43.~~20750000~~74451943 0.00000000 0.00000000 I-M-5 1,956,000.00 56.~~99000~~21438% 1000.00000000 54.~~49083333~~83340491 0.00000000 0.00000000 I-M-6 978,000.00 56.~~99000~~21438% 1000.00000000 54.~~49082822~~83340491 0.00000000 0.00000000 I-B 2,934,000.00 56.~~99000~~21438% 1000.00000000 54.~~49083504~~83340832 0.00000000 0.00000000 II-A-1 144,250,000.00 3.~~42000~~64438% ~~992~~945.~~26025373~~33320139 32.~~11316236~~67956374 0.00000000 0.00000000 II-A-2 16,028,000.00 3.~~57000~~79438% ~~1000~~945.~~00000000~~33309334 32.~~24970427~~78985213 0.00000000 0.00000000 II-M-1 11,529,000.00 3.~~74000~~96438% 1000.00000000 3.~~42833377~~08340706 0.00000000 0.00000000 II-M-2 5,905,000.00 4.~~09000~~31438% 1000.00000000 3.~~74916681~~35562913 0.00000000 0.00000000 II-M-3 5,717,000.00 5.~~59000~~81438% 1000.00000000 54.~~12416652~~52229491 0.00000000 0.00000000 II-B 1,125,000.00 5.~~59000~~81438% 1000.00000000 54.~~12416889~~52229333 0.00000000 0.00000000 I-B-IO 0.00 0.00000% ~~985~~970.~~73748954~~63332049 0.00000000 0.00000000 0.00000000 II-B-IO 0.00 0.00000% ~~994~~954.~~04424625~~83931011 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 I-A-1 0.00000000 0.00000000 2.~~93014226~~56327915 0.00000000 ~~937~~907.~~75988904~~79769463 I-A-2 0.00000000 0.00000000 32.~~26333333~~94340647 0.00000000 1000.00000000 I-A-3 0.00000000 0.00000000 32.~~14690092~~78557582 0.00000000 ~~964~~946.~~21330448~~98570120 I-M-1 0.00000000 0.00000000 3.~~42833350~~08340674 0.00000000 1000.00000000 I-M-2 0.00000000 0.00000000 3.~~74916740~~35562956 0.00000000 1000.00000000 I-M-3 0.00000000 0.00000000 3.~~88666667~~47229550 0.00000000 1000.00000000 I-M-4 0.00000000 0.00000000 43.~~20750000~~74451943 0.00000000 1000.00000000 I-M-5 0.00000000 0.00000000 54.~~49083333~~83340491 0.00000000 1000.00000000 I-M-6 0.00000000 0.00000000 54.~~49082822~~83340491 0.00000000 1000.00000000 I-B 0.00000000 0.00000000 54.~~49083504~~83340832 0.00000000 1000.00000000 II-A-1 0.00000000 0.00000000 32.~~11073588~~67956374 0.00000000 ~~945~~907.~~33320139~~09214080 II-A-2 0.00000000 0.00000000 32.~~27250000~~78985213 0.00000000 ~~945~~907.~~33309334~~09203706 II-M-1 0.00000000 0.00000000 3.~~42833377~~08340706 0.00000000 1000.00000000 II-M-2 0.00000000 0.00000000 3.~~74916681~~35562913 0.00000000 1000.00000000 II-M-3 0.00000000 0.00000000 54.~~12416652~~52229491 0.00000000 1000.00000000 II-B 0.00000000 0.00000000 54.~~12416889~~52229333 0.00000000 1000.00000000 I-B-IO 0.00000000 0.00000000 0.00000000 0.00000000 ~~970~~957.~~63332049~~75592031 II-B-IO 0.00000000 0.00000000 0.00000000 0.00000000 ~~954~~923.~~83931011~~97931357 R 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 ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1210,~~125~~489,~~300~~983.6979 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~459~~232,~~576~~695.7741 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1210,~~584~~722,~~877~~679.4620 Withdrawals Reimbursement for Servicer Advances ~~270~~459,~~691~~576.3377 Payment of Service Fee ~~120~~116,~~166~~487.9113 Payment of Interest and Principal 1210,~~194~~146,~~019~~615.2230 Total Withdrawals (Pool Distribution Amount) 1210,~~584~~722,~~877~~679.4620 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~116~~112,~~217~~644.3691 Master Servicing Fee 3,~~949~~842.5522 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~120~~116,~~166~~487.9113

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 1121 0 0 1121 23,~~712~~903,~~881~~010.9711 0.00 0.00 23,~~712~~903,~~881~~010.9711 30 Days ~~237~~2 30 0 0 ~~240~~2 34144,~~964,756~~746.4446 ~~308,201~~0.9900 0.00 0.00 35144,~~272,958~~746.4346 60 Days ~~135~~114 128 0 0 ~~147~~122 1715,~~816~~454,~~447~~969.0937 21,~~219~~047,~~782~~179.6525 0.00 0.00 2016,~~036~~502,~~229~~148.7462 90 Days 6155 9 26 0 7270 86,~~653~~688,~~307~~373.8278 1,~~073~~014,~~766~~330.3321 ~~337~~1,~~629~~005,912.1663 0.00 108,~~064~~708,~~703~~616.3162 120 Days 18 27 1622 10 3747 2,~~769~~843,~~649~~178.8801 ~~224~~1,~~140~~102,938.8266 12,~~745~~679,~~904~~004.7857 ~~61,587~~0.7200 46,~~801~~625,~~283~~121.2024 150 Days 16 03 014 0 1 9924 556,~~666~~916.7984 0332,946.0094 01,620,481.0026 061,587.0072 992,~~666~~571,932.7976 180+ Days 2 0 01 0 23 ~~291~~225,~~189~~953.1893 0.00 0110,650.0079 0.00 ~~291~~336,~~189~~604.1872 Totals ~~454~~197 3748 1843 1 ~~510~~289 6425,~~595~~914,~~017~~138.2039 67,~~538~~400,~~773~~405.7617 25,~~083~~416,~~533~~049.9425 61,587.72 7338,~~278~~792,~~912~~180.6253 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.~~433754~~842359% 0.000000% 0.000000% 0.~~433754~~842359% 01.~~734628~~081160% 0.000000% 0.000000% 01.~~734628~~081160% 30 Days 90.~~345426~~080225% 0.~~118297~~000000% 0.000000% 0.000000% 90.~~463722~~080225% 90.~~468186~~040096% 0.~~083459~~000000% 0.000000% 0.000000% 90.~~551645~~040096% 60 Days 54.~~323344~~572804% 0.~~473186~~320899% 0.000000% 0.000000% 54.~~796530~~893702% 4.~~824556~~281130% 0.~~601100~~290076% 0.000000% 0.000000% 54.~~425656~~571205% 90 Days 2.~~405363~~206177% 0.~~354890~~361011% 0.~~078864~~240674% 0.000000% 2.~~839117~~807862% 21.~~343249~~852724% 0.~~290768~~280976% 0.~~091427~~278645% 0.000000% 2.~~725444~~412345% 120 Days 0.~~709779~~722022% 0.~~078864~~280786% 0.~~630915~~882471% 0.~~039432~~000000% 1.~~458991~~885279% 0.~~750000~~787579% 0.~~060696~~305521% 0.~~472778~~742102% 0.~~016677~~000000% 1.~~300150~~835203% 150 Days 0.~~039432~~240674% 0.~~000000~~120337% 0.~~000000~~561572% 0.~~000000~~040112% 0.~~039432~~962696% 0.~~026989~~154270% 0.~~000000~~092229% 0.~~000000~~448884% 0.~~000000~~017060% 0.~~026989~~712443% 180+ Days 0.~~078864~~080225% 0.000000% 0.~~000000~~040112% 0.000000% 0.~~078864~~120337% 0.~~078852~~062591% 0.000000% 0.~~000000~~030651% 0.000000% 0.~~078852~~093242% Totals 177.~~902208~~902126% 1.~~458991~~925391% 01.~~709779~~724830% 0.~~039432~~040112% 2011.~~110410~~592459% 177.~~491832~~178389% 12.~~770649~~049962% 01.~~564205~~500282% 0.~~016677~~017060% 1910.~~843364~~745693%

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 25 0 0 25 ~~258~~694,~~915~~543.6715 0.00 0.00 ~~258~~694,~~915~~543.6715 30 Days ~~110~~0 0 0 0 ~~110~~0 ~~14,170,136~~0.9700 0.00 0.00 0.00 ~~14,170,136~~0.9700 60 Days 6452 4 0 0 6856 76,~~491~~427,~~349~~770.8647 ~~386~~536,~~598~~266.1930 0.00 0.00 76,~~877~~964,~~948~~036.0577 90 Days 3128 32 01 0 3431 42,~~085~~663,~~664~~495.1447 ~~419~~245,~~286~~611.0072 0108,296.0022 0.00 43,~~504~~017,~~950~~403.1441 120 Days 10 23 510 10 1823 ~~956~~1,~~348~~878,344.5006 ~~224~~323,~~140~~947.8218 ~~495~~822,~~541~~489.0237 ~~61,587~~0.7200 13,~~737~~024,~~618~~780.0661 150 Days 03 02 06 01 012 0262,863.0059 0224,140.0082 0593,581.0072 061,587.0072 01,142,173.0085 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~215~~93 1116 517 1 ~~232~~127 2611,~~703~~232,~~499~~473.4759 12,~~288~~024,~~940~~509.6817 ~~495~~1,~~541~~524,367.0231 61,587.72 2814,~~549~~842,~~568~~937.8979 0-29 Days 0.~~130293~~330033% 0.000000% 0.000000% 0.~~130293~~330033% 0.~~136192~~370209% 0.000000% 0.000000% 0.~~136192~~370209% 30 Days 70.~~166124~~000000% 0.000000% 0.000000% 0.000000% 70.~~166124~~000000% 70.~~453609~~000000% 0.000000% 0.000000% 0.000000% 70.~~453609~~000000% 60 Days 43.~~169381~~432343% 0.~~260586~~264026% 0.000000% 0.000000% 43.~~429967~~696370% 3.~~940512~~426164% 0.~~203354~~285844% 0.000000% 0.000000% 43.~~143866~~712008% 90 Days 21.~~019544~~848185% 0.~~195440~~132013% 0.~~000000~~066007% 0.000000% 2.~~214984~~046205% 21.~~149093~~419710% 0.~~220548~~130917% 0.~~000000~~057725% 0.000000% 21.~~369641~~608352% 120 Days 0.~~651466~~660066% 0.~~130293~~198020% 0.~~325733~~660066% 0.~~065147~~000000% 1.~~172638~~518152% 01.~~503047~~001205% 0.~~117900~~172672% 0.~~260659~~438408% 0.~~032396~~000000% 01.~~914001~~612285% 150 Days 0.~~000000~~198020% 0.~~000000~~132013% 0.~~000000~~396040% 0.~~000000~~066007% 0.~~000000~~792079% 0.~~000000~~140113% 0.~~000000~~119473% 0.~~000000~~316394% 0.~~000000~~032828% 0.~~000000~~608808% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 146.~~006515~~138614% 01.~~716612~~056106% 01.~~325733~~122112% 0.~~065147~~066007% 158.~~114007~~382838% 145.~~046262~~987193% 01.~~677993~~079115% 0.~~260659~~812526% 0.~~032396~~032828% 157.~~017309~~911661% 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 916 0 0 916 23,~~453~~208,~~966~~466.3096 0.00 0.00 23,~~453~~208,~~966~~466.3096 30 Days ~~127~~2 30 0 0 ~~130~~2 20144,~~794,619~~746.4746 ~~308,201~~0.9900 0.00 0.00 21144,~~102,821~~746.46 60 Days 7162 84 0 0 7966 109,~~325~~027,~~097~~198.2390 1510,~~833,184~~912.4695 0.00 0.00 129,~~158~~538,~~281~~111.6985 90 Days 3027 67 25 0 3839 4,~~567~~024,~~643~~878.6831 ~~654~~768,~~480~~718.3349 ~~337~~897,~~629~~616.1641 0.00 5,~~559~~691,~~753~~213.1721 120 Days 8 04 1112 0 1924 1964,~~813,301~~833.3895 0778,991.0048 1,~~250~~856,~~363~~515.7620 0.00 3,~~063~~600,~~665~~340.1463 150 Days 3 1 08 0 012 ~~1 99~~294,~~666~~053.7925 0108,806.0012 01,026,899.0054 0.00 991,~~666~~429,758.7991 180+ Days 2 0 01 0 23 ~~291~~225,~~189~~953.1893 0.00 0110,650.0079 0.00 ~~291~~336,~~189~~604.1872 Totals ~~239~~104 32 26 13 0 ~~278~~162 3714,~~891~~681,~~517~~664.7380 5,~~249~~375,~~833~~896.0800 13,~~587~~891,~~992~~681.9294 0.00 4423,~~729~~949,~~343~~242.7374 0-29 Days 01.~~899101~~635992% 0.000000% 0.000000% 01.~~899101~~635992% 1.~~369587~~850393% 0.000000% 0.000000% 1.~~369587~~850393% 30 Days 120.~~687313~~204499% 0.~~299700~~000000% 0.000000% 0.000000% 120.~~987013~~204499% 110.~~605717~~083478% 0.~~172011~~000000% 0.000000% 0.000000% 110.~~777728~~083478% 60 Days 76.~~092907~~339468% 0.~~799201~~408998% 0.000000% 0.000000% 76.~~892108~~748466% 5.~~762556~~206184% 10.~~023121~~294655% 0.000000% 0.000000% 65.~~785677~~500839% 90 Days 2.~~997003~~760736% 0.~~599401~~715746% 0.~~199800~~511247% 0.000000% 3.~~796204~~987730% 2.~~549255~~321236% 0.~~365273~~443337% 0.~~188435~~517675% 0.000000% 3.~~102962~~282248% 120 Days 0.~~799201~~817996% 0.~~000000~~408998% 1.~~098901~~226994% 0.000000% 12.~~898102~~453988% 10.~~012024~~556441% 0.~~000000~~449261% 01.~~697842~~070693% 0.000000% 12.~~709867~~076396% 150 Days 0.~~099900~~306748% 0.~~000000~~102249% 0.~~000000~~817996% 0.000000% 01.~~099900~~226994% 0.~~055625~~169587% 0.~~000000~~062751% 0.~~000000~~592236% 0.000000% 0.~~055625~~824573% 180+ Days 0.~~199800~~204499% 0.000000% 0.~~000000~~102249% 0.000000% 0.~~199800~~306748% 0.~~162516~~130313% 0.000000% 0.~~000000~~063815% 0.000000% 0.~~162516~~194127% Totals 2310.~~876124~~633947% 23.~~597403~~271984% 12.~~298701~~658487% 0.000000% 2716.~~772228~~564417% 218.~~147693~~467239% 23.~~929992~~100397% 02.~~886277~~244418% 0.000000% 2413.~~963962~~812054%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~459~~232,~~576~~695.7741

REO Detail - All Mortgage Loans in REO during Current Period

~~COLLATERAL~~Summary ~~STATEMENT~~12 ~~Collateral~~Month ~~Description~~REO ~~Mixed~~History* ~~Fixed~~New &REO ~~Arm~~Loans ~~Weighted~~Month ~~Average~~REO ~~Gross~~Percentage ~~Coupon~~Loans 6in REO 0 Aug-04 0.~~362868~~000% ~~Weighted~~Original ~~Average~~Principal ~~Net~~Balance ~~Coupon~~0.00 5Sep-04 0.~~995049~~000% ~~Weighted~~Current ~~Average~~Principal ~~Pass~~Balance 0.00 Oct-~~Through~~04 ~~Rate~~0.000% 5Nov-04 0.~~982549~~000% ~~Weighted~~Current ~~Average~~REO ~~Maturity(Stepdown~~Total ~~Calculation)~~Dec-04 ~~331~~0.000% ~~Beginning~~Loans ~~Scheduled~~in ~~Collateral~~REO ~~Loan~~1 ~~Count~~Jan-05 20.000% Original Principal Balance 64,~~584~~000.00 ~~Number~~Feb-05 Of0.000% Current Principal Balance 61,587.72 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.017% Jul-05 0.017% *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 1 12 Month REO History* New REO Loans ~~Paid~~Month InREO ~~Full~~Percentage 48Loans ~~Ending~~in ~~Scheduled~~REO ~~Collateral~~0 ~~Loan~~Aug-04 ~~Count~~0.000% ~~2,536~~Original ~~Beginning~~Principal ~~Scheduled~~Balance ~~Collateral~~0.00 Sep-04 0.000% Current Principal Balance ~~379,156,763~~0.9900 ~~Ending~~Oct-04 ~~Scheduled~~0.000% ~~Collateral~~Nov-04 0.000% Current REO Total Dec-04 0.000% Loans in REO 1 Jan-05 0.000% Original Principal Balance ~~368~~64,~~853,014~~000.8800 ~~Ending~~Feb-05 ~~Actual~~0.000% ~~Collateral~~Current Principal Balance at61,587.72 31Mar-05 0.000% Apr-05 0.000% May-~~2005~~05 ~~369,286,737~~0.36000% ~~Monthly~~Jun-05 ~~P&I~~0.032% ~~Constant~~Jul-05 0.033% *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 2~~,418,804~~ 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Aug-04 0.71000% ~~Special~~Original ~~Servicing~~Principal ~~Fee~~Balance 0.00 ~~Prepayment~~Sep-04 ~~Penalties~~0.000% Current Principal Balance 0.00 ~~Realized~~Oct-04 ~~Loss~~0.000% ~~Amount~~Nov-04 0.00000% ~~Cumulative~~Current ~~Realized~~REO ~~Loss~~Total Dec-04 0.00000% ~~Scheduled~~Loans in REO 0 Jan-05 0.000% Original Principal ~~408,367~~Balance 0.8100 ~~Unscheduled~~Feb-05 0.000% Current Principal ~~9,895,381~~Balance 0.3000 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.

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed Fixed Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.~~577034~~576627 6.~~141262~~159250 6.~~362868~~374086 Weighted Average Net Rate 6.~~212773~~212810 5.~~769764~~789964 56.~~995049~~007616 Weighted Average Maturity ~~320~~319 ~~343~~342 ~~331~~330 Beginning Loan Count 1,~~557~~535 1,~~027~~001 2,~~584~~536 Loans Paid In Full 2220 2623 4843 Ending Loan Count 1,~~535~~515 ~~1,001~~978 2,~~536~~493 Beginning Scheduled Balance ~~192~~189,~~814~~860,~~444~~004.3162 ~~186~~178,~~342~~993,~~319~~010.6826 ~~379~~368,~~156~~853,~~763~~014.9988 Ending Scheduled Balance ~~189~~187,~~860~~341,~~004~~130.6239 ~~178~~173,~~993~~208,~~010~~033.2602 ~~368~~360,~~853~~549,~~014~~163.8841 Record Date 0506/3130/2005 0506/3130/2005 0506/3130/2005 Principal And Interest Constant 1,~~309~~291,~~467~~396.9506 1,~~109~~067,~~336~~034.7681 2,~~418~~358,~~804~~430.7187 Scheduled Principal ~~252~~250,~~678~~864.5809 ~~155~~148,~~689~~315.2394 ~~408~~399,~~367~~180.8103 Unscheduled Principal 2,~~701~~268,~~761~~010.1114 75,~~193~~636,~~620~~661.1930 97,~~895~~904,~~381~~671.3044 Scheduled Interest 1,~~056~~040,~~789~~531.3797 ~~953~~918,~~647~~718.5387 21,~~010~~959,~~436~~250.9084 Servicing Fees 5857,~~529~~561.1293 5755,~~688~~082.2498 ~~116~~112,~~217~~644.3691 Master Servicing Fees 21,~~008~~977.4871 1,~~941~~864.0751 3,~~949~~842.5522 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 ~~996~~980,~~251~~992.7733 ~~894~~861,~~018~~771.2238 1,~~890~~842,~~269~~763.9971 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 6.~~200273~~200310 5.~~757264~~777464 5.~~982549~~995116

Miscellaneous Reporting Group 1 3 Mo Rolling Dlq Average 0.~~089893~~085815% Excess Cash ~~366~~422,~~796~~962.9398 Overcollateralized Amount 12,~~834~~257,~~048~~011.1109 OC Deficiency Amount 21,~~273~~850,~~641~~678.1820 OC Increase Amount ~~366~~422,~~796~~962.9398 Specified OC 4,107,689.29 Trigger Event? YES Extra Prin Distribution ~~366~~422,~~796~~962.9398 Group 2 3 Mo Rolling Dlq Average 0.~~121767~~123413% Excess Cash ~~296~~344,~~134~~223.6839 Overcollateralized Amount 3,~~200~~545,~~912~~120.7654 OC Deficiency Amount 1,~~485~~141,~~556~~348.6991 OC Increase Amount ~~296~~344,~~134~~223.6839 Specified OC 4,686,469.45 Trigger Event? YES Extra Prin Distribution ~~296~~344,~~134~~223.6839

Prepayment - Voluntary Prepayments

Realized Loss Report - Collateral Summary

Filing Compare · Bears Stearns Asset Backed Securities Trust 2005-SD2