8-K 1 bst04005_sep.txt SEPT. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 27, 2004 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2004-5 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115122-04 54-2155127 Pooling and Servicing Agreement) (Commission 54-2155128 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 27, 2004 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2004-5 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 2004-5 Trust, relating to the September 27, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2004-5 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 9/29/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-5 Trust, relating to the September 27, 2004 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 78/31/~~2004~~04 Distribution Date: 89/2527/~~2004~~04 BST Series: 2004-5 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 07384MS60 SEN 3.~~45432~~45574% 92,~~979~~186,~~117~~479.0186 ~~267~~265,~~649~~476.5189 ~~792~~966,~~637~~978.1699 II-A 07384MS78 SEN 4.~~05113~~05101% ~~415~~412,~~247~~333,~~610~~526.8890 1,~~401~~391,~~851~~972.5475 24,~~914~~968,~~083~~906.9703 III-A 07384MS86 SEN 4.~~34845~~34904% 49,~~219~~005,~~019~~534.1472 ~~178~~177,~~355~~605.1794 ~~213~~88,~~484~~776.4285 IV-A 07384MS94 SEN 5.~~06305~~05702% 3332,~~245~~591,~~464~~192.8131 ~~140~~137,~~269~~345.5525 ~~654~~561,~~272~~343.5044 B-1 07384MT44 SUB 4.~~03862~~03858% 6,~~748~~742,~~429~~827.7299 22,~~711~~692.9684 5,~~601~~623.7362 B-2 07384MT51 SUB 4.~~03862~~03858% 4,~~907~~903,~~948~~874.8990 16,~~517~~503.7989 4,~~073~~089.9891 B-3 07384MT69 SUB 4.~~03862~~03858% 2,~~760~~758,~~721~~429.2563 9,~~291~~283.2644 2,~~291~~300.6257 B-4 07384MV58 SUB 4.~~03862~~03858% 2,~~453~~451,~~974~~937.4445 8,~~258~~251.8994 2,~~036~~044.9995 B-5 07384MV66 SUB 4.~~03862~~03858% 1,~~227~~226,~~986~~967.4007 4,~~132~~129.8133 1,~~019~~023.3331 B-6 07384MV74 SUB 4.~~03862~~03858% 923,~~774~~007.5069 3,~~108~~106.9836 ~~766~~769.8180 R-I 07384MT28 RES 3.~~45574~~45233% 0.00 0.4047 0.00 R-II 07384MT36 RES 3.~~45574~~45233% 0.00 0.00 0.00 Totals ~~609~~605,~~714~~123,~~047~~778.0452 2,~~052~~036,~~147~~369.8610 46,~~590~~601,~~268~~857.5147

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 9291,~~186~~219,~~479~~500.8687 1,~~060~~232,~~286~~455.6788 0.00 II-A 0.00 ~~412~~407,~~333~~364,~~526~~620.9087 46,~~315~~360,~~935~~878.5178 0.00 III-A 0.00 4948,~~005~~916,~~534~~757.7288 ~~391~~266,~~839~~382.5979 0.00 IV-A 0.00 32,~~591~~029,~~192~~848.3187 ~~794~~698,~~542~~688.0569 0.00 B-1 0.00 6,~~742~~737,~~827~~204.9937 28,~~313~~316.6946 0.00 B-2 0.00 4,~~903~~899,~~874~~785.9000 20,~~591~~593.7780 0.00 B-3 0.00 2,~~758~~756,~~429~~129.6306 11,~~582~~584.8801 0.00 B-4 0.00 2,~~451~~449,~~937~~892.4550 10,~~295~~296.8889 0.00 B-5 0.00 1,~~226~~225,~~967~~943.0776 5,152.1464 0.00 B-6 0.00 ~~923~~922,~~007~~237.6989 3,~~875~~876.7916 0.00 R-I 0.00 0.00 0.4047 0.00 R-II 0.00 0.00 0.00 0.00 Totals 0.00 ~~605~~598,~~123~~521,~~778~~921.5207 68,~~642~~638,~~416~~226.3757 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 93,540,900.00 92,~~979~~186,~~117~~479.0186 144,~~950~~496.4095 ~~647~~822,~~686~~482.7604 0.00 0.00 II-A 418,927,000.00 ~~415~~412,~~247~~333,~~610~~526.8890 ~~280~~279,~~283~~515.3109 24,~~633~~689,~~800~~390.6694 0.00 0.00 III-A 49,300,000.00 49,~~219~~005,~~019~~534.1472 65,~~315~~455.0299 ~~148~~23,~~169~~320.4086 0.00 0.00 IV-A 33,254,000.00 3332,~~245~~591,~~464~~192.8131 0.00 ~~654~~561,~~272~~343.5044 0.00 0.00 B-1 6,754,000.00 6,~~748~~742,~~429~~827.7299 5,~~601~~623.7362 0.00 0.00 0.00 B-2 4,912,000.00 4,~~907~~903,~~948~~874.8990 4,~~073~~089.9891 0.00 0.00 0.00 B-3 2,763,000.00 2,~~760~~758,~~721~~429.2563 2,~~291~~300.6257 0.00 0.00 0.00 B-4 2,456,000.00 2,~~453~~451,~~974~~937.4445 2,~~036~~044.9995 0.00 0.00 0.00 B-5 1,229,000.00 1,~~227~~226,~~986~~967.4007 1,~~019~~023.3331 0.00 0.00 0.00 B-6 924,537.00 923,~~774~~007.5069 ~~766~~769.8180 0.00 0.00 0.00 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 Totals 614,060,537.00 ~~609~~605,~~714~~123,~~047~~778.0452 ~~506~~505,~~339~~320.19 46,~~083~~096,~~929~~537.3228 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 ~~792~~966,~~637~~978.1699 9291,~~186~~219,~~479~~500.8687 0.~~98552056~~97518306 ~~792~~966,~~637~~978.1699 II-A 24,~~914~~968,~~083~~906.9703 ~~412~~407,~~333~~364,~~526~~620.9087 0.~~98426105~~97240001 24,~~914~~968,~~083~~906.9703 III-A ~~213~~88,~~484~~776.4285 4948,~~005~~916,~~534~~757.7288 0.~~99402707~~99222633 ~~213~~88,~~484~~776.4285 IV-A ~~654~~561,~~272~~343.5044 32,~~591~~029,~~192~~848.3187 0.~~98006833~~96318785 ~~654~~561,~~272~~343.5044 B-1 5,~~601~~623.7362 6,~~742~~737,~~827~~204.9937 0.~~99834587~~99751323 5,~~601~~623.7362 B-2 4,~~073~~089.9891 4,~~903~~899,~~874~~785.9000 0.~~99834587~~99751323 4,~~073~~089.9891 B-3 2,~~291~~300.6257 2,~~758~~756,~~429~~129.6306 0.~~99834587~~99751323 2,~~291~~300.6257 B-4 2,~~036~~044.9995 2,~~451~~449,~~937~~892.4550 0.~~99834587~~99751323 2,~~036~~044.9995 B-5 1,~~019~~023.3331 1,~~226~~225,~~967~~943.0776 0.~~99834587~~99751323 1,~~019~~023.3331 B-6 ~~766~~769.8180 ~~923~~922,~~007~~237.6989 0.~~99834586~~99751323 ~~766~~769.8180 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 46,~~590~~601,~~268~~857.5147 ~~605~~598,~~123~~521,~~778~~921.5207 0.~~98544645~~97469530 46,~~590~~601,~~268~~857.5147

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 93,540,900.00 ~~993~~985.~~99425289~~52055689 1.~~54959381~~54474620 68.~~92410229~~79275312 0.00000000 II-A 418,927,000.00 ~~991~~984.~~21711153~~26104524 0.~~66905048~~66721670 611.~~28701578~~19381405 0.00000000 III-A 49,300,000.00 ~~998~~994.~~35738621~~02707343 1.~~32484828~~32770771 30.~~00546450~~47303976 0.00000000 IV-A 33,254,000.00 ~~999~~980.~~74333343~~06833193 0.00000000 1916.~~67500150~~88047874 0.00000000 B-1 6,754,000.00 ~~999~~998.~~17526207~~34586763 0.~~82939443~~83263548 0.00000000 0.00000000 B-2 4,912,000.00 ~~999~~998.~~17526262~~34586726 0.~~82939332~~83263640 0.00000000 0.00000000 B-3 2,763,000.00 ~~999~~998.~~17526240~~34586681 0.~~82939558~~83263482 0.00000000 0.00000000 B-4 2,456,000.00 ~~999~~998.~~17526059~~34586726 0.~~82939332~~83263436 0.00000000 0.00000000 B-5 1,229,000.00 ~~999~~998.~~17526444~~34586656 0.~~82939788~~83263629 0.00000000 0.00000000 B-6 924,537.00 ~~999~~998.~~17526286~~34586393 0.~~82939893~~83263298 0.00000000 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 (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 I-A 0.00000000 810.~~47369611~~33749932 ~~985~~975.~~52055689~~18305757 0.~~98552056~~97518306 810.~~47369611~~33749932 II-A 0.00000000 611.~~95606626~~86103075 ~~984~~972.~~26104524~~40001449 0.~~98426105~~97240001 611.~~95606626~~86103075 III-A 0.00000000 41.~~33031278~~80074746 ~~994~~992.~~02707343~~22632617 0.~~99402707~~99222633 41.~~33031278~~80074746 IV-A 0.00000000 1916.~~67500150~~88047874 ~~980~~963.~~06833193~~18785319 0.~~98006833~~96318785 1916.~~67500150~~88047874 B-1 0.00000000 0.~~82939443~~83263548 ~~998~~997.~~34586763~~51323216 0.~~99834587~~99751323 0.~~82939443~~83263548 B-2 0.00000000 0.~~82939332~~83263640 ~~998~~997.~~34586726~~51323290 0.~~99834587~~99751323 0.~~82939332~~83263640 B-3 0.00000000 0.~~82939558~~83263482 ~~998~~997.~~34586681~~51323199 0.~~99834587~~99751323 0.~~82939558~~83263482 B-4 0.00000000 0.~~82939332~~83263436 ~~998~~997.~~34586726~~51323290 0.~~99834587~~99751323 0.~~82939332~~83263436 B-5 0.00000000 0.~~82939788~~83263629 ~~998~~997.~~34586656~~51323027 0.~~99834587~~99751323 0.~~82939788~~83263629 B-6 0.00000000 0.~~82939893~~83263298 ~~998~~997.~~34586393~~51323095 0.~~99834586~~99751323 0.~~82939893~~83263298 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 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 93,540,900.00 3.~~45432~~45574% 92,~~979~~186,~~117~~479.0186 ~~267~~265,~~649~~476.5189 0.00 0.00 II-A 418,927,000.00 4.~~05113~~05101% ~~415~~412,~~247~~333,~~610~~526.8890 1,~~401~~391,~~851~~972.5475 0.00 0.00 III-A 49,300,000.00 4.~~34845~~34904% 49,~~219~~005,~~019~~534.1472 ~~178~~177,~~355~~605.1794 0.00 0.00 IV-A 33,254,000.00 5.~~06305~~05702% 3332,~~245~~591,~~464~~192.8131 ~~140~~137,~~269~~345.5525 0.00 0.00 B-1 6,754,000.00 4.~~03862~~03858% 6,~~748~~742,~~429~~827.7299 22,~~711~~692.9684 0.00 0.00 B-2 4,912,000.00 4.~~03862~~03858% 4,~~907~~903,~~948~~874.8990 16,~~517~~503.7989 0.00 0.00 B-3 2,763,000.00 4.~~03862~~03858% 2,~~760~~758,~~721~~429.2563 9,~~291~~283.2644 0.00 0.00 B-4 2,456,000.00 4.~~03862~~03858% 2,~~453~~451,~~974~~937.4445 8,~~258~~251.8994 0.00 0.00 B-5 1,229,000.00 4.~~03862~~03858% 1,~~227~~226,~~986~~967.4007 4,~~132~~129.8133 0.00 0.00 B-6 924,537.00 4.~~03862~~03858% 923,~~774~~007.5069 3,~~108~~106.9836 0.00 0.00 R-I 50.00 3.~~45574~~45233% 0.00 0.00 0.00 0.00 R-II 50.00 3.~~45574~~45233% 0.00 0.00 0.00 0.00 Totals 614,060,537.00 2,~~052~~036,~~147~~368.4663 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 0.00 0.00 ~~267~~265,~~649~~476.5189 0.00 9291,~~186~~219,~~479~~500.8687 II-A 0.00 0.00 1,~~401~~391,~~851~~972.5475 0.00 ~~412~~407,~~333~~364,~~526~~620.9087 III-A 0.00 0.00 ~~178~~177,~~355~~605.1794 0.00 4948,~~005~~916,~~534~~757.7288 IV-A 0.00 0.00 ~~140~~137,~~269~~345.5525 0.00 32,~~591~~029,~~192~~848.3187 B-1 0.00 0.00 22,~~711~~692.9684 0.00 6,~~742~~737,~~827~~204.9937 B-2 0.00 0.00 16,~~517~~503.7989 0.00 4,~~903~~899,~~874~~785.9000 B-3 0.00 0.00 9,~~291~~283.2644 0.00 2,~~758~~756,~~429~~129.6306 B-4 0.00 0.00 8,~~258~~251.8994 0.00 2,~~451~~449,~~937~~892.4550 B-5 0.00 0.00 4,~~132~~129.8133 0.00 1,~~226~~225,~~967~~943.0776 B-6 0.00 0.00 3,~~108~~106.9836 0.00 ~~923~~922,~~007~~237.6989 R-I 0.00 0.00 0.4047 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 2,~~052~~036,~~147~~369.8610 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 93,540,900.00 3.~~45432~~45574% ~~993~~985.~~99425289~~52055689 2.~~86130997~~83808355 0.00000000 0.00000000 II-A 418,927,000.00 4.~~05113~~05101% ~~991~~984.~~21711153~~26104524 3.~~34629074~~32270957 0.00000000 0.00000000 III-A 49,300,000.00 4.~~34845~~34904% ~~998~~994.~~35738621~~02707343 3.~~61775193~~60255456 0.00000000 0.00000000 IV-A 33,254,000.00 5.~~06305~~05702% ~~999~~980.~~74333343~~06833193 4.~~21812564~~13018735 0.00000000 0.00000000 B-1 6,754,000.00 4.~~03862~~03858% ~~999~~998.~~17526207~~34586763 3.~~36274208~~35991116 0.00000000 0.00000000 B-2 4,912,000.00 4.~~03862~~03858% ~~999~~998.~~17526262~~34586726 3.~~36274226~~35991246 0.00000000 0.00000000 B-3 2,763,000.00 4.~~03862~~03858% ~~999~~998.~~17526240~~34586681 3.~~36274339~~35991314 0.00000000 0.00000000 B-4 2,456,000.00 4.~~03862~~03858% ~~999~~998.~~17526059~~34586726 3.~~36274023~~35991042 0.00000000 0.00000000 B-5 1,229,000.00 4.~~03862~~03858% ~~999~~998.~~17526444~~34586656 3.~~36274207~~35991050 0.00000000 0.00000000 B-6 924,537.00 4.~~03862~~03858% ~~999~~998.~~17526286~~34586393 3.~~36274265~~35990880 0.00000000 0.00000000 R-I 50.00 3.~~45574~~45233% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 3.~~45574~~45233% 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 I-A 0.00000000 0.00000000 2.~~86130997~~83808355 0.00000000 ~~985~~975.~~52055689~~18305757 II-A 0.00000000 0.00000000 3.~~34629074~~32270957 0.00000000 ~~984~~972.~~26104524~~40001449 III-A 0.00000000 0.00000000 3.~~61775193~~60255456 0.00000000 ~~994~~992.~~02707343~~22632617 IV-A 0.00000000 0.00000000 4.~~21812564~~13018735 0.00000000 ~~980~~963.~~06833193~~18785319 B-1 0.00000000 0.00000000 3.~~36274208~~35991116 0.00000000 ~~998~~997.~~34586763~~51323216 B-2 0.00000000 0.00000000 3.~~36274226~~35991246 0.00000000 ~~998~~997.~~34586726~~51323290 B-3 0.00000000 0.00000000 3.~~36274339~~35991314 0.00000000 ~~998~~997.~~34586681~~51323199 B-4 0.00000000 0.00000000 3.~~36274023~~35991042 0.00000000 ~~998~~997.~~34586726~~51323290 B-5 0.00000000 0.00000000 3.~~36274207~~35991050 0.00000000 ~~998~~997.~~34586656~~51323027 B-6 0.00000000 0.00000000 3.~~36274265~~35990880 0.00000000 ~~998~~997.~~34586393~~51323095 R-I 0.00000000 0.00000000 89.~~00000000~~40000000 0.00000000 0.00000000 R-II 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 68,~~751~~764,~~165~~514.1570 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 18,~~274~~054.9731 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 68,~~769~~782,~~440~~569.1201 Withdrawals Reimbursement for Servicer Advances 018,274.0097 Payment of Service Fee ~~127~~126,~~023~~067.7645 Payment of Interest and Principal 68,~~642~~638,~~416~~226.3659 Total Withdrawals (Pool Distribution Amount) 68,~~769~~782,~~440~~569.1201 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~127~~126,~~023~~067.7645 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~127~~126,~~023~~067.7645

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1012 0 0 0 1012 4,~~652~~285,~~170~~342.6901 0.00 0.00 0.00 4,~~652~~285,~~170~~342.6901 60 Days 01 0 0 0 01 0399,541.0019 0.00 0.00 0.00 0399,541.0019 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 1013 0 0 0 1013 4,~~652~~684,~~170~~883.6920 0.00 0.00 0.00 4,~~652~~684,~~170~~883.6920 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~618812~~750469% 0.000000% 0.000000% 0.000000% 0.~~618812~~750469% 0.~~768353~~715558% 0.000000% 0.000000% 0.000000% 0.~~768353~~715558% 60 Days 0.~~000000~~062539% 0.000000% 0.000000% 0.000000% 0.~~000000~~062539% 0.~~000000~~066715% 0.000000% 0.000000% 0.000000% 0.~~000000~~066715% 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.~~618812~~813008% 0.000000% 0.000000% 0.000000% 0.~~618812~~813008% 0.~~768353~~782272% 0.000000% 0.000000% 0.000000% 0.~~768353~~782272%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I 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 10 0 0 0 10 ~~640,225~~0.0300 0.00 0.00 0.00 ~~640,225~~0.0300 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 10 0 0 0 10 ~~640,225~~0.0300 0.00 0.00 0.00 ~~640,225~~0.0300 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~456621~~000000% 0.000000% 0.000000% 0.000000% 0.~~456621~~000000% 0.~~671966~~000000% 0.000000% 0.000000% 0.000000% 0.~~671966~~000000% 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.~~456621~~000000% 0.000000% 0.000000% 0.000000% 0.~~456621~~000000% 0.~~671966~~000000% 0.000000% 0.000000% 0.000000% 0.~~671966~~000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II 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 912 0 0 0 912 4,~~011~~285,~~945~~342.6601 0.00 0.00 0.00 4,~~011~~285,~~945~~342.6601 60 Days 01 0 0 0 01 0399,541.0019 0.00 0.00 0.00 0399,541.0019 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 913 0 0 0 913 4,~~011~~684,~~945~~883.6620 0.00 0.00 0.00 4,~~011~~684,~~945~~883.6620 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~758853~~023891% 0.000000% 0.000000% 0.000000% 01.~~758853~~023891% 01.~~941962~~018048% 0.000000% 0.000000% 0.000000% 01.~~941962~~018048% 60 Days 0.~~000000~~085324% 0.000000% 0.000000% 0.000000% 0.~~000000~~085324% 0.~~000000~~094917% 0.000000% 0.000000% 0.000000% 0.~~000000~~094917% 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 01.~~758853~~109215% 0.000000% 0.000000% 0.000000% 01.~~758853~~109215% 01.~~941962~~112965% 0.000000% 0.000000% 0.000000% 01.~~941962~~112965% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group III 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group IV 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 18,~~274~~054.9731

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~288905~~288253% Weighted Average Net Coupon 4.~~038905~~038253% Weighted Average Pass-Through Rate 4.~~038905~~038253% Weighted Average Maturity(Stepdown Calculation ) ~~356~~355 Beginning Scheduled Collateral Loan Count 1,~~624~~616 Number Of Loans Paid In Full 817 Ending Scheduled Collateral Loan Count 1,~~616~~599 Beginning Scheduled Collateral Balance ~~609~~605,~~714~~123,~~047~~779.6313 Ending Scheduled Collateral Balance ~~605~~598,~~123~~521,~~779~~921.1366 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 ~~605~~598,~~473~~881,~~296~~453.4610 Monthly P &I Constant 2,~~685~~667,~~510~~756.7356 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~506~~505,~~339~~320.1819 Unscheduled Principal 46,~~083~~096,~~929~~537.3228

Group Level Collateral Statement Group Group I Group II Group III Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.~~704318~~705737 4.~~301130~~301011 4.~~598445~~599043 Weighted Average Net Rate 3.~~454318~~455737 4.~~051130~~051011 4.~~348445~~349043 Weighted Average Maturity ~~356~~355 355 356 ~~357~~ Beginning Loan Count ~~220~~219 1,~~191~~186 ~~119~~118 Loans Paid In Full 12 514 10 Ending Loan Count ~~219~~217 1,~~186~~172 118 Beginning Scheduled Balance 95,~~967~~170,~~976~~679.4984 ~~428~~425,~~641~~718,~~574~~450.8525 50,~~794~~578,~~217~~643.9116 Ending scheduled Balance 9594,~~170~~199,~~679~~023.8430 ~~425~~420,~~718~~740,~~450~~470.2578 50,~~578~~487,~~643~~765.1614 Record Date 0708/31/2004 0708/31/2004 0708/31/2004 Principal And Interest Constant ~~445~~443,~~856~~072.5042 1,~~825~~814,~~693~~438.3428 ~~262~~261,~~050~~401.7164 Scheduled Principal 149,~~609~~174.8950 ~~289~~288,~~323~~588.9453 67,~~405~~557.3516 Unscheduled Principal ~~647~~822,~~686~~482.7604 24,~~633~~689,~~800~~390.6694 ~~148~~23,~~169~~320.4086 Scheduled Interest ~~296~~293,~~246~~897.6192 1,~~536~~525,~~369~~849.4075 ~~194~~193,~~645~~844.3648 Servicing Fees 19,~~993~~827.3322 8988,~~300~~691.3334 10,~~582~~537.1322 Master Servicing Fees 0.00 0.00 0.00 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 ~~276~~274,~~253~~070.2870 1,~~447~~437,~~069~~158.0741 ~~184~~183,~~063~~307.2326 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 3.~~454318~~455737 4.~~051130~~051011 4.~~348445~~349043

Group Level Collateral Statement Group Group IV Total Collateral Description Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~313050~~307019 4.~~288905~~288253 Weighted Average Net Rate 5.~~063050~~057019 4.~~038905~~038253 Weighted Average Maturity ~~358~~357 ~~356~~355 Beginning Loan Count 9493 1,~~624~~616 Loans Paid In Full 1 817 Ending Loan Count 9392 1,~~616~~599 Beginning Scheduled Balance 3433,~~310~~656,~~278~~005.3888 ~~609~~605,~~714~~123,~~047~~779.6313 Ending scheduled Balance 33,~~656~~094,~~005~~662.8844 ~~605~~598,~~123~~521,~~779~~921.1366 Record Date 0708/31/2004 0708/31/2004 Principal And Interest Constant ~~151~~148,~~910~~844.1822 2,~~685~~667,~~510~~756.7356 Scheduled Principal 0.00 ~~506~~505,~~339~~320.1819 Unscheduled Principal ~~654~~561,~~272~~343.5044 46,~~083~~096,~~929~~537.3228 Scheduled Interest ~~151~~148,~~910~~844.1822 2,~~179~~162,~~171~~436.5537 Servicing Fees 7,~~147~~011.9767 ~~127~~126,~~023~~067.7645 Master Servicing Fees 0.00 0.00 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest ~~144~~141,~~762~~832.2155 2,~~052~~036,~~147~~368.7992 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 5.~~063050~~057019 4.~~038905~~038253

Miscellaneous Reporting Group Group I Avearge Loss Severity % Group I 0.000000% Senior Percentage Group I 96.~~885571~~864375% Senior Prep. Percentage Group I 100.000000% Subordinate Percentage Group I 3.~~114429~~135625% Subordinate Prep. Percentage Group I 0.000000% Group Group II Avearge Loss Severity % Group II 0.000000% Senior Percentage Group II 96.~~875258~~855926% Senior Prep. Percentage Group II 100.000000% Subordinate Percentage Group II 3.~~124742~~144074% Subordinate Prep. Percentage Group II 0.000000% Group Group III Avearge Loss Severity % Group III 0.000000% Senior Percentage Group III 96.~~898867~~889782% Senior Prep. Percentage Group III 100.000000% Subordinate Percentage Group III 3.~~101133~~110218% Subordinate Prep. Percentage Group III 0.000000%

Miscellaneous Reporting Group Group IV Avearge Loss Severity % Group IV 0.000000% Senior Percentage Group IV 96.~~896522~~836191% Senior Prep. Percentage Group IV 100.000000% Subordinate Percentage Group IV 3.~~103478~~163809% Subordinate Prep. Percentage Group IV 0.000000%

Filing Compare · BEAR STEARNS ARM TRUST, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-5