8-K 1 sam04ar2_dec.txt DECEMBER 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 20, 2004 STRUCTURED ASSET MORTGAGE INVESTMENTS II INC. Mortgage Pass-Through Certificates, Series 2004-AR2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106323-24 54-2152452 Pooling and Servicing Agreement) (Commission 54-2152453 (State or other File Number) 54-2152454 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 20, 2004 a distribution was made to holders of STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., Mortgage Pass-Through Certificates, Series 2004-AR2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-AR2 Trust, relating to the December 20, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. STRUCTURED ASSET MORTGAGE INVESTMENTS II INC. Mortgage Pass-Through Certificates, Series 2004-AR2 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: 12/21/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-AR2 Trust, relating to the December 20, 2004 distribution. EX-99.1

Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Record Date: 911/30/042004 Distribution Date: 1012/1920/042004 ~~SAM~~Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Series: 2004-AR2 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 86359LBL2 SEN 2.~~10125~~42000% ~~392~~374,~~863~~920,~~908~~680.6467 ~~687~~755,~~921~~665.0729 713,~~416~~573,~~116~~830.2568 II-A 86359LBM0 SEN 3.~~83628~~85931% 8382,~~500~~234,~~703~~282.3203 ~~266~~264,~~943~~324.6749 ~~477~~375,~~053~~927.1498 III-A 86359LBN8 SEN 4.~~28876~~27120% 2927,~~671~~394,~~510~~558.0798 ~~106~~97,~~045~~451.0157 ~~762~~1,~~976~~117,989.9995 X 86359LBP3 SUB 1.~~32313~~13297% 0.00 ~~484~~397,~~288~~545.9449 0.00 M 86359LBT5 MEZ 2.~~26125~~58000% 26,188,~~390~~196.5764 4956,~~348~~272.7599 96101.1185 B-1 86359LBU2 SUB 2.~~41125~~73000% 9,030,~~555~~488.3749 1820,~~145~~532.7782 3335.1412 B-2 86359LBV0 SUB 3.~~01125~~33000% 6,622,~~320~~271.6157 1618,~~617~~366.8948 2425.3076 B-3 86359LBW8 SUB 3.~~31125~~63000% 4,515,~~277~~244.6825 1213,~~459~~650.3494 1617.5756 B-4 86359LBH1 SUB 3.~~57208~~67701% 2,107,~~042~~027.9232 6,~~272~~452.1168 78.7319 B-5 86359LBJ7 SUB 3.~~57208~~67701% 1,806,~~151~~137.0770 5,~~376~~531.4322 67.6302 B-6 86359LBK4 SUB 3.~~57208~~67701% 3,913,~~248~~220.9901 11,~~648~~984.7006 1415.3622 R-I 86359LBQ1 RES 2.~~93460~~93397% 0.00 0.00 0.00 R-II 86359LBR9 RES 2.~~93460~~93397% 0.00 0.00 0.00 R-III 86359LBS7 RES 2.~~93460~~93397% 0.00 0.00 0.00 Totals ~~560~~538,~~219~~732,~~109~~107.2466 1,~~665~~647,~~067~~778.6803 815,~~656~~067,~~345~~959.2233

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~385~~361,~~447~~346,~~792~~849.3999 814,~~104~~329,~~037~~495.3297 0.00 II-A 0.00 8381,~~023~~858,~~650~~354.1805 ~~743~~640,~~996~~252.8147 0.00 III-A 0.00 2826,~~908~~276,~~533~~569.0703 ~~869~~1,~~022~~215,441.0052 0.00 X 0.00 0.00 ~~484~~397,~~288~~545.9449 0.00 M 0.00 26,188,~~294~~094.4779 4956,~~444~~374.8684 0.00 B-1 0.00 9,030,~~522~~453.2337 1820,~~178~~567.9194 0.00 B-2 0.00 6,622,~~296~~245.3081 1618,~~642~~392.1924 0.00 B-3 0.00 4,515,~~261~~226.1169 1213,~~475~~668.9150 0.00 B-4 0.00 2,107,~~035~~019.1912 6,~~279~~460.8487 0.00 B-5 0.00 1,806,~~144~~130.4467 5,~~383~~538.0624 0.00 B-6 0.00 3,913,~~234~~204.6379 11,~~663~~999.0628 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 Totals 0.00 ~~551~~523,~~562~~664,~~764~~148.0131 1016,~~321~~715,~~412~~737.9036 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 421,746,500.00 ~~392~~374,~~863~~920,~~908~~680.6467 ~~389~~364.2850 713,~~415~~573,~~726~~466.9718 0.00 0.00 II-A 89,671,000.00 8382,~~500~~234,~~703~~282.3203 0.00 ~~477~~375,~~053~~927.1498 0.00 0.00 III-A 36,446,700.00 2927,~~671~~394,~~510~~558.0798 1,~~296~~293.9685 ~~761~~1,~~680~~116,696.0310 0.00 0.00 X 0.00 0.00 0.00 0.00 0.00 0.00 M 26,189,100.00 26,188,~~390~~196.5764 96101.1185 0.00 0.00 0.00 B-1 9,030,800.00 9,030,~~555~~488.3749 3335.1412 0.00 0.00 0.00 B-2 6,622,500.00 6,622,~~320~~271.6157 2425.3076 0.00 0.00 0.00 B-3 4,515,400.00 4,515,~~277~~244.6825 1617.5756 0.00 0.00 0.00 B-4 2,107,100.00 2,107,~~042~~027.9232 78.7319 0.00 0.00 0.00 B-5 1,806,200.00 1,806,~~151~~137.0770 67.6302 0.00 0.00 0.00 B-6 3,913,355.00 3,913,~~248~~220.9901 1415.3622 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 R-III 50.00 0.00 0.00 0.00 0.00 0.00 Totals 602,048,805.00 ~~560~~538,~~219~~732,~~109~~107.2466 1,~~885~~869.0807 815,~~654~~066,~~460~~090.1426 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 713,~~416~~573,~~116~~830.2568 ~~385~~361,~~447~~346,~~792~~849.3999 0.~~91393240~~85678684 713,~~416~~573,~~116~~830.2568 II-A ~~477~~375,~~053~~927.1498 8381,~~023~~858,~~650~~354.1805 0.~~92586957~~91287433 ~~477~~375,~~053~~927.1498 III-A ~~762~~1,~~976~~117,989.9995 2826,~~908~~276,~~533~~569.0703 0.~~79317285~~72095880 ~~762~~1,~~976~~117,989.9995 X 0.00 0.00 0.00000000 0.00 M 96101.1185 26,188,~~294~~094.4779 0.~~99996924~~99996162 96101.1185 B-1 3335.1412 9,030,~~522~~453.2337 0.~~99996924~~99996162 3335.1412 B-2 2425.3076 6,622,~~296~~245.3081 0.~~99996924~~99996162 2425.3076 B-3 1617.5756 4,515,~~261~~226.1169 0.~~99996924~~99996162 1617.5756 B-4 78.7319 2,107,~~035~~019.1912 0.~~99996924~~99996162 78.7319 B-5 67.6302 1,806,~~144~~130.4467 0.~~99996924~~99996162 67.6302 B-6 1415.3622 3,913,~~234~~204.6379 0.~~99996924~~99996162 1415.3622 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 Totals 815,~~656~~067,~~345~~959.2233 ~~551~~523,~~562~~664,~~764~~148.0131 0.~~91614294~~86980348 815,~~656~~067,~~345~~959.2233

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 421,746,500.00 ~~931~~888.~~51670172~~97164688 0.~~00092302~~00086426 1732.~~58337525~~18394505 0.00000000 II-A 89,671,000.00 ~~931~~917.~~18960779~~06663280 0.00000000 54.~~32003814~~19230275 0.00000000 III-A 36,446,700.00 ~~814~~751.~~10690323~~63345323 0.~~03558511~~03549978 2030.~~89846351~~63915526 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M 26,189,100.00 999.~~97291125~~96550626 0.~~00366985~~00388902 0.00000000 0.00000000 B-1 9,030,800.00 999.~~97291159~~96550582 0.~~00366966~~00388891 0.00000000 0.00000000 B-2 6,622,500.00 999.~~97291204~~96550698 0.~~00366931~~00388977 0.00000000 0.00000000 B-3 4,515,400.00 999.~~97291048~~96550693 0.~~00366966~~00388891 0.00000000 0.00000000 B-4 2,107,100.00 999.~~97291064~~96550710 0.~~00366855~~00388686 0.00000000 0.00000000 B-5 1,806,200.00 999.~~97290998~~96550770 0.~~00367069~~00388661 0.00000000 0.00000000 B-6 3,913,355.00 999.~~97291071~~96550530 0.~~00366949~~00388925 0.00000000 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000000 0.00000000 0.00000000 0.00000000 (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 1732.~~58429827~~18480931 ~~913~~856.~~93240345~~78683757 0.~~91393240~~85678684 1732.~~58429827~~18480931 II-A 0.00000000 54.~~32003814~~19230275 ~~925~~912.~~86956965~~87433005 0.~~92586957~~91287433 54.~~32003814~~19230275 III-A 0.00000000 2030.~~93404862~~67465504 ~~793~~720.~~17285433~~95879819 0.~~79317285~~72095880 2030.~~93404862~~67465504 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.~~00366985~~00388902 999.~~96924178~~96161724 0.~~99996924~~99996162 0.~~00366985~~00388902 B-1 0.00000000 0.~~00366966~~00388891 999.~~96924193~~96161691 0.~~99996924~~99996162 0.~~00366966~~00388891 B-2 0.00000000 0.~~00366931~~00388977 999.~~96924122~~96161721 0.~~99996924~~99996162 0.~~00366931~~00388977 B-3 0.00000000 0.~~00366966~~00388891 999.~~96924082~~96161802 0.~~99996924~~99996162 0.~~00366966~~00388891 B-4 0.00000000 0.~~00366855~~00388686 999.~~96924209~~96161549 0.~~99996924~~99996162 0.~~00366855~~00388686 B-5 0.00000000 0.~~00367069~~00388661 999.~~96923929~~96161555 0.~~99996924~~99996162 0.~~00367069~~00388661 B-6 0.00000000 0.~~00366949~~00388925 999.~~96924123~~96161606 0.~~99996924~~99996162 0.~~00366949~~00388925 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 421,746,500.00 2.~~10125~~42000% ~~392~~374,~~863~~920,~~908~~680.6467 ~~687~~756,~~921~~090.0704 0.00 0.00 II-A 89,671,000.00 3.~~83628~~85931% 8382,~~500~~234,~~703~~282.3203 ~~266~~264,~~943~~473.6706 0.00 0.00 III-A 36,446,700.00 4.~~28876~~27120% 2927,~~671~~394,~~510~~558.0798 ~~106~~97,~~045~~506.0134 0.00 0.00 X 0.00 1.~~32313~~13297% ~~439~~421,~~220~~276,~~452~~881.8762 ~~484~~397,~~288~~745.9391 0.00 0.00 M 26,189,100.00 2.~~26125~~58000% 26,188,~~390~~196.5764 4956,~~348~~304.7562 0.00 0.00 B-1 9,030,800.00 2.~~41125~~73000% 9,030,~~555~~488.3749 1820,~~145~~544.7736 0.00 0.00 B-2 6,622,500.00 3.~~01125~~33000% 6,622,~~320~~271.6157 1618,~~617~~376.8980 0.00 0.00 B-3 4,515,400.00 3.~~31125~~63000% 4,515,~~277~~244.6825 1213,~~459~~658.3461 0.00 0.00 B-4 2,107,100.00 3.~~57208~~67701% 2,107,~~042~~027.9232 6,~~272~~456.1130 0.00 0.00 B-5 1,806,200.00 3.~~57208~~67701% 1,806,~~151~~137.0770 5,~~376~~534.4333 0.00 0.00 B-6 3,913,355.00 3.~~57208~~67701% 3,913,~~248~~220.9901 11,~~648~~990.7080 0.00 0.00 R-I 50.00 2.~~93460~~93397% 0.00 0.00 0.00 0.00 R-II 50.00 2.~~93460~~93397% 0.00 0.00 0.00 0.00 R-III 50.00 2.~~93460~~93397% 0.00 0.00 0.00 0.00 Totals 602,048,805.00 1,~~665~~648,~~067~~681.6717 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 0424.0075 0.00 ~~687~~755,~~921~~665.0729 0.00 ~~385~~361,~~447~~346,~~792~~849.3999 II-A 0148.0057 0.00 ~~266~~264,~~943~~324.6749 0.00 8381,~~023~~858,~~650~~354.1805 III-A 054.0078 0.00 ~~106~~97,~~045~~451.0157 0.00 2826,~~908~~276,~~533~~569.0703 X 0223.0044 0.00 ~~484~~397,~~288~~545.9449 0.00 ~~431~~407,~~804~~702,~~166~~870.5065 M 031.0063 0.00 4956,~~348~~272.7599 0.00 26,188,~~294~~094.4779 B-1 011.0054 0.00 1820,~~145~~532.7782 0.00 9,030,~~522~~453.2337 B-2 010.0032 0.00 1618,~~617~~366.8948 0.00 6,622,~~296~~245.3081 B-3 07.0067 0.00 1213,~~459~~650.3494 0.00 4,515,~~261~~226.1169 B-4 03.0063 0.00 6,~~272~~452.1168 0.00 2,107,~~035~~019.1912 B-5 03.0011 0.00 5,~~376~~531.4322 0.00 1,806,~~144~~130.4467 B-6 06.0074 0.00 11,~~648~~984.7006 0.00 3,913,~~234~~204.6379 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 Totals 0926.0018 0.00 1,~~665~~647,~~067~~778.6803 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 421,746,500.00 2.~~10125~~42000% ~~931~~888.~~51670172~~97164688 1.~~63112455~~79275949 0.00000000 0.00000000 II-A 89,671,000.00 3.~~83628~~85931% ~~931~~917.~~18960779~~06663280 2.~~97692309~~94937115 0.00000000 0.00000000 III-A 36,446,700.00 4.~~28876~~27120% ~~814~~751.~~10690323~~63345323 2.~~90959154~~67531327 0.00000000 0.00000000 X 0.00 1.~~32313~~13297% ~~938~~899.~~29612945~~96370813 10.~~03457484~~84969506 0.00000000 0.00000000 M 26,189,100.00 2.~~26125~~58000% 999.~~97291125~~96550626 12.~~88432401~~14992573 0.00000000 0.00000000 B-1 9,030,800.00 2.~~41125~~73000% 999.~~97291159~~96550582 2.~~00932033~~27492138 0.00000000 0.00000000 B-2 6,622,500.00 3.~~01125~~33000% 999.~~97291204~~96550698 2.~~50930766~~77490374 0.00000000 0.00000000 B-3 4,515,400.00 3.~~31125~~63000% 999.~~97291048~~96550693 23.~~75929929~~02489480 0.00000000 0.00000000 B-4 2,107,100.00 3.~~57208~~67701% 999.~~97291064~~96550710 23.~~97665512~~06406910 0.00000000 0.00000000 B-5 1,806,200.00 3.~~57208~~67701% 999.~~97290998~~96550770 23.~~97665264~~06407375 0.00000000 0.00000000 B-6 3,913,355.00 3.~~57208~~67701% 999.~~97291071~~96550530 23.~~97665303~~06407162 0.00000000 0.00000000 R-I 50.00 2.~~93460~~93397% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 2.~~93460~~93397% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 2.~~93460~~93397% 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~~00100712 0.00000000 1.~~63112455~~79175237 0.00000000 ~~913~~856.~~93240345~~78683757 II-A 0.~~00000000~~00165683 0.00000000 2.~~97692309~~94771431 0.00000000 ~~925~~912.~~86956965~~87433005 III-A 0.~~00000000~~00150302 0.00000000 2.~~90959154~~67381052 0.00000000 ~~793~~720.~~17285433~~95879819 X 0.~~00000000~~00047733 0.00000000 10.~~03457486~~84926690 0.00000000 ~~922~~870.~~45289458~~96587374 M 0.~~00000000~~00120775 0.00000000 12.~~88432401~~14871798 0.00000000 999.~~96924178~~96161724 B-1 0.~~00000000~~00127785 0.00000000 2.~~00932033~~27364353 0.00000000 999.~~96924193~~96161691 B-2 0.~~00000000~~00155832 0.00000000 2.~~50930766~~77334541 0.00000000 999.~~96924122~~96161721 B-3 0.~~00000000~~00169863 0.00000000 23.~~75929929~~02319617 0.00000000 999.~~96924082~~96161802 B-4 0.~~00000000~~00172275 0.00000000 23.~~97665512~~06235110 0.00000000 999.~~96924209~~96161549 B-5 0.~~00000000~~00172185 0.00000000 23.~~97665264~~06235190 0.00000000 999.~~96923929~~96161555 B-6 0.~~00000000~~00172231 0.00000000 23.~~97665303~~06234931 0.00000000 999.~~96924123~~96161606 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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-I 1.~~35274~~16692% ~~392~~374,~~863~~920,~~908~~680.6467 ~~385~~361,~~447~~346,~~792~~849.3999 0.00 0.00 9185.~~39324034~~67868376% X-II 10.~~07219~~85838% 46,356,~~544~~200.2395 46,356,~~374~~020.1166 0.00 0.00 99.~~99692416~~99616172%

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1016,~~506~~894,~~474~~399.7054 Liquidations, Insurance Proceeds, Reserve Funds 023.0002 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 2023,~~078~~478.3604 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1016,~~526~~917,~~553~~900.0660 Withdrawals Reimbursement for Servicer Advances 2226,~~431~~449.7125 Payment of Service Fee ~~182~~175,~~708~~713.4599 Payment of Interest and Principal 1016,~~321~~715,~~412~~737.9036 Total Withdrawals (Pool Distribution Amount) 1016,~~526~~917,~~553~~900.0660 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0926.0018 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0926.0018

SERVICING FEES Gross Servicing Fee 7471,~~661~~806.4345 Additional Servicing Fee ~~106~~102,~~879~~785.8817 Master Servicing Fee 1,~~167~~122.1437 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~182~~175,~~708~~713.4599

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 2327 0 0 0 2327 56,~~841~~386,~~891~~579.0957 0.00 0.00 0.00 56,~~841~~386,~~891~~579.0957 60 Days 2 0 0 0 2 ~~232~~259,~~100~~116.00 0.00 0.00 0.00 ~~232~~259,~~100~~116.00 90 Days 2 0 0 0 2 ~~274~~542,~~450~~250.00 0.00 0.00 0.00 ~~274~~542,~~450~~250.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 01 0 01 0.00 0.00 0108,200.00 0.00 0108,200.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2731 0 01 0 2732 67,~~348~~187,~~441~~945.0957 0.00 0108,200.00 0.00 67,~~348~~296,~~441~~145.0957 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~098901~~337958% 0.000000% 0.000000% 0.000000% 1.~~098901~~337958% 1.~~059150~~219594% 0.000000% 0.000000% 0.000000% 1.~~059150~~219594% 60 Days 0.~~095557~~099108% 0.000000% 0.000000% 0.000000% 0.~~095557~~099108% 0.~~042080~~049481% 0.000000% 0.000000% 0.000000% 0.~~042080~~049481% 90 Days 0.~~095557~~099108% 0.000000% 0.000000% 0.000000% 0.~~095557~~099108% 0.~~049758~~103549% 0.000000% 0.000000% 0.000000% 0.~~049758~~103549% 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~~049554% 0.000000% 0.~~000000~~049554% 0.000000% 0.000000% 0.~~000000~~020662% 0.000000% 0.~~000000~~020662% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~290014~~536174% 0.000000% 0.~~000000~~049554% 0.000000% 1.~~290014~~585728% 1.~~150989~~372624% 0.000000% 0.~~000000~~020662% 0.000000% 1.~~150989~~393286%

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 1119 0 0 0 1119 24,~~690~~979,~~249~~754.0610 0.00 0.00 0.00 24,~~690~~979,~~249~~754.0610 60 Days 10 0 0 0 10 ~~120,000~~0.00 0.00 0.00 0.00 ~~120,000~~0.00 90 Days 10 0 0 0 10 ~~108,200~~0.00 0.00 0.00 0.00 ~~108,200~~0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 01 0 01 0.00 0.00 0108,200.00 0.00 0108,200.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1319 0 01 0 1320 24,~~918~~979,~~449~~754.0610 0.00 0108,200.00 0.00 25,~~918~~087,~~449~~954.0610 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~701531~~262458% 0.000000% 0.000000% 0.000000% 01.~~701531~~262458% 01.~~629801~~235494% 0.000000% 0.000000% 0.000000% 01.~~629801~~235494% 60 Days 0.~~063776~~000000% 0.000000% 0.000000% 0.000000% 0.~~063776~~000000% 0.~~028093~~000000% 0.000000% 0.000000% 0.000000% 0.~~028093~~000000% 90 Days 0.~~063776~~000000% 0.000000% 0.000000% 0.000000% 0.~~063776~~000000% 0.~~025330~~000000% 0.000000% 0.000000% 0.000000% 0.~~025330~~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~~066445% 0.000000% 0.~~000000~~066445% 0.000000% 0.000000% 0.~~000000~~026845% 0.000000% 0.~~000000~~026845% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 01.~~829082~~262458% 0.000000% 0.~~000000~~066445% 0.000000% 01.~~829082~~328904% 01.~~683224~~235494% 0.000000% 0.~~000000~~026845% 0.000000% 01.~~683224~~262339% 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 116 0 0 0 116 3774,~~033,242~~915.0366 0.00 0.00 0.00 3774,~~033,242~~915.0366 60 Days 1 0 0 0 1 ~~112~~115,~~100~~116.00 0.00 0.00 0.00 ~~112~~115,~~100~~116.00 90 Days 12 0 0 0 12 ~~166~~542,250.00 0.00 0.00 0.00 ~~166~~542,250.00 120 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 139 0 0 0 139 31,~~311~~432,~~592~~281.0366 0.00 0.00 0.00 31,~~311~~432,~~592~~281.0366 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 21.~~676399~~477833% 0.000000% 0.000000% 0.000000% 21.~~676399~~477833% 30.~~300868~~854118% 0.000000% 0.000000% 0.000000% 30.~~300868~~854118% 60 Days 0.~~243309~~246305% 0.000000% 0.000000% 0.000000% 0.~~243309~~246305% 0.~~121991~~126882% 0.000000% 0.000000% 0.000000% 0.~~121991~~126882% 90 Days 0.~~243309~~492611% 0.000000% 0.000000% 0.000000% 0.~~243309~~492611% 0.~~180918~~597672% 0.000000% 0.000000% 0.000000% 0.~~180918~~597672% 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 32.~~163017~~216749% 0.000000% 0.000000% 0.000000% 32.~~163017~~216749% 31.~~603777~~578673% 0.000000% 0.000000% 0.000000% 31.~~603777~~578673% 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 12 0 0 0 12 ~~118~~631,~~400~~909.0081 0.00 0.00 0.00 ~~118~~631,~~400~~909.0081 60 Days 01 0 0 0 01 0144,000.00 0.00 0.00 0.00 0144,000.00 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 13 0 0 0 13 ~~118~~775,~~400~~909.0081 0.00 0.00 0.00 ~~118~~775,~~400~~909.0081 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~877193~~869159% 0.000000% 0.000000% 0.000000% 01.~~877193~~869159% 02.~~364159~~114837% 0.000000% 0.000000% 0.000000% 02.~~364159~~114837% 60 Days 0.~~000000~~934579% 0.000000% 0.000000% 0.000000% 0.~~000000~~934579% 0.~~000000~~481930% 0.000000% 0.000000% 0.000000% 0.~~000000~~481930% 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 02.~~877193~~803738% 0.000000% 0.000000% 0.000000% 02.~~877193~~803738% 02.~~364159~~596767% 0.000000% 0.000000% 0.000000% 02.~~364159~~596767%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 2023,~~078~~478.3604

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 34.~~957972~~063753% Weighted Average Net Coupon 3.~~798045~~903807% Weighted Average Pass-Through Rate 3.~~566607~~672358% Weighted Average Maturity(Stepdown Calculation ) ~~335~~333 Beginning Scheduled Collateral Loan Count 2,~~119~~062 Number Of Loans Paid In Full 2644 Ending Scheduled Collateral Loan Count 2,~~093~~018 Beginning Scheduled Collateral Balance ~~560~~538,~~219~~732,~~109~~108.5800 Ending Scheduled Collateral Balance ~~551~~523,~~562~~664,~~764~~148.3667 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2004 ~~551~~523,~~564~~664,~~126~~450.0350 Monthly P &I Constant 1,~~849~~826,~~661~~264.1918 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~551~~523,~~562~~664,~~764~~148.3667 Scheduled Principal 1,~~885~~869.0807 Unscheduled Principal 815,~~654~~066,~~460~~090.1426

Group Level Collateral Statement Group Group I Group II Group III Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.~~848973~~981981 4.~~215631~~238683 4.~~666261~~648699 Weighted Average Net Rate 3.~~685008~~816976 4.~~152185~~175052 4.~~291261~~273699 Weighted Average Maturity ~~332~~330 ~~332~~330 ~~352~~350 Beginning Loan Count 1,~~590~~544 ~~413~~408 ~~116~~110 Loans Paid In Full 2239 2 23 Ending Loan Count 1,~~568~~505 ~~411~~406 ~~114~~107 Beginning Scheduled Balance ~~434~~416,~~574~~631,~~864~~554.2762 9291,~~369~~102,~~305~~884.7142 3330,~~274~~997,~~939~~668.6096 Ending scheduled Balance ~~427~~403,~~158~~057,~~706~~683.6939 9190,~~892~~726,~~252~~956.5744 3229,~~511~~879,~~805~~508.1084 Record Date 0911/30/2004 0911/30/2004 0911/30/2004 Principal And Interest Constant 1,~~394~~382,~~319~~920.6890 ~~324~~321,~~495~~796.7590 ~~130~~121,~~845~~546.7638 Scheduled Principal ~~430~~405.6105 0.00 1,~~454~~464.4702 Unscheduled Principal 713,~~415~~573,~~726~~466.9718 ~~477~~375,~~053~~927.1498 ~~761~~1,~~680~~116,696.0310 Scheduled Interest 1,~~393~~382,~~889~~515.0785 ~~324~~321,~~495~~796.7590 ~~129~~120,~~391~~082.2936 Servicing Fees 5957,~~379~~288.2781 4,~~883~~830.7586 109,~~398~~686.4178 Master Servicing Fees ~~905~~868.3801 ~~192~~189.4479 6964.3257 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 8279,~~756~~004.0422 2423,~~123~~780.8495 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 1,~~250~~245,~~848~~354.3881 ~~295~~292,~~295~~995.7230 ~~118~~110,~~923~~331.5601 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.~~453992~~586924 3.~~836284~~859311 4.~~288761~~271199

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 34.~~957972~~063753 Weighted Average Net Rate 3.~~798045~~903807 Weighted Average Maturity ~~335~~333 Beginning Loan Count 2,~~119~~062 Loans Paid In Full 2644 Ending Loan Count 2,~~093~~018 Beginning Scheduled Balance ~~560~~538,~~219~~732,~~109~~108.5800 Ending scheduled Balance ~~551~~523,~~562~~664,~~764~~148.3667 Record Date 0911/30/2004 Principal And Interest Constant 1,~~849~~826,~~661~~264.1918 Scheduled Principal 1,~~885~~869.0807 Unscheduled Principal 815,~~654~~066,~~460~~090.1426 Scheduled Interest 1,~~847~~824,~~776~~395.11 Servicing Fees 7471,~~661~~806.4345 Master Servicing Fees 1,~~167~~122.1437 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee ~~106~~102,~~879~~785.8817 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest 1,~~665~~648,~~067~~681.6612 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 3.~~566607~~672358

Miscellaneous Reporting Group Group I Avearge Loss Severity % Group I 0.000000% Group I Senior Percentage 9089.~~401895~~988547% Group I Senior Prepayment Percentage 100.000000% Group I Sen Mez & Sub Percentage 910.~~598105~~011453% Group I Sen Mez & Sub Prep Percentage 0.000000% Group Group II Avearge Loss Severity % Group II 0.000000% Group II Senior Percentage 90.~~398757~~265290% Group II Senior Prepayment Percentage 100.000000% Group II Sen Mez & Sub Percentage 9.~~601243~~734710% Group II Sen Mez & Sub Prep Percentage 0.000000% Group Group III Avearge Loss Severity % Group III 0.000000% Group III Senior Percentage 8988.~~170741~~376191% Group III Senior Prepayment Percentage 100.000000% Group III Sen Mez & Sub Percentage 1011.~~829259~~623809% Group III Sen Mez & Sub Prep Percentage 0.000000%

Filing Compare · STRUCTURED ASSET MORTGAGE INVESTMENTS II TRUST SERIES 2004-AR2