8-K 1 dsl05ar1_10505.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): May 19, 2005 DSLA MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2005-AR1 Trust (Exact name of registrant as specified in its charter) Delaware (governing law of 333-120038-08 54-2168093 Pooling and Servicing Agreement) (Commission 54-2168094 (State or other File Number) 54-2168095 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Rd. Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On May 19, 2005 a distribution was made to holders of DSLA MORTGAGE LOAN TRUST , Mortgage Pass-Through Certificates, Series 2005-AR1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-AR1 Trust, relating to the May 19, 2005 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DSLA MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2005-AR1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 5/20/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-AR1 Trust, relating to the May 19, 2005 distribution. EX-99.1

Downey Savings and Loan Association Mortgage Pass-Through Certificates Record Date: 5/2/~~28/~~2005 Distribution Date: 35/2119/2005 Downey Savings and Loan Association Mortgage Pass-Through Certificates Series 2005-AR1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution 1A 23332UCL6 SEN 23.~~94000~~25000% ~~496~~493,~~942~~670,~~000~~413.0035 ~~852~~1,~~255~~337,024.5304 14,~~108~~988,~~130~~004.3659 AR 23332UCY8 SEN 45.~~14745~~00808% ~~100~~0.00 0.3500 ~~100~~0.00 2-A1A 23332UCM4 SEN 23.~~92000~~23000% ~~266~~265,~~804~~849,~~000~~396.0028 ~~454~~715,~~456~~577.1596 ~~129~~1,~~548~~585,358.9698 2-A1B 23332UCN2 SEN 23.~~99000~~30000% 177,~~870~~233,~~000~~595.0013 ~~310~~487,~~234~~392.9239 861,~~366~~056,909.3095 2-A2 23332UCP7 SEN 3.~~00000~~31000% 55,~~216~~018,~~000~~441.0050 96151,~~628~~759.0020 26328,~~810~~095.6046 B1 23332UCQ5 SUB 3.~~14000~~45000% 30,~~024~~011,~~000~~479.0059 5486,~~993~~283.9600 ~~12,511~~5.3480 B2 23332UCR3 SUB 3.~~45000~~76000% 23,~~473~~463,~~000~~211.0045 4773,~~239~~518.4106 ~~9,781~~4.4754 B3 23332UCS1 SUB 4.~~37000~~68000% 16,~~376~~369,~~000~~170.0099 4163,~~745~~839.1577 ~~6,824~~3.0716 B4 23332UCT9 SUB 4.~~42000~~73000% 14,~~738~~731,~~000~~854.0006 3758,~~999~~068.4806 ~~6,141~~2.4985 B5 23332UCU6 SUB 4.~~42000~~73000% 6,~~004~~001,~~000~~496.0025 1523,~~480~~655.3190 ~~2,501~~1.9416 B6 23332UCV4 SUB 4.~~42000~~73000% 4,~~373~~371,~~551~~727.6983 1117,~~276~~231.4789 ~~1,822~~0.5485 X1 23332UCW2 IO 1.00000% 0.00 ~~830~~766,~~693~~428.3374 0.00 X2 23332UCX0 SEN 0.~~98644~~89395% 0.0002 ~~933~~983,~~134~~476.6964 0.00 Y DSL05AR1Y YM 0.00000% 0.01 0.00 0.00 C DSL05AR1C C 0.00000% 0.00 0.00 0.00 Totals 1,~~091~~086,~~820~~720,~~651~~786.7046 34,~~686~~764,~~137~~255.7565 17,~~390~~958,~~539~~387.0734

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1A 0.00 ~~495~~488,~~833~~682,~~869~~408.6476 16,~~960~~325,~~385~~028.8963 0.00 AR 0.00 0.00 ~~100~~0.3500 0.00 2-A1A 0.00 ~~266~~264,~~674~~264,~~451~~037.0430 ~~584~~2,~~005~~300,936.1194 0.00 2-A1B 0.00 ~~177~~176,~~783~~176,~~633~~685.7018 ~~396~~1,~~601~~544,302.2234 0.00 2-A2 0.00 5554,~~189~~690,~~189~~346.4003 ~~123~~479,~~438~~854.6066 0.00 B1 0.00 30,011,~~488~~473.6679 6786,~~505~~288.3080 0.00 B2 0.00 23,463,~~218~~206.5391 5773,~~020~~522.8860 0.00 B3 0.00 16,369,~~175~~167.9383 4863,~~569~~842.2293 0.00 B4 0.00 14,731,~~858~~851.5121 4458,~~140~~070.9791 0.00 B5 0.00 6,001,~~498~~495.0609 1723,~~982~~657.2506 0.00 B6 0.00 4,371,~~729~~726.1599 1317,~~099~~232.0174 0.0003 X1 0.00 0.00 ~~830~~766,~~693~~428.3374 0.00 X2 0.00 0.02 ~~933~~983,~~134~~476.6964 0.00 Y 0.00 0.01 0.00 0.00 C 0.00 0.00 0.00 0.00 Totals 0.00 1,~~090~~078,~~430~~762,~~112~~399.6512 512,~~076~~722,~~676~~642.8299 0.0003 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1A 496,942,000.00 ~~496~~493,~~942~~670,~~000~~413.0035 ~~195,183~~191.0041 ~~912~~4,~~947~~987,813.3618 0.00 0.00 AR 100.00 ~~100~~0.00 170.6100 820.3900 0.00 0.00 2-A1A 266,804,000.00 ~~266~~265,~~804~~849,~~000~~396.0028 ~~117,521~~0.2300 121,~~027~~585,358.7398 0.00 0.00 2-A1B 177,870,000.00 177,~~870~~233,~~000~~595.0013 ~~78,347~~0.7800 81,~~018~~056,909.5295 0.00 0.00 2-A2 55,216,000.00 55,~~216~~018,~~000~~441.0050 ~~24,321~~0.4200 2328,~~489~~095.1846 0.00 0.00 B1 30,024,000.00 30,~~024~~011,~~000~~479.0059 ~~12,511~~5.3480 0.00 0.00 0.00 B2 23,473,000.00 23,~~473~~463,~~000~~211.0045 ~~9,781~~4.4754 0.00 0.00 0.00 B3 16,376,000.00 16,~~376~~369,~~000~~170.0099 ~~6,824~~3.0716 0.00 0.00 0.00 B4 14,738,000.00 14,~~738~~731,~~000~~854.0006 ~~6,141~~2.4985 0.00 0.00 0.00 B5 6,004,000.00 6,~~004~~001,~~000~~496.0025 ~~2,501~~1.9416 0.00 0.00 0.00 B6 4,373,551.69 4,~~373~~371,~~551~~727.6983 ~~1,822~~0.5485 0.00 0.00 0.00 X1 0.00 0.00 0.00 0.00 0.00 0.00 X2 0.00 0.0002 0.00 0.00 0.00 0.00 Y 0.01 0.01 0.00 0.00 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,091,820,651.70 1,~~091~~086,~~820~~720,~~651~~786.7046 ~~454,973~~209.8977 ~~935~~7,~~565~~958,177.1857 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1A 14,~~108~~988,~~130~~004.3659 ~~495~~488,~~833~~682,~~869~~408.6476 0.~~99777010~~98337916 14,~~108~~988,~~130~~004.3659 AR ~~100~~0.00 0.00 0.00000000 ~~100~~0.00 2-A1A ~~129~~1,~~548~~585,358.9698 ~~266~~264,~~674~~264,~~451~~037.0430 0.~~99951444~~99048004 ~~129~~1,~~548~~585,358.9698 2-A1B 861,~~366~~056,909.3095 ~~177~~176,~~783~~176,~~633~~685.7018 0.~~99951444~~99048004 861,~~366~~056,909.3095 2-A2 26328,~~810~~095.6046 5554,~~189~~690,~~189~~346.4003 0.~~99951444~~99048004 26328,~~810~~095.6046 B1 ~~12,511~~5.3480 30,011,~~488~~473.6679 0.~~99958329~~99958279 ~~12,511~~5.3480 B2 ~~9,781~~4.4754 23,463,~~218~~206.5391 0.~~99958329~~99958279 ~~9,781~~4.4754 B3 ~~6,824~~3.0716 16,369,~~175~~167.9383 0.~~99958329~~99958279 ~~6,824~~3.0716 B4 ~~6,141~~2.4985 14,731,~~858~~851.5121 0.~~99958329~~99958279 ~~6,141~~2.4985 B5 ~~2,501~~1.9416 6,001,~~498~~495.0609 0.~~99958329~~99958279 ~~2,501~~1.9416 B6 ~~1,822~~0.5485 4,371,~~729~~726.1599 0.~~99958328~~99958279 ~~1,822~~0.5485 X1 0.00 0.00 0.00000000 0.00 X2 0.00 0.02 0.00000000 0.00 Y 0.00 0.01 1.00000000 0.00 C 0.00 0.00 0.00000000 0.00 Totals 17,~~390~~958,~~539~~387.0734 1,~~090~~078,~~430~~762,~~112~~399.6512 0.~~99872640~~98803993 17,~~390~~958,~~539~~387.0734

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1A 496,942,000.00 ~~1000~~993.~~00000000~~41656240 0.~~39276817~~00038518 110.~~83713061~~03701273 0.00000000 AR 100.00 ~~1000~~0.00000000 ~~176~~0.~~10000000~~00000000 ~~823~~0.~~90000000~~00000000 0.00000000 2-A1A 266,804,000.00 ~~1000~~996.~~00000000~~42207868 0.~~44047777~~00000000 05.~~04508077~~94203603 0.00000000 2-A1B 177,870,000.00 ~~1000~~996.~~00000000~~42207865 0.~~44047776~~00000000 05.~~04508079~~94203604 0.00000000 2-A2 55,216,000.00 ~~1000~~996.~~00000000~~42207875 0.~~44047776~~00000000 05.~~04508077~~94203600 0.00000000 B1 30,024,000.00 ~~1000~~999.~~00000000~~58298661 0.~~41671130~~00019318 0.00000000 0.00000000 B2 23,473,000.00 ~~1000~~999.~~00000000~~58298684 0.~~41671154~~00019341 0.00000000 0.00000000 B3 16,376,000.00 ~~1000~~999.~~00000000~~58298669 0.~~41671165~~00019297 0.00000000 0.00000000 B4 14,738,000.00 ~~1000~~999.~~00000000~~58298684 0.~~41671122~~00019338 0.00000000 0.00000000 B5 6,004,000.00 ~~1000~~999.~~00000000~~58298634 0.~~41671219~~00019320 0.00000000 0.00000000 B6 4,373,551.69 ~~1000~~999.~~00000000~~58297966 0.~~41671852~~00019435 0.00000000 0.00000000 X1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 Y 0.01 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $ 1,000 Denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1A 0.00000000 210.~~22989878~~03739791 ~~997~~983.~~77010122~~37916449 0.~~99777010~~98337916 210.~~22989878~~03739791 AR 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 2-A1A 0.00000000 05.~~48555854~~94203603 ~~999~~990.~~51444146~~48004265 0.~~99951444~~99048004 05.~~48555854~~94203603 2-A1B 0.00000000 05.~~48555855~~94203604 ~~999~~990.~~51444145~~48004262 0.~~99951444~~99048004 05.~~48555855~~94203604 2-A2 0.00000000 05.~~48555853~~94203600 ~~999~~990.~~51444147~~48004256 0.~~99951444~~99048004 05.~~48555853~~94203600 B1 0.00000000 0.~~41671130~~00019318 999.~~58328870~~58279343 0.~~99958329~~99958279 0.~~41671130~~00019318 B2 0.00000000 0.~~41671154~~00019341 999.~~58328846~~58279342 0.~~99958329~~99958279 0.~~41671154~~00019341 B3 0.00000000 0.~~41671165~~00019297 999.~~58328835~~58279372 0.~~99958329~~99958279 0.~~41671165~~00019297 B4 0.00000000 0.~~41671122~~00019338 999.~~58328878~~58279346 0.~~99958329~~99958279 0.~~41671122~~00019338 B5 0.00000000 0.~~41671219~~00019320 999.~~58328781~~58279314 0.~~99958329~~99958279 0.~~41671219~~00019320 B6 0.00000000 0.~~41671852~~00019435 999.~~58328148~~58278760 0.~~99958328~~99958279 0.~~41671852~~00019435 X1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Y 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1A 496,942,000.00 23.~~94000~~25000% ~~496~~493,~~942~~670,~~000~~413.0035 ~~852~~1,~~255~~337,024.5304 0.00 0.00 AR 100.00 45.~~14745~~00808% ~~100~~0.00 0.3500 0.00 0.00 2-A1A 266,804,000.00 23.~~92000~~23000% ~~266~~265,~~804~~849,~~000~~396.0028 ~~454~~715,~~456~~577.1596 0.00 0.00 2-A1B 177,870,000.00 23.~~99000~~30000% 177,~~870~~233,~~000~~595.0013 ~~310~~487,~~234~~392.9239 0.00 0.00 2-A2 55,216,000.00 3.~~00000~~31000% 55,~~216~~018,~~000~~441.0050 96151,~~628~~759.0020 0.00 0.00 B1 30,024,000.00 3.~~14000~~45000% 30,~~024~~011,~~000~~479.0059 5486,~~993~~283.9600 0.00 0.00 B2 23,473,000.00 3.~~45000~~76000% 23,~~473~~463,~~000~~211.0045 4773,~~239~~518.4106 0.00 0.00 B3 16,376,000.00 4.~~37000~~68000% 16,~~376~~369,~~000~~170.0099 4163,~~745~~839.1577 0.00 0.00 B4 14,738,000.00 4.~~42000~~73000% 14,~~738~~731,~~000~~854.0006 3758,~~999~~068.4806 0.00 0.00 B5 6,004,000.00 4.~~42000~~73000% 6,~~004~~001,~~000~~496.0025 1523,~~480~~655.3190 0.00 0.00 B6 4,373,551.69 4.~~42000~~73000% 4,~~373~~371,~~551~~727.6983 1117,~~276~~231.4789 0.00 0.00 X1 0.00 1.00000% ~~996~~919,~~832~~714,~~000~~492.0043 ~~830~~766,~~693~~428.3374 0.00 0.00 X2 0.00 0.~~98644~~89395% 1,~~091~~086,~~820~~720,~~651~~786.7144 ~~897~~809,~~511~~563.9956 0.00 0.00 Y 0.01 0.00000% 0.01 0.00 0.00 0.00 C 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,091,820,651.70 34,~~650~~590,~~515~~342.0557 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1A 0.00 0.00 ~~852~~1,~~255~~337,024.5304 0.00 ~~495~~488,~~833~~682,~~869~~408.6476 AR 0.00 0.00 0.3500 0.00 0.00 2-A1A 0.00 0.00 ~~454~~715,~~456~~577.1596 0.00 ~~266~~264,~~674~~264,~~451~~037.0430 2-A1B 0.00 0.00 ~~310~~487,~~234~~392.9239 0.00 ~~177~~176,~~783~~176,~~633~~685.7018 2-A2 0.00 0.00 96151,~~628~~759.0020 0.00 5554,~~189~~690,~~189~~346.4003 B1 0.00 0.00 5486,~~993~~283.9600 0.00 30,011,~~488~~473.6679 B2 0.00 0.00 4773,~~239~~518.4106 0.00 23,463,~~218~~206.5391 B3 0.00 0.00 4163,~~745~~839.1577 0.00 16,369,~~175~~167.9383 B4 0.00 0.00 3758,~~999~~068.4806 0.00 14,731,~~858~~851.5121 B5 0.00 0.00 1523,~~480~~655.3190 0.00 6,001,~~498~~495.0609 B6 0.00 0.00 1117,~~276~~231.4789 0.00 4,371,~~729~~726.1599 X1 0.00 0.00 ~~830~~766,~~693~~428.3374 0.00 ~~957~~883,~~204~~561,~~406~~656.1725 X2 0.00 0.00 ~~933~~983,~~134~~476.6964 0.00 1,~~090~~078,~~430~~762,~~112~~399.6511 Y 0.00 0.00 0.00 0.00 0.01 C 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 34,~~686~~764,~~137~~255.7565 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall 1A 496,942,000.00 23.~~94000~~25000% ~~1000~~993.~~00000000~~41656240 12.~~71500000~~69050320 0.00000000 0.00000000 AR 100.00 45.~~14745~~00808% ~~1000~~0.00000000 30.~~50000000~~00000000 0.00000000 0.00000000 2-A1A 266,804,000.00 23.~~92000~~23000% ~~1000~~996.~~00000000~~42207868 12.~~70333335~~68203610 0.00000000 0.00000000 2-A1B 177,870,000.00 23.~~99000~~30000% ~~1000~~996.~~00000000~~42207865 12.~~74416664~~74016074 0.00000000 0.00000000 2-A2 55,216,000.00 3.~~00000~~31000% ~~1000~~996.~~00000000~~42207875 12.~~75000000~~74846421 0.00000000 0.00000000 B1 30,024,000.00 3.~~14000~~45000% ~~1000~~999.~~00000000~~58298661 12.~~83166667~~87380096 0.00000000 0.00000000 B2 23,473,000.00 3.~~45000~~76000% ~~1000~~999.~~00000000~~58298684 23.~~01249989~~13202658 0.00000000 0.00000000 B3 16,376,000.00 4.~~37000~~68000% ~~1000~~999.~~00000000~~58298669 23.~~54916646~~89837384 0.00000000 0.00000000 B4 14,738,000.00 4.~~42000~~73000% ~~1000~~999.~~00000000~~58298684 23.~~57833356~~94002307 0.00000000 0.00000000 B5 6,004,000.00 4.~~42000~~73000% ~~1000~~999.~~00000000~~58298634 23.~~57833278~~94002332 0.00000000 0.00000000 B6 4,373,551.69 4.~~42000~~73000% ~~1000~~999.~~00000000~~58297966 23.~~57833239~~94002203 0.00000000 0.00000000 X1 0.00 1.00000% ~~1000~~922.~~00000000~~63740774 0.~~83333333~~76886450 0.00000000 0.00000000 X2 0.00 0.~~98644~~89395% 0.00000000 0.00000000 0.00000000 0.00000000 Y 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $ 1,000 Denomination

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1A 0.00000000 0.00000000 12.~~71500000~~69050320 0.00000000 ~~997~~983.~~77010122~~37916449 AR 0.00000000 0.00000000 30.~~50000000~~00000000 0.00000000 0.00000000 2-A1A 0.00000000 0.00000000 12.~~70333335~~68203610 0.00000000 ~~999~~990.~~51444146~~48004265 2-A1B 0.00000000 0.00000000 12.~~74416664~~74016074 0.00000000 ~~999~~990.~~51444145~~48004262 2-A2 0.00000000 0.00000000 12.~~75000000~~74846421 0.00000000 ~~999~~990.~~51444147~~48004256 B1 0.00000000 0.00000000 12.~~83166667~~87380096 0.00000000 999.~~58328870~~58279343 B2 0.00000000 0.00000000 23.~~01249989~~13202658 0.00000000 999.~~58328846~~58279342 B3 0.00000000 0.00000000 23.~~54916646~~89837384 0.00000000 999.~~58328835~~58279372 B4 0.00000000 0.00000000 23.~~57833356~~94002307 0.00000000 999.~~58328878~~58279346 B5 0.00000000 0.00000000 23.~~57833278~~94002332 0.00000000 999.~~58328781~~58279314 B6 0.00000000 0.00000000 23.~~57833239~~94002203 0.00000000 999.~~58328148~~58278760 X1 0.00000000 0.00000000 0.~~83333333~~76886450 0.00000000 ~~960~~886.~~24646698~~36967538 X2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Y 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Certificateholder Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Class Rate Balance Balance Balance Balance Percentage X-1 IO-1 1.00000% ~~496~~458,~~942~~474,~~000~~335.0003 ~~477~~440,~~184~~432,~~346~~339.0282 0.00 0.00 9688.~~02415292~~62851999% X-1 IO-2 1.00000% ~~499~~461,~~890~~240,~~000~~157.0040 ~~480~~443,~~020~~129,~~060~~316.1543 0.00 0.00 9688.~~02513756~~64536527% X-2 PO-1 0.00000% 0.00 0.00 0.01 0.01 100.00000000% X-2 PO-2 0.00000% 0.00 0.00 0.01 0.01 100.00000000% X-2 IO 0.~~98644~~89395% 1,~~091~~086,~~820~~720,~~651~~786.6942 1,~~090~~078,~~430~~762,~~112~~399.6309 0.00 0.00 9998.~~87264034~~80399289%

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 513,~~424~~068,~~239~~582.7344 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 513,~~424~~068,~~239~~582.7344 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~347~~345,~~562~~939.9145 Payment of Interest and Principal 512,~~076~~722,~~676~~642.8299 Total Withdrawals (Pool Distribution Amount) 513,~~424~~068,~~239~~582.7344 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~341~~339,~~193~~600.9525 Master Servicing Fee 6,~~368~~339.9620 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~347~~345,~~562~~939.9145

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 01 0 0 01 0517,620.0036 0.00 0.00 0517,620.0036 30 Days 98 0 0 0 98 21,~~162~~896,~~596~~173.8119 0.00 0.00 0.00 21,~~162~~896,~~596~~173.8119 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 01 0 0 0 01 0239,000.00 0.00 0.00 0.00 0239,000.00 120 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 9 01 0 0 910 2,~~162~~135,~~596~~173.8119 0517,620.0036 0.00 0.00 2,~~162~~652,~~596~~793.8155 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~~030102% 0.000000% 0.000000% 0.~~000000~~030102% 0.~~000000~~048039% 0.000000% 0.000000% 0.~~000000~~048039% 30 Days 0.~~267062~~240819% 0.000000% 0.000000% 0.000000% 0.~~267062~~240819% 0.~~198427~~175978% 0.000000% 0.000000% 0.000000% 0.~~198427~~175978% 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~~030102% 0.000000% 0.000000% 0.000000% 0.~~000000~~030102% 0.~~000000~~022181% 0.000000% 0.000000% 0.000000% 0.~~000000~~022181% 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.~~267062~~270921% 0.~~000000~~030102% 0.000000% 0.000000% 0.~~267062~~301023% 0.~~198427~~198159% 0.~~000000~~048039% 0.000000% 0.000000% 0.~~198427~~246198%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 97 0 0 0 97 21,~~162~~520,~~596~~289.8179 0.00 0.00 0.00 21,~~162~~520,~~596~~289.8179 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 01 0 0 0 01 0239,000.00 0.00 0.00 0.00 0239,000.00 120 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 98 0 0 0 98 21,~~162~~759,~~596~~289.8179 0.00 0.00 0.00 21,~~162~~759,~~596~~289.8179 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~398054~~314607% 0.000000% 0.000000% 0.000000% 0.~~398054~~314607% 0.~~398365~~283961% 0.000000% 0.000000% 0.000000% 0.~~398365~~283961% 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~~044944% 0.000000% 0.000000% 0.000000% 0.~~000000~~044944% 0.~~000000~~044641% 0.000000% 0.000000% 0.000000% 0.~~000000~~044641% 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.~~398054~~359551% 0.000000% 0.000000% 0.000000% 0.~~398054~~359551% 0.~~398365~~328601% 0.000000% 0.000000% 0.000000% 0.~~398365~~328601% 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 01 0 0 01 0517,620.0036 0.00 0.00 0517,620.0036 30 Days 01 0 0 0 01 0375,883.0040 0.00 0.00 0.00 0375,883.0040 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 01 01 0 0 02 0375,883.0040 0517,620.0036 0.00 0.00 0893,503.0076 0-29 Days 0.~~000000~~091158% 0.000000% 0.000000% 0.~~000000~~091158% 0.~~000000~~095481% 0.000000% 0.000000% 0.~~000000~~095481% 30 Days 0.~~000000~~091158% 0.000000% 0.000000% 0.000000% 0.~~000000~~091158% 0.~~000000~~069336% 0.000000% 0.000000% 0.000000% 0.~~000000~~069336% 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~~091158% 0.~~000000~~091158% 0.000000% 0.000000% 0.~~000000~~182315% 0.~~000000~~069336% 0.~~000000~~095481% 0.000000% 0.000000% 0.~~000000~~164817%

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 45.~~394214~~450838% Weighted Average Net Coupon 45.~~019214~~075838% Weighted Average Pass-Through Rate 45.~~012214~~068838% Weighted Average Maturity (Stepdown Calculation ) ~~394~~392 Beginning Scheduled Collateral Loan Count 3,~~377~~355 Number Of Loans Paid In Full 733 Ending Scheduled Collateral Loan Count 3,~~370~~322 Beginning Scheduled Collateral Balance 1,~~091~~086,~~820~~720,~~651~~786.7245 Ending Scheduled Collateral Balance 1,~~090~~078,~~430~~762,~~112~~399.6612 Ending Actual Collateral Balance at 2802-~~Feb~~May-2005 1,~~089~~077,~~870~~504,~~314~~525.9190 Monthly P &I Constant 3,~~368~~347,~~662~~555.8833 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~454,973~~209.8576 Unscheduled Principal 29,~~019~~547,~~953~~114.8518

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 45.~~529455~~540333 45.~~259770~~362115 45.~~394214~~450838 Weighted Average Net Rate 45.~~154455~~165333 34.~~884770~~987115 45.~~019214~~075838 Weighted Average Maturity ~~387~~385 ~~401~~399 ~~394~~392 Beginning Loan Count 2,~~267~~250 1,~~110~~105 3,~~377~~355 Loans Paid In Full 625 18 733 Ending Loan Count 2,~~261~~225 1,~~109~~097 3,~~370~~322 Beginning Scheduled Balance ~~544~~541,~~295~~005,~~336~~024.7880 ~~547~~545,~~525~~715,~~314~~761.9165 1,~~091~~086,~~820~~720,~~651~~786.6945 Ending scheduled Balance ~~543~~536,~~168~~017,~~505~~001.9086 ~~547~~542,~~261~~745,~~606~~397.7626 1,~~090~~078,~~430~~762,~~112~~399.6612 Record Date 05/02/~~28/~~2005 05/02/~~28/~~2005 05/02/~~28/~~2005 Principal And Interest Constant 1,~~706~~693,~~663~~987.8664 1,~~661~~653,~~999~~567.0269 3,~~368~~347,~~662~~555.8833 Scheduled Principal ~~213,801~~209.1376 ~~241,172~~0.7200 ~~454,973~~209.8576 Unscheduled Principal 15,~~474~~791,~~634~~825.6712 ~~545~~3,~~319~~755,289.1806 29,~~019~~547,~~953~~114.8518 Scheduled Interest 2,~~054~~497,~~467~~789.6582 12,~~943~~438,~~610~~492.0536 34,~~998~~936,~~077~~282.7018 Servicing Fees ~~170~~169,~~092~~064.2907 ~~171~~170,~~101~~536.6618 ~~341~~339,~~193~~600.9525 Master Servicing Fees 3,~~175~~155.0686 3,~~193~~183.9034 6,~~368~~339.9620 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 12,~~881~~325,~~200~~569.3089 12,~~769~~264,~~314~~772.4984 34,~~650~~590,~~514~~342.7973 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 45.~~147455~~158333 34.~~877770~~980115 45.~~012214~~068838

Miscellaneous Reporting Group 1 Available Funds 37,~~033~~422,~~777~~486.6050 Deferred Interest ~~485~~632,~~219~~937.7056 Senior % 91.~~300084~~250615% Senior Prepayment % 100.000000% Subordinate % 8.~~699916~~749385% Subordinate Prepayment % 0.000000% Net Deferred Interest 0.00 Group 2 Available Funds 25,~~042~~300,~~899~~156.1948 Deferred Interest ~~464~~646,~~806~~211.8126 Senior % 91.~~299888~~274885% Senior Prepayment % 100.000000% Subordinate % 8.~~700112~~725115% Subordinate Prepayment % 0.000000% Net Deferred Interest 0.00

Filing Compare · GREENWICH DSLA MORTGAGE LOAN TRUST 2005-AR1