10-D 1 dsl06ar1_10d-200605.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from: April 2, 2006 to May 1, 2006 Commission File Number of issuing entity: 333-127352-31 DSLA Mortgage Loan Trust 2006-AR1 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-127352 Greenwich Capital Acceptance Inc. (Exact name of depositor as specified in its charter) Greenwich Capital Financial Products, Inc. (Exact name of sponsor as specified in its charter) New York (State or other jurisdiction of incorporation or organization of the issuing entity) 54-2196527 54-2196528 54-6708165 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices of the issuing entity) (Zip Code) (410) 884-2000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) 1A-1A _____ _____ __X___ ____________ 1A-1B _____ _____ __X___ ____________ 2A-1A _____ _____ __X___ ____________ 2A-1B _____ _____ __X___ ____________ 2A-1C _____ _____ __X___ ____________ C _____ _____ __X___ ____________ M-1 _____ _____ __X___ ____________ M-10 _____ _____ __X___ ____________ M-2 _____ _____ __X___ ____________ M-3 _____ _____ __X___ ____________ M-4 _____ _____ __X___ ____________ M-5 _____ _____ __X___ ____________ M-6 _____ _____ __X___ ____________ M-7 _____ _____ __X___ ____________ M-8 _____ _____ __X___ ____________ M-9 _____ _____ __X___ ____________ P _____ _____ __X___ ____________ R _____ _____ __X___ ____________ R-II _____ _____ __X___ ____________ ES _____ _____ __X___ ____________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On May 19, 2006 a distribution was made to holders of DSLA Mortgage Loan Trust 2006-AR1. The distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 7. Significant Enhancement Provider Information The unaudited condensed consolidated balance sheets as at March 31, 2006 and December 31, 2005, the unaudited condensed consolidated statement of operations and comprehensive income for the three months ended March 31, 2006 and March 31, 2005, the unaudited condensed consolidated statements of changes in shareholder's equity for the three months ended March 31, 2006 and for the year ended December 31, 2005, and the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2006 and March 31, 2005, all of XL Capital Assurance Inc. and its subsidiary, are incorporated herein by reference from Exhibit 99.1 in XL Capital Ltd's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, as filed with the Commission on May 5, 2006. The unaudited condensed balance sheets as of March 31, 2006 and December 31, 2005, the unaudited condensed statements of income and comprehensive income for the three month periods ended March 31, 2006 and March 31, 2005, the unaudited condensed statements of changes in shareholders' equity for the three month period ended March 31, 2006 and for the year ended December 31, 2005, and the unaudited condensed statements of cash flows for the three month periods ended March 31, 2006 and March 31, 2005, all of XL Financial Assurance Ltd., are incorporated herein by reference from Exhibit 99.2 in XL Capital Ltd's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, as filed with the Commission on May 5, 2006. Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D: (99.1) Monthly report distributed to holders of DSLA Mortgage Loan Trust 2006-AR1, relating to the May 19, 2006 distribution. (99.2) Copy of the unaudited condensed consolidated balance sheets as at March 31, 2006 and December 31, 2005, the unaudited condensed consolidated statement of operations and comprehensive income for the three months ended March 31, 2006 and March 31, 2005, the unaudited condensed consolidated statements of changes in shareholder's equity for the three months ended March 31, 2006 and for the year ended December 31, 2005, and the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2006 and March 31, 2005, all of XL Capital Assurance Inc. and its subsidiary, are incorporated herein by reference from Exhibit 99.1 in XL Capital Ltd's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, as filed with the Commission on May 5, 2006. (99.3) Copy of the unaudited condensed balance sheets as of March 31, 2006 and December 31, 2005, the unaudited condensed statements of income and comprehensive income for the three month periods ended March 31, 2006 and March 31, 2005, the unaudited condensed statements of changes in shareholders' equity for the three month period ended March 31, 2006 and for the year ended December 31, 2005, and the unaudited condensed statements of cash flows for the three month periods ended March 31, 2006 and March 31, 2005, all of XL Financial Assurance Ltd., are incorporated herein by reference from Exhibit 99.2 in XL Capital Ltd's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, as filed with the Commission on May 5, 2006. (b) The exhibits required to be filed by Registrant pursuant to Item 601 of Regulation S-K are listed above and in the Exhibit Index that immediately follows the signature page hereof. SIGNATURES 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 thereunto duly authorized. DSLA Mortgage Loan Trust 2006-AR1 (Issuing Entity) Wells Fargo Bank, N.A. (Master Servicer) /s/ Beth Belfield Beth Belfield, Officer Date: May 31, 2006 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of DSLA Mortgage Loan Trust 2006-AR1, relating to the May 19, 2006 distribution. EX-99.2 Copy of the unaudited condensed consolidated balance sheets as at March 31, 2006 and December 31, 2005, the unaudited condensed consolidated statement of operations and comprehensive income for the three months ended March 31, 2006 and March 31, 2005, the unaudited condensed consolidated statements of changes in shareholder's equity for the three months ended March 31, 2006 and for the year ended December 31, 2005, and the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2006 and March 31, 2005, all of XL Capital Assurance Inc. and its subsidiary, are incorporated herein by reference from Exhibit 99.1 in XL Capital Ltd's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, as filed with the Commission on May 5, 2006. EX-99.3 Copy of the unaudited condensed balance sheets as of March 31, 2006 and December 31, 2005, the unaudited condensed statements of income and comprehensive income for the three month periods ended March 31, 2006 and March 31, 2005, the unaudited condensed statements of changes in shareholders' equity for the three month period ended March 31, 2006 and for the year ended December 31, 2005, and the unaudited condensed statements of cash flows for the three month periods ended March 31, 2006 and March 31, 2005, all of XL Financial Assurance Ltd., are incorporated herein by reference from Exhibit 99.2 in XL Capital Ltd's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, as filed with the Commission on May 5, 2006. EX-99.1 Downey Savings and Loan Association Mortgage Loan Pass-Through Certificates Distribution Date: 5/19/2006 Downey Savings and Loan Association Mortgage Loan Pass-Through Certificates Series 2006-AR1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660

REO Detail - All Mortgage Loans in REO during Current Period

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

Prepayment - Voluntary Prepayments

EX-99.2 Copy of the unaudited condensed consolidated balance sheets as at March 31, 2006 and December 31, 2005, the unaudited condensed consolidated statement of operations and comprehensive income for the three months ended March 31, 2006 and March 31, 2005, the unaudited condensed consolidated statements of changes in shareholder's equity for the three months ended March 31, 2006 and for the year ended December 31, 2005, and the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2006 and March 31, 2005, all of XL Capital Assurance Inc. and its subsidiary, are incorporated herein by reference from Exhibit 99.1 in XL Capital Ltd's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, as filed with the Commission on May 5, 2006. EX-99.3 Copy of the unaudited condensed balance sheets as of March 31, 2006 and December 31, 2005, the unaudited condensed statements of income and comprehensive income for the three month periods ended March 31, 2006 and March 31, 2005, the unaudited condensed statements of changes in shareholders' equity for the three month period ended March 31, 2006 and for the year ended December 31, 2005, and the unaudited condensed statements of cash flows for the three month periods ended March 31, 2006 and March 31, 2005, all of XL Financial Assurance Ltd., are incorporated herein by reference from Exhibit 99.2 in XL Capital Ltd's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, as filed with the Commission on May 5, 2006.

DSLA MORTGAGE LOAN TRUST 2006-AR1 10-D