10-D 1 bst06001_10d-200606.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: May 26, 2006 to June 26, 2006 Commission File Number of issuing entity: 333-125422-57 Bear Stearns ARM Trust 2006-1 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-125422 Bear Stearns Asset Backed Securities I LLC. (Exact name of depositor as specified in its charter) CSE Mortgage LLC (Exact name of sponsor as specified in its charter) New York (State or other jurisdiction of incorporation or organization of the issuing entity) N/A (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)) A-1 _____ _____ __X___ ____________ A-2 _____ _____ __X___ ____________ A-3 _____ _____ __X___ ____________ A-4 _____ _____ __X___ ____________ B-1 _____ _____ __X___ ____________ B-2 _____ _____ __X___ ____________ B-3 _____ _____ __X___ ____________ B-4 _____ _____ __X___ ____________ B-5 _____ _____ __X___ ____________ B-6 _____ _____ __X___ ____________ X _____ _____ __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 June 26, 2006 a distribution was made to holders of Bear Stearns ARM Trust 2006-1. 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 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 Bear Stearns ARM Trust 2006-1, relating to the June 26, 2006 distribution. (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. Bear Stearns ARM Trust 2006-1 (Issuing Entity) Wells Fargo Bank, N.A. (Master Servicer) /s/ Beth Belfield Beth Belfield, Officer Date: July 10, 2006 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Bear Stearns ARM Trust 2006-1, relating to the June 26, 2006 distribution. EX-99.1 Bear Stearns ARM Trust Mortgage-Backed Notes Distribution Date: 6/26/2006 Bear Stearns ARM Trust Mortgage-Backed Notes Series BSART 2006-1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660

Certificateholder Distribution Summary Class CUSIP Certificate Beginning Interest Pass-Through Certificate Distribution Rate Balance A-1 07387AGZ2 4.62500% ~~719~~716,~~374~~166,~~386~~738.8098 2,~~772~~760,~~588~~225.7897 A-2 07387AHA6 4.62500% 98,~~530~~091,~~804~~461.2018 ~~379~~378,~~754~~060.1484 A-3 07387AHB4 4.62500% 12,~~503~~447,~~559~~806.0542 4847,~~190~~975.8092 A-4 07387AHC2 4.62500% 96,~~671~~240,~~527~~475.9331 ~~372~~370,~~588~~926.1883 X 07387AHD0 0.~~26906~~26877% 0.00 ~~207~~206,~~869~~719.1827 B-1 07387AHE8 4.~~89406~~89377% 22,~~555~~550,~~692~~613.5791 91,~~990~~964.8266 B-2 07387AHF5 4.~~89406~~89377% 5,~~883~~881,~~311~~986.4677 23,~~994~~987.4159 B-3 07387AHG3 4.~~89406~~89377% 4,~~412~~411,~~983~~989.3774 17,~~997~~992.8573 B-4 07387AHH1 4.~~89406~~89377% 2,~~942~~941,~~655~~992.2770 1211,~~001~~997.2887 B-5 07387AHJ7 4.~~89406~~89377% 2,451,~~879~~327.5548 9,~~999~~996.7187 B-6 07387AHK4 4.~~89406~~89377% 1,961,~~976~~534.3155 87,~~001~~999.7042 Totals ~~967~~963,~~288~~145,~~776~~927.5104 3,~~944~~927,~~976~~847.8597

Certificateholder Distribution Summary (continued) Class Principal Current Ending Total Cumulative Distribution Realized Certificate Distribution Realized Loss Balance Losses A-1 36,~~207~~717,~~647~~212.8240 0.00 ~~716~~709,~~166~~449,~~738~~526.9858 59,~~980~~477,~~236~~438.6037 0.00 A-2 ~~439~~920,~~343~~038.0379 0.00 9897,~~091~~171,~~461~~422.1839 ~~819~~1,~~097~~298,099.1763 0.00 A-3 55116,752.6392 0.00 12,~~447~~331,~~806~~053.4250 ~~103~~164,~~943~~728.4384 0.00 A-4 ~~431~~902,~~052~~677.6266 0.00 9695,~~240~~337,~~475~~797.3165 ~~803~~1,~~640~~273,604.8049 0.00 X 0.00 0.00 0.00 ~~207~~206,~~869~~719.1827 0.00 B-1 5,~~078~~132.6645 0.00 22,~~550~~545,~~613~~481.9146 97,~~069~~097.4811 0.00 B-2 1,~~324~~338.6972 0.00 5,~~881~~880,~~986~~648.7705 25,~~319~~326.1031 0.00 B-3 ~~993~~1,004.6316 0.00 4,~~411~~410,~~989~~985.7458 18,~~991~~996.4889 0.00 B-4 ~~662~~669.5759 0.00 2,941,~~992~~323.7012 12,~~663~~667.8546 0.00 B-5 ~~552~~557.0791 0.00 2,~~451~~450,~~327~~769.4857 10,~~551~~554.78 0.00 B-6 ~~441~~446.7644 0.00 1,961,~~534~~088.5511 8,~~443~~445.4686 0.11 Totals 48,~~142~~665,~~849~~831.4804 0.00 ~~963~~954,~~145~~480,~~927~~096.0401 812,~~087~~593,~~826~~679.3301 0.11 As Master Servicer, Wells Fargo Bank, N.A. has independently calculated collateral information based on loan level data received from external parties, which may include the Servicers, Issuer and other parties to the transaction. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished to it by those third parties.

Principal Distribution Statement Class Original Beginning Scheduled UnScheduled Accretion Realized Face Certificate Principal Principal Loss Amount Balance Distribution Distribution A-1 730,101,000.00 ~~719~~716,~~374~~166,~~386~~738.8098 ~~161~~162,~~975~~997.0043 36,~~045~~554,~~672~~214.8297 0.00 0.00 A-2 100,000,000.00 98,~~530~~091,~~804~~461.2018 22,~~185~~325.2933 ~~417~~897,~~157~~713.7446 0.00 0.00 A-3 12,690,000.00 12,~~503~~447,~~559~~806.0542 2,~~815~~833.3108 52113,~~937~~919.3284 0.00 0.00 A-4 98,113,000.00 96,~~671~~240,~~527~~475.9331 21,~~766~~904.6505 ~~409~~880,~~285~~773.9761 0.00 0.00 X 0.00 0.00 0.00 0.00 0.00 0.00 B-1 22,566,000.00 22,~~555~~550,~~692~~613.5791 5,~~078~~132.6645 0.00 0.00 0.00 B-2 5,886,000.00 5,~~883~~881,~~311~~986.4677 1,~~324~~338.6972 0.00 0.00 0.00 B-3 4,415,000.00 4,~~412~~411,~~983~~989.3774 ~~993~~1,004.6316 0.00 0.00 0.00 B-4 2,944,000.00 2,~~942~~941,~~655~~992.2770 ~~662~~669.5759 0.00 0.00 0.00 B-5 2,453,000.00 2,451,~~879~~327.5548 ~~552~~557.0791 0.00 0.00 0.00 B-6 1,962,873.00 1,961,~~976~~534.3155 ~~441~~446.7644 0.00 0.00 0.00 Totals 981,130,873.00 ~~967~~963,~~288~~145,~~776~~927.5104 ~~217~~219,~~795~~209.6316 38,~~925~~446,~~053~~621.8588 0.00 0.00

Principal Distribution Statement (continued) Class Total Ending Ending Total Principal Certificate Certificate Principal Reduction Balance Percentage Distribution A-1 36,~~207~~717,~~647~~212.8240 ~~716~~709,~~166~~449,~~738~~526.9858 0.~~98091461~~97171422 36,~~207~~717,~~647~~212.8240 A-2 ~~439~~920,~~343~~038.0379 9897,~~091~~171,~~461~~422.1839 0.~~98091461~~97171422 ~~439~~920,~~343~~038.0379 A-3 55116,752.6392 12,~~447~~331,~~806~~053.4250 0.~~98091461~~97171422 55116,752.6392 A-4 ~~431~~902,~~052~~677.6266 9695,~~240~~337,~~475~~797.3165 0.~~98091461~~97171422 ~~431~~902,~~052~~677.6266 X 0.00 0.00 0.00000000 0.00 B-1 5,~~078~~132.6645 22,~~550~~545,~~613~~481.9146 0.~~99931817~~99909073 5,~~078~~132.6645 B-2 1,~~324~~338.6972 5,~~881~~880,~~986~~648.7705 0.~~99931817~~99909073 1,~~324~~338.6972 B-3 ~~993~~1,004.6316 4,~~411~~410,~~989~~985.7458 0.~~99931817~~99909073 ~~993~~1,004.6316 B-4 ~~662~~669.5759 2,941,~~992~~323.7012 0.~~99931817~~99909073 ~~662~~669.5759 B-5 ~~552~~557.0791 2,~~451~~450,~~327~~769.4857 0.~~99931817~~99909073 ~~552~~557.0791 B-6 ~~441~~446.7644 1,961,~~534~~088.5511 0.~~99931812~~99909067 ~~441~~446.7644 Totals 48,~~142~~665,~~849~~831.4804 ~~963~~954,~~145~~480,~~927~~096.0401 0.~~98166917~~97283667 48,~~142~~665,~~849~~831.4804

Principal Distribution Factors Statement Class Original Beginning Scheduled UnScheduled Accretion Face Certificate Principal Principal Amount Balance Distribution Distribution A-1 730,101,000.00 ~~985~~980.~~30804204~~91461179 0.~~22185287~~22325326 48.~~17157738~~97713463 0.00000000 A-2 100,000,000.00 ~~985~~980.~~30804200~~91461180 0.~~22185290~~22325330 48.~~17157740~~97713460 0.00000000 A-3 12,690,000.00 ~~985~~980.~~30804177~~91461151 0.~~22185264~~22325296 48.~~17157762~~97713475 0.00000000 A-4 98,113,000.00 ~~985~~980.~~30804205~~91461183 0.~~22185286~~22325329 48.~~17157736~~97713463 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 22,566,000.00 999.~~54323185~~31817380 0.~~22505805~~22744173 0.00000000 0.00000000 B-2 5,886,000.00 999.~~54323140~~31817363 0.~~22505776~~22744139 0.00000000 0.00000000 B-3 4,415,000.00 999.~~54323216~~31817441 0.~~22505776~~22744281 0.00000000 0.00000000 B-4 2,944,000.00 999.~~54323030~~31817255 0.~~22505774~~22744226 0.00000000 0.00000000 B-5 2,453,000.00 999.~~54323278~~31817366 0.~~22505911~~22743987 0.00000000 0.00000000 B-6 1,962,873.00 999.~~54317472~~31811686 0.~~22505786~~22744212 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution A-1 0.00000000 49.~~39343025~~20038789 ~~980~~971.~~91461179~~71422390 0.~~98091461~~97171422 49.~~39343025~~20038789 A-2 0.00000000 49.~~39343030~~20038790 ~~980~~971.~~91461180~~71422390 0.~~98091461~~97171422 49.~~39343030~~20038790 A-3 0.00000000 49.~~39343026~~20038771 ~~980~~971.~~91461151~~71422380 0.~~98091461~~97171422 49.~~39343026~~20038771 A-4 0.00000000 49.~~39343023~~20038792 ~~980~~971.~~91461183~~71422391 0.~~98091461~~97171422 49.~~39343023~~20038792 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.~~22505805~~22744173 999.~~31817380~~09073207 0.~~99931817~~99909073 0.~~22505805~~22744173 B-2 0.00000000 0.~~22505776~~22744139 999.~~31817363~~09073225 0.~~99931817~~99909073 0.~~22505776~~22744139 B-3 0.00000000 0.~~22505776~~22744281 999.~~31817441~~09073160 0.~~99931817~~99909073 0.~~22505776~~22744281 B-4 0.00000000 0.~~22505774~~22744226 999.~~31817255~~09073370 0.~~99931817~~99909073 0.~~22505774~~22744226 B-5 0.00000000 0.~~22505911~~22743987 999.~~31817366~~09073380 0.~~99931817~~99909073 0.~~22505911~~22743987 B-6 0.00000000 0.~~22505786~~22744212 999.~~31811686~~09067474 0.~~99931812~~99909067 0.~~22505786~~22744212 NOTE: Note: All classes per $1,000 denomination.

Interest Distribution Statement Class Accrual Accrual Current Beginning Current Payment of Dates Days Certificate Certificate/ Accrued Unpaid Interest Rate Notional Interest Shortfall (1) Balance A-1 0405/01/06 - 0405/30/06 30 4.62500% ~~719~~716,~~374~~166,~~386~~738.8098 2,~~772~~760,~~588~~225.7897 0.00 A-2 0405/01/06 - 0405/30/06 30 4.62500% 98,~~530~~091,~~804~~461.2018 ~~379~~378,~~754~~060.1484 0.00 A-3 0405/01/06 - 0405/30/06 30 4.62500% 12,~~503~~447,~~559~~806.0542 4847,~~190~~975.8092 0.00 A-4 0405/01/06 - 0405/30/06 30 4.62500% 96,~~671~~240,~~527~~475.9331 ~~372~~370,~~588~~926.1883 0.00 X 0405/01/06 - 0405/30/06 30 0.~~26906~~26877% ~~927~~922,~~080~~946,~~277~~481.9989 ~~207~~206,~~869~~719.1827 0.00 B-1 0405/01/06 - 0405/30/06 30 4.~~89406~~89377% 22,~~555~~550,~~692~~613.5791 91,~~990~~964.8266 0.00 B-2 0405/01/06 - 0405/30/06 30 4.~~89406~~89377% 5,~~883~~881,~~311~~986.4677 23,~~994~~987.4159 0.00 B-3 0405/01/06 - 0405/30/06 30 4.~~89406~~89377% 4,~~412~~411,~~983~~989.3774 17,~~997~~992.8573 0.00 B-4 0405/01/06 - 0405/30/06 30 4.~~89406~~89377% 2,~~942~~941,~~655~~992.2770 1211,~~001~~997.2887 0.00 B-5 0405/01/06 - 0405/30/06 30 4.~~89406~~89377% 2,451,~~879~~327.5548 9,~~999~~996.7187 0.00 B-6 0405/01/06 - 0405/30/06 30 4.~~89406~~89377% 1,961,~~976~~534.3155 87,~~001~~999.7042 0.00 Totals 3,~~944~~927,~~976~~847.8597 0.00

Interest Distribution Statement (continued) Class Current Non-Supported Total Remaining Ending Interest Interest Interest Unpaid Interest Certificate/ Shortfall(1) Shortfall Distribution Shortfall(1) Notional Balance A-1 0.00 0.00 2,~~772~~760,~~588~~225.7897 0.00 ~~716~~709,~~166~~449,~~738~~526.9858 A-2 0.00 0.00 ~~379~~378,~~754~~060.1484 0.00 9897,~~091~~171,~~461~~422.1839 A-3 0.00 0.00 4847,~~190~~975.8092 0.00 12,~~447~~331,~~806~~053.4250 A-4 0.00 0.00 ~~372~~370,~~588~~926.1883 0.00 9695,~~240~~337,~~475~~797.3165 X 0.00 0.00 ~~207~~206,~~869~~719.1827 0.00 ~~922~~914,~~946~~289,~~481~~800.8912 B-1 0.00 0.00 91,~~990~~964.8266 0.00 22,~~550~~545,~~613~~481.9146 B-2 0.00 0.00 23,~~994~~987.4159 0.00 5,~~881~~880,~~986~~648.7705 B-3 0.00 0.00 17,~~997~~992.8573 0.00 4,~~411~~410,~~989~~985.7458 B-4 0.00 0.00 1211,~~001~~997.2887 0.00 2,941,~~992~~323.7012 B-5 0.00 0.00 9,~~999~~996.7187 0.00 2,~~451~~450,~~327~~769.4857 B-6 0.00 0.00 87,~~001~~999.7042 0.00 1,961,~~534~~088.5511 Totals 0.00 0.00 3,~~944~~927,~~976~~847.8597 0.00 (1) Amount also includes Coupon Cap or Basis Risk Shortfalls,if applicable.

Interest Distribution Factors Statement Class Original Current Beginning Current Payment of Face Certificate Certificate/ Accrued Unpaid Interest Amount Rate Notional Interest Shortfall (1) Balance A-1 730,101,000.00 4.62500% ~~985~~980.~~30804204~~91461179 3.~~79754141~~78060840 0.00000000 A-2 100,000,000.00 4.62500% ~~985~~980.~~30804200~~91461180 3.~~79754140~~78060840 0.00000000 A-3 12,690,000.00 4.62500% ~~985~~980.~~30804177~~91461151 3.~~79754137~~78060835 0.00000000 A-4 98,113,000.00 4.62500% ~~985~~980.~~30804205~~91461183 3.~~79754141~~78060838 0.00000000 X 0.00 0.~~26906~~26877% ~~985~~980.~~30804204~~91461179 0.~~22092496~~21970283 0.00000000 B-1 22,566,000.00 4.~~89406~~89377% 999.~~54323185~~31817380 4.~~07652309~~07536382 0.00000000 B-2 5,886,000.00 4.~~89406~~89377% 999.~~54323140~~31817363 4.~~07652226~~07536357 0.00000000 B-3 4,415,000.00 4.~~89406~~89377% 999.~~54323216~~31817441 4.~~07652322~~07536353 0.00000000 B-4 2,944,000.00 4.~~89406~~89377% 999.~~54323030~~31817255 4.~~07652174~~07536345 0.00000000 B-5 2,453,000.00 4.~~89406~~89377% 999.~~54323278~~31817366 4.~~07652263~~07536486 0.00000000 B-6 1,962,873.00 4.~~89406~~89377% 999.~~54317472~~31811686 4.~~07652456~~07536300 0.00000000

Interest Distribution Factors Statement (continued) Class Current Non-Supported Total Remaining Unpaid Ending Interest Interest Interest Interest Certificate/ Shortfall(1) Shortfall Distribution Shortfall(1) Notional Balance A-1 0.00000000 0.00000000 3.~~79754141~~78060840 0.00000000 ~~980~~971.~~91461179~~71422390 A-2 0.00000000 0.00000000 3.~~79754140~~78060840 0.00000000 ~~980~~971.~~91461180~~71422390 A-3 0.00000000 0.00000000 3.~~79754137~~78060835 0.00000000 ~~980~~971.~~91461151~~71422380 A-4 0.00000000 0.00000000 3.~~79754141~~78060838 0.00000000 ~~980~~971.~~91461183~~71422391 X 0.00000000 0.00000000 0.~~22092496~~21970283 0.00000000 ~~980~~971.~~91461179~~71422390 B-1 0.00000000 0.00000000 4.~~07652309~~07536382 0.00000000 999.~~31817380~~09073207 B-2 0.00000000 0.00000000 4.~~07652226~~07536357 0.00000000 999.~~31817363~~09073225 B-3 0.00000000 0.00000000 4.~~07652322~~07536353 0.00000000 999.~~31817441~~09073160 B-4 0.00000000 0.00000000 4.~~07652174~~07536345 0.00000000 999.~~31817255~~09073370 B-5 0.00000000 0.00000000 4.~~07652263~~07536486 0.00000000 999.~~31817366~~09073380 B-6 0.00000000 0.00000000 4.~~07652456~~07536300 0.00000000 999.~~31811686~~09067474 (1) Amount also includes Coupon Cap or Basis Risk Shortfalls,if applicable. NOTE: Note: All classes per $1,000 denomination.

~~Certificateholder~~CERTIFICATEHOLDER ~~Account~~ACCOUNT ~~Statement~~STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 812,~~280~~797,~~175~~382.2668 Reserve Funds and Credit Enhancements 0.00 Proceeds from Repurchased Loans 0.00 Servicer Advances 2421,~~387~~339.3811 Gains & Subsequent Recoveries (Realized Losses) 0.00 ~~Prepayment Penalties 0.00~~ Total Deposits 812,~~304~~818,~~562~~721.6479 Withdrawals Reserve Funds and Credit Enhancements 0.00 Reimbursement for Servicer Advances 1524,~~217~~387.8138 Total Administration Fees ~~201~~200,~~518~~655.5040 Payment of Interest and Principal 812,~~087~~593,~~826~~679.3301 Total Withdrawals (Pool Distribution Amount) 812,~~304~~818,~~562~~721.6479 Ending Balance 0.00 Servicer Advances are calculated as delinquent scheduled principal and interest.

ADMINISTRATION FEES Gross Servicing Fee* ~~201~~200,~~518~~655.5040 Supported Prepayment/Curtailment Interest Shortfall 0.00 Total Administration Fees ~~201~~200,~~518~~655.5040 *Servicer Payees include: WELLS FARGO BANK, N.A.

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~144063~~143773% Weighted Average Net Coupon 4.~~894063~~893773% Weighted Average Pass-Through Rate 4.~~894063~~893773% Weighted Average Remaining Term ~~353~~352 Beginning Scheduled Collateral Loan Count 2,~~155~~147 Number Of Loans Paid In Full 816 Ending Scheduled Collateral Loan Count 2,~~147~~131 Beginning Scheduled Collateral Balance ~~967~~963,~~288~~145,~~776~~927.5305 Ending Scheduled Collateral Balance ~~963~~954,~~145~~480,~~927~~096.0501 Ending Actual Collateral Balance at 3031-~~Apr~~May-2006 ~~962~~954,~~883~~234,~~672~~987.8962 Monthly P&I Constant 4,~~364~~347,~~290~~712.9453 Special Servicing Fee 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~217~~219,~~795~~209.6316 Unscheduled Principal 38,~~925~~446,~~053~~621.8588

Additional Reporting - Deal Level Trigger Event Reporting Delinquency Trigger Trigger Result Pass Threshold Value 50.000000% Calculated Value 0.~~566381~~501499% Cumulative Loss Trigger Trigger Result Pass Threshold Value 30.000000% Calculated Value 0.000000% Shifting Interest Delinquency/Loss Trigger Trigger Result Pass Threshold Value 0.000000% Calculated Value 0.000000% Senior Two Times Delinquency Trigger Trigger Result Pass Threshold Value 50.000000% Calculated Value 0.~~566381~~501499% Two Times Cumulative Loss Trigger Trigger Result Pass Threshold Value 20.000000% Calculated Value 0.000000% Sub Two Times Delinquency/Loss Trigger Trigger Result Pass Threshold Value 0.000000% Calculated Value 0.000000%

~~Loan~~LOAN ~~Status~~STATUS ~~Stratification~~STRATIFICATION/~~Credit~~CREDIT ~~Enhancement~~ENHANCEMENT ~~Statement~~STATEMENT DELINQUENT BANKRUPTCY FORECLOSURE REO Total No. of Loans No. of Loans No. of Loans No. of Loans No. of Loans Actual Balance Actual Balance Actual Balance Actual Balance Actual Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 148 0 0 0 148 54,~~257~~219,~~995~~009.6938 0.00 0.00 0.00 54,~~257~~219,~~995~~009.6938 60 Days 10 0 0 0 10 ~~123,200~~0.00 0.00 0.00 0.00 ~~123,200~~0.00 90 Days 01 0 0 0 01 0123,200.00 0.00 0.00 0.00 0123,200.00 120 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 159 0 0 0 159 54,~~381~~342,~~195~~209.6938 0.00 0.00 0.00 54,~~381~~342,~~195~~209.6938 No. of Loans No. of Loans No. of Loans No. of Loans No. of Loans Actual Balance Actual Balance Actual Balance Actual Balance Actual Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~652073~~375411% 0.000000% 0.000000% 0.000000% 0.~~652073~~375411% 0.~~546068~~442135% 0.000000% 0.000000% 0.000000% 0.~~546068~~442135% 60 Days 0.~~046577~~000000% 0.000000% 0.000000% 0.000000% 0.~~046577~~000000% 0.~~012795~~000000% 0.000000% 0.000000% 0.000000% 0.~~012795~~000000% 90 Days 0.~~000000~~046926% 0.000000% 0.000000% 0.000000% 0.~~000000~~046926% 0.~~000000~~012911% 0.000000% 0.000000% 0.000000% 0.~~000000~~012911% 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.~~698649~~422337% 0.000000% 0.000000% 0.000000% 0.~~698649~~422337% 0.~~558862~~455046% 0.000000% 0.000000% 0.000000% 0.~~558862~~455046%

Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 2421,~~387~~339.3811

REO Detail - All Mortgage Loans in REO during Current Period

Summary 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Jun~~Jul-05 0.000% Original Principal Balance 0.00 ~~Jul~~Aug-05 0.000% Current Actual Balance 0.00 ~~Aug~~Sep-05 0.000% ~~Sep~~Oct-05 0.000% Current REO Total ~~Oct~~Nov-05 0.000% Loans in REO 0 ~~Nov~~Dec-05 0.000% Original Principal Balance 0.00 ~~Dec~~Jan-0506 0.000% Current Actual Balance 0.00 ~~Jan~~Feb-06 0.000% ~~Feb~~Mar-06 0.000% ~~Mar~~Apr-06 0.000% ~~Apr~~May-06 0.000% ~~May~~Jun-06 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Summary 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 ~~Jun~~Jul-05 0.000% Original Principal Balance 0.00 ~~Jul~~Aug-05 0.000% Current Actual Balance 0.00 ~~Aug~~Sep-05 0.000% ~~Sep~~Oct-05 0.000% Current Foreclosure Total ~~Oct~~Nov-05 0.000% Loans in Foreclosure 0 ~~Nov~~Dec-05 0.000% Original Principal Balance 0.00 ~~Dec~~Jan-0506 0.000% Current Actual Balance 0.00 ~~Jan~~Feb-06 0.000% ~~Feb~~Mar-06 0.000% ~~Mar~~Apr-06 0.000% ~~Apr~~May-06 0.000% ~~May~~Jun-06 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

Summary 12 Month Bankruptcy History* New Bankruptcy Loans Month Bankruptcy Percentage Loans in Bankruptcy 0 ~~Jun~~Jul-05 0.000% Original Principal Balance 0.00 ~~Jul~~Aug-05 0.000% Current Actual Balance 0.00 ~~Aug~~Sep-05 0.000% ~~Sep~~Oct-05 0.000% Current Bankruptcy Total ~~Oct~~Nov-05 0.000% Loans in Bankruptcy 0 ~~Nov~~Dec-05 0.000% Original Principal Balance 0.00 ~~Dec~~Jan-0506 0.000% Current Actual Balance 0.00 ~~Jan~~Feb-06 0.000% ~~Feb~~Mar-06 0.000% ~~Mar~~Apr-06 0.000% ~~Apr~~May-06 0.000% ~~May~~Jun-06 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

Realized Loss Report - Collateral Summary MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs. 12mo Average* SDA: Current vs. 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Jun-2005 N/A N/A Jun-2005 N/A N/A~~ Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 N/A N/A Aug-2005 N/A N/A Sep-2005 N/A N/A Sep-2005 N/A N/A Oct-2005 N/A N/A Oct-2005 N/A N/A Nov-2005 N/A N/A Nov-2005 N/A N/A Dec-2005 N/A N/A Dec-2005 N/A N/A Jan-2006 N/A N/A Jan-2006 N/A N/A Feb-2006 N/A N/A Feb-2006 N/A N/A Mar-2006 0.000% N/A Mar-2006 0.000% N/A Apr-2006 0.000% N/A Apr-2006 0.000% N/A May-2006 0.000% N/A May-2006 0.000% N/A Jun-2006 0.000% N/A Jun-2006 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs. 12mo Average* Loss Severity: Current vs. 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Jun-2005 N/A N/A Jun-2005 N/A N/A~~ Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 N/A N/A Aug-2005 N/A N/A Sep-2005 N/A N/A Sep-2005 N/A N/A Oct-2005 N/A N/A Oct-2005 N/A N/A Nov-2005 N/A N/A Nov-2005 N/A N/A Dec-2005 N/A N/A Dec-2005 N/A N/A Jan-2006 N/A N/A Jan-2006 N/A N/A Feb-2006 N/A N/A Feb-2006 N/A N/A Mar-2006 0.000% N/A Mar-2006 0.000% N/A Apr-2006 0.000% N/A Apr-2006 0.000% N/A May-2006 0.000% N/A May-2006 0.000% N/A Jun-2006 0.000% N/A Jun-2006 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Monthly Default Rate (MDR): sum(Beg Scheduled Balance of Liquidated Loans)/ sum(Beg Scheduled Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR /(WAS * 0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR / 0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR / (0.6 - ((WAS - 60) * 0.0095)) else if WAS is greater than 120 then CDR / 0.03 Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Scheduled Balance of Liquidated Loans)

Prepayment Detail - Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Scheduled Principal Scheduled Group Count Balance Balance Count Balance Balance Total 816 38,~~310~~071,~~939~~720.00 37,~~301~~706,~~239~~058.3775 0 0.00 0.00

Prepayment Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Scheduled Principal Scheduled Curtailment Group Count Balance Balance Count Balance Balance Amount Total 0 0.00 0.00 0 0.00 0.00 ~~624~~741,~~828~~856.1855

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Summary ~~0048732424~~0047270814 IDMD 7680.8100 01-~~Sep~~Nov-2005 ~~401~~307,~~000~~156.00 ~~401~~306,~~000~~416.87 Summary 0048240071 NV 80.00 01-Oct-2005 478,673.00 478,673.00 Summary ~~0056555758~~0050994797 MDCA 8972.2913 01-Oct-2005 ~~442~~546,000.00 ~~438~~546,~~157~~000.2000 Summary ~~0056659618~~0052663358 MNCO 80.00 01-~~Nov~~Dec-2005 ~~148~~329,~~876~~385.00 ~~148~~329,~~190~~056.4901 Summary ~~0145821872~~0054456082 UTCA 80.00 01-~~Sep~~Jan-~~2005~~2006 ~~442~~267,~~320~~214.00 ~~437~~267,~~660~~196.6818 Summary ~~0147022172~~0054639984 CAOR 80.00 01-Dec-2005 183,550.00 183,550.00 Summary 0057488181 FL 64.30 01-Nov-2005 ~~359~~1,~~600~~000,000.00 ~~359~~1,~~600~~000,000.00 Summary ~~0147212765~~0058410283 HINC 5980.00 01-~~Nov~~Oct-2005 ~~999~~468,~~999~~000.00 ~~999~~467,999.50 Summary 0059536011 NE 75.00 01-Nov-2005 534,375.00 533,852.72 Summary ~~0147635437~~0144196698 CA 70.66 01-Nov-2005 1,000,000.00 989,794.25 Summary 0146709373 IA 80.00 01-Dec-2005 676,000.00 675,999.60 Summary 0147144851 WA 80.00 01-Nov-2005 ~~226~~560,~~644~~000.00 ~~226~~235,~~644~~000.00 Summary ~~0147796643~~0147250724 ALNJ 7647.4461 01-~~Dec~~Jan-2006 300,000.00 269,999.00 Summary 0147469779 CA 62.50 01-Oct-2005 ~~290~~650,~~500~~000.00 ~~288~~649,~~974~~861.3020 Summary 0147798532 TN 80.00 01-Feb-2006 436,932.00 436,932.00 Summary 0148592587 OR 80.00 01-Nov-2005 334,435.00 334,435.00

Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Summary ~~0048732424~~0047270814 Loan Paid in Full 0 45.~~875~~500% 360 87 Summary ~~0056555758~~0048240071 Loan Paid in Full 0 5.~~625~~500% 360 78 Summary ~~0056659618~~0050994797 Loan Paid in Full 0 5.375% 360 8 Summary 0052663358 Loan Paid in Full 0 5.125% 360 6 Summary ~~0145821872~~0054456082 Loan Paid in Full 0 5.250% 360 85 Summary ~~0147022172~~0054639984 Loan Paid in Full 0 5.~~625~~250% 360 6 Summary ~~0147212765~~0057488181 Loan Paid in Full (1) 5.625% 360 7 Summary 0058410283 Loan Paid in Full 0 5.250% 360 68 Summary ~~0147635437~~0059536011 Loan Paid in Full 0 5.250% 360 7 Summary 0144196698 Loan Paid in Full 1 4.750% 360 7 Summary 0146709373 Loan Paid in Full 0 4.875% 360 6 Summary ~~0147796643~~0147144851 Loan Paid in Full 0 4.875% 360 7 Summary 0147250724 Loan Paid in Full 0 5.~~000~~125% 360 5 Summary 0147469779 Loan Paid in Full 0 5.125% 360 8 Summary 0147798532 Loan Paid in Full (1) 5.125% 360 4 Summary 0148592587 Loan Paid in Full 0 5.250% 360 7

Prepayment - Voluntary Prepayments

Summary SMM CPR PSA Current Month 0.~~406~~877% Current Month 410.~~763~~033% Current Month ~~360~~659.~~839~~449% 3 Month Average 0.~~592~~661% 3 Month Average 67.~~868~~628% 3 Month Average ~~640~~580.~~351~~814% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs. 12mo Average* PSA: Current vs. 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Jun-2005 N/A N/A Jun-2005 N/A N/A~~ Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 N/A N/A Aug-2005 N/A N/A Sep-2005 N/A N/A Sep-2005 N/A N/A Oct-2005 N/A N/A Oct-2005 N/A N/A Nov-2005 N/A N/A Nov-2005 N/A N/A Dec-2005 N/A N/A Dec-2005 N/A N/A Jan-2006 N/A N/A Jan-2006 N/A N/A Feb-2006 N/A N/A Feb-2006 N/A N/A Mar-2006 7.752% N/A Mar-2006 838.059% N/A Apr-2006 8.087% N/A Apr-2006 722.155% N/A May-2006 4.763% N/A May-2006 360.839% N/A Jun-2006 10.033% N/A Jun-2006 659.449% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))

Interest Rate Stratification Summary Current Number of Outstanding Percentage of Interest Rate Loans Scheduled Balance(%) Range(%) Balance($) < 3.500 0 0.00 0.000 3.500 3.749 1 ~~280~~277,~~381~~467.6716 0.029 3.750 3.999 2 ~~334~~331,~~172~~266.1634 0.035 4.000 4.249 10 2,~~133~~132,~~815~~913.9077 0.~~222~~223 4.250 4.499 21 7,~~717~~708,~~591~~827.3980 0.~~801~~808 4.500 4.749 74 34,~~965~~945,~~208~~234.4601 3.~~630~~661 4.750 4.999 ~~268~~265 ~~129~~127,~~582~~300,~~436~~020.5195 13.~~454~~337 5.000 5.249 ~~652~~648 ~~317~~315,~~084~~243,~~237~~875.0141 3233.~~922~~028 5.250 5.499 ~~846~~840 ~~379~~376,~~241~~549,~~860~~268.5972 39.~~375~~451 5.500 5.749 ~~198~~195 7169,~~583~~771,~~545~~285.4753 7.~~432~~310 5.750 5.999 69 19,~~177~~175,~~966~~358.8931 12.~~991~~009 6.000 6.249 6 1,044,~~711~~578.0001 0.~~108~~109 >= 6.250 0 0.00 0.000 Total 2,~~147~~131 ~~963~~954,~~145~~480,~~927~~096.0501 100.000

Filing Compare · Bear Stearns ARM Trust 2006-1