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|IXIS Real Estate Capital Trust Series 2005-HE4
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|2005 Annual Statement                         
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                |  |           |  | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                         |        | CLASS     |               | CUSIP |                |  | INTEREST                |  |                |  | PRINCIPAL |  | 
|200512                                         | A-1    | 45071KCK8 | $1,645,184.44 |       | $13,840,945.54 |  | $393,159,054.46         | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $1,645,184.44           |  | $13,840,945.54 |  |           |  | 
|200512                                         | A-2    | 45071KCL6 | $629,131.58   |       | $0.00          |  | $151,052,000.00         | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $629,131.58             |  | $0.00          |  |           |  | 
|200512                                         | A-3    | 45071KCM4 | $447,241.67   |       | $0.00          |  | $105,000,000.00         | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $447,241.67             |  | $0.00          |  |           |  | 
|200512                                         | B-1    | 45071KCU6 | $63,540.54    |       | $0.00          |  | $12,718,000.00          | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $63,540.54              |  | $0.00          |  |           |  | 
|200512                                         | B-2    | 45071KCV4 | $57,987.11    |       | $0.00          |  | $11,023,000.00          | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $57,987.11              |  | $0.00          |  |           |  | 
|200512                                         | B-3    | 45071KCW2 | $44,107.18    |       | $0.00          |  | $7,631,000.00           | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $44,107.18              |  | $0.00          |  |           |  | 
|200512                                         | B-4    | 45071KCX0 | $61,420.94    |       | $0.00          |  | $8,479,000.00           | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $61,420.94              |  | $0.00          |  |           |  | 
|200512                                         | M-1    | 45071KCN2 | $139,673.70   |       | $0.00          |  | $32,220,000.00          | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $139,673.70             |  | $0.00          |  |           |  | 
|200512                                         | M-2    | 45071KCP7 | $127,359.96   |       | $0.00          |  | $29,252,000.00          | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $127,359.96             |  | $0.00          |  |           |  | 
|200512                                         | M-3    | 45071KCQ5 | $83,243.67    |       | $0.00          |  | $19,078,000.00          | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $83,243.67              |  | $0.00          |  |           |  | 
|200512                                         | M-4    | 45071KCR3 | $64,798.94    |       | $0.00          |  | $14,414,000.00          | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $64,798.94              |  | $0.00          |  |           |  | 
|200512                                         | M-5    | 45071KCS1 | $63,421.33    |       | $0.00          |  | $13,990,000.00          | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $63,421.33              |  | $0.00          |  |           |  | 
|200512                                         | M-6    | 45071KCT9 | $60,202.24    |       | $0.00          |  | $13,143,000.00          | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $60,202.24              |  | $0.00          |  |           |  | 
|200512                                         | P      | 45071KCZ5 | $7,512.41     |       | $100.00        |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $7,512.41               |  | $100.00        |  |           |  | 
|200512                                         | R      | IX0504101 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                         | R-I    | IX0504106 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                         | R-II   | IX0504107 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                         | R-III  | IX0504108 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                         | R-IV   | IX0504109 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200512                                         | REMIC1 | IX0504102 | $4,140,611.57 |       | $0.00          |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $4,140,611.57           |  | $0.00          |  |           |  | 
|200512                                         | REMIC2 | IX0504103 | $4,140,611.57 |       | $0.00          |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $4,140,611.57           |  | $0.00          |  |           |  | 
|200512                                         | REMIC3 | IX0504104 | $4,140,611.57 |       | $0.00          |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $4,140,611.57           |  | $0.00          |  |           |  | 
|200512                                         | REMIC4 | IX0504105 | $4,140,611.57 |       | $0.00          |  | $0.00                   | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $4,140,611.57           |  | $0.00          |  |           |  | 
|200512                                         | X      | 45071KCY8 | $596,439.19   |       | $0.00          |  | $22,893,114.08          | 
|                                               |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                               |        |           |               |       |                |  | $596,439.19             |  | $0.00          |  |           |  | 
|                                               |        |           |               |       |                |  | $20,653,711.18          |  | $13,841,045.54 |  |           |  |