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|-------------------------------------------------------- | ------ | --------- | ------------- | ----- | -------------- |  | ----------------------- |  | -------------- |  | --------- |  |  |  | -------------- | 
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|Securitized Asset Backed Receivables LLC Series 2004-NC2
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|2004 Annual Statement                                   
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                |  |           |  | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                                   |        | CLASS     |               | CUSIP |                |  | INTEREST                |  |                |  | PRINCIPAL |  | 
|200409                                                   | A-1    | 81375WBJ4 | $359,065.75   |       | $3,782,204.04  |  | $198,912,795.96         | 
|200410                                                   | A-1    | 81375WBJ4 | $333,786.72   |       | $3,956,668.41  |  | $194,956,127.55         | 
|200411                                                   | A-1    | 81375WBJ4 | $389,912.26   |       | $4,575,006.46  |  | $190,381,121.09         | 
|200412                                                   | A-1    | 81375WBJ4 | $409,541.68   |       | $6,827,929.80  |  | $183,553,191.29         | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $1,492,306.41           |  | $19,141,808.71 |  |           |  | 
|200409                                                   | A-2    | 81375WBA3 | $226,488.86   |       | $3,764,156.39  |  | $120,084,843.61         | 
|200410                                                   | A-2    | 81375WBA3 | $207,346.50   |       | $2,336,627.95  |  | $117,748,215.66         | 
|200411                                                   | A-2    | 81375WBA3 | $242,038.00   |       | $4,752,616.86  |  | $112,995,598.80         | 
|200412                                                   | A-2    | 81375WBA3 | $249,153.82   |       | $9,734,685.23  |  | $103,260,913.57         | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $925,027.18             |  | $20,588,086.43 |  |           |  | 
|200409                                                   | B-1    | 81375WBE5 | $16,783.83    |       | $0.00          |  | $5,209,000.00           | 
|200410                                                   | B-1    | 81375WBE5 | $15,152.40    |       | $0.00          |  | $5,209,000.00           | 
|200411                                                   | B-1    | 81375WBE5 | $17,745.33    |       | $0.00          |  | $5,209,000.00           | 
|200412                                                   | B-1    | 81375WBE5 | $18,303.78    |       | $0.00          |  | $5,209,000.00           | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $67,985.34              |  | $0.00          |  |           |  | 
|200409                                                   | B-2    | 81375WBF2 | $13,278.20    |       | $0.00          |  | $4,007,000.00           | 
|200410                                                   | B-2    | 81375WBF2 | $11,967.57    |       | $0.00          |  | $4,007,000.00           | 
|200411                                                   | B-2    | 81375WBF2 | $14,006.69    |       | $0.00          |  | $4,007,000.00           | 
|200412                                                   | B-2    | 81375WBF2 | $14,425.15    |       | $0.00          |  | $4,007,000.00           | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $53,677.61              |  | $0.00          |  |           |  | 
|200409                                                   | B-3    | 81375WBG0 | $12,712.40    |       | $0.00          |  | $3,005,000.00           | 
|200410                                                   | B-3    | 81375WBG0 | $11,312.16    |       | $0.00          |  | $3,005,000.00           | 
|200411                                                   | B-3    | 81375WBG0 | $13,175.26    |       | $0.00          |  | $3,005,000.00           | 
|200412                                                   | B-3    | 81375WBG0 | $13,405.60    |       | $0.00          |  | $3,005,000.00           | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $50,605.42              |  | $0.00          |  |           |  | 
|200409                                                   | B-4    | 81375WBH8 | $16,947.05    |       | $0.00          |  | $4,006,000.00           | 
|200410                                                   | B-4    | 81375WBH8 | $15,080.36    |       | $0.00          |  | $4,006,000.00           | 
|200411                                                   | B-4    | 81375WBH8 | $17,564.08    |       | $0.00          |  | $4,006,000.00           | 
|200412                                                   | B-4    | 81375WBH8 | $17,871.16    |       | $0.00          |  | $4,006,000.00           | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $67,462.65              |  | $0.00          |  |           |  | 
|200409                                                   | B1-R   | BC04C20B1 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                                   | B1-R   | BC04C20B1 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                                   | B1-R   | BC04C20B1 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                                   | B1-R   | BC04C20B1 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200409                                                   | B2-R   | BC04C20B2 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                                   | B2-R   | BC04C20B2 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                                   | B2-R   | BC04C20B2 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                                   | B2-R   | BC04C20B2 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200409                                                   | B3-R   | BC04C20B3 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                                   | B3-R   | BC04C20B3 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                                   | B3-R   | BC04C20B3 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                                   | B3-R   | BC04C20B3 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200409                                                   | B4-R   | BC04C20B4 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                                   | B4-R   | BC04C20B4 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                                   | B4-R   | BC04C20B4 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                                   | B4-R   | BC04C20B4 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200409                                                   | M-1    | 81375WBB1 | $50,845.69    |       | $0.00          |  | $25,042,000.00          | 
|200410                                                   | M-1    | 81375WBB1 | $47,524.15    |       | $0.00          |  | $25,042,000.00          | 
|200411                                                   | M-1    | 81375WBB1 | $56,372.32    |       | $0.00          |  | $25,042,000.00          | 
|200412                                                   | M-1    | 81375WBB1 | $59,961.35    |       | $0.00          |  | $25,042,000.00          | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $214,703.51             |  | $0.00          |  |           |  | 
|200409                                                   | M-2    | 81375WBC9 | $49,110.49    |       | $0.00          |  | $19,032,000.00          | 
|200410                                                   | M-2    | 81375WBC9 | $45,000.11    |       | $0.00          |  | $19,032,000.00          | 
|200411                                                   | M-2    | 81375WBC9 | $52,993.55    |       | $0.00          |  | $19,032,000.00          | 
|200412                                                   | M-2    | 81375WBC9 | $55,404.02    |       | $0.00          |  | $19,032,000.00          | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $202,508.17             |  | $0.00          |  |           |  | 
|200409                                                   | M-3    | 81375WBD7 | $16,161.12    |       | $0.00          |  | $5,809,000.00           | 
|200410                                                   | M-3    | 81375WBD7 | $14,729.04    |       | $0.00          |  | $5,809,000.00           | 
|200411                                                   | M-3    | 81375WBD7 | $17,310.82    |       | $0.00          |  | $5,809,000.00           | 
|200412                                                   | M-3    | 81375WBD7 | $18,011.05    |       | $0.00          |  | $5,809,000.00           | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $66,212.03              |  | $0.00          |  |           |  | 
|200409                                                   | P      | BC04C201P | $7,996.79     |       | $0.00          |  | $0.00                   | 
|200410                                                   | P      | BC04C201P | $93,068.90    |       | $0.00          |  | $0.00                   | 
|200411                                                   | P      | BC04C201P | $121,318.91   |       | $0.00          |  | $0.00                   | 
|200412                                                   | P      | BC04C201P | $215,073.38   |       | $0.00          |  | $0.00                   | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $437,457.98             |  | $0.00          |  |           |  | 
|200409                                                   | R      | BC04C201R | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                                   | R      | BC04C201R | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                                   | R      | BC04C201R | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                                   | R      | BC04C201R | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|200409                                                   | REMIC1 | BC04C2202 | $1,863,545.42 |       | $7,547,300.31  |  | $393,121,005.69         | 
|200410                                                   | REMIC1 | BC04C2202 | $1,831,082.82 |       | $6,293,296.36  |  | $386,827,709.33         | 
|200411                                                   | REMIC1 | BC04C2202 | $1,806,068.46 |       | $9,327,623.32  |  | $377,500,086.01         | 
|200412                                                   | REMIC1 | BC04C2202 | $1,765,850.32 |       | $16,562,615.03 |  | $360,937,470.98         | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $7,266,547.02           |  | $39,730,835.02 |  |           |  | 
|200409                                                   | X      | BC04C201X | $1,102,152.03 |       | $939.88        |  | $8,013,366.12           | 
|200410                                                   | X      | BC04C201X | $1,129,183.81 |       | $0.00          |  | $8,013,366.12           | 
|200411                                                   | X      | BC04C201X | $984,950.15   |       | $0.00          |  | $8,013,366.12           | 
|200412                                                   | X      | BC04C201X | $909,772.71   |       | $0.00          |  | $8,013,366.12           | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $4,126,058.70           |  | $939.88        |  |           |  | 
|200409                                                   | X-R    | BC04C20XR | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                                   | X-R    | BC04C20XR | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                                   | X-R    | BC04C20XR | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                                   | X-R    | BC04C20XR | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                         |        |           |               |       |                |  |                         |  |                |  |           |  |  |  |                | 
|                                                         |        |           |               |       |                |  | $0.00                   |  | $0.00          |  |           |  | 
|                                                         |        |           |               |       |                |  | $14,970,552.02          |  | $79,461,670.04 |  |           |  |