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|-------------------------------------------------------- | ------- | --------- | ------------- | ----- | -------------- |  | ----------------------- |  | --------------- |  | --------- |  |  |  | -------------- | 
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|Securitized Asset Backed Receivables LLC Series 2004-NC1
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|2004 Annual Statement                                   
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                 |  |           |  | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                                   |         | CLASS     |               | CUSIP |                |  | INTEREST                |  |                 |  | PRINCIPAL |  | 
|200405                                                   | A1      | 81375WAR7 | $738,206.78   |       | $10,787,470.00 |  | $583,309,530.00         | 
|200406                                                   | A1      | 81375WAR7 | $774,788.98   |       | $15,595,609.56 |  | $567,713,920.44         | 
|200407                                                   | A1      | 81375WAR7 | $851,846.85   |       | $16,270,842.93 |  | $551,443,077.51         | 
|200408                                                   | A1      | 81375WAR7 | $869,671.69   |       | $24,026,171.82 |  | $527,416,905.69         | 
|200409                                                   | A1      | 81375WAR7 | $994,730.26   |       | $25,393,442.16 |  | $502,023,463.53         | 
|200410                                                   | A1      | 81375WAR7 | $891,231.10   |       | $22,659,381.46 |  | $479,364,082.07         | 
|200411                                                   | A1      | 81375WAR7 | $1,011,990.84 |       | $23,646,565.48 |  | $455,717,516.60         | 
|200412                                                   | A1      | 81375WAR7 | $1,029,377.64 |       | $23,961,028.68 |  | $431,756,487.91         | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $7,161,844.14           |  | $162,340,512.09 |  |           |  | 
|200405                                                   | A2      | 81375WAJ5 | $300,044.51   |       | $5,381,753.15  |  | $270,521,246.85         | 
|200406                                                   | A2      | 81375WAJ5 | $314,480.95   |       | $3,829,119.27  |  | $266,692,127.58         | 
|200407                                                   | A2      | 81375WAJ5 | $355,959.91   |       | $9,465,352.48  |  | $257,226,775.10         | 
|200408                                                   | A2      | 81375WAJ5 | $364,404.60   |       | $9,617,328.66  |  | $247,609,446.44         | 
|200409                                                   | A2      | 81375WAJ5 | $423,308.98   |       | $9,838,826.91  |  | $237,770,619.53         | 
|200410                                                   | A2      | 81375WAJ5 | $386,509.35   |       | $9,374,104.27  |  | $228,396,515.26         | 
|200411                                                   | A2      | 81375WAJ5 | $443,089.24   |       | $12,853,519.95 |  | $215,542,995.30         | 
|200412                                                   | A2      | 81375WAJ5 | $451,140.65   |       | $10,031,450.75 |  | $205,511,544.56         | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $3,038,938.19           |  | $70,391,455.44  |  |           |  | 
|200405                                                   | B1      | 81375WAN6 | $28,077.03    |       | $0.00          |  | $11,815,000.00          | 
|200406                                                   | B1      | 81375WAN6 | $30,013.38    |       | $0.00          |  | $11,815,000.00          | 
|200407                                                   | B1      | 81375WAN6 | $32,048.19    |       | $0.00          |  | $11,815,000.00          | 
|200408                                                   | B1      | 81375WAN6 | $32,491.25    |       | $0.00          |  | $11,815,000.00          | 
|200409                                                   | B1      | 81375WAN6 | $37,527.39    |       | $0.00          |  | $11,815,000.00          | 
|200410                                                   | B1      | 81375WAN6 | $33,909.05    |       | $0.00          |  | $11,815,000.00          | 
|200411                                                   | B1      | 81375WAN6 | $39,724.66    |       | $0.00          |  | $11,815,000.00          | 
|200412                                                   | B1      | 81375WAN6 | $41,007.74    |       | $0.00          |  | $11,815,000.00          | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $274,798.69             |  | $0.00           |  |           |  | 
|200405                                                   | B2      | 81375WAP1 | $26,822.66    |       | $0.00          |  | $10,741,000.00          | 
|200406                                                   | B2      | 81375WAP1 | $28,672.50    |       | $0.00          |  | $10,741,000.00          | 
|200407                                                   | B2      | 81375WAP1 | $30,522.34    |       | $0.00          |  | $10,741,000.00          | 
|200408                                                   | B2      | 81375WAP1 | $30,880.38    |       | $0.00          |  | $10,741,000.00          | 
|200409                                                   | B2      | 81375WAP1 | $35,592.99    |       | $0.00          |  | $10,741,000.00          | 
|200410                                                   | B2      | 81375WAP1 | $32,079.79    |       | $0.00          |  | $10,741,000.00          | 
|200411                                                   | B2      | 81375WAP1 | $37,545.76    |       | $0.00          |  | $10,741,000.00          | 
|200412                                                   | B2      | 81375WAP1 | $38,667.46    |       | $0.00          |  | $10,741,000.00          | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $260,783.88             |  | $0.00           |  |           |  | 
|200405                                                   | B3      | 81375WAQ9 | $39,974.08    |       | $0.00          |  | $11,815,000.00          | 
|200406                                                   | B3      | 81375WAQ9 | $42,730.92    |       | $0.00          |  | $11,815,000.00          | 
|200407                                                   | B3      | 81375WAQ9 | $44,765.72    |       | $0.00          |  | $11,815,000.00          | 
|200408                                                   | B3      | 81375WAQ9 | $44,798.54    |       | $0.00          |  | $11,815,000.00          | 
|200409                                                   | B3      | 81375WAQ9 | $51,065.41    |       | $0.00          |  | $11,815,000.00          | 
|200410                                                   | B3      | 81375WAQ9 | $45,395.86    |       | $0.00          |  | $11,815,000.00          | 
|200411                                                   | B3      | 81375WAQ9 | $52,852.43    |       | $0.00          |  | $11,815,000.00          | 
|200412                                                   | B3      | 81375WAQ9 | $53,725.28    |       | $0.00          |  | $11,815,000.00          | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $375,308.24             |  | $0.00           |  |           |  | 
|200405                                                   | M1      | 81375WAK2 | $89,004.92    |       | $0.00          |  | $68,203,000.00          | 
|200406                                                   | M1      | 81375WAK2 | $95,143.19    |       | $0.00          |  | $68,203,000.00          | 
|200407                                                   | M1      | 81375WAK2 | $106,889.26   |       | $0.00          |  | $68,203,000.00          | 
|200408                                                   | M1      | 81375WAK2 | $111,966.59   |       | $0.00          |  | $68,203,000.00          | 
|200409                                                   | M1      | 81375WAK2 | $133,478.95   |       | $0.00          |  | $68,203,000.00          | 
|200410                                                   | M1      | 81375WAK2 | $125,190.40   |       | $0.00          |  | $68,203,000.00          | 
|200411                                                   | M1      | 81375WAK2 | $148,682.54   |       | $0.00          |  | $68,203,000.00          | 
|200412                                                   | M1      | 81375WAK2 | $158,608.98   |       | $0.00          |  | $68,203,000.00          | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $968,964.83             |  | $0.00           |  |           |  | 
|200405                                                   | M2      | 81375WAL0 | $102,205.06   |       | $0.00          |  | $56,389,000.00          | 
|200406                                                   | M2      | 81375WAL0 | $109,253.69   |       | $0.00          |  | $56,389,000.00          | 
|200407                                                   | M2      | 81375WAL0 | $118,965.13   |       | $0.00          |  | $56,389,000.00          | 
|200408                                                   | M2      | 81375WAL0 | $122,176.17   |       | $0.00          |  | $56,389,000.00          | 
|200409                                                   | M2      | 81375WAL0 | $142,922.62   |       | $0.00          |  | $56,389,000.00          | 
|200410                                                   | M2      | 81375WAL0 | $131,135.75   |       | $0.00          |  | $56,389,000.00          | 
|200411                                                   | M2      | 81375WAL0 | $154,505.86   |       | $0.00          |  | $56,389,000.00          | 
|200412                                                   | M2      | 81375WAL0 | $161,726.05   |       | $0.00          |  | $56,389,000.00          | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $1,042,890.33           |  | $0.00           |  |           |  | 
|200405                                                   | M3      | 81375WAM8 | $38,610.12    |       | $0.00          |  | $18,796,000.00          | 
|200406                                                   | M3      | 81375WAM8 | $41,272.88    |       | $0.00          |  | $18,796,000.00          | 
|200407                                                   | M3      | 81375WAM8 | $44,509.97    |       | $0.00          |  | $18,796,000.00          | 
|200408                                                   | M3      | 81375WAM8 | $45,423.67    |       | $0.00          |  | $18,796,000.00          | 
|200409                                                   | M3      | 81375WAM8 | $52,808.93    |       | $0.00          |  | $18,796,000.00          | 
|200410                                                   | M3      | 81375WAM8 | $48,096.88    |       | $0.00          |  | $18,796,000.00          | 
|200411                                                   | M3      | 81375WAM8 | $56,513.31    |       | $0.00          |  | $18,796,000.00          | 
|200412                                                   | M3      | 81375WAM8 | $58,763.36    |       | $0.00          |  | $18,796,000.00          | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $385,999.12             |  | $0.00           |  |           |  | 
|200405                                                   | P       | BC04C1102 | $161,691.79   |       | $0.00          |  | $0.00                   | 
|200406                                                   | P       | BC04C1102 | $310,349.48   |       | $0.00          |  | $0.00                   | 
|200407                                                   | P       | BC04C1102 | $461,263.52   |       | $0.00          |  | $0.00                   | 
|200408                                                   | P       | BC04C1102 | $647,387.31   |       | $0.00          |  | $0.00                   | 
|200409                                                   | P       | BC04C1102 | $728,157.64   |       | $0.00          |  | $0.00                   | 
|200410                                                   | P       | BC04C1102 | $658,098.10   |       | $0.00          |  | $0.00                   | 
|200411                                                   | P       | BC04C1102 | $677,956.15   |       | $0.00          |  | $0.00                   | 
|200412                                                   | P       | BC04C1102 | $655,010.44   |       | $0.00          |  | $0.00                   | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $4,299,914.43           |  | $0.00           |  |           |  | 
|200405                                                   | R       | BC04C1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200406                                                   | R       | BC04C1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200407                                                   | R       | BC04C1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200408                                                   | R       | BC04C1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200409                                                   | R       | BC04C1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                                   | R       | BC04C1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                                   | R       | BC04C1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                                   | R       | BC04C1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $0.00                   |  | $0.00           |  |           |  | 
|200405                                                   | REMIC I | BC04C1201 | $6,179,319.19 |       | $16,169,693.19 |  | $1,057,904,596.81       | 
|200406                                                   | REMIC I | BC04C1201 | $6,258,268.00 |       | $19,424,728.83 |  | $1,038,479,867.98       | 
|200407                                                   | REMIC I | BC04C1201 | $6,297,971.54 |       | $25,736,195.41 |  | $1,012,743,672.57       | 
|200408                                                   | REMIC I | BC04C1201 | $6,340,464.57 |       | $33,643,500.48 |  | $979,100,172.09         | 
|200409                                                   | REMIC I | BC04C1201 | $6,233,082.48 |       | $35,232,269.07 |  | $943,867,903.02         | 
|200410                                                   | REMIC I | BC04C1201 | $5,962,919.83 |       | $32,033,485.73 |  | $911,834,417.29         | 
|200411                                                   | REMIC I | BC04C1201 | $5,799,268.29 |       | $36,500,085.43 |  | $875,334,331.86         | 
|200412                                                   | REMIC I | BC04C1201 | $5,545,637.01 |       | $33,992,479.43 |  | $841,341,852.43         | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $48,616,930.91          |  | $232,732,437.57 |  |           |  | 
|200405                                                   | X       | BC04C1101 | $4,654,682.24 |       | $470.04        |  | $26,314,819.96          | 
|200406                                                   | X       | BC04C1101 | $4,511,562.03 |       | $0.00          |  | $26,314,819.96          | 
|200407                                                   | X       | BC04C1101 | $4,251,200.65 |       | $0.00          |  | $26,314,819.96          | 
|200408                                                   | X       | BC04C1101 | $4,071,264.37 |       | $0.00          |  | $26,314,819.96          | 
|200409                                                   | X       | BC04C1101 | $3,633,489.31 |       | $0.00          |  | $26,314,819.96          | 
|200410                                                   | X       | BC04C1101 | $3,611,273.55 |       | $0.00          |  | $26,314,819.96          | 
|200411                                                   | X       | BC04C1101 | $3,176,407.50 |       | $0.00          |  | $26,314,819.96          | 
|200412                                                   | X       | BC04C1101 | $2,897,609.41 |       | $0.00          |  | $26,314,819.96          | 
|                                                         |         |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                                         |         |           |               |       |                |  | $30,807,489.06          |  | $470.04         |  |           |  | 
|                                                         |         |           |               |       |                |  | $97,233,861.82          |  | $465,464,875.14 |  |           |  |