In connection with the Company’s activities, the Company uses certain special-purpose entities and pass-through trust structures, R-Home Pass-Through Parent RTL-C LLC (“RTL VIE”) and R-Home Pass-Through Parent TRS-W LLC (“TRS-W VIE”) to acquire, hold and finance RTLs and NQMs. The Company determined these entities are VIEs and concluded it is the primary beneficiary of these trusts as a result of its ability to direct activities that most significantly impact the economic performance and its 100% equity ownership in these trusts. Accordingly, the Company consolidates the RTL VIE and TRS-W VIE in the consolidated financial statements. As a result, the VIEs’ related assets, liabilities and operating results are included as part of the Company’s consolidated financial statements.

The assets of consolidated VIEs may only be used to settle obligations of such entities. Substantially all obligations of the consolidated VIEs are non-recourse to Rithm Perpetual Life Residential Trust, except for customary “bad act” indemnities that are protective in nature.


	September 30, 2026				December 31, 2025
	RTL VIE		TRS-W VIE		RTL VIE		TRS-W VIE
Assets:
Residential transition loans, at fair value	$	212,114	$	236,817	$	176,584	$	—
Residential mortgage loans, at fair value	—		214,359		—		87,630
Restricted cash	5,175		43		7,007		—
Accounts receivable and other assets	2,036		4,058		1,420		3,173
Total Assets	$	219,325	$	455,277	$	185,011	$	90,803
Liabilities:
Secured financings, at fair value	$	160,723	$	350,732	$	135,182	$	71,902
Due to (from) related parties	1,662		(2,152)		7,898		(425)
Accounts payable and other liabilities	838		433		704		334
Total Liabilities	$	163,223	$	349,013	$	143,784	$	71,811