ORGANIZATION

5 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

ORGANIZATION

Rithm Perpetual Life Residential Trust (the “Company”) was formed on July 31, 2025 as a Maryland statutory trust and intends to elect and qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2025. The Company’s sponsor is Rithm Capital Corp. (“Rithm” or the “Sponsor”). RCM GA Manager LLC (the “Adviser”), an affiliate of Rithm, serves as the external adviser to the Company pursuant to the advisory agreement between the Company and the Adviser (the “Management Agreement”). The Company will become a “publicly offered REIT” upon filing of its 2025 federal tax return.

The Company’s investment strategy is to invest primarily in North America in asset-based finance opportunities. The Company intends to initially focus on residential transition loans (“RTLs”), which are generally short-term loans to finance a property's acquisition or rehabilitation, and non-qualified mortgage loans (“NQMs”) and to also invest across a range of other assets and investment types, including, but not limited to, investments in scratch-and-dent loans which are loans that have become ineligible for sale to government-sponsored entities, non-performing loans and reperforming loans, closed-end second loans, manufactured housing loans, synthetic and/or credit risk transfers, consumer loans, equity and other securities, including collateralized loan obligation securities and other collateralized products and other opportunistic credit investments, in each case subject to compliance with the applicable REIT tax requirements and the applicable provisions of the U.S. Investment Company Act of 1940, as amended and the rules thereunder. Such investments may take the form of debt securities, warrants, options, other derivative instruments and other asset types, including equity-linked securities and, on an opportunistic basis, equity securities.

In December 2025, the Company launched a private placement offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) (such private placement offering, the “Private Offering”). The Company sells shares monthly in the Private Offering at a price generally equal to the prior month's net asset value (“NAV”) per share as determined pursuant to the valuation guidelines adopted by the Company's board of trustees (the “Board”), plus applicable fees and commissions. NAV is not a measure used under accounting principles generally accepted in the U.S. (“GAAP”), and the valuation of and certain adjustments to the Company's assets and liabilities used in the determination of NAV will differ from GAAP. The Company's Class S, Class T, Class D and Class I shares (each as defined in Note 8) are generally available for issuance in the Private Offering. Class J and Class J-2 shares (each as defined in Note 8) are available through a third-party distribution partner. Class E shares are only expected to be held by the Adviser, its personnel and its affiliates.

On September 12, 2025 (date of initial capitalization), Rithm Perpetual Life Residential Investor LLC, an affiliate of the Sponsor, invested an aggregate of $2,000 to capitalize the Company, for 100 common shares, par value $0.01 per share, of the Company. On December 1, 2025, the 100 common shares were converted into Class E shares.