Issue right after sign-in.

[RHINO_Mk.II]

What window settings are you using? Can you try cycling around launching the game in windowed, fullscreen windowed, and fullscreen with RTST to see if it's a render space issue?

Or other overlays / recording software you're using and if you can try with out them to see if that affects it.

Tried cycling the various modes in PS2 with no effect. I'm not using any other programs with overlays or recording. I did get the "streaming overlay" to appear and it seems to be working, although I can't play the game with it over top because the background is a huge grey rectangle instead of transparent.