some info, page-2

I agree, there must be some equity in the property investments. It would be rather alarming otherwise.

Here's why, if the CRE portfolio was reduced to nil, the NTA would be nothing:

They have borrowed lots of money, and then on-lent it ( hopefully at a better interest rate ) to property developers. Thats what this "CRE" loan portfolio is. If all of those property developers were broke and didn't pay back their loans, Rubicon would still owe all that money to whichever bank they have borrowed it from. In that case, the CRE portfolio wouldn't just be nil, it would be a large negative value, which would wipe out any value in the actual property investments.

Thats how I would interpret it, anyhow. I may well be wrong. If anyone has different view, lets hear it.