the big risk is the loans not being repaid

I don't know how anyone thought it would be a good idea to combine a leveraged property trust with what is effectively a bank making big loans to other property developers.

That seems to be the big risk with RAT ( and probably REU as well ), one of the borrowers of the CRE loans may fall over and not repay their loan. Or more than one of them.

And when that happens, it will be an event that insiders and those with inside knowledge will know, a couple of days before anyone else.