nah...she said something along the line of: rem is subaru's possession, therefore rem's underwear is also subaru's underwear. and subaru's confused of what she means by "his underwear" on the first panel.
Stripey-stripes~Eh... what do you mean by my underwear....?That is my underwear so don't show it to anyone again 'kaySubaru's Rem has shown Subaru's Rem's underwear... No, Subaru's underwear to everyone...!!