Preheat your oven to 325°F (163°C). In a medium bowl, combine graham cracker crumbs, sugar, and melted butter. Stir until evenly moistened. Press the mixture into the bottom of a greased 9-inch springform pan to form a tight, even crust. Set aside.
In a small saucepan over medium heat, combine chopped rhubarb, sugar, and water. Cook for 10–12 minutes, stirring occasionally, until the rhubarb softens and the mixture thickens slightly. Let it cool to room temperature. It should be jammy but still spoonable.
In a large bowl, beat the cream cheese and sugar until completely smooth—no lumps! Add eggs one at a time, mixing well after each. Stir in the vanilla extract. The batter should be thick, creamy, and glossy.
Pour the cream cheese mixture over the crust and smooth the top with a spatula. Spoon the cooled rhubarb compote over the top in dollops. Use a knife or skewer to gently swirl the rhubarb through the cheesecake batter—don’t overmix or you’ll lose the marbled effect.
Place the cheesecake in the center of your oven and bake for 45–50 minutes, or until the center is just set but still slightly jiggly. Turn off the oven, crack the door open, and let the cheesecake cool inside for 30 minutes. Then transfer to the fridge and chill for at least 4 hours, or overnight, before slicing.