Taylor Swift just got all of her music back — but don’t expect to hear ‘Reputation (Taylor’s Version)’ any time soon.

Taylor Swift just revealed that she got the keys to her kingdom back — and with it came a surprising announcement about the fate of Reputation (Taylor’s Version).

The pop star, who spent the last two years performing around the globe on the Eras tour, just announced in a letter to fans on her website that she has bought back her masters from Shamrock Capital, the investment firm that purchased the rights from Scooter Braun’s Big Machine Label Group in 2020. That deal also included rights to her music videos, album art and concert films.

“Every single era,” Swift wrote in her message to fans. “My life’s work.”

Originally, Swift circumvented Braun’s ownership of her previous work by rerecording her first six albums, releasing the wildly successful “Taylor’s versions” of Fearless (2008), Speak Now (2010), Red (2012) and 1989 (2014). But re-recordings of debut album Taylor Swift (2006) and Reputation (2017) have not yet been released — and many expected Reputation (Taylor’s Version) to drop imminently. Now Swift is saying that that’s not the case: In fact, she said she has not even “rerecorded a quarter” of the album, and has no immediate plans to release it.

What did Taylor Swift say about Reputation?

“The Reputation album was so specific to that time in my life, and I kept hitting a stopping point when I tried to remake it,” Swift wrote in her letter. “All that defiance, that longing to be understood while feeling purposefully misunderstood, that desperate hope, that shame-born snarl and mischief. To be perfectly honest, it's the one album in those first six that I thought couldn't be improved upon redoing it. Not the music, or photos or videos. So I kept putting it off.”

The original Reputation album was a major return to public life for Swift. It was released in the wake of her feud with Kanye West and his then-wife Kim Kardashian. After West referenced Swift as “that bitch” in his 2016 song “Famous,” Kardashian released a video (later found to have removed some context) that appeared to show Swift approving the lyric, contradicting her public objection to it. The drama led to online harassment of the artist, who, at the time, had just celebrated a Grammy win for her much-celebrated album 1989.

Will we hear anything from Reputation (Taylor’s Version)?

Yes, possibly. “There will be a time, if you're into the idea for the unreleased vault tracks from that album to hatch,” Swift told fans in her letter.

While fans no doubt will want Swift to release the Reputation vault tracks, it’s unclear if she’s already recorded them, and therefore when these songs may actually be released. She previously dropped unreleased songs from albums she’s owned before, such as the Lover track “All of the Girls You’ve Loved Before” and the Midnights song “You’re Losing Me.”

We also already have a snippet of one of the rerecorded Reputation tracks: Her new version of “Look What You Made Me Do” played during a pivotal moment on this season of The Handmaid’s Tale.

What about all those Reputation Easter eggs?

Fans have been speculating about Reputation’s drop since Swift announced her rerecordings. This album was particularly special to fans during the rerecording project: It represented rebirth in the face of adversity and was the last album of Swift’s that she did not own outright. And with Swift doing things like sporting snake jewelry and all-black (common motifs within the Reputation era) and other small signals, fans were certain the singer was hinting something was coming.

And while Swifties should know that not everything that seems like a clue is one, it really did appear like Swift was gearing up for a big announcement during the American Music Awards this week. Maybe she was: While many people assumed that meant a new rerecording, it’s also possible that these clues were tied to the masters deal.

What about her debut album?

Swift has been a little vague about whether she’s planning on dropping a new version of her debut album. She wrote that she’s already rerecorded all of it, and really loves how it sounds now.

But Swift also wrote that both her debut album and Reputation “can still have their moments to reemerge when the time is right, if that would be something you guys would be excited about.”

“But if it happens, it won't be from a place of sadness and longing for what I wish I could have,” Swift wrote. “It will just be a celebration.”