I emailed my registrar about it, NameCheap, and here is their response:
Hello,
The domain is now in a redemption period. In order to re-instate the domain
in this phase, there is a $200.00 fee plus $8.88 to renew. It is the
Registry's fee, not ours.
FYI
The owner of a domain has a non-guaranteed grace period of aprox. 25-35 days
after the expiration date to renew the domain at the regular domain rate. If
the domain is not renewed, the domain will be deleted from our database and
it is transfered to a "redemption period" at the Registry for aprox. 25-30
days. If the domain is not re-instated in this phase, then the domain is
released to the public by the Registry and becomes available aprox.75 days
after the expiration date.