There's a lot to take in, from so few words. The Ringmaster is the Red Beast- reborn, and changed.

But he thinks back to the experience within the realm of the soul. The talons and the feathered wings- things that certainly were not something he would have associated with the Ringmaster herself.

He looks to the others who were with him in the dream, wondering if they, too, are coming upon the same question he is. "...If that is the case... ...Then the one who we encountered would have been the Ringmaster herself, but..."

...

But what does that appearance mean for the secret the River Dragon held so closely?