If RAS bought back debt at a discount they would generate a gain. If they have a gain, they would need a loss to offset it, or they would be forced to pay out 90% as REIT rules require (of course, not on a quarterly basis, only annually).
One reason that they didn't buy back much of the debt so far is because they would be forced to pay out big cash as dividends, which they didn't have. Now they probably have the losses, but do they have the cash to buy back????