Ranked Flex splits

hi, i started playing ranked flex a lot recently and ive gotten decent so far, plat 2 decided to take a break for now ive seen that on the bottom of my rank screen there is thing that says "split 2 of 3" and the time remaining, does this mean my rank will be reset with no lp that i have? or are these rewards? id like if anyone could explain to me how this works... ty
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