What's next is to use the quadratic formula to solve for r.
However, in this example, you can actually avoid having to use the quadratic formula if you go back one step and don't square out the complete square in the characteristic polynomial. You had
(5/4-r)2-3/4 α=0
Therefore,
(5/4-r)2 = 3/4 α
5/4-r = ±√(3/4 α)
r = 5/4±√(3/4 α)
(This method works whenever all diagonal elements in your matrix are the same.)