Contains spoilers for this episode and earlier episodes.
Nikki tells Ray about Yuri and Meemo's attack. Ray takes a gun and wants to retaliate, while she urges caution and identifies Emmit's involvement with a predatory financial operation. At Stussy Lots, Varga proposes a rapid expansion that alarms Sy because of the debt it requires. Emmit is more receptive, and Meemo impersonates his lawyer to deal with IRS agent Dollard.
Gloria and Winnie question Emmit about Ennis's death, but Varga interrupts and restricts what he says. Afterwards Varga orders Yuri to obtain Ennis's police file and Meemo to kill Ray and Nikki. The couple flee to a motel when the officers arrive at their apartment. Ray realizes he left the stolen $10,000 behind and returns to collect it, leaving Nikki alone and unaware that Meemo is watching them.
Emmit is waiting at Ray's apartment with the framed stamp, hoping to end their dispute. Ray distrusts the offer and the brothers push the frame back and forth during an argument. Emmit shoves it into Ray's face, breaking the glass; a shard cuts Ray's neck and he bleeds to death. Emmit calls Varga, who redirects Meemo from the motel to the cleanup. Varga arranges the scene to suggest Nikki killed an abusive Ray. Gloria turns her car around and tells Winnie to meet her at his apartment.