Contains spoilers for this episode and earlier episodes.
Tommy's London operation is bringing in money, but Arthur's cocaine use and unpredictable behaviour threaten to undo the gains. Tommy warns him that the gang takes a share from dealers rather than selling directly. Arthur insists that he has the situation under control, while his brother makes clear that John can take over in London if the problems continue. Their success still depends on keeping the family business organised.
Michael moves further into Shelby company life despite Polly's attempts to keep him away from violence. When he and Isaiah encounter hostility at the Marquis of Lorne, the brothers treat the insult as an attack on the company. Arthur and John leave the Garrison to retaliate. Michael is told that their response was for the family name, and that what happened is not to be discussed.
Tommy also grows closer to May Carleton as she trains his horse. Campbell fixes a date for the assassination he demands from Tommy and refuses to remove the police protection around the target's house. Tommy suspects that the arrangement is designed to kill him afterwards and warns Campbell that trusted men will retaliate if he dies. A call to Grace's hotel ends abruptly, revealing that she is back in England while Tommy's private and criminal commitments are becoming harder to keep apart.