Contains spoilers for this episode and earlier episodes.
John's dispute with Angel Changretta over Lizzie draws the Shelbys into another local feud. Polly and Arthur favour caution, but John resists an apology and treats compromise as weakness. Tommy supports the family's authority rather than easing the conflict. The business is large enough to intimidate smaller rivals, yet the decision to press the Changrettas creates an enemy with a personal reason to retaliate.
Father Hughes and the Economic League impose their demands on Tommy as he works with the Russian aristocrats. The planned factory robbery is tied to people whose influence reaches beyond ordinary gang territory. Hughes threatens the family, making clear that Charlie is vulnerable even inside Tommy's expensive new home. Arthur's attempts to follow his faith sit uneasily beside the violence he is still expected to carry out.
At a fundraising evening, Grace wears the sapphire Tommy has given her. Tatiana says the jewel carries a curse, unsettling him in the middle of the gathering. As he tries to take Grace aside, a gunman cries out for Angel and fires at Tommy. Grace is hit instead. The brothers attack the assassin while Tommy holds his wife and demands an ambulance. The episode ends with Grace gravely wounded, without moving ahead to the family's later mourning.