While Beauvoir attends a dinner party at Clara’s home, Gamache stays behind to babysit Honoré and translate an email from Kontrollinspektor Gund about the Kinderoth-Baumgartner family feud. At dinner, Beauvoir mentions seeing a print of one of Clara’s paintings at Anthony Baumgartner’s home. Clara recalls giving the print to the Baroness, who must have passed it to her son.

While washing dishes, Beauvoir confronts Benedict about lying about his girlfriend. Benedict admits that they broke up two months ago, and he lied because the pain is too fresh. He also admits that he went to the farmhouse because being around happy couples like the Gamaches was too painful. When asked about the Baroness, Benedict still insists he never met her and has no idea why she named him a liquidator.

After everyone leaves, Gamache reviews surveillance footage of Amelia Choquet on the streets. She has gathered a gang of people with addictions, and they are searching for someone named David. Gamache zooms in on her exposed forearm and sees the name “DAVID” tattooed with the fraction “1/4.” He watches her dislocate a dealer’s shoulder. The video also captures a little girl in a red hat following Amelia, and a man on the edge of the frame who walks away in the opposite direction—possibly David.

Beauvoir meets with the officials who previously pressured him. Worn down and thinking of his family’s security, he signs the document they present, officially joining them. He leaves feeling he may have caused a wreck rather than avoided one.

Benedict drives Gamache to Montréal. After being dropped off at Horowitz Investments, Gamache takes a taxi to a dangerous area on rue Ste-Catherine. In an alley, he meets with Anita Facial and gives her an envelope of money, asking her to find the little girl in the red hat from the surveillance video. Gamache decides he will no longer cross certain moral lines, even for the greater good.

At the Ritz-Carlton, Gamache lunches with his godfather, Stephen Horowitz, a wealthy and powerful investor. Stephen deliberately crashes a CEO’s company’s stock and buys a controlling interest in the company to fire him. When Gamache asks about Hugo Baumgartner, who works at Stephen’s firm, Stephen praises Hugo but dismisses the official story about the original embezzlement, saying that Anthony, not the assistant, was likely the real thief. Stephen offers to research the Kinderoth connection when Gamache mentions the family’s Jewish origins in Vienna.

Beauvoir visits Taylor and Ogilvy’s offices, finding them designed to project old-money trustworthiness despite being a relatively new firm. He meets Bernice Ogilvy, the young senior partner, who explains her philosophy that everything in life is an investment. Beauvoir calls it nonsense, and she adapts her language to match his. She reveals the firm once had clients named Kinderoth, an elderly couple who died, leaving a will claiming a title and fortune they did not possess.

When asked about Anthony, Bernice describes him as a father figure who brilliantly mentored her when she worked as his assistant under her mother’s maiden name. When she revealed her true identity, he was disappointed in her dishonesty, telling her that the business is built on trust.

Beauvoir shows her the fraudulent statements from Anthony’s study. After examining them, she calmly confirms that they are fake and that tens of millions were stolen. She explains that the statements bypassed the firm’s systems entirely, with money going directly into Anthony’s personal accounts. Beauvoir considers an alternative theory: Anthony was innocent, discovered the embezzlement, and was murdered by the real thief.

Myrna and Clara visit Lucien’s office, which is filled with unsettling six-foot stacks of file boxes. Myrna confronts Lucien with his late father’s agenda, which proves that Lucien had been with his father for a meeting with the Baroness. Lucien claims he forgot the meeting. He explains that his father took him as a witness to verify the competence of elderly clients, and he confirms that the Baroness was competent when making her will.

In Marc’s apartment, Amelia theorizes about the drug case. She concludes that David is delaying the release of the carfentanil because he is setting up a factory to cut and package the entire supply at once. She believes that he plans to sell it all quickly before the police and rival criminals can react. Amelia is confident that David doesn’t know who he is truly dealing with.

Gamache, Beauvoir, and Lacoste meet in Lacoste’s kitchen to share information. Beauvoir outlines his meeting with Bernice Ogilvy and presents competing theories: Anthony was either the thief, or he discovered the embezzlement and was killed for it. They debate both scenarios, noting key problems with each, particularly why the fraudulent statements remained in Anthony’s study and why anyone would choose the remote farmhouse for a meeting.

Beauvoir reveals that Bernard Shaeffer, the fired assistant, now works at a bank, Caisse Populaire du Québec. Gamache calls the bank president and learns that Shaeffer was hired with Anthony’s glowing reference 18 months ago. Gamache shares details from the Kontrollinspektor’s email about the 130-year Kinderoth-Baumgartner legal battle over Baron Shlomo Kinderoth’s will. The feud originated when the Baron left his entire estate to each of his twin sons. After surviving the Holocaust, at least one Kinderoth came to Montréal, where the Baumgartners had already settled. A final, non-appealable court decision is imminent.

As Gamache is leaving, he makes a sudden connection: Benedict’s ex-girlfriend is Katie Burke, the same woman who was the Baroness’s primary emergency contact. Beauvoir drops him off outside Horowitz Investments, where Gamache is due to meet Benedict. Before Benedict arrives, however, Hugo Baumgartner comes out of his office. He sees Gamache and approaches to defend his brother’s character. Gamache cryptically tells Hugo that his mother may have been right about the inheritance after all. When asked about Katie Burke, Hugo admits that she visited his mother at the nursing home.

At Sûreté headquarters, Beauvoir interviews Bernard Shaeffer, who claims Anthony framed him for the original embezzlement but then secured him a job at Caisse Populaire in exchange for his silence. Shaeffer admits that he once visited Anthony’s home to help hang a portrait and set up a laptop, but he claims he does not know the password. Beauvoir next interviews Louis Lamontagne, the broker who executed Anthony’s legitimate trades after his license was suspended. Lamontagne confirms that the statements found in Anthony’s home are fake and that he never performed those transactions. He defends Anthony’s character, suggesting any corruption only followed unfair humiliation by the firm.

Beauvoir pressures Shaeffer until he admits that he set up an offshore account in Anthony’s name containing approximately $8 million. Shaeffer eventually admits that he siphoned some money for himself. Beauvoir notes Shaeffer’s genuine fear of Anthony when he momentarily forgets the man is dead.

Outside Marc’s building, Amelia sees a little girl in a red Canadiens hat near a body in an alley. A young man approaches, claiming to know where David is. He shows her his forearm marked with “David” and the fraction “1/3.” Amelia examines her own arm and sees a slash she hadn’t noticed that turns her “14” into “1/4.” She gives him a pill and agrees to follow him, abandoning the vanished girl. When Marc asks what she will name the new drug, Amelia declares she will call it Gamache, so his name will forever be associated with the deaths it causes as revenge for getting her kicked out of the Sûreté academy.