Contains spoilers for this episode and earlier episodes.
With Waystar’s shareholder meeting approaching, investor Josh Aaronson wants Logan and Kendall to meet together. Josh owns four percent of the company and is losing faith in its leadership during the family feud and Justice Department investigation. Kendall agrees after Frank persuades him, while Logan has Shiv direct ATN to pressure the White House with harsher coverage. Logan offers Greg a joint-defense agreement; Tom presses Greg to commit, then learns Greg has already signed and wants an executive job in the parks department. Roman also tries to embarrass Kendall with photos of an old prank involving a homeless man, but Gerri talks him out of making the images public because he was involved too.
Kendall and Logan travel separately to Josh’s island and spend the day walking with him. Josh says the family’s public fight has cost him hundreds of millions in value and asks whether they can reconcile. Kendall grows suspicious of the setting and of Logan’s effort to present them as a united family. Logan praises Kendall over lunch, even calling him a worthy successor, but the warmth does not last. On the walk back, Logan reveals that Greg has signed with Waystar and tells Kendall he will never lead the company. Logan collapses from heat exhaustion during the walk. Afterward, Kendall learns Josh has lost confidence in them and sees Stewy arriving to greet him.