While the episode focuses on the Chairman, it sets up the later reveal that someone was mimicking Mr. Kaplan’s signature phrase ("Dearie") to manipulate Red.

The emotional weight of the investigation sends Ressler into a downward spiral, highlighting his ongoing personal challenges during Season 9.

is a high-stakes episode of The Blacklist that aired in March 2022. It centers on a uniquely modern threat: a dark web stock market where criminal organizations trade shares to stabilize their illicit empires. Key Plot Points & Subplots

This episode fueled major speculation regarding Marvin Gerard . Many viewers correctly suspected he was the puppet master using Red’s bank accounts and deep secrets against him, even as Red remained focused on the ghost of Mr. Kaplan .

The Chairman (played by guest star Craig Bierko ) operates the "Chairman of the Board" system, which allows criminal groups to thrive by treating their illegal activities like corporate assets.

Reddington takes extreme measures to locate a hidden tracking device, a search that uncovers startling clues about the person who may have orchestrated Liz Keen’s death.