This episode starts with Daemon on a field flanked by several dragons as Ormund Hightower and his host approaches. The dragon Tessarion is in the background.

Daemon has terms for Ormund and Hightower host as Rhaenyra has assumed the Iron Throne and Otto Hightower is dead. Daemon demands the Hightower army bends the knee, disbands and returns to Oldtown.

After Ormund bends the knee and proclaims fealty, Daemon adds another condition – Daemon Targaryen will be taken as hostage. Daemon cannot risk leaving behind a pretender to the throne. A young man with long blonde hair steps out and joins Daemon.

At King’s Landing, Rhaenyra believes she needs grand public gestures to quell any doubts among those in the Seven Kingdoms that she’s the rightful leader and their Queen. She considers several options but learns the treasury has been depleted, with only enough left for possibly a week.

Daeron arrives at King’s Landing and Rhaenyra meets with the hostage. He stays silent and answers none of here questions about the Hightower’s war strategy.

In her Small Council chamber, Rhaenyra learns more about the current state of her realm starting with how Tyland Lannister sent the entire royal treasury out of the city for safekeeping, but nobody knows where it went. And importantly, the food reserves are depleted, and the crops won't be ready for harvest. There are also many more smaller issues that must be addressed.

Rhaenyra meets with Alicent who is being kept with Helaena and her granddaughter as prisoners in the Keep. Alicent doesn’t know where the Royal treasury was hidden, or the whereabouts of Aegon.

Sweaty, pale and agitated, Rhaenyra hallucinates seeing Jacaerys walking the Red Keep halls. She resolves to murder Daeron, and wants Mysaria to weed out those who are loyal to the Hightowers.

She meets with the High Septon who refuses to officially crown her because there is no proof Aegon II is dead. The Faith of the Seven, he says, have no love for dragons or blood-magic.

At dinner, Corlys asks for Rhaenyra to officially recognize Alyn and Addam as his sons and in particular in seeing Alyn as his rightful heir. Rhaenyra, doesn't answer. Instead she roams the halls of the Red Keep and ends up in Daemon's bed.

Rhaenyra sits the Iron Throne to hear from the commonfolk regarding their various issues and petitions.