my team got to the third stage of the raid before having to go back to tower to buy more heavy ammo syn, but when we reentered the raid and beat the 3rd stage no one received anything although it made the sound of an item drop, we all checked our inventory and our postmasters and haven't received anything.
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There are no loot drops for that stage, unfortunately.. But the next part if you do attempt, there will be rewards. Just leave an emblem inventory spot open or else you won't receive it.