Persona 4 The Animation – Volume 3, contains 9 episodes (18–26).

The mystery of the murders seems to have been solved, but the riddle of the Velvet Room and the lethal Midnight Channel is an enigma that Yu and the other students who form the Investigation Team have yet to crack. That's to say nothing of the question of how their powers of Persona work in the first place, and how the fictional Teddie can exist in the real world. As conundrums wrap in conundrums and the school year burns inexorably towards a blistering summer, the team must prepare for the most deadly challenge yet while still pretending to lead normal high school lives.

Unfortunately, that won't be easy under the evil eye of their new homeroom teacher. And when Detective Shirogane reenters the game with new information about irregularities in the police investigation and clues that may lead to an entirely different conclusion, both team and detective find themselves playing the role of prey once more! The body count is on the rise, the Shadows attack and new Persona are about to ascend as the Midnight Channel launches the ultimate cancellation program!