We provide an updated analysis of the gamma ray signature of a terrestrial gamma ray flash (TGF) detected by the Fermi Gamma‐ray Burst Monitor first reported by Pu et al. (2020). A TGF produced 3 ms prior to a negative cloud‐to‐ground return stroke was close to simultaneous with an isolated low frequency radio pulse during the leader’s propagation, with a polarity indicating downward moving negative charge. In previous observations this ’slow’ low frequency signal has been strongly correlated with upward directed (opposite polarity) TGF events (Pu et al., 2019; Cummer et al., 2011), leading the authors to conclude that the Fermi gamma ray observation is actually the result of a reverse positron beam generating upward directed gamma rays. We investigate the feasibility of this scenario and determine a lower limit on the luminosity of the downward TGF from the perspective of gamma ray timing uncertainties, TGF Monte Carlo simulations, and meteorological analysis of a model storm cell and its possible charge structure altitudes. We determined that the most likely source altitude of the TGF reverse beam was 7.5 km ± 2.6 km, just below an estimated negative charge center at 8 km. At that altitude the Monte Carlo simulations indicate a lower luminosity limit of 2 × 1018 photons above 1 MeV for the main downward beam of the TGF, making the reverse beam detectable by the Fermi Gamma‐ray Burst Monitor.