Jenny goes running past, and Blair thinks it's Serena, but accidentally snags the bracelet as she's going past, so she realizes Jenny has crashed her party. Damn, Little J's gonna pay for this one. Then Blair sees Nate blundering around, and looks at him all grossed out. Meanwhile, Jenny's still shooting like a bullet through the place, so at midnight while the masks are coming off, she shoves past Dan as well, but he doesn't get the clueful bracelet telling him who it really was, so now he thinks he's in the doghouse even though he's actually not. He flicks his mask into the crowd and prepares to meet any one of his several dooms.
Chuck's got the bracelet in his hands as he leaves the party with Blair and Nate, kind of impressed with how "Little Jenny Humphrey" managed to get his pants off without him enjoying it. B takes the bracelet back -- it's so funny how, in a masquerade episode that took place at the party almost the whole time, all of the actual mask/confusion stuff happened in the last act -- and notes that Chuck apparently had sex with a man for his replacement tux. Nate and Chuck both look down guiltily at this suggestion. Nate heads into Blair's car, and she turns him right out: "Uh-uh, no. You didn't find me by midnight, no happily ever after for you." Still stoned, he tries to apologize, and she's like, "All I wanted was for us to start over, and you didn't even try." She makes with the puppy-dog eyes and takes off, and then Nate and Chuck watch Edward Abbott mack on Kati and Isabel for awhile before heading off down the street.
Serena calls Dan, begging for him to just talk to her: "Why did you run away from me?" She's standing about ten yards behind him as they have this whole conversation where they figure out the mistaken-identity thing that just happened at the end of the episode, and finally he tells her that he only likes her, and she only likes him, and when she invites him to the Icecapades, he doesn't even stop to think, he just says yes.
Nate comes home to finally sleep at his house for the first time, besides yesterday, since school started. Eleanor is letting the Captain take Waldorf public, which is good news of course. The bad news is that while they were looking for a bottle opener to celebrate, they found Nate's coke. Which is not his, of course, and the Captain looks bummed and stoic in the corner, and then the mom starts yelling, and Nate's dad pretty much sells him out completely. For at least the second time.