From the album Trying Times
This is about trying to hold on to a feeling that exists only while you're feeling it. Blake keeps saying 'it was only a dream' like he's apologizing for how real it felt. The whole song is the gap between knowing something isn't real and needing it to be anyway.
I had a dream she took my hand / It was only a dream
He keeps circling back to this phrase like he's trying to convince himself it didn't matter. The parenthetical '(It was only a dream)' reads like he's correcting the record, which makes the dream feel more important, not less.
Deeper than whirlpools but safer than land
Blake's trying to describe something that defies logic. The safest place is also the most dangerous. That contradiction is the whole emotional architecture of the song.
I heard my call to the Titanic band / Playing them out, miles from land
This is maybe the most Blake move in his catalog. He's comparing holding her hand to the band playing as the ship sank. Beautiful and doomed at the exact same time. Nothing left to do but stay present.
She began to dissolve along with her soul / I couldn't remember her face, remember her name
The dream logic kicks in hard here. She's disappearing mid-dream but motioning for him to stay. He's losing the details but not the feeling. That's closer to how grief works than how dreams work.
Let's go, let's go, let's go, le— / Let's go, last call, last call
He switches from begging to stay to urging movement. The stutter on 'le—' feels like he's catching himself mid-thought. Last call means the night's ending whether you want it to or not.
Blake ends asking what it means, which is the most honest thing he could do. He doesn't know either. The song is just the feeling of waking up and trying to get back to something that only existed because you were asleep.