A speaker watches someone they love look at other people with obvious desire, and responds by giving permission. The poem is built around the phrase "It's okay," repeated again and again, and the repetition is what makes it interesting. The more the speaker says it, the less convincing it sounds. The trailing dots at the end of several lines suggest a voice that falters or trails off, as if the words are being said to hold back something else.
The speaker's feelings seem to be a mix of love, jealousy, and painful resignation. They notice the "fire" in the other person's eyes and accept that they can't compete with it. Telling the person to "go to them" and "never regret it" sounds generous, even selfless, yet the poem keeps hinting at the cost. The final "I love you" is quiet and unguarded. The mood is tender and sad, with a sense of someone letting go without a fight.