A small girl wakes frightened, runs upstairs with a blanket over her head, and climbs into her parents' bed. The speaker, her father, lies beside her and the mother, listening to their heartbeats and hoping his own steady rhythm will calm them both.
Then the poem widens. He admits he knows the dark too, and that in the small hours everyone becomes a child again. The fears he lists are grown-up ones: that nobody will hear us, that love will come too late, that life is too short, that we will not be brave enough. The child's monsters and the adult's worries start to blur together.
The mood is tender but uneasy. The final lines suggest the father is trying to reassure his daughter, and himself, with a simple message: the only way past fear is to dare to be braver. The repeated "the only way" sounds less like confidence than like someone holding on to a hope.