"Wharf Rat" paints a vivid portrait of a down-on-his-luck street person with a story to tell, encountered by the narrator along the San Francisco docks. The lyrics are considered some of Robert Hunter's finest, creating an evocative, beautiful, and at times disturbing atmosphere. While the narrator isn't entirely sure about the tale, they are ultimately uplifted by the hopeful spirit of the character. The song itself calls back to the band's early influences of blues, with gospel and soul touches in its bridge. It plays like a profound encounter, rich with human experience.