The song is an ode to the no new friends
motto that Drake lives by. It finds Future addressing all those new people who have started hanging around him since he's become famous. He ponders on the loyalty of these fake friends by repetitively asking, "Where ya ass was at, dog, when..."
Drake spits the second verse continuing the same theme when he questions where these fake friends were when he was starting from the bottom, before he took over the city.