It's a pad of paper, in a folio style.
THE PADFOLIO - $260
Available in two sizes: Junior Legal (5"x8") and Rhodia No16 (5.8"x8.3")
Rhodia's high quality paper is a favorite of fountain pen users. The Junior Legal size pads are more widely available and cheaper. Doane Paper makes a high quality version, and there may be others.
There are lots of pockets on the left - the two on the top and bottom are sized specifically for credit and business cards, the middle on in that tier fits 3x5 notecards. The next tier has two equal size pockets that perfectly fit 3.5x5.5" notebooks like those from Field Notes, Moleskine, DoanePaper, WordNotebooks and many others. One more full size pocket can handle larger items. You can also use the space behind the notebook on the right side as another pocket.
This model does NOT come with a pen. The pen loop will fit most pens, up to about 1.4cm in diameter (Karas Kustoms INK, seen here, Lamy 2000, Pelican M1000). Smaller pens work just as well in this pen loop.
I make these with Horween leather exteriors and bridle leather interiors. These are made-to-order and you must contact me to discuss leathers and colors before purchasing.