Three-Charge Black Holes and Quarter BPS States in Little String Theory

Understand

We show that the system of $k$ NS5-branes wrapping $\mathbb{T}^4\times S^1$ has non-trivial vacuum structure.

• Different vacua have different spectra of 1/4 BPS states that carry momentum and winding around the $S^1$.
• In one vacuum, such states are described by black holes; in another, they can be thought of as perturbative BPS states in Double Scaled Little String Theory.
• In general, both kinds of states are present.