Microstates of D1-D5(-P) black holes as interacting D-branes
  In our previous study [1] (1311.6540), we figured out that the thermodynamics of the near extremal black $p$-branes can be explained as the collective motions of gravitationally interacting elementary $p$-branes (the $p$-soup proposal). We test this proposal in the near-extremal D1-D5 and D1-D5-P black holes and show that their thermodynamics also can be explained in a similar fashion, i.e. via the collective motions of the interacting elementary D1-branes and D5-branes (and waves). It may imply that the microscopic origins of these intersecting black branes and the black $p$-brane are explained in the unified picture. We also argue the relation between the $p$-soup proposal and the conformal field theory calculations of the D1-D5(-P) black holes in superstring theory. 
Takeshi Morita and Shotaro Shiba
hep-th gr-qc