Microscopic origin of the Bekenstein–Hawking entropy
Identify the microscopic degrees of freedom counted by the Bekenstein–Hawking entropy S_BH of a black hole and establish a concrete microphysical interpretation of S_BH as the logarithm of the number of black-hole microstates compatible with the macroscopic parameters (mass M and angular momentum L).
References
It remains an open question what microscopic degrees of freedom S_{\rm BH} counts, but the standard interpretation is that it measures the logarithm of the number of microstates compatible with the macroscopic parameters (M,L).
— Benasque Lectures on Gaussian Bosonic Systems and Analogue Gravity
(2512.24344 - Brady, 30 Dec 2025) in Part IV, Section "Semi-classical evolution"