Branes wrapping Black Holes

We examine the dynamics of extended branes, carrying lower dimensional brane charges, wrapping black holes and black hole microstates in M and Type II string theory. We show that they have a universal dispersion relation typical of threshold bound states with a total energy equal to the sum of the contributions from the charges. In near-horizon geometries of black holes, these are BPS states, and the dispersion relation follows from supersymmetry as well as properties of the conformal algebra. However they break all supersymmetries of the full asymptotic geometries of black holes and microstates. We comment on a recent proposal which uses these states to explain black hole entropy.