Precision microstate counting of small black rings.

We examine certain two-charge supersymmetric states with spin in five-dimensional string theories which can be viewed as small black rings when the gravitational coupling is large. Using the 4D-5D connection, these small black rings correspond to four-dimensional nonspinning small black holes. Using this correspondence, we compute the degeneracy of the microstates of the small black rings exactly and show that it is in precise agreement with the macroscopic degeneracy to all orders in an asymptotic expansion. Furthermore, we analyze the five-dimensional small black ring geometry and show qualitatively that the Regge bound arises from the requirement that closed timelike curves be absent.