Allowable Complex Black Holes in the Euclidean Gravitational Path Integral

The Euclidean Gravitational Path Integral has proven remarkably effective in the quantum regime of black hole physics. In this work, we examine the applicability of the Kontsevich-Segal-Witten (KSW) criterion for admissible complex metrics in the context of the Euclidean Gravitational Path Integral. We find that, for the super-conformal index of ${\cal N}=4$ SYM with unequal angular momenta, the black hole saddle points violate the KSW criterion precisely where the statistical description of the index breaks down. The corresponding critical point coincides with a phase transition into two-component ``grey galaxy'' configurations in the micro-canonical ensemble.