Massive String States as Extreme Black Holes

We consider the Schwarz-Sen spectrum of elementary electrically charged massive $N_R=1/2$ states of the four-dimensional heterotic string and show the maximum spin $1$ supermultiplets to correspond to extreme black hole solutions. The $N_L=1$ states and $N_L>1$ states (with vanishing left-moving internal momentum) admit a single scalar-Maxwell description with parameters $a=\sqrt 3$ or $a=1$, respectively. The corresponding solitonic magnetically charged spectrum conjectured by Schwarz and Sen on the basis of $S$-duality is also described by extreme black holes.