The string spectrum on the horizon of a non-extremal black hole

We investigate the conformal string \sigma -model corresponding to a general five-dimensional non-extremal black hole solution. In the horizon region the theory reduces to an exactly solvable conformal field theory. We determine the modular invariant spectrum of physical string states, which expresses the Rindler momentum operator in terms of three charges and string oscillators. For black holes with winding and Kaluza-Klein charges, we find that "BPS" (N_L=0) states have ADM mass equal to the black hole ADM mass, and thus they can be used as sources of the gravitational field. A discussion on statistical entropy is included.