The Phase Diagram of BPS Black Holes in AdS$_5$

Motivated by recent studies of supersymmetric black holes, we revisit the phase diagram of AdS black holes, whether BPS or not, with particular emphasis on the role of rotation. We develop BPS thermodynamics systematically and, in many explicit examples, we study its striking similarities with more familiar AdS black holes, as well as some differences. We highlight an important fugacity that preserves BPS saturation but is not captured by the supersymmetric index.