Abstract
The degeneracies of supersymmetric quarter BPS dyons in four dimensions and of spinning black holes in five dimensions in a CHL compactification are computed exactly using Borcherds lift. The Hodge anomaly in the construction has a physical interpretation as the contribution of a single M-theory Kaluza-Klein 6-brane in the 4d-5d lift. Using factorization, it is shown that the resulting formula has a natural interpretation as a two-loop partition function of left-moving heterotic string, consistent with the heuristic picture of dyons in the M-theory lift of string webs.
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