D-branes and near extremal black holes at low energies

It has been observed recently that many properties of some near extremal black holes can be described in terms of bound states of $D$-branes. Using a nonrenormalization theorem we argue that the $D$-brane description is the correct quantum gravity description of the black hole at low energies. The low-energy theory includes the black hole degrees of freedom that account for the entropy and describes also Hawking radiation. The description is unitary and there seems to be no information loss at low energies.