We study quantum corrections in the gravitational path integral around nearly 1/16-BPS black holes in asymptotically AdS5 × S 5 space, dual to heavy states in 4D N = 4 super YangMills. The analysis provides a gravitational explanation of why 1/16-BPS black holes exhibit an exact degeneracy at large N and why all such states have the same charges, confirming the belief that the superconformal index precisely counts the entropy of extremal black holes. We show the presence of a gap of order N −2 between the 1/16-BPS black holes and the lightest near-BPS black holes within the same charge sector. This is the first example of such a gap for black holes states within the context of AdS5 holography. We also derive the spectrum of nearBPS states that lie above this gap. Our computation relies on finding the correct version of the N = 2 super-Schwarzian theory which captures the breaking of the SU(1, 1|1) symmetry when the black hole has finite temperature and non-zero chemical potential. Finally, we comment on possible stringy and non-perturbative corrections that can affect the black hole spectrum.