Gravitational waves from binary black hole mergers yield values for both the black hole remnant mass and it’s spin , with the values collected so far crowding significantly around their average . Could this crowding relate directly to the Davies phase transition point at from black hole thermodynamics? I argue that a necessary challenge for such a connection requires a consistent application of the thermodynamic fluctuation theory that follows from black hole thermodynamics (BHT). Specifically, necessary are a correct choice of fluctuating variables, as well as thermal equilibrium between the event horizon at the Hawking temperature and the outside universe . I show that the former requirement follows in straightforward fashion from the BHT of the Kerr model, while the later requires an accretion disk following the Novikov-Thorne accretion disk model. I construct a thermodynamic fluctuation theory meeting both these requirements. My results open the possibility that black hole mergers are based on some dynamical model (not known to me) with a limiting attractor state at the Davies point.

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