We consider four-dimensional dyonic single-center BPS black holes in the = 2 STU model of Sen and Vafa. By working in a region of moduli space where the real part of two of the three complex scalars are taken to be large, we evaluate the quantum entropy function for these BPS black holes. In this regime, the subleading corrections point to a microstate counting formula partly based on a Siegel modular form of weight two. This is supplemented by another modular object that takes into account the dependence on , a complex scalar field belonging to one of the four off-shell vector multiplets of the underlying supergravity theory. We also observe interesting connections to the rational Calogero model and to formal deformation of a Poisson algebra, and suggest a string web picture of our counting proposal.