For m 2 < a 2 + q 2, with m, a, and q respectively the source mass, angular momentum per unit mass, and electric charge, the Kerr–Newman (KN) solution of Einstein's equation reduces to a naked singularity of circular shape, enclosing a disk across which the metric components fail to be smooth. By considering the Hawking and Ellis extended interpretation of the KN spacetime, it is shown that, similarly to the electron-positron system, this solution presents four inequivalent classical states. Making use of Wheeler's idea of charge without charge, the topological structure of the extended KN spatial section is found to be highly non-trivial, leading thus to the existence of gravitational states with half-integral angular momentum. This property is corroborated by the fact that, under a rotation of the space coordinates, those inequivalent states transform into themselves only after a 4π rotation. As a consequence, it becomes possible to naturally represent them in a Lorentz spinor basis. The state vector representing the whole KN solution is then constructed, and its evolution is shown to be governed by the Dirac equation. The KN solution can thus be consistently interpreted as a model for the electron-positron system, in which the concepts of mass, charge and spin become connected with the spacetime geometry. Some phenomenological consequences of the model are explored.