This article is about the epistemic basing relation, which is the relation that obtains between beliefs and the reasons for which they are held. We need an adequate account of the basing relation if we want to have a satisfactory account of doxastic justification, which we should want to have. To that end, this article aims to achieve two goals. The first is to show that a plausible account of the basing relation must invoke counterfactual concepts. The second is to (...) set out two related analyses of the basing relation, each of which seems quite plausible. (shrink)