Would agree here. We targeted 35% during a very different market environment. We saw that during the more up trending market, LPs were okay with 25%-28%. This was still driving meaningful unit supply growth and we were overshooting on the liquidity target by good 40%. We see that now, incentives are not meaningfully affecting unit supply growth and liquidity is under target. Again, DFC and myself think about this from unit supply first, liquidity second perspective. Unit supply drives our revenue and incentives should be used to affect unit supply first and liquidity second.
I would love to experiment with this and see what LPs want to add to their LP positions in the current market environment. My guess is that it’s 50% APY. However, I do understand that this might not be acceptable as we are trying to scale back spending on LM incentives.