Question regarding returns/scaling - What kind of return variability are you seeing with scale in the current environment? 

Lower amount to invest = less accessible, more picked through inventory. More $ to invest = greater potential to take down larger deals / tapes and less competition. For both performing and non-performing, are you seeing much difference in return from taking down a $70k note vs a $200k note, etc.? What about current return range for cherry picking singles vs overall avg of taking down a tape (understanding of course you're going to get some losers in the mix that will bring the overall avg down)?

I assume there's a general scale or tiers... the higher the investment requirement the less competition/greater potential return opportunity. I.e. Notes from $20-$70k will range x-x%. Notes from $70-250k could range x-x%. $1MM+ tapes we could see x-x%? I know that "it depends" but mostly looking to understand how that return could change as you increase the amount you go in with.

As a follow up question - The higher the $ the fewer the players. Where do you see the cutoff $$ for where the masses taper off? Genuinely curious how many players (on this platform otherwise) you're seeing and how common/uncommon it is for individuals to be playing in the $250k+ range, $500k+, $1MM+... 

A few years back when I was more involved I knew of one group of individuals that came together to take down $1MM+ tapes (obviously a lot of trust and legally binding agreements in play there...). How much are you seeing that happen these days? 

Thanks for the insight.