The reserve factor

In what form does Aave pay the treasury its reserve factor share?

• As underlying tokens sent out of the pool each day
• As newly minted aTokens, a claim on the pool
• As a higher borrow rate charged to the next borrower

Why does a stored Aave rate need converting before you compare it with an app's figure?

• Because the contract stores monthly rates
• Because the contract stores an uncompounded annual rate in ray, while the app shows a compounded APY
• Because the app adds the reserve factor back in