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I don't actually measure it, but I think close to 50/50 as I want it very thin and soak all in the chenille so you can't feel it at all, never. You may start off by trying 60%L/40%thinner. I use MEK because it's a better product than some and you can use it to thin vinyl too. So lots of uses plus really a good size can and probably never need to buy it again or at least 10 years or more. Think I bought 1 Qt. of Clear High Gloss Lacquer and that is all.
Oh and all you need really is one good drop.
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