reasonable agreement with the observed XLF considering the current uncertainties. We discuss these issues further in Section \[sec:evol\].

Our observationally motivated model allows us to interpret the observed AGN population at $0.2<z<1.0$, as traced by the XLF. As shown by the colored lines in Figure \[fig:xlf\_modC\], our model predicts that the low $L_\mathrm{X}$ population is dominated by AGNs in hosts with stellar masses $\sim10^{10.5-11}$ [${\mathcal{M}_{\sun}}$]{} accreting over a wide range of specific accretion rates [consistent with the predominance of such host galaxies in X-ray selected samples, e.g. @Xue10; @Bongiorno12]. Around the break in the XLF the population is dominated by moderately massive galaxies (${\mathcal{M}_*}\sim 10^{11}{\mathcal{M}_{\sun}}$) accreting close to their Eddington limit. The bright end of the XLF is dominated by massive galaxies (${\mathcal{M}_*}\gtrsim10^{11}{\mathcal{M}_{\sun}}$) accreting close to or above the Eddington limit. Assuming a 0.38 dex scatter in the *intrinsic* ${\mathcal{M}_\mathrm{bh}}-{\mathcal{M}_*}$ relation, we predict that 80% of detected AGN with ${L_\mathrm{X}}>10^{44.5}$ [$\mathrm{erg\;s^{-1}}$]{} will have SMBH masses that are above the fiducial ${\mathcal{M}_\mathrm{bh}}-{\mathcal{M}_*}$ relation; the predicted median ${\mathcal{M}_\mathrm{bh}}/{\mathcal{M}_*}$ for this luminous population is $\sim0.25$ dex higher than the median for the overall galaxy population. This effect can be explained by the steep slope of the SMF at high masses and the intrinsic 