Is bleed damage based off of pre-mitigation or post-mitigation?

Is bleed based off of pre-mitigation or post-mitigation physical damage?

I am using The red trail+blood grip. All in all i have about 50% phys mitigation without armour (Endurance charges, basalt, soul of steel, chaos golem, pantheon).

So i bleed for 10% of a physical hit's damage per second.
Now, is the 10% based off of the damage before the mitigation or after?

:--- Let's say i take a 5000 damage physical hit.

If it's based off of post-mitigation damage, then it's 50% of 5000. 2500, which means i bleed for 250/second, but after that the bleed gets mitigated by the 50% its 125 per second.

If it's based off of pre-mitigation hit damage, then i bleed for 500/sec, which is then mitigated and becomes 250 /second.

Anybody know?