The Cornell Real Estate Club hosted Mitch Woltkamp from Tenet Equity for a comprehensive presentation and Q&A session exploring net lease investing, credit analysis, and commercial real estate fundamentals. Mitch, a portfolio manager and key early employee at Tenet, provided an in-depth overview of the company's investment philosophy and underwriting process. Tenet is a private real estate investment company with a $500 million equity commitment. Mitch joined as the first employee hired after the three co-founders approximately four years ago and has been instrumental in building out the company's operations from its earliest days, when the team worked on folding chairs and operated without basic furniture due to supply chain delays. He has personally underwritten 500-600 deals and currently manages day-to-day operations across both the credit and equity sides of the business, an unusual dual responsibility. Tenet's fundamental insight is that net lease real estate is essentially a bond collateralized by real estate. Through sale-leaseback transactions on 15-20 year leases, Tenet prioritizes credit quality and tenant viability over traditional real estate metrics. If the tenant pays rent consistently, returns materialize regardless of whether Tenet paid market value or premium pricing, real estate value only matters in downside scenarios when the property must be sold vacant. This credit-first approach drives Tenet's rigorous underwriting across unit-level, corporate, and personal guarantees, examining both quantitative metrics and qualitative factors like competitive moat. We are appreciative to have had Mitch share his expertise and excited for the continued engagement with leaders across the commercial real estate industry.