The best I can figure out so far is that the tenant routing table/VRF has only IPv4 routes. So all BGP L2VPN updates get converted/redistributed as an IPv4 route and then placed in the tenant VRF.
Example:
NX-3# sh ip route vrf TENANT1
IP Route Table for VRF "TENANT1"
...some routes omitted....
10.0.0.20/32, ubest/mbest: 1/0
*via 150.1.4.4%default, [200/0], 03:19:39, bgp-65001, internal, tag 65001, s
egid: 100000 tunnelid: 0x96010404 encap: VXLAN
10.1.1.10/32, ubest/mbest: 1/0
*via 150.1.4.4%default, [200/0], 03:18:56, bgp-65001, internal, tag 65001, s
egid: 100000 tunnelid: 0x96010404 encap: VXLAN
Here, these 2 routes were learned via BGP (evpn) but they are in the IPv4 routing table for the tenant.
If I am incorrect just let me know, thanks!