Some sponsors decided to remain on the sidelines altogether during the depths of the COVID-19 pandemic. Others decided to pursue opportunistic plays for the benefit of their investors. Existing property owners may have been forced to renegotiate loan terms with their banks; others may have renegotiated tenant leases to provide more flexibility and to ensure rent collections remained high. There is any number of ways a sponsor could have reacted to the pandemic depending on their property type and where they were in terms of business plan execution. There is no “right” or “wrong” way to have reacted. Instead, potential investors should look at the sponsor’s thought process and ability to preserve investors’ capital during otherwise trying times.