How do you evaluate a capital call in a real estate syndication?

Looking for some perspective from people who’ve been through this.

In a private real estate deal, if the project runs into delays and the sponsor issues a capital call:

•	What factors do you look at to decide whether to participate?

•	How do you think about “protecting your original investment” vs throwing good money after bad?

•	What typically happens to investors who don’t participate?  (dilution, subordination, etc.)

•	What are red flags that a deal isn’t salvageable?

Appreciate any real-world experience or frameworks people use.