Asset Management Fees & Return of Capital

Curious if anyone can provide some insight on how AM fees paid on invested equity would be handled in a scenario where the investor's initial equity is fully returned from debt refinancing proceeds.  In this scenario the investor receives a full return of their initial equity investment, so technically invested equity goes to zero, however, the asset is still owned and still needs to be managed.  Does the manager/sponsor just not earn an AM fee for the remainder of the hold period?