Multifamily firms collpasing in Dallas whose next?

Work in Multifamily brokerage watching the whole S2 debacle unfold along with other firms blowing up. Must say I'm not shocked by some of them. What multifamily platform is next to blow up in Dallas? 

My take is NexPoint's REIT NXRT. 

1. Next, looking at the financials of NXRT it looks like they still have a slew of legal issues with UBS and from an intrinsic financial perspective if UBS where to say win their lawsuit that right there has huge implications. The unresolved $1.3 billion UBS litigation against the external adviser's senior leadership is huge. 
2. IMO the bigger problem is the balance sheet: leverage sits near 10x EBITDA, roughly double the multifamily peer set, and the entire mortgage stack is floating-rate. The only thing keeping interest expense manageable has been a book of legacy swaps, and those hedges roll off through late 2026, resetting the effective cost of debt from the 3% to nearly 7%. 
3. Their NOI has already been compressed, which will affect their FFO. Maing it unlikely the divided continues. This will put more pressure downward on the share price. 
4. Cap rate expansion alone will cause issues with refinancing, which will cause the equity to be highly imparied. 
5. Reputation risk. I have never had anyone say anything positive about Nexpoint in the industry. Even former employees some of whom have had tremindous success after they left talk about what a clown show it is. 

I think combined with the aforementioned issues once the wheels come off and people smell blood in the water the sharks will come out.