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          <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract"/>
          <link:loc xlink:type="locator" xlink:href="nref-20260331.xsd#nref_FreddieMacMember" xlink:label="nref_FreddieMacMember"/>
          <link:loc xlink:type="locator" xlink:href="nref-20260331.xsd#nref_DebtInstrumentCollateralAmortizedCost" xlink:label="nref_DebtInstrumentCollateralAmortizedCost"/>
          <link:loc xlink:type="locator" xlink:href="nref-20260331.xsd#nref_InterestRateSwapAndCapMember" xlink:label="nref_InterestRateSwapAndCapMember"/>
          <link:loc xlink:type="locator" xlink:href="nref-20260331.xsd#nref_CMBSIOStripThirteenMember" xlink:label="nref_CMBSIOStripThirteenMember"/>
          <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_GuaranteeObligationsMaximumExposure" xlink:label="us-gaap_GuaranteeObligationsMaximumExposure"/>
          <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable"/>
          <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain"/>
          <link:loc xlink:type="locator" xlink:href="nref-20260331.xsd#nref_CapitalizedCostsOther" xlink:label="nref_CapitalizedCostsOther"/>
          <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1"/>
          <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany"/>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vested, Weighted Average Grant Date Fair Value (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Interest Payable, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued interest payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Building Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Improvements (in years)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentCollateralCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of collateral, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentCollateralCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Collateral Carrying Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentCollateralCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Collateral carrying value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income attributable to stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AtlantaGAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to location.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AtlantaGAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Atlanta, GA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AtlantaGAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Atlanta</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AtlantaGAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Atlanta, GA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPreferredStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends, Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPreferredStock_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Dividends, Preferred Stock, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPreferredStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Series A preferred stock dividends declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Nonvested Performance-Based Units Activity [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Nonvested Performance-Based Units Activity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableNoncontrollingInterestsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableNoncontrollingInterestsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interests [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableNoncontrollingInterestsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Related Party Transactions [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Related Party Transactions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation, State or Country Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation, State or Country Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Shares Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, issued (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BalanceSheetLocationDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Financial Position Location, Balance [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityRealizedGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The realized gains (losses) on loans and preferred equity.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityRealizedGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans And Preferred Equity Realized Gains (Losses)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityRealizedGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">(Provision for) reversal of credit losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceBasedUnitsVestedAndExpectedToVestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangements by Share-Based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceBasedUnitsVestedAndExpectedToVestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Outstanding Performance Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateReclasses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Reclasses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateReclasses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Reclasses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateReclasses_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Reclasses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments Owned and Pledged as Collateral [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Supplemental Disclosure of Noncash Investing and Financing Activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfDirectPaymentOfOperatingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of direct payment of operating expense.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfDirectPaymentOfOperatingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Direct Payment Of Operating Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfDirectPaymentOfOperatingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of direct payment of operating expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockAcquiredAverageCostPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shares Acquired, Average Cost Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockAcquiredAverageCostPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Treasury stock acquired, average cost per share (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivablePortfolioSegmentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable Portfolio Segment [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Long-term Debt Instruments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Long-Term Debt Instruments [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PlanNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Plan Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PlanNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Plan Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholders' Equity:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GranteeStatusDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Grantee Status [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GranteeStatusDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Grantee Status [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Current Reporting Status</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Current Reporting Status</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class of Financing Receivable [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrivateStockOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Private Stock Offering</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrivateStockOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Private Stock Offering [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrivateStockOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Private Stock Offering</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Expenses [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Operating expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Intrinsic value of awards granted in the period under share-based payment arrangement. Excludes share and unit options.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Aggregate Intrinsic Value, Granted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Granted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Inputs, Level 2 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Level 2</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commitments and Contingencies Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commitments and Contingencies</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares Authorized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, authorized (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LasVegasNVMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Las Vegas, NV</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LasVegasNVMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Las Vegas, NV.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LasVegasNVMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Las Vegas N V [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LasVegasNVMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Las Vegas, Nevada</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_MA_lbl" xlink:role="http://www.xbrl.org/2003/role/label">MASSACHUSETTS</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_MA_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Massachusetts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Par or Stated Value Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Preferred Stock, par value (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Basic [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings for basic computations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ProductOrServiceAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Product and Service [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Period Focus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Fiscal Period Focus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFifteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Fifteen.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFifteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Fifteen [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFifteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Fifteen</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfCMBSIOStrips_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of CMBS I/O Strips</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfCMBSIOStrips_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of CMBS I/O Strips</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfCMBSIOStrips_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of CMBS I/O Strips</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Interest Rate, Stated Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, interest rate, stated percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interest rate, stated percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountingStandardsUpdate202309Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Standards Update 2023-09 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountingStandardsUpdate202309Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">ASU 2023-09</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityShellCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Shell Company</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityShellCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Shell Company</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Redeemable Series A Preferred stock, ending balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Redeemable Series A Preferred stock, beginning balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Preferred Stock, outstanding (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GranteeStatusAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Grantee Status [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GranteeStatusAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Grantee Status [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Multifamily Property Debt Due 2026 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Multifamily property debt due 2026.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Multifamily Property Debt Due 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnTrancheTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Investment, Return, Tranche Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnTrancheTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Investment, Return, Tranche Two [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnTrancheTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Equity Investment, Return, Tranche Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LaurelMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Laurel, MD.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LaurelMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Laurel, MD [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LaurelMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Laurel, MD</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Segment Reporting</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash and Cash Equivalents, at Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash and cash equivalents</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average Number of Shares Outstanding Reconciliation [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-average common shares outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentPrepaymentOptionTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Prepayment Option, Term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentPrepaymentOptionTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument, prepayment option, term.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentPrepaymentOptionTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, prepayment option, term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Maturities of Long-Term Debt [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Maturities of Long-term Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Trust's Assets (Liabilities)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonStockConversionBasisNumberOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Stock, Conversion Basis, Number Of Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonStockConversionBasisNumberOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Conversion Basis, Number Of Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonStockConversionBasisNumberOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Conversion basis (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Receivable Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">OP units issued into common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Shares, Conversion of Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management, Strategy, and Governance [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares, Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, issued (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_TX_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Texas</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_TX_lbl" xlink:role="http://www.xbrl.org/2003/role/label">TEXAS</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskBoardOfDirectorsOversightTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Board of Directors Oversight [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balances</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balances</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Current expected credit loss reserve</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Allowance for Credit Loss, Current</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Current expected credit loss reserve</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel">Beginning balances</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForNotesAndLoansReceivableCurrent_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel">Ending balances</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Class [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesTradingRealizedGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities, Trading, Realized Gain (Loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesTradingRealizedGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Realized gain (loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubordinateTrancheTwoSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Subordinate Tranche Two Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubordinateTrancheTwoSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subordinate Tranche Two Securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubordinateTrancheTwoSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subordinate Tranche Two Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued interest receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncontrolling Interest [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Treasury Stock, Value, Acquired, Cost Method</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repurchase of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WarrantMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warrants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WarrantMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Warrant [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Filer Category</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Filer Category</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Interest Entity Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unconsolidated Variable Interest Entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Value, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, value, outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTenorPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Tenor Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTenorPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument, tenor period.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTenorPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, tenor period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeExpenseNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Income (Expense), Operating [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeExpenseNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net interest income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Net Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income attributable to Redeemable Series A Preferred stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net income attributable to redeemable noncontrolling interests in the OP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of RSUs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Number of Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xlink:role="http://www.xbrl.org/2009/role/netLabel">Number of performance shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities and Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recoveries</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Allowance for Credit Loss, Recovery</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2029</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Lived Tangible Asset [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-Lived Tangible Asset [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockRepurchaseProgramExtendedExpirationDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Repurchase Program Extended Expiration Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockRepurchaseProgramExtendedExpirationDate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stock repurchase program extended expiration date.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockRepurchaseProgramExtendedExpirationDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock repurchase program, extended expiration date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Property, Ownership [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Real Estate Properties [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfPreferredEquityInvestmentCurrentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of preferred equity investment current interest rate.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfPreferredEquityInvestmentCurrentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Preferred Equity Investment Current Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfPreferredEquityInvestmentCurrentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of preferred equity investment current interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnrealizedGainLossOnPreferredStockAndWarrantInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unrealized Gain (Loss) on Preferred Stock and Warrant Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnrealizedGainLossOnPreferredStockAndWarrantInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Unrealized gain (loss) on preferred stock and warrant investments.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnrealizedGainLossOnPreferredStockAndWarrantInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Change in unrealized gain (loss) on preferred stock and stock warrant investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnrealizedGainLossOnPreferredStockAndWarrantInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Change in unrealized gain on preferred stock and warrant investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Share-BasedPaymentArrangementVestingInFebruaryThroughAprilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement Vesting In February Through April [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Share-BasedPaymentArrangementVestingInFebruaryThroughAprilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share-Based Payment Arrangement Vesting In February Through April.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Share-BasedPaymentArrangementVestingInFebruaryThroughAprilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-Based Payment Arrangement Vesting in February Through April</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchasesPaymentsToAcquireMarketableSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Purchases Payments To Acquire Marketable Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchasesPaymentsToAcquireMarketableSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Purchases payments to acquire marketable securities.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchasesPaymentsToAcquireMarketableSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchases of CMBS securitizations held in variable interest entities, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchasesPaymentsToAcquireMarketableSecurities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Purchases of CMBS securitizations held in variable interest entities, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesGPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Series G Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesGPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series G Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net Proceeds</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principal borrowings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash and Cash Equivalents, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash and cash equivalents</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Consolidated Entity, Excluding Consolidated VIE</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidated Entity, Excluding Consolidated VIE [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Third Party Engaged [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Documents Incorporated by Reference [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Documents Incorporated by Reference</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments Owned and Pledged as Collateral [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityIncreaseDecreaseForPeriodNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Increase (Decrease), Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityIncreaseDecreaseForPeriodNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Line of Credit Facility, Increase (Decrease), Net, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityIncreaseDecreaseForPeriodNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of credit facility, increase commitments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTwelveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Twelve.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTwelveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Twelve [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTwelveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Twelve</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableNumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of loans of loans and leases receivable.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableNumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans And Leases Receivable Number Of Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableNumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableNumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Loan Count</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableNumberOfLoans_lbl" xlink:role="http://www.xbrl.org/2009/role/netLabel">Number of Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableWeightedAverageFixedRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of weighted average fixed rate of loans and leases receivable.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableWeightedAverageFixedRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans And Leases Receivable Weighted Average Fixed Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableWeightedAverageFixedRate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Fixed Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SegmentGeographicalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Geographical [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SegmentGeographicalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Geographical [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CockeysvilleMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Cockeysville, MD.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CockeysvilleMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cockeysville, MD [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CockeysvilleMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cockeysville, MD</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Depreciation and Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other depreciation and amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash, Cash Equivalents and Restricted Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PurchaseCommitmentExcludingLongtermCommitmentTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Commitment, Excluding Long-Term Commitment [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PurchaseCommitmentExcludingLongtermCommitmentTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Purchase Commitment, Excluding Long-Term Commitment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WappingerNewYorkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Wappinger, New York [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WappingerNewYorkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Wappinger, New York.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WappingerNewYorkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Wappinger, NY</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentRepaymentPremiumPercent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The repayment premium percent of a debt instrument.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentRepaymentPremiumPercent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Repayment Premium Percent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentRepaymentPremiumPercent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, repayment premium, percent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointRealEstateFinanceOperatingPartnershipLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the NexPoint Real Estate Finance Operating Partnership, L.P. (the "OP").</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointRealEstateFinanceOperatingPartnershipLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NexPoint Real Estate Finance Operating Partnership, L.P. [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointRealEstateFinanceOperatingPartnershipLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NexPoint Real Estate Finance Operating Partnership, L.P.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Interest Entity [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConvertiblePromissoryNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Convertible Promissory Note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConvertiblePromissoryNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Convertible Promissory Note [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConvertiblePromissoryNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Convertible Promissory Note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturn_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Investment, Return</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturn_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Investment, Return</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturn_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred equity investment, return</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents mezzanine loan.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mezzanine loans, held-for-investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Mezzanine loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mezzanine Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid in Capital, Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional paid-in capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Maturity date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedPaymentArrangementVestingInMarchMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share-Based Payment Arrangement, Vesting in March</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedPaymentArrangementVestingInMarchMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Vesting in March [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedPaymentArrangementVestingInMarchMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">March</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OPUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to OP Units.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OPUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">OP Units [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OPUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">OP Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Value, Dividend Reinvestment Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend reinvestment plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentBasisSpreadOnVariableRatePayableInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Basis Spread on Variable Rate Payable in Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentBasisSpreadOnVariableRatePayableInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument basis spread on variable rate payable in cash.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentBasisSpreadOnVariableRatePayableInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, basis spread on variable rate payable in cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Significant Accounting Policies [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Significant Accounting Policies</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property, Plant and Equipment [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Secured Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Borrowings under secured financing agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeDebtSecuritiesOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net interest earned</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeDebtSecuritiesOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Income, Debt Securities, Operating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeDebtSecuritiesOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Interest Income, Debt Securities, Operating, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VestingDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VestingDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingRatablyOverTwoYearsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting Ratably Over Two Years</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingRatablyOverTwoYearsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting Ratably Over Two Years [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingRatablyOverTwoYearsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting Ratably Over Two Years</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management, Strategy, and Governance [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Computation of Basic and Diluted Earnings Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The788PercentSeniorNotesDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The 7.88 Percent Senior Notes Due 2026 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The788PercentSeniorNotesDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The 7.88 percent senior notes due 2026.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The788PercentSeniorNotesDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The 7.88 Percent Senior Notes Due 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Equity Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfLoansHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Sale, Loan, Held-for-Investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfLoansHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from sale of loans held-for-investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageBankingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mortgage Banking [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of redeemable Series B preferred stock, net of offering costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from the issuance of Series B preferred stock through public offering, net of offering costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Proceeds from the issuance of preferred stock through public offering, net of offering costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentElevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Eleven.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentElevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Eleven [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentElevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Eleven</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment, Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment, Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued dividends</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NRESFREITSubIILLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NRESF REIT Sub II, LLC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NRESFREITSubIILLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">NRESF REIT Sub II, LLC.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NRESFREITSubIILLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NRES</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Basic (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Earnings Per Share, Basic, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings per share outstanding - basic (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Repayments of long-term debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repayments of Long-Term Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Repayments of Long-Term Debt, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distributions to bondholders of variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions to bondholders of variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ParticipationRightsAgreementPercentageOfTotalRequestedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Participation Rights Agreement, Percentage Of Total Requested Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ParticipationRightsAgreementPercentageOfTotalRequestedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Participation Rights Agreement, Percentage Of Total Requested Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ParticipationRightsAgreementPercentageOfTotalRequestedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of total requested amount (as a percent)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Credit facility.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Credit Facility [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Credit Facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFourteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Fourteen.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFourteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Fourteen [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFourteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Fourteen</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfTopMetropolitanStatisticalAreas_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">'Number of top metropolitan statistical areas</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfTopMetropolitanStatisticalAreas_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Top Metropolitan Statistical Areas</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfTopMetropolitanStatisticalAreas_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Top Metropolitan Statistical Areas</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2027 (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of equity-based payment instruments, excluding stock (or unit) options, that are expected to vest in next fiscal year following current fiscal year.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Number, Year Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting January 1, 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting January 1, 2025 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting January 1, 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansAndLeasesReceivableDisclosureLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans and Leases Receivable Disclosure [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Interest Entity [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principal repayments on borrowings under secured financing agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repayments of Secured Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Principal repayments on borrowings under secured financing agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revolving Credit Facility [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revolving Credit Facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Revolving credit facility, held-for-investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MultifamilyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Multifamily [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MultifamilyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Multifamily</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOtherDeductions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOtherDeductions_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dispositions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Adjustments to reconcile net income to net cash provided by operating activities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_HedgingDesignationDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Hedging Designation [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_HedgingDesignationDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hedging Designation [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable, Date of Record</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend record date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentOfCommissionsAndDealerManagerFees_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payment of commissions and dealer manager fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentOfCommissionsAndDealerManagerFees_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Payment of Commissions and Dealer Manager Fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentOfCommissionsAndDealerManagerFees_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment of Commissions and Dealer Manager Fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSStructuredPassThroughCertificatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents CMBS structured pass through certificates.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSStructuredPassThroughCertificatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS Structured Pass Through Certificates [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSStructuredPassThroughCertificatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS Structured Pass Through Certificates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Allowance for Credit Loss [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Interest and Dividends Receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Increase (Decrease) in Interest and Dividends Receivable, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued interest and dividends receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accrued interest and dividends receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_GA_lbl" xlink:role="http://www.xbrl.org/2003/role/label">GEORGIA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_GA_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Georgia</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Standards Update [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableNonaccrualInterestIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Nonaccrual, Interest Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableNonaccrualInterestIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nonaccrual, interest income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_CO_lbl" xlink:role="http://www.xbrl.org/2003/role/label">COLORADO</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_CO_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Colorado</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntitySmallBusiness_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Small Business</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntitySmallBusiness_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Small Business</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentReserveAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt Instrument, Reserve Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentReserveAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Reserve Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentReserveAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, reserve amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeeAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Commitment Fee Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeeAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum commitment amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_HedgingDesignationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Hedging Designation [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_HedgingDesignationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hedging Designation [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MarketApproachValuationTechniqueMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Valuation, Market Approach [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MarketApproachValuationTechniqueMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Market approach</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retained Earnings (Accumulated Deficit)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Retained Earnings (Accumulated Deficit), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Retained earnings (accumulated deficit)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MizuhoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Mizuho.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MizuhoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mizuho [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MizuhoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mizuho</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Commitments [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Common Stock, Preferred Stock, and Warrant Investments at Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series A Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Well-known Seasoned Issuer</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Well-known Seasoned Issuer</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MeasurementInputYieldMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Measurement Input, Yield</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MeasurementInputYieldMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input, Yield [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MeasurementInputYieldMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NAV per share multiple</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Value, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, value, outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexpointRealEstateAdvisorsVIILPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents NexPoint Real Estate Advisors VII, L.P.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexpointRealEstateAdvisorsVIILPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NexPoint Real Estate Advisors VII, L.P. [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexpointRealEstateAdvisorsVIILPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NexPoint Real Estate Advisors VII, L.P.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ProceedsFromIssuanceOfCommonStockGross_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of cash inflow for issuance of common stock, before deductions.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ProceedsFromIssuanceOfCommonStockGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Issuance Of Common Stock Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ProceedsFromIssuanceOfCommonStockGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gross Proceeds</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2024Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Multifamily Property Debt Due 2024</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2024Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Multifamily Property Debt Due 2024 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2024Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Multifamily Property Debt Due 2024</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril112027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting April 11, 2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril112027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting April 11, 2027 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril112027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting April 11, 2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseOfPreferredEquityPurchaseAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The purchase amount of purchase of preferred equity.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseOfPreferredEquityPurchaseAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Of Preferred Equity Purchase Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseOfPreferredEquityPurchaseAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase of preferred equity, purchase amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ProductsAndServicesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Product and Service [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockSharesRetired_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Treasury Stock, Shares, Retired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockSharesRetired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Treasury stock, shares retired (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentThirteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Thirteen.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentThirteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Thirteen [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentThirteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Thirteen</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateRateCapExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of rate cap expense for real estate.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateRateCapExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Rate cap (income) expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateRateCapExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rate cap (income) expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities and Equity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">LIABILITIES AND EQUITY</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash Provided by (Used in) Operating Activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash provided by operating activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_NC_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NORTH CAROLINA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_NC_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">North Carolina</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentCollateralWeightedAverageLife_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentCollateralWeightedAverageLife_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Collateral Weighted Average Life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentCollateralWeightedAverageLife_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Collateral weighted average life (years)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfCMBSSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of CMBS Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfCMBSSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of CMBS Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfCMBSSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of CMBS securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskRoleOfManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Role of Management [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConstructionInProgressIncludingNettingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Construction in Progress, Including Netting</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConstructionInProgressIncludingNettingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Construction in Progress, Including Netting [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConstructionInProgressIncludingNettingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Construction in Progress</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the facility.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Facility [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinanceLoanAndLeaseReceivablesHeldForInvestmentPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Held-for-Investment [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinanceLoanAndLeaseReceivablesHeldForInvestmentPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage and Other Loans Held-For-Investment, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Debt Discount (Premium)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of loan discounts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Amortization of deferred financing costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Cumulative effect of adoption of ASU 2016-13 (See Note 2)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Principal Repayment, Loan and Lease, Held-for-Investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Secured Debt, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgages payable, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateEffectivePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateEffectivePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interest rate (as a percent)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateEffectivePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xlink:role="http://fasb.org/us-gaap/role/label/axisDefault">Portion at Fair Value Measurement [Member] [Default]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Portion at Fair Value Measurement [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Maximum Borrowing Capacity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Maximum borrowing capacity.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum borrowing capacity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanLossProvision_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mortgage loans on real estate provision on loan loss.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanLossProvision_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loan Loss Provision</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanLossProvision_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Amortization of loan premium, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Hierarchy and NAV [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Hierarchy and NAV [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonEquityPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Equity Purchase Commitment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonEquityPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Equity Purchase Commitment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonEquityPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income Taxes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income Tax, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AssetSpecificFinancingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the asset specific financing.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AssetSpecificFinancingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Specific Financing [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AssetSpecificFinancingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset Specific Financing</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Multifamily Property Debt Due 2027 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Multifamily property debt due 2027.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Multifamily Property Debt Due 2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Carrying Amount, Attributable to Parent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Preferred stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Supplemental Cash Flow Information [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Supplemental Disclosure of Cash Flow Information</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LifeSciencesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Life Sciences</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LifeSciencesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Life Sciences [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LifeSciencesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Life sciences</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Name of Property [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Name of Property [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityNetIncludingPurchasePremiumsDiscountsAndAllowanceForLoanLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Loans And Preferred Equity, Net, Including Purchase Premiums (Discounts) and Allowance For Loan Losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityNetIncludingPurchasePremiumsDiscountsAndAllowanceForLoanLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans And Preferred Equity, Net, Including Purchase Premiums (Discounts) and Allowance For Loan Losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityNetIncludingPurchasePremiumsDiscountsAndAllowanceForLoanLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Securitization or Asset-Backed Financing Arrangements, Financial Asset for which Transfer is Accounted as Sale [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanCommitments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loan Commitments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanCommitments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Loan commitments.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanCommitments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan commitments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BalanceSheetLocationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Financial Position Location, Balance [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ManagementFeeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Management Fee Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ManagementFeeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Management fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockWarrantInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Stock warrant investments, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockWarrantInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stock Warrant Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockWarrantInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Warrant Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockWarrantInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock warrant investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TylerTxMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Tyler, TX.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TylerTxMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tyler, TX [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TylerTxMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tyler, TX</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GuaranteeObligationsCurrentCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Guarantor Obligations, Current Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GuaranteeObligationsCurrentCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Guarantor obligations, current carrying value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TempleHillsMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Temple Hills, MD.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TempleHillsMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temple Hills, MD [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TempleHillsMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Temple Hills, MD</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FurnitureFixturesAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Furniture fixtures and equipment.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FurnitureFixturesAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Furniture Fixtures And Equipment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FurnitureFixturesAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Furniture, Fixtures, and Equipment (in years)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FurnitureFixturesAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Furniture, Fixtures and Equipment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ClassAOPUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to Class A OP Units.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ClassAOPUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class A OP Units [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ClassAOPUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class A OP Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationImpairment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Impairment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationImpairment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Impairment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationImpairment_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Impairment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncomeFromRealEstateInvestmentPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Income From Real Estate Investment Partnership</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncomeFromRealEstateInvestmentPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income From Real Estate Investment Partnership</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncomeFromRealEstateInvestmentPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revenues from consolidated real estate owned</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardYearlyIncreaseInNumberOfSharesAuthorizedPercentageOfOutstandingCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of common stock shares outstanding that the number of authorized shares under the share based payment arrangement increases by each year.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardYearlyIncreaseInNumberOfSharesAuthorizedPercentageOfOutstandingCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Yearly Increase In Number Of Shares Authorized Percentage Of Outstanding Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardYearlyIncreaseInNumberOfSharesAuthorizedPercentageOfOutstandingCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Yearly increase in number of shares authorized, percentage of outstanding common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TypeOfArrangementAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Collaborative Arrangement and Arrangement Other than Collaborative [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsidiary, Ownership Percentage, Parent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncontrolling interest, ownership percentage by parent</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Effective ownership</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRatePeriodDayAfterTheFifthAnniversaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dividend Rate Period, Day After The Fifth Anniversary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRatePeriodDayAfterTheFifthAnniversaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividend Rate Period, Day After The Fifth Anniversary [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRatePeriodDayAfterTheFifthAnniversaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend Rate Period, Day After The Fifth Anniversary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Property, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Operating Real Estate Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net Operating Real Estate Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ArrangementsAndNonarrangementTransactionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Collaborative Arrangement and Arrangement Other than Collaborative [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncreaseInMortgagesPayableInConnectionWithVIEConsolidation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Increase in Mortgages Payable in Connection With VIE Consolidation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncreaseInMortgagesPayableInConnectionWithVIEConsolidation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase in Mortgages Payable in Connection With VIE Consolidation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncreaseInMortgagesPayableInConnectionWithVIEConsolidation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase in Mortgages Payable in connection with VIE consolidation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments, Debt and Equity Securities [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OSLMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">OSL [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OSLMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">OSL.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OSLMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">OSL</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentEightMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Eight.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentEightMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Eight [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentEightMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Eight</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ValuationTechniqueAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Valuation Approach and Technique [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net increase (decrease) in cash, cash equivalents, and restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Equity method investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investments [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanFundingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Loan Funding Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanFundingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loan Funding Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanFundingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan funding percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril112026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting April 11, 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril112026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting April 11, 2026 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril112026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting April 11, 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Four.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Four [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Par or Stated Value Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, par value per share (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NSPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">NSP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NSPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NSP [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NSPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NSP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SevenSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Seven Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SevenSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Seven Securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SevenSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Seven Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TypeOfAdoptionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Standards Update [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Method Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Method Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred equity method investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AtthemarketOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the at-the-market offering.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AtthemarketOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">At-the-market Offering [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AtthemarketOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">At-the-market Offering</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AtthemarketOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">ATM Program</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IQHQAlewifeHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">IQHQ-Alewife Holdings, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IQHQAlewifeHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">IQHQ-Alewife Holdings, LLC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IQHQAlewifeHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">IQHQ-Alewife Holdings, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueForfeited_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Forfeited</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueForfeited_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Forfeited</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueForfeited_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Forfeited</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Liabilities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest, Increase from Subsidiary Equity Issuance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncontrolling interest in CMBS variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Noncontrolling interest in CMBS variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Credit Quality Indicator [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfRecognizedTrustsAssetsAndLiabilitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of recognized trusts assets and liabilities.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfRecognizedTrustsAssetsAndLiabilitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Recognized Trusts Assets and Liabilities [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfRecognizedTrustsAssetsAndLiabilitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Recognized Trusts Assets and Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfCollateralUnpaidPrincipalBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of collateral unpaid principal balance.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfCollateralUnpaidPrincipalBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage of Collateral Unpaid Principal Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfCollateralUnpaidPrincipalBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of collateral unpaid principal balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfCollateralUnpaidPrincipalBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Percentage of collateral unpaid principal balance of each states</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HialeahFloridaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Hialeah, Florida [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HialeahFloridaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Hialeah, florida.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HialeahFloridaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hialeah, FL</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net realized (gain) loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Realized Investment Gains (Losses)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Realized Investment Gains (Losses), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Net realized (gain) loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Realized loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Financial Statement Error Correction [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Financial Statement Error Correction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The575PercentSeniorNotesDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the 5.75% Senior Notes due 2026.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The575PercentSeniorNotesDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The 5.75 Percent Senior Notes Due 2026 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The575PercentSeniorNotesDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The 5.75 Percent Senior Notes Due 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentNewLenderFundingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument New Lender Funding Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentNewLenderFundingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument new lender funding amount.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentNewLenderFundingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument new lender funding amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementInputsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementInputsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value of Financial Instruments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12028Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting January 1, 2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12028Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting January 1, 2028 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12028Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting January 1, 2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestIncomeAndGainsLossOnDebtSecuritiesTrading_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of interest income, amortization of premium and accretion of discount, and amount of unrealized and realized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in net income (trading); classified as operating.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestIncomeAndGainsLossOnDebtSecuritiesTrading_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Income And Gains Loss On Debt Securities Trading</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestIncomeAndGainsLossOnDebtSecuritiesTrading_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeNotionalAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Derivative, Notional Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeNotionalAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative, notional amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeNotionalAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Notional</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Ownership [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ownership [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Current Fiscal Year End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Current Fiscal Year End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Long-Term Debt Instruments [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Long-Term Debt Instruments [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToMinorityShareholders_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToMinorityShareholders_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions to redeemable noncontrolling interests in the OP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnSalesOfOtherRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Gains (Losses) on Sales of Other Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnSalesOfOtherRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Gains on sales of other real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnSalesOfOtherRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loss on sale from real estate owned</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ResmarkTheBrookLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Resmark The Brook, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ResmarkTheBrookLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Resmark The Brook, LLC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ResmarkTheBrookLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Resmark The Brook Holdings, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32028Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting April 3, 2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32028Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting April 3, 2028 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32028Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting April 3, 2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentQuarterlyReport_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Quarterly Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlewifeSeniorLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Alewife Senior Loan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlewifeSeniorLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Alewife senior loan.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlewifeSeniorLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Alewife Senior Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PhiladelphiaPaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Philadelphia, PA.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PhiladelphiaPaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Philadelphia, PA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PhiladelphiaPaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Philadelphia, PA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_CA_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">California</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_CA_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CALIFORNIA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MovementInMinorityInterestRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Attributable to Noncontrolling Interest [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MovementInMinorityInterestRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, by Balance Sheet Grouping [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Number of units outstanding at the end of the period (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Number of units outstanding at the beginning of the period (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Noncontrolling Interest [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Remaining Borrowing Capacity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan remaining amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Credit facility, remaining borrowing capacity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncreaseDecreaseInRetainedEarningDueToConsolidationOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Increase (Decrease) In Retained Earning Due To Consolidation Of Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncreaseDecreaseInRetainedEarningDueToConsolidationOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) In Retained Earning Due To Consolidation Of Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncreaseDecreaseInRetainedEarningDueToConsolidationOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Adjustment to noncontrolling interest in subsidiary on deconsolidation of real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_EquityMethodInvesteeNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment, Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_EquityMethodInvesteeNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment, Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentOwnedBalanceShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Owned, Balance, Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentOwnedBalanceShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment owned, balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, outstanding (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Preferred stock, ending balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Preferred stock, beginning balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Capital Shares Reserved for Future Issuance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, capital shares reserved for future issuance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PropertyOperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Property maintenance costs, turn costs, salary and employee benefit costs, utilities and other property operating costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PropertyOperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property operating expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PropertyOperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property operating expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Average number of common shares from assumed vesting of unvested restricted stock units (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StatementGeographicalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Geographical [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StatementGeographicalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Geographical [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityLenderDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Lender [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityLenderDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of Credit Facility, Lender [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationReclassesAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Reclasses, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationReclassesAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Reclasses, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationReclassesAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reclasses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Variable interest entity, qualitative or quantitative information, ownership percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripTwelveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to note.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripTwelveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, Twelve [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripTwelveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Twelve</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Attributable to Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Redeemable Noncontrolling interests, beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Redeemable Noncontrolling interests, ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Equity, Attributable to Noncontrolling Interest, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholders' equity attributable to noncontrolling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InternalCreditAssessmentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Internal Credit Assessment [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharebasedCompensationArrangementsBySharebasedPaymentAwardPiUnitsVestedAndExpectedToVestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding PI units that are fully vested and expected to vest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharebasedCompensationArrangementsBySharebasedPaymentAwardPiUnitsVestedAndExpectedToVestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-based Compensation Arrangements by Share-based Payment Award, PI Units, Vested and Expected to Vest [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharebasedCompensationArrangementsBySharebasedPaymentAwardPiUnitsVestedAndExpectedToVestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Vesting Schedule for the PI Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Provision of credit losses related to accrue interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Accrued Interest, after Allowance for Credit Loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Costs Capitalized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest costs capitalized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockRedemptionPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Redemption Price Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockRedemptionPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, redemption price per share (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities, Trading, and Equity Securities, FV-NI [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PerformanceSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Performance Shares [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PerformanceSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Performance Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnTrancheOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Investment, Return, Tranche One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnTrancheOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Investment, Return, Tranche One [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnTrancheOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Equity Investment, Return, Tranche One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseOfCommonEquityPurchaseAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Purchase Of Common Equity Purchase Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseOfCommonEquityPurchaseAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Of Common Equity Purchase Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseOfCommonEquityPurchaseAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase of common equity, purchase amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bonds payable held in variable interest entities, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investment, Nonconsolidated Investee [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Remainder of Fiscal Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockIssuedDuringPeriodSharesConversionOfRedeemableNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of shares of stock issued for conversion of redeemable noncontrolling interests.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockIssuedDuringPeriodSharesConversionOfRedeemableNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Shares Conversion Of Redeemable Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockIssuedDuringPeriodSharesConversionOfRedeemableNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Conversion of redeemable noncontrolling interests in the OP (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommercialMortgageBackedSecuritiesTrustsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS Trusts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommercialMortgageBackedSecuritiesTrustsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The entire disclosure for commercial mortgage backed securities trusts.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommercialMortgageBackedSecuritiesTrustsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage Backed Securities Trusts [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpenseOperating_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Interest expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpenseOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Expense, Operating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpenseOperating_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Interest Expense, Operating, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of additional shares authorized (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanPortfolioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Mezzanine Loan Portfolio.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanPortfolioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mezzanine Loan Portfolio [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanPortfolioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mezzanine Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RentalIncomeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to rental income.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RentalIncomeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Rental Income [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RentalIncomeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rental Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement Inputs and Valuation Techniques [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Measurement Inputs and Valuation Techniques [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unsecured Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unsecured debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Unsecured Debt, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Unsecured notes, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FREMF2020-KF81CMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">FREMF 2020-KF81 C [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FREMF2020-KF81CMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">FREMF 2020-KF81 C.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FREMF2020-KF81CMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">FREMF 2020-KF81 C</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_EarningsPerShareBasicAndDiluted1Abstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Earnings Per Share, Basic and Diluted1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_EarningsPerShareBasicAndDiluted1Abstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Basic and Diluted1 [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_EarningsPerShareBasicAndDiluted1Abstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings per weighted average common share:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingFebruary172026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to vesting February 17, 2026.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingFebruary172026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting February 17, 2026 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingFebruary172026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting February 17, 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_WA_lbl" xlink:role="http://www.xbrl.org/2003/role/label">WASHINGTON</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_WA_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Washington</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Award vesting rights, percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of shares vested</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Vested</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_MD_lbl" xlink:role="http://www.xbrl.org/2003/role/label">MARYLAND</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_MD_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maryland</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestExpenseOperatingIncludingAcceleratedAmortizationOfPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Interest Expense, Operating, Including Accelerated Amortization Of Premium</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestExpenseOperatingIncludingAcceleratedAmortizationOfPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Expense, Operating, Including Accelerated Amortization Of Premium</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestExpenseOperatingIncludingAcceleratedAmortizationOfPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interest income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Commitments [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripElevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to note.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripElevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, Eleven [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripElevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Eleven</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Treasury Stock, Common, Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Treasury stock, common (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Limited partnership, ownership interest (as a percent)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestAndDividendsReceivableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Fair value portion of amount receivable for interest and dividends.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestAndDividendsReceivableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest And Dividends Receivable Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestAndDividendsReceivableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Commitments [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLoansHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment for Acquisition, Loan, Held-for-Investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLoansHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Originations of mortgage loans, held-for-investment, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLoansHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Recognition of retained preferred equity investment upon deconsolidation of real estate (Note 14)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireLoansHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Originations of mortgage loans, held-for-investment, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripEightMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the eighth tranche of CMBS I/O Strip.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripEightMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS IO Strip Eight [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripEightMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS IO Strip Eight</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unsecured Financing</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnsecuredDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unsecured Debt [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FloatingRateDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Floating rate debt member.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FloatingRateDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Floating Rate Debt [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FloatingRateDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Floating Rate Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The cash outflow from investments sold under the agreement to repurchase such investment.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments For Securities Sold Under Agreements To Repurchase</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Principal repayments on borrowings under master repurchase agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Purchase Commitment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Purchase Commitment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockSellingCommissionPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Stock, Selling Commission Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockSellingCommissionPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Selling Commission Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockSellingCommissionPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Selling commissions (as a percent)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ReversalOfProvisionForCreditLosses_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">(Provision for) reversal of credit losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ReversalOfProvisionForCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Reversal of (Provision For) Credit Losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ReversalOfProvisionForCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Reversal of (Provision For) Credit Losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeriesGPreferredStocksMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series G Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeriesGPreferredStocksMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Series G Preferred Stocks [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeriesGPreferredStocksMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Series G Preferred Stock.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Maturity Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maturity date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BookValueOfCommonStockPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The book value of common stock per share.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BookValueOfCommonStockPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Book Value Of Common Stock Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BookValueOfCommonStockPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Book value of common stock per share (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VancouverWaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Vancouver, WA.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VancouverWaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vancouver, WA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VancouverWaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vancouver, WA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RecourseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Recourse [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RecourseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recourse</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateTransfersToHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment In Real Estate, Transfers To Held For Sale</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateTransfersToHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment In Real Estate, Transfers To Held For Sale</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateTransfersToHeldForSale_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Transfers to held for sale</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril112025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting April 11, 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril112025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting April 11, 2025 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril112025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting April 11, 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Minimum [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Minimum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted average grant date fair value (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Granted, Weighted Average Grant Date Fair Value (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financial Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) from Real Estate Investment Partnership</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossFromRealEstateInvestmentPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income (loss) from consolidated real estate owned</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableLoanInProcess_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Loan in Process</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableLoanInProcess_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage loans held in variable interest entities, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SingleFamilyRentalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents single family rental.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SingleFamilyRentalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Single Family Rental [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SingleFamilyRentalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Single Family Rental</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SingleFamilyRentalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Single-family</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investments [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Summary of Equity Method Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investments, Net [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Inputs, Level 3 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Level 3</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccruedInterestPayableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The fair value of accrued interest payable.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccruedInterestPayableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Interest Payable Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccruedInterestPayableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued interest payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents risk rating 1.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Risk Rating 1 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Risk Rating 1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromLongTermLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Long-Term Lines of Credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromLongTermLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from long-term lines of credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WhiteMarshMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents White Marsh, MD.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WhiteMarshMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">White Marsh, MD [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WhiteMarshMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">White Marsh, MD</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyIncludingNettingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Multifamily Property, Including Netting</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyIncludingNettingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Multifamily Property, Including Netting [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyIncludingNettingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Multifamily Property, Including Netting</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyIncludingNettingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Multifamily Property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unrealized Gain (Loss) on Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net change in unrealized (gain) loss on investments held at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Net change in unrealized (gain) loss on investments held at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrivateREITMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Private REIT</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrivateREITMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Private REIT [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrivateREITMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Private REIT</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Dividends Per Share, Declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock dividends declared (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RelatedPartyTransactionConversionRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction, Conversion Ratio</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RelatedPartyTransactionConversionRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related Party Transaction, Conversion Ratio.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RelatedPartyTransactionConversionRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Conversion ratio</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableNonaccrualTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Nonaccrual [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ChangeInNetAssetsRelatedToVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of change in net assets related to variable interest entities.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ChangeInNetAssetsRelatedToVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Change in net assets related to consolidated CMBS variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ChangeInNetAssetsRelatedToVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Change in net assets related to consolidated CMBS variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorNotePayoffAndMizuhoFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Senior Note Payoff and Mizuho Facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorNotePayoffAndMizuhoFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Senior Note Payoff and Mizuho Facility [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorNotePayoffAndMizuhoFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Senior note payoff and mizuho facility.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mortgage Banking Activity [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS Trusts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Accumulated depreciation and amortization, ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Accumulated depreciation and amortization, beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel">Accumulated depreciation and amortization, ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel">Accumulated depreciation and amortization, beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Accumulated Depreciation and Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Accounts, Notes, Loans and Financing Receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Cash and Cash Equivalents</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Restricted Cash and Cash Equivalent, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Outstanding, Weighted Average Grant Date Fair Value, beginning balance (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TreasuryStockValuesRetired_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Treasury Stock, Values, Retired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TreasuryStockValuesRetired_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Treasury Stock, Values, Retired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TreasuryStockValuesRetired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cancellation of common stock held in treasury</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BuffaloPointeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Buffalo Pointe.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BuffaloPointeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Buffalo Pointe [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BuffaloPointeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Buffalo Pointe</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity-based compensation (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Vesting of stock-based compensation (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">General and Administrative Expense [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and Administrative Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mortgage Loans on Real Estate, Commercial and Consumer, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage loans, held-for-investment, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableSeriesBPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Series B Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableSeriesBPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable Series B Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableSeriesBPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Series B Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorFirmId_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Firm ID</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorFirmId_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Auditor Firm ID</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Basis Spread on Variable Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, basis spread on variable rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendRatePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Dividend Rate, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendRatePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, dividend rate, percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationTransfersToHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Transfers To Held For Sale</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationTransfersToHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Transfers To Held For Sale</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationTransfersToHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Transfers to held for sale</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_GeneralReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General Reserve</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_GeneralReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">General Reserve [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_GeneralReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">General Reserve.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockEquatedToAnAnnualizedRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Stock Equated To An Annualized Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockEquatedToAnAnnualizedRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Equated To An Annualized Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockEquatedToAnAnnualizedRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock equated to an annualized rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ValuationTechniqueTransactionIndicationOfValueMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Transaction Indication of Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ValuationTechniqueTransactionIndicationOfValueMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Valuation Technique, Transaction Indication of Value [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ValuationTechniqueTransactionIndicationOfValueMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Valuation technique, transaction indication of value.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ValuationTechniqueNAVApproachMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NAV Approach</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ValuationTechniqueNAVApproachMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Valuation Technique NAV Approach [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ValuationTechniqueNAVApproachMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Valuation Technique NAV Approach.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtSecuritiesTradingInvestmentDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities Trading, Investment Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtSecuritiesTradingInvestmentDate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt securities trading, investment date.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtSecuritiesTradingInvestmentDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Interest Entity, Primary Beneficiary [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Variable Interest Entity, Primary Beneficiary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Noncontrolling interest in CMBS VIEs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentForManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment for Management Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentForManagementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payment for management fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NetIncomeLossAttributableToSeriesBPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Net Income (Loss) Attributable to Series B Preferred Stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NetIncomeLossAttributableToSeriesBPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Attributable to Series B Preferred Stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NetIncomeLossAttributableToSeriesBPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income attributable to Series B preferred stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Prior</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Originated, More than Five Years before Current Fiscal Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Income (Expense), Operating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net interest earned</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total net interest income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, before Allowance for Credit Loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financing receivable, before allowance for credit loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableGross_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointStoragePartnersOperatingCompanyLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">NexPoint Storage Partners Operating Company, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointStoragePartnersOperatingCompanyLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NexPoint Storage Partners Operating Company, LLC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointStoragePartnersOperatingCompanyLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NexPoint Storage Partners Operating Company, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SecuredDebtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of fair value in secured debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SecuredDebtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured Debt Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SecuredDebtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgages payable, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateImpairment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment In Real Estate, Impairment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateImpairment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment In Real Estate, Impairment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateImpairment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Impairment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-term Debt, Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The2018LongTermIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the 2018 Long-Term Incentive Plan (the &#8220;2018 LTIP&#8221;).</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The2018LongTermIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The 2018 Long-Term Incentive Plan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The2018LongTermIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The 2018 Long-Term Incentive Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LakewoodNjMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Lakewood, NJ.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LakewoodNjMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lakewood, NJ [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LakewoodNjMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Lakewood, NJ</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions or Committees Responsible [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average Number of Shares Outstanding, Basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted average common shares outstanding - basic (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Weighted Average Number of Shares Outstanding, Basic, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Average number of common shares outstanding - basic (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_EquityDistributionAgreementsMaximumAggregateSalesPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The maximum amount of aggregate sales price under the equity distribution agreements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_EquityDistributionAgreementsMaximumAggregateSalesPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Distribution Agreements Maximum Aggregate Sales Price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_EquityDistributionAgreementsMaximumAggregateSalesPrice_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity distribution agreements, maximum aggregate sales price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnitsRedeemed_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Partners' Capital Account, Units, Redeemed</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnitsRedeemed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">OP units redeemed</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Information [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted Average Grant Date Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Lived Tangible Asset [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-Lived Tangible Asset [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued interest payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripSevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the seventh tranche of CMBS I/O Strip.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripSevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS IO Strip Seven [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripSevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS IO Strip Seven</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Events</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentPercentageOfParValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of par value of the debt instrument.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentPercentageOfParValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Percentage Of Par Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentPercentageOfParValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of par value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansReceivableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans Receivable, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansReceivableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loans receivable, fair value disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Investment in Real Estate Sold</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Dispositions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Bonds payable held in variable interest entities, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Long-term debt, total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bonds payable held in variable interest entities, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transactions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubscriptionAgreementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Subscription Agreements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubscriptionAgreementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subscription Agreements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubscriptionAgreementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subscription Agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Partners' Capital Account, Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Partners' Capital Account, Units, Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Partners' Capital Account, Units, Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">OP Units Held by NCI (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Securities Sold under Agreements to Repurchase</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Securities Sold under Agreements to Repurchase, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Master repurchase agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NSPNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NSP Note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NSPNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NSP Note [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NSPNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">NSP note.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Par or Stated Value Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, par value per share (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Preferred stock par value per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Variable Interest Entities [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Variable Interest Entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRatePeriodDayAfterTheSixthAnniversaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dividend Rate Period, Day After The Sixth Anniversary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRatePeriodDayAfterTheSixthAnniversaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividend Rate Period, Day After The Sixth Anniversary [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRatePeriodDayAfterTheSixthAnniversaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend Rate Period, Day After The Sixth Anniversary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Basis of Accounting, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Basis of Accounting</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The2023LongTermIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The 2023 Long-Term Incentive Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The2023LongTermIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The 2023 Long-Term Incentive Plan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The2023LongTermIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The 2023 Long-Term Incentive Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MarinaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Marina</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MarinaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Marina [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MarinaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Marina</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Stockholders' Equity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement of Stockholders' Equity [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NetIncomeLossAttributableToSeriesCPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income attributable to Series C preferred stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NetIncomeLossAttributableToSeriesCPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Attributable To Series C Preferred Stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NetIncomeLossAttributableToSeriesCPreferredStockholders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Net income (loss) attributable to Series C preferred stockholders.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument One.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument One [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesCPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Series C Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesCPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series C Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestByLegalEntityTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Noncontrolling Interest, by Legal Entity [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Equity method investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity method investments ($1,768 and $1,714 with related parties, respectively)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainLossOnSecuritizationOfFinancialAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Gain (Loss) on Securitization of Financial Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainLossOnSecuritizationOfFinancialAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Change in net assets related to consolidated CMBS variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating4Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents risk rating 4.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating4Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Risk Rating 4 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating4Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Risk Rating 4</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AmortizationOfLoanPremiumNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of amortization of loan discount (premium).</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AmortizationOfLoanPremiumNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amortization of Loan Premium, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AmortizationOfLoanPremiumNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">PIK distribution reinvested in Preferred Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ValuationTechniqueDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Valuation Approach and Technique [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesAPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Series A Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesAPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series A Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncreaseDecreaseInDividendsPayableUponVestingOfRsus_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) In Dividends Payable Upon Vesting Of Rsus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncreaseDecreaseInDividendsPayableUponVestingOfRsus_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase (decrease) in dividends payable upon vesting of restricted stock units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncreaseDecreaseInDividendsPayableUponVestingOfRsus_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Increase (decrease) in dividends payable upon vesting of rsus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UseOfEstimates_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Use of Estimates, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_UseOfEstimates_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Use of Estimates and Assumptions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments to Acquire Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Payments to Acquire Real Estate, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Additions to real estate investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments to acquire real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investment [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditLossFinancialInstrumentPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Credit Loss, Financial Instrument [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditLossFinancialInstrumentPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allowance for Credit Losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InternalCreditAssessmentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Internal Credit Assessment [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Thereafter</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Allowance for Credit Loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Allowance for loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Financing Receivable, Allowance for Credit Loss, Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Financing Receivable, Allowance for Credit Loss, Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Allowance for credit losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable, Date Declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend declared date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripFiveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the fifth tranche of CMBS I/O Strip.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripFiveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, Five [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripFiveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccountsPayableAndOtherAccruedLiabilitiesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The fair value of accounts payable and other accrued liabilities.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccountsPayableAndOtherAccruedLiabilitiesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Payable And Other Accrued Liabilities Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccountsPayableAndOtherAccruedLiabilitiesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts payable and other accrued liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncontrolling interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlewifeMezzanineLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Alewife Mezzanine Loan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlewifeMezzanineLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Alewife mezzanine loan.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlewifeMezzanineLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Alewife Mezzanine Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityIncorporationDateOfIncorporation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation, Date of Incorporation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityIncorporationDateOfIncorporation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Date of incorporation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument, Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnsecuredNotesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The fair value portion of unsecured notes.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnsecuredNotesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Unsecured Notes Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnsecuredNotesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unsecured notes, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCollateralAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Collateral Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCollateralAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Collateral outstanding face amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputDiscountRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input, Discount Rate [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputDiscountRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Discount rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateWriteDownAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateWriteDownAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateWriteDownAmount_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Write-offs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AssetBackedSecuritiesIClassFCertificateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Asset Backed Securities I Class F Certificate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AssetBackedSecuritiesIClassFCertificateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Backed Securities I Class F Certificate [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AssetBackedSecuritiesIClassFCertificateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset Backed Securities I Class F Certificate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting January 1, 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting January 1, 2026 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting January 1, 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income (Loss) from Equity Method Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity in (income) losses of unconsolidated equity method ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Equity in (income) losses of unconsolidated equity method ventures</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Equity in income (losses) of equity method investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccretionOfDiscounts_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accretion Of Discounts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccretionOfDiscounts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accretion Of Discounts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccretionOfDiscounts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accretion of discounts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Maturity, Year Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2030</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PlanNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Plan Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PlanNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Plan Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentExtensionOptionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Extension Option Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentExtensionOptionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument, extension option period.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentExtensionOptionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, extension option period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ManagerAffiliatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Manager Affiliates.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ManagerAffiliatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Manager Affiliates [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ManagerAffiliatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Manager Affiliates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentUnamortizedPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Unamortized Premium</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentUnamortizedPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt premium, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Expense, Operating and Nonoperating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Interest Expense, Operating and Nonoperating, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FinancingReceivableOutstandingPrincipal_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Financing Receivable, Outstanding Principal</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FinancingReceivableOutstandingPrincipal_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Outstanding Principal</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FinancingReceivableOutstandingPrincipal_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Outstanding Face Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfLoanPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of loan portfolio of loans and leases receivable.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfLoanPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Loan Portfolio</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfLoanPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">% of loan portfolio</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfLoanPortfolio_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">% of Loan Portfolio</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Other28StatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other 28 States [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Other28StatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Other 28 states.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Other28StatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other 28 States</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockDealerManagerFeePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Stock, Dealer Manager Fee, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockDealerManagerFeePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Dealer Manager Fee, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockDealerManagerFeePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dealer manager fee (as a percent)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Building [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Buildings (in years)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Credit Facility [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Credit Facility [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investment, Ownership Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity method investment, ownership percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtAgreementNumberOfSubsidiaries_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Agreement, Number Of Subsidiaries</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtAgreementNumberOfSubsidiaries_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt agreement, number of subsidiaries.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtAgreementNumberOfSubsidiaries_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt agreement, number of subsidiaries</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Expertise of Management Responsible [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_GeneralPartnerOfSubsidiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the general partner of the subsidiary.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_GeneralPartnerOfSubsidiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">General Partner of Subsidiary [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_GeneralPartnerOfSubsidiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General Partner of Subsidiary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Line of Credit Facilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Line of Credit Facilities [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripFourteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip Fourteen [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripFourteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">CMBS I/O strip fourteen.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripFourteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Fourteen</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IndividualReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Individual Reserve [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IndividualReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Individual reserve.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IndividualReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Individual Reserve</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related and Nonrelated Parties [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year one</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Year One, Originated, Current Fiscal Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRatePeriodDayAfterTheFourthAnniversaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dividend Rate Period, Day After The Fourth Anniversary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRatePeriodDayAfterTheFourthAnniversaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividend Rate Period, Day After The Fourth Anniversary [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRatePeriodDayAfterTheFourthAnniversaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend Rate Period, Day After The Fourth Anniversary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtSecuritiesTradingInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of interest rate during the period for debt security measured at fair value with change in fair value recognized in net income (trading).</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtSecuritiesTradingInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities Trading Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtSecuritiesTradingInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountingStandardsUpdateExtensibleList_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Standards Update [Extensible Enumeration]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SummaryOfLoanCollateralUnpaidBalanceTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Summary Of Loan Collateral Unpaid Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SummaryOfLoanCollateralUnpaidBalanceTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Summary Of Loan Collateral Unpaid Balance [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SummaryOfLoanCollateralUnpaidBalanceTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Geographies and Property Types of Collateral Underlying the CMBS Trusts as Percentage of Collateral Unpaid Principal Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to note.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, Nine [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Nine</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherCommitmentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Commitments [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The750PercentSeniorNotesDue2025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The 7.50 Percent Senior Notes Due 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The750PercentSeniorNotesDue2025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The 7.50 Percent Senior Notes Due 2025 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The750PercentSeniorNotesDue2025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The 7.50 Percent Senior Notes Due 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NorthAuroraIlMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents North Aurora, IL.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NorthAuroraIlMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">North Aurora, IL [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NorthAuroraIlMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">North Aurora, IL</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number of Reportable Segments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of reportable segment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_SecurityExchangeName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputCapRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input, Cap Rate [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputCapRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Terminal cap rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Credit Facility [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CreditFacilityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Credit Facility [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest, Equity, Carrying Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Redeemable noncontrolling interests in the OP, beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Redeemable noncontrolling interests in the OP, ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable noncontrolling interests in the OP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Gross</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Carrying value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt outstanding amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OtherEquityInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OtherEquityInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Equity Investments [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OtherEquityInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Other Equity Investments.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum loss exposure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt, Weighted Average Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt, weighted average interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Weighted average interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ManufacturedHousingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the manufactured housing.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ManufacturedHousingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Manufactured Housing [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ManufacturedHousingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Manufactured Housing</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CounterpartyNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Counterparty Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CounterpartyNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Counterparty Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ChapelHillNorthCarolinaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Chapel Hill, North Carolina [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ChapelHillNorthCarolinaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Chapel hill, north carolina.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ChapelHillNorthCarolinaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Chapel Hill, NC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input Type [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentsToAcquirePreferredStockAndStockWarrants_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchases of preferred stock and stock warrants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentsToAcquirePreferredStockAndStockWarrants_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Preferred Stock And Stock Warrants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentsToAcquirePreferredStockAndStockWarrants_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Purchases of preferred stock and stock warrants.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentsToAcquirePreferredStockAndStockWarrants_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Purchases of preferred stock and stock warrants</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedPaymentArrangementEmployeeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Employee [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedPaymentArrangementEmployeeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-based Payment Arrangement, Employee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPaidNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Paid, Excluding Capitalized Interest, Operating Activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPaidNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementBasisAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Basis [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementBasisAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Measurement Basis [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statistical Measurement [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PerformanceStockUnitsVestingShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Performance Stock Units, Vesting Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PerformanceStockUnitsVestingShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Performance Stock Units, Vesting Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PerformanceStockUnitsVestingShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Performance stock units, vesting shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccountsReceivableAndOtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of right to consideration from customer for product sold and service rendered in normal course of business and other assets.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccountsReceivableAndOtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Receivable And Other Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccountsReceivableAndOtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts receivable and other assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class of Warrant or Right, Exercise Price of Warrants or Rights</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Exercise price (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-based payment arrangement expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfOccupancyOfMultifamilyProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of occupancy of multifamily property.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfOccupancyOfMultifamilyProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Occupancy Of Multifamily Property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfOccupancyOfMultifamilyProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of occupancy of multifamily property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_TitleOfIndividualAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Title and Position [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Hierarchy and NAV [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Hierarchy and NAV [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IndividuallyEvaluatedMultifamilyLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Individually Evaluated Multifamily Loans [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IndividuallyEvaluatedMultifamilyLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Individually evaluated multifamily loans.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IndividuallyEvaluatedMultifamilyLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Individually Evaluated Multifamily Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConsolidationOfNoncontrollingInterestInCMBSVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Consolidation of Noncontrolling Interest in CMBS Variable Interest Entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConsolidationOfNoncontrollingInterestInCMBSVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation of Noncontrolling Interest in CMBS Variable Interest Entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConsolidationOfNoncontrollingInterestInCMBSVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Consolidation of noncontrolling interest in CMBS variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_IcfrAuditorAttestationFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">ICFR Auditor Attestation Flag</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_IcfrAuditorAttestationFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">ICFR Auditor Attestation Flag</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents risk rating 3.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Risk Rating 3 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Risk Rating 3</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Commitment Fee Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of credit facility, commitment fee percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Redeemed or Called During Period, Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Redemptions of Class A common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock redeemed during the period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Conversion of OP units to common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Financial Position [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement of Financial Position [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockUnitsRSUMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Stock Units (RSUs) [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedStockUnitsRSUMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted Stock Units (RSUs)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cumulative Effect, Period of Adoption, Adjustment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cumulative Effect, Period of Adoption, Adjustment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Cumulative effective of adoption of ASU 2016-13</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revenue [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income and Revenue Recognition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of Credit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentOfSellingCommission_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Payment of Selling Commission</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentOfSellingCommission_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment of Selling Commission</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentOfSellingCommission_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payment of selling commission</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentInKind_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of noncash payment in-kind transaction.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentInKind_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment In Kind</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentInKind_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Payment in kind income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VineBrookHomesOperatingPartnershipLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">VineBrook Homes Operating Partnership, L.P.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VineBrookHomesOperatingPartnershipLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">VineBrook Homes Operating Partnership, L.P. [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VineBrookHomesOperatingPartnershipLPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">VineBrook Homes Operating Partnership, L.P.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VestingAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VestingAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LifeScienceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to life science.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LifeScienceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Life Science [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LifeScienceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Life Science</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CapitalAcquisitionPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Capital Acquisition Partner</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CapitalAcquisitionPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Capital Acquisition Partner [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CapitalAcquisitionPartnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Capital Acquisition Partner</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Assets, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherAssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Accounts receivable and other assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_VA_lbl" xlink:role="http://www.xbrl.org/2003/role/label">VIRGINIA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_VA_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Virginia</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchaseProgramPeriodInForce1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Repurchase Program, Period in Force</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRepurchaseProgramPeriodInForce1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock repurchase program, period in force</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management, Strategy, and Governance [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DistributionsToRedeemableNoncontrollingInterestsOnOperatingPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Distributions to redeemable noncontrolling interests in operating partnership.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DistributionsToRedeemableNoncontrollingInterestsOnOperatingPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Distributions To Redeemable Noncontrolling Interests On Operating Partnership</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DistributionsToRedeemableNoncontrollingInterestsOnOperatingPartnership_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Distributions to redeemable noncontrolling interests in the OP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NondesignatedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Not Designated as Hedging Instrument [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NondesignatedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Not Designated as Hedging Instrument</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivablesPeriodPastDueDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Asset, Aging [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IQHQInc.Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">IQHQ Inc.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IQHQInc.Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">IQHQ Inc. [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IQHQInc.Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">IQHQ Inc.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FivePointSevenFivePercentUnsecuredNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Five Point Seven Five Percent Unsecured Notes [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FivePointSevenFivePercentUnsecuredNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Five Point Seven Five Percent Unsecured Notes.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FivePointSevenFivePercentUnsecuredNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">5.75% Unsecured Notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instruments [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financial Instruments [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Master repurchase agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating5Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents risk rating 5.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating5Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Risk Rating 5 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating5Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Risk Rating 5</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Restricted Cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Restricted Cash, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted cash</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable Credit Quality Indicators [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Financing Receivable Credit Quality Indicators</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the debt instrument three.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Three [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityIssuerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Issuer</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityIssuerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Issuer [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityIssuerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Equity Issuer</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_NY_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NEW YORK</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_NY_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">New York</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PropertyPlantAndEquipmentEstimatedUsefulLifeTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure for the estimated useful lives of property, plant, and equipment.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PropertyPlantAndEquipmentEstimatedUsefulLifeTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant, and Equipment, Estimated Useful Life [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PropertyPlantAndEquipmentEstimatedUsefulLifeTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property, Plant, and Equipment, Estimated Useful Life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average Number of Shares Outstanding, Diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Weighted Average Number of Shares Outstanding, Diluted, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted-average common shares outstanding - diluted (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ProceedsFromSecuredDebtHeldInVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Secured Debt Held In Variable Interest Entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ProceedsFromSecuredDebtHeldInVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Proceeds from secured debt held in variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ProceedsFromSecuredDebtHeldInVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from secured borrowings of CMBS securitizations held in variable interest entities, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ProceedsFromSecuredDebtHeldInVariableInterestEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Cash proceeds from secured borrowings of CMBS securitizations held in variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonStockAndPartnerUnitsSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of common stock and partner unit shares outstanding.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonStockAndPartnerUnitsSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock And Partner Units Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonStockAndPartnerUnitsSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Combined Outstanding (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Ordinary Dividends, Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividends paid to common stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HighlandIncomeAndOpportunitiesFundMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Highland Income and Opportunities Fund [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HighlandIncomeAndOpportunitiesFundMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Highland income and opportunities fund.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HighlandIncomeAndOpportunitiesFundMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">HFRO</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Financial Statements, Disclosure [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Revenue and Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockIssuanceAgreementNumberOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of shares potentially issuable under stock issuance agreement.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockIssuanceAgreementNumberOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issuance Agreement Number Of Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockIssuanceAgreementNumberOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock issuance agreement, number of shares (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CoverAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexpointStoragePartnersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents NexPoint Storage Partners (NSP).</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexpointStoragePartnersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NexPoint Storage Partners [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexpointStoragePartnersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NexPoint Storage Partners</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt and Equity Securities, FV-NI [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the fourth tranche of CMBS I/O Strip.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, Four [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentNumberOfExtensionOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt Instrument, Number Of Extension Options</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentNumberOfExtensionOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Number Of Extension Options</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentNumberOfExtensionOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of extension options</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SevenPointEightSevenFivePercentSeniorUnsecuredNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Seven Point Eight Seven Five Percent Senior Unsecured Notes [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SevenPointEightSevenFivePercentSeniorUnsecuredNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Seven point eight seven five percent senior unsecured notes.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SevenPointEightSevenFivePercentSeniorUnsecuredNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">7.875% Senior Unsecured Notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateHeldForSaleMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents real estate held for sale.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateHeldForSaleMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Held for Sale [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateHeldForSaleMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real estate held for sale, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cumulative Effect, Period of Adoption [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DerivativeStrikePrice_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The strike price on the derivative.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DerivativeStrikePrice_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Strike Price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DerivativeStrikePrice_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative strike price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Forfeited (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRateIncreasePeriodDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dividend Rate Increase, Period [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRateIncreasePeriodDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividend Rate Increase, Period [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRateIncreasePeriodDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend Rate Increase, Period [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of outstanding stock maximum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivablesPeriodPastDueAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Asset, Aging [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseCommitmentUnitPurchasesUnfundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Purchase Commitment, Unit Purchases, Unfunded Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseCommitmentUnitPurchasesUnfundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Commitment, Unit Purchases, Unfunded Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseCommitmentUnitPurchasesUnfundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase commitment, unfunded amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseCommitmentUnitPurchasesUnfundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Unfunded Commitments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentTypeCategorizationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OPUnitsHeldByNoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">OP Units Held By Noncontrolling Interest [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OPUnitsHeldByNoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">OP Units Held By Noncontrolling Interest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OPUnitsHeldByNoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">OP Units Held By Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditMaximumCommitmentUnfundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Line Of Credit, Maximum Commitment, Unfunded Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditMaximumCommitmentUnfundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line Of Credit, Maximum Commitment, Unfunded Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditMaximumCommitmentUnfundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line Of Credit, Maximum Commitment, Unfunded Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditMaximumCommitmentUnfundedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Unfunded commitment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepurchaseAndResaleAgreementsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repurchase and Resale Agreements Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepurchaseAndResaleAgreementsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured Financing and Master Repurchase Agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharebasedPaymentArrangementVestingInFebruaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Portion of award under share-based payment arrangement differentiated by vesting feature, including, but not limited to, performance measure or service period, vesting in February.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharebasedPaymentArrangementVestingInFebruaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Vesting in February [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharebasedPaymentArrangementVestingInFebruaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">February</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgagesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Mortgages</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgagesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mortgages [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LTIP2020Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the 2020 LTIP.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LTIP2020Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">2020 LTIP [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LTIP2020Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2020 LTIP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of shares authorized (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of Stock [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Segment Reporting</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Segment Reporting Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">General and Administrative Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and administrative expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">General and Administrative Expense, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Property general and administrative expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesBPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Series B Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesBPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series B Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncontrolling Interest [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Collateralized Mortgage-Backed Securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Collateralized Mortgage Backed Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Mortgage Backed Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revenue from Contract with Customer, Including Assessed Tax</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rental income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ResmarkForneyGatewayHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Resmark Forney Gateway Holdings, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ResmarkForneyGatewayHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Resmark Forney Gateway Holdings, LLC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ResmarkForneyGatewayHoldingsLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Resmark Forney Gateway Holdings, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeDividend_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Income, Dividend</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeDividend_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the first tranche of CMBS I/O Strip.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, One [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentCompanyInternalRateOfReturnSinceInception_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Company, Internal Rate of Return since Inception</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentCompanyInternalRateOfReturnSinceInception_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Internal rate of return</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFiveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Five.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFiveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Five [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentFiveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Five</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StockRepurchaseProgramExpirationDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Repurchase Program, Expiration Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StockRepurchaseProgramExpirationDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock repurchase program, expiration date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubordinateTrancheOneSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Subordinate Tranche One Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubordinateTrancheOneSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subordinate Tranche One Securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubordinateTrancheOneSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subordinate Tranche One Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Interest Rate During Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of credit facility, interest rate per annum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ContributionAgreementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the contribution agreement.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ContributionAgreementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Contribution Agreement [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ContributionAgreementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contribution Agreement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CompanyManagementTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Company Management Term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CompanyManagementTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Company Management Term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CompanyManagementTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Company management term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Gain (Loss) on Extinguishment of Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loss on extinguishment of debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Loss on extinguishment of debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Gain (Loss) on Extinguishment of Debt, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DesMoinesIAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Des Moines, IA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DesMoinesIAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Des Moines, IA [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DesMoinesIAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Des Moines, IA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedPaymentArrangementVestingInAprilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share-Based Payment Arrangement, Vesting In April</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedPaymentArrangementVestingInAprilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Vesting In April [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedPaymentArrangementVestingInAprilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">April</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfChangeInNetAssetsRelatedToConsolidatedCMBSVariableInterestEntitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of change in net assets related to consolidated CMBS variable interest entities.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfChangeInNetAssetsRelatedToConsolidatedCMBSVariableInterestEntitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Change In Net Assets Related To Consolidated CMBS Variable Interest Entities [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfChangeInNetAssetsRelatedToConsolidatedCMBSVariableInterestEntitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment, Useful Life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property, plant and equipment, useful life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recent Accounting Pronouncement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Restricted Stock Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DaytonaBeachFlMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Daytona Beach, FL.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DaytonaBeachFlMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Daytona Beach, FL [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DaytonaBeachFlMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Daytona Beach, FL</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Ownership [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_OwnershipAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ownership [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Award vesting period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansAndLeasesReceivableDisclosureTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans and Leases Receivable Disclosure [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeriesACumulativeRedeemablePreferredStock85Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents 8.5% Series A cumulative redeemable preferred stock.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeriesACumulativeRedeemablePreferredStock85Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Series A Cumulative Redeemable Preferred Stock, 8.5% [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeriesACumulativeRedeemablePreferredStock85Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series A Cumulative Redeemable Preferred Stock, 8.5%</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RelatedPartyTransactionGuaranteedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related Party Transaction, Guaranteed Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RelatedPartyTransactionGuaranteedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction, Guaranteed Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RelatedPartyTransactionGuaranteedAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Guaranteed amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Reported Value Measurement [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Outstanding Principal Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnitsSaleOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Partners' Capital Account, Units, Sale of Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnitsSaleOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Partners' Capital Account, Units, Sale of Units, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnitsSaleOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Partners' capital account, total sale of units (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Loans [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred equity loans.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Equity Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOtherAcquisitions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Acquisition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOtherAcquisitions_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Additions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorUnsecuredNotesDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Senior Unsecured Notes Due 2026 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorUnsecuredNotesDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Senior unsecured notes due 2026.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorUnsecuredNotesDue2026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Senior Unsecured Notes Due 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DistributionReinvestmentPlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Distribution Reinvestment Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DistributionReinvestmentPlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Distribution Reinvestment Plan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DistributionReinvestmentPlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distribution Reinvestment Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Shares, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Common stock shares outstanding (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Common stock, ending balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Common stock, beginning balance (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Shares Outstanding (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharesIssuedAveragePricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share issued average price per share.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharesIssuedAveragePricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shares Issued Average Price Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharesIssuedAveragePricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares issued average price per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharesIssuedAveragePricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Average Price Per Share, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The750PercentSeniorNotesDue2027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The 7.50 Percent Senior Notes Due 2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The750PercentSeniorNotesDue2027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The 7.50 Percent Senior Notes Due 2027 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_The750PercentSeniorNotesDue2027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The 7.50 Percent Senior Notes Due 2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Depreciation, Depletion and Amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Depreciation, Depletion and Amortization, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation and amortization of real estate investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Depreciation and amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes Integrated [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOwnedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Owned [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateOwnedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Investments, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentTransitionReport_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Transition Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentTransitionReport_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Transition Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfLimitedPartnersCapitalAccountByClassTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Limited Partners' Capital Account by Class [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfLimitedPartnersCapitalAccountByClassTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Consolidated Common Stock and OP Units Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the senior loan.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Senior Loan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Senior Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Operating Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total operating expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OperatingExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TheThird575PercentSeniorNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TheThird575PercentSeniorNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The Third 5.75 Percent Senior Notes [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TheThird575PercentSeniorNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The Third 5.75 Percent Senior Notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Share-BasedPaymentArrangementVestingInJuneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement Vesting in June [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Share-BasedPaymentArrangementVestingInJuneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share-Based Payment Arrangement Vesting in June.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Share-BasedPaymentArrangementVestingInJuneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">June</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRateIncreasePeriodAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dividend Rate Increase, Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRateIncreasePeriodAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividend Rate Increase, Period [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DividendRateIncreasePeriodAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend Rate Increase, Period [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReceivableTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Receivable [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ValuationTechniqueDiscountedCashFlowMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Valuation Technique, Discounted Cash Flow [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ValuationTechniqueDiscountedCashFlowMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Valuation Technique, Discounted Cash Flow</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ValuationTechniqueDiscountedCashFlowMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Discounted cash flow</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Cash Flows [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement of Cash Flows [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CapitalAcquisitionPartnersLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Capital Acquisition Partners, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CapitalAcquisitionPartnersLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Capital Acquisition Partners, LLC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CapitalAcquisitionPartnersLLCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Capital Acquisitions Partners, LLC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Value, New Issues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate sale price of common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RelatedPartyTransactionSeverableLiabilityPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related Party Transaction, Severable Liability, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RelatedPartyTransactionSeverableLiabilityPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction, Severable Liability, Percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RelatedPartyTransactionSeverableLiabilityPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Severable liability percentage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingUponSuccessfulCompletionOfInitialPublicOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents vesting upon successful completion of an initial public offering.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingUponSuccessfulCompletionOfInitialPublicOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting Upon Successful Completion of Initial Public Offering [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingUponSuccessfulCompletionOfInitialPublicOfferingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting upon successful completion of initial public offering</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableNonaccrualStatusLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Nonaccrual [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TradingSecuritiesDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TradingSecuritiesDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities, Trading</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TradingSecuritiesDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">CMBS structured pass-through certificates, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestRateSwapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate Swap [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestRateSwapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate swaps</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity [Text Block]</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts and Financing Receivables [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Granted and Vesting of Restricted Stock Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes Integrated [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfCommercialMortgageBackedSecuritiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Commercial Mortgage Backed Securities [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfCommercialMortgageBackedSecuritiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Schedule of commercial mortgage backed securities.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Share-BasedPaymentArrangementVestingInFebruaryThroughJuneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement Vesting in February Through June [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Share-BasedPaymentArrangementVestingInFebruaryThroughJuneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Share-Based Payment Arrangement Vesting in February Through June.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Share-BasedPaymentArrangementVestingInFebruaryThroughJuneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-Based Payment Arrangement Vesting in February Through June</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Seven.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Seven</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesEPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Series E Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesEPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series E Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoanPortfolioExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loan Portfolio Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoanPortfolioExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan servicing fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_GuarantorObligationsPaidDownValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Guarantor Obligations, Paid Down Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_GuarantorObligationsPaidDownValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Guarantor Obligations, Paid Down Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_GuarantorObligationsPaidDownValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Guarantor obligations, paid down value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ClassBOPUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to class B OP Units.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ClassBOPUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class B OP Units [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ClassBOPUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class B OP Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WarrantsAndRightsOutstandingTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Warrants and Rights Outstanding, Term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_WarrantsAndRightsOutstandingTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Warrants and rights outstanding, term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments of distributions to affiliates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Distributions to Affiliates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities, FV-NI, Unrealized Gain (Loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Equity Securities, FV-NI, Unrealized Gain (Loss), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Change in unrealized gain (loss) on common stock investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonAndPreferredStockInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common And Preferred Stock Investments [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonAndPreferredStockInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common and preferred stock investments.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonAndPreferredStockInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common and Preferred Stock Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DealerManagerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dealer Manager [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DealerManagerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Dealer Manager.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DealerManagerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dealer Manager</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentExtensionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt Instrument, Extension Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentExtensionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Extension Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentExtensionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Extension period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assets [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">ASSETS</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CharlotteNCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Charlotte, NC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CharlotteNCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Charlotte, NC [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CharlotteNCMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charlotte, NC</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repayments of Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Repayments of debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Principal repayments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Name of Property [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Name of Property [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentBasisSpreadOnVariableRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Investment, Basis Spread On Variable Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentBasisSpreadOnVariableRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Investment, Basis Spread On Variable Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentBasisSpreadOnVariableRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred equity investment, basis spread on variable rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateTaxesAndInsurance_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Taxes and Insurance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateTaxesAndInsurance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real estate taxes and insurance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Year Focus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Fiscal Year Focus</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Property, Accumulated Depreciation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accumulated depreciation and amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAppropriatedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retained Earnings, Appropriated [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAppropriatedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Retained Earnings Less Dividends</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesFvNiMeasurementInput_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities, FV-NI, Measurement Input</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesFvNiMeasurementInput_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Measurement input</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultipleOnInvestedCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Multiple On Invested Capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultipleOnInvestedCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Multiple On Invested Capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultipleOnInvestedCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Multiple on invested capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash Provided by (Used in) Investing Activities [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from investing activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityGross_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The gross amount of loans and preferred equity.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityGross_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Outstanding Face Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingFebruary172025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to vesting February 17, 2025.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingFebruary172025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting February 17, 2025 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingFebruary172025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting February 17, 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Ordinary Dividends, Preferred Stock and Preference Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividends paid to preferred stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityMethodInvestmentsUnfunded_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Method Investments, Unfunded</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityMethodInvestmentsUnfunded_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Method Investments, Unfunded</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityMethodInvestmentsUnfunded_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred equity method investments, unfunded</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common and Preferred Stock Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">CMBS Structured Pass-Through Certificates</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharesIssuedGrossAverageSalePricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Gross average per share or per unit amount of equity securities issued.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharesIssuedGrossAverageSalePricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shares Issued Gross Average Sale Price Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SharesIssuedGrossAverageSalePricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gross Average Sale Price per Share of Common Stock (in usd per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearOne_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2026 (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearOne_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of equity-based payment instruments, excluding stock (or unit) options, that are expected to vest during the current fiscal year.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearOne_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Number, Year One</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfLoanAndPreferredEquityPortfolioActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The tabular disclosure for the activity in the loan and preferred equity portfolio.</link:label>
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          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfLoanAndPreferredEquityPortfolioActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Loan and Preferred Equity Portfolio Activity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfLoanAndPreferredEquityPortfolioActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Schedule of Loans Held for Investment, net and Preferred Equity Portfolio Activity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_KeyBankAndMizuhoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">KeyBank and Mizuho</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_KeyBankAndMizuhoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">KeyBank and Mizuho [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_KeyBankAndMizuhoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">KeyBank and Mizuho</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfAnnualAdvisoryPaidMonthly_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Percentage of annual advisory, paid monthly.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfAnnualAdvisoryPaidMonthly_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Annual Advisory Paid Monthly</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfAnnualAdvisoryPaidMonthly_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of annual advisory, paid monthly</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting of stock-based compensation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment in Subsidiaries</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Redemption of redeemable noncontrolling interests in the OP</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Noncontrolling interest in CMBS variable interest entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtConversionConvertedInstrumentAmount1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Conversion, Converted Instrument, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtConversionConvertedInstrumentAmount1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Originations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Investment Property, at Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Real Estate Investment Property, at Cost, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanUnfundedCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mezzanine Loan Unfunded Commitment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanUnfundedCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mezzanine Loan Unfunded Commitment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MezzanineLoanUnfundedCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FortWorthTexasMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Fort Worth Texas.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FortWorthTexasMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fort Worth Texas [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FortWorthTexasMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fort Worth, Texas</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value, Valuation of Consolidated VIEs, and Valuation Methodologies</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointDiversifiedRealEstateTrustMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">NXDT</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointDiversifiedRealEstateTrustMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">NexPoint Diversified Real Estate Trust</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointDiversifiedRealEstateTrustMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NexPoint Diversified Real Estate Trust [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointDiversifiedRealEstateTrustMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NexPoint Diversified Real Estate Trust</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealizedInvestmentGainsLossesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Realized Investment Gains Losses Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealizedInvestmentGainsLossesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Realized investment gains losses net.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealizedInvestmentGainsLossesNet_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Net realized (gain) loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountingStandardsUpdate202006Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Standards Update 2020-06 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountingStandardsUpdate202006Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">ASU 2020-06</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Disclosures [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commitments and Contingencies Disclosure [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Properties [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate Properties [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_FL_lbl" xlink:role="http://www.xbrl.org/2003/role/label">FLORIDA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="stpr_FL_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Florida</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockConsiderationReceivedOnTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock, Consideration Received on Transaction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockConsiderationReceivedOnTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of stock, consideration received on transaction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net income (loss) attributable to common stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Available to Common Stockholders, Basic</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net income (loss) attributable to common stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income attributable to common stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ForneyTexasMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Forney, Texas</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ForneyTexasMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Forney, Texas [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ForneyTexasMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Forney, Texas</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Attributable to Redeemable Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Income (Loss) Attributable to Redeemable Noncontrolling Interest, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net (income) loss attributable to redeemable noncontrolling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net income attributable to redeemable noncontrolling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Net (income) loss attributable to redeemable noncontrolling interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Credit facilities, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Long-Term Line of Credit, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Secured financing agreements, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Outstanding principal balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2009/role/netLabel">Outstanding Principal Balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubordinateTrancheMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subordinate Tranche [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubordinateTrancheMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Subordinate tranche.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SubordinateTrancheMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subordinate Tranche</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeInstrumentRiskAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeInstrumentRiskAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative Instrument [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrincipalRepaymentsOnMortgagesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Principal Repayments on Mortgages Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrincipalRepaymentsOnMortgagesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Principal Repayments on Mortgages Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrincipalRepaymentsOnMortgagesPayable_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Principal repayments on mortgages payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-based payment arrangement, nonvested award, cost not yet recognized, amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unrealized gain (loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities, Trading, Unrealized Gain (Loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Debt Securities, Trading, Unrealized Gain (Loss), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assets, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2029 (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of equity-based payment instruments, excluding stock (or unit) options, that are expected to vest in third fiscal year following current fiscal year.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Number, Year Four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of Stock [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Number of RSUs Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Secured Financing Agreements and Master Repurchase Agreements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secured Financing Agreements and Master Repurchase Agreements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured Financing Agreements and Master Repurchase Agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total revenues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateGrossAtCarryingValueIncludingCapitalizedInterestIncludingHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Amount, before accumulated depreciation, of real estate investment by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Excludes real estate not held as investment or interest. Includes amounts including amounts held for sale.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateGrossAtCarryingValueIncludingCapitalizedInterestIncludingHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate Gross At Carrying Value Including Capitalized Interest Including Held For Sale</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateGrossAtCarryingValueIncludingCapitalizedInterestIncludingHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Gross real estate, ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RealEstateGrossAtCarryingValueIncludingCapitalizedInterestIncludingHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Gross real estate, beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash Provided by (Used in) Investing Activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash provided by investing activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RockvilleNewYorkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Rockville, New York [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RockvilleNewYorkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Rockville, New York.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RockvilleNewYorkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rockville, NY</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlewifeLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Alewife Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlewifeLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Alewife Loan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlewifeLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Alewife Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCreditRating_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Credit Rating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentCreditRating_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Risk Rating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_Security12bTitle_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Title of 12(b) Security</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RosedaleMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Rosedale, MD [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RosedaleMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rosedale, MD</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RosedaleMdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Rosedale, MD.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents CMBS I/O Strips.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strips [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strips</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableSeriesCPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Series C Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableSeriesCPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Series C Preferred stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableSeriesCPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable series C preferred stock.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related and Nonrelated Parties [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Shares Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred shares issued (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Redeemable Preferred Stock, issued (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfLoansHeldForInvestmentAsAPercentageAtFaceAmountByGeographicAreasTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The tabular disclosure of loans held for investment as a percentage of the loans' face amount by geographic areas.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfLoansHeldForInvestmentAsAPercentageAtFaceAmountByGeographicAreasTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Loans Held For Investment As A Percentage At Face Amount By Geographic Areas [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfLoansHeldForInvestmentAsAPercentageAtFaceAmountByGeographicAreasTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Loans Held for Investment as a Percentage of Face Amount by Geographic Areas</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Redeemed or Called During Period, Shares</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Redemptions of Class A common stock (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock redeemed (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Conversion of OP units to common stock (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfSubsidiaries_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Subsidiaries</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfSubsidiaries_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Subsidiaries</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfSubsidiaries_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of subsidiaries</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateOtherAcquisitionNetOfAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Acquisition, Net Of Adjustments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateOtherAcquisitionNetOfAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Acquisition, Net Of Adjustments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateOtherAcquisitionNetOfAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Stock Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock investments, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Nine.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Nine [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Nine</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Information [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidated Entities [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Consolidated Entities [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LegalEntityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Legal Entity [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LegalEntityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Legal Entity [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Operating Capital [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Changes in operating assets and liabilities:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SFROPNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SFR OP Note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SFROPNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SFR OP Note [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SFROPNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">SFR OP Note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrivateOfferingPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Price per share of private offering.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrivateOfferingPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Private Offering Price Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PrivateOfferingPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Private offering price per share (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid-in Capital [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional Paid-in Capital</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ElysianAtHughesCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Elysian at Hughes Center [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ElysianAtHughesCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Elysian at Hughes Center</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ElysianAtHughesCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Elysian at Hughes Center</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialMortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Commercial Mortgage-Backed Securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommercialMortgageBackedSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial Mortgage-Backed Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityNetAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Carrying Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityNetAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Net amount of loans and preferred equity.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityNetAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans And Preferred Equity Net Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityNetAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndPreferredEquityNetAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Frequency [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StockRepurchaseProgramAuthorizedAmount1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share Repurchase Program, Authorized, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_StockRepurchaseProgramAuthorizedAmount1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock repurchase program, authorized amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Income Location, Balance [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income Statement Location [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeniorNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Senior Notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeniorNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Senior Notes [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Change in Accounting Principle, Accounting Standards Update, Adoption Date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableUnamortizedPurchasePremiumDiscount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financing receivable, unamortized purchase premium (discount)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableUnamortizedPurchasePremiumDiscount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Unamortized Purchase Premium (Discount)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccumulatedDepreciationAndAmortizationNettingAdjustmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accumulated Depreciation and Amortization, Netting Adjustments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccumulatedDepreciationAndAmortizationNettingAdjustmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Depreciation and Amortization, Netting Adjustments [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccumulatedDepreciationAndAmortizationNettingAdjustmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated depreciation and amortization</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesFvNi_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesFvNi_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Securities, FV-NI, Current</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesFvNi_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Common stock investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquitySecuritiesFvNi_lbl" xlink:role="http://www.xbrl.org/2009/role/netLabel">Equity method investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_DirectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Director [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_DirectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Director</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Allowance for Credit Loss [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financing Receivable, Allowance for Credit Loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash Provided by (Used in) Financing Activities [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from financing activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsRecurringMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Recurring [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsRecurringMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recurring</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityExTransitionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Ex Transition Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityExTransitionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Ex Transition Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Equity Method Investments [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DecreaseInLoansHeldForInvestmentNetOnConsolidationOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Decrease in Loans, Held for Investment, Net on Consolidation of Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DecreaseInLoansHeldForInvestmentNetOnConsolidationOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Decrease in Loans, Held for Investment, Net on Consolidation of Real Estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DecreaseInLoansHeldForInvestmentNetOnConsolidationOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Decrease in loans, held for investment, net on consolidation of real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DecreaseInLoansHeldForInvestmentNetOnConsolidationOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Decrease in loans held for investment, net of consolidation of real estate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Noncontrolling Interest Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2028 (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The number of equity-based payment instruments, excluding stock (or unit) options, that are expected to vest in second fiscal year following current fiscal year.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Number, Year Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockLiquidationPreference_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Liquidation Preference Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockLiquidationPreference_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, liquidation preference per share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement Inputs and Valuation Techniques [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Measurement Inputs and Valuation Techniques [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivablePortfolioSegmentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable Portfolio Segment [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Investment, Return</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Investment, Return [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Equity Investment, Return [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BorrowingsUnderMasterRepurchaseAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The cash inflow from investments sold under the agreement to repurchase such investment.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BorrowingsUnderMasterRepurchaseAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Borrowings Under Master Repurchase Agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BorrowingsUnderMasterRepurchaseAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Borrowings under master repurchase agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Components [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Components [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsAndNotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts and Financing Receivable, after Allowance for Credit Loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsAndNotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Accounts and Financing Receivable, after Allowance for Credit Loss, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsAndNotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loans and leases receivable, net amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Nonoperating Income (Expense)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income (expense)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Total Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total other income</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Component [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Component [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Activity [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Share-based Payment Arrangement, Activity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByAssetClassAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Class [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditFacilityAccordionFeatureIncreaseLimit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of credit facility, accordion feature, increase limit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditFacilityAccordionFeatureIncreaseLimit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility Accordion Feature Increase Limit</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditFacilityAccordionFeatureIncreaseLimit_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Line of credit facility accordion feature increase limit.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HighlandGlobalAllocationFundMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HGLB</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HighlandGlobalAllocationFundMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Highland Global Allocation Fund</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HighlandGlobalAllocationFundMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Highland Global Allocation Fund [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_HighlandGlobalAllocationFundMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Highland Global Allocation Fund</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentPlacementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Investment, Placement Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentPlacementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Investment, Placement Fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentPlacementFee_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred equity investment, placement fee</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentAnnualReport_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Annual Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentAnnualReport_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Annual Report</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemablePreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemablePreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSixMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Six.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSixMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Six [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSixMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Six</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">NexPoint Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NexPoint Securities [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointSecuritiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NexPoint Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Derivative, Fair Value, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Derivative, Fair Value, Net, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative, fair value, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentBasisSpreadOnVariableRatePayableInKind_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Basis Spread on Variable Rate Payable in Kind</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentBasisSpreadOnVariableRatePayableInKind_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Debt instrument basis spread on variable rate payable in kind.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentBasisSpreadOnVariableRatePayableInKind_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, basis spread on variable rate payable in kind</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SubsidiariesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsidiaries [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_SubsidiariesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Noncontrolling interest in Subsidiary</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting April 3, 2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting April 3, 2027 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting April 3, 2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SpecificReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Specific Reserve [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SpecificReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Specific reserve.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SpecificReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Specific Reserve</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, after Allowance for Credit Loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Financing Receivable, after Allowance for Credit Loss, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financing receivable, after allowance for credit loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Building and Building Improvements [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Buildings and improvements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting April 3, 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting April 3, 2025 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting April 3, 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity Method Investment, Nonconsolidated Investee [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Allowance for Credit Loss [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Maximum [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends Payable, Date to be Paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend payable date</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LiabilitiesFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DesignatedAsHedgingInstrumentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Designated as Hedging Instrument [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DesignatedAsHedgingInstrumentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Designated as Hedging Instrument</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Stock by Class [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary Information of ATM Program</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statistical Measurement [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingRatablyOverFourYearsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents vesting ratably over four years.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingRatablyOverFourYearsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting Ratably Over Four Years [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingRatablyOverFourYearsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting Ratably Over Four Years</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts payable, accrued expenses and other liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Other Accounts Payable and Accrued Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the third tranche of CMBS I/O Strip.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, Three [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Three</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonrecourseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Nonrecourse [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonrecourseMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-recourse</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of units in multifamily property</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Income (Loss) Available to Common Stockholders, Diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net income (loss) for diluted computations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PhoenixAZMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Phoenix, AZ</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PhoenixAZMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Phoenix, AZ [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PhoenixAZMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Phoenix, AZ</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IntangibleLeaseAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Intangible lease assets.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IntangibleLeaseAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Intangible Lease Assets [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IntangibleLeaseAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Intangible Lease Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IntangibleLeaseAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Intangible Lease Assets (in months)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Stock Purchase Commitment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Purchase Commitment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredStockPurchaseCommitmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Stock Purchase Commitment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ReversalOfIndividualReserveOfCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Reversal of Individual Reserve of Credit Losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ReversalOfIndividualReserveOfCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Reversal of individual reserve of credit losses.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ReversalOfIndividualReserveOfCreditLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reversal of individual reserve of credit losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TotalEquityMethodInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total Equity Method Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TotalEquityMethodInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Total Equity Method Investments [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TotalEquityMethodInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Total Equity Method Investments.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableWeightedAverageLife_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The weighted average life of loans and leases receivable, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableWeightedAverageLife_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans And Leases Receivable Weighted Average Life</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableWeightedAverageLife_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Life (years)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeAmortizationOfPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Income, Amortization of Premium</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeAmortizationOfPremium_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization of premiums</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principles of Consolidation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Including Portion Attributable to Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Cumulative effect of adoption of ASU 2016-13</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Stockholders' Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonStockInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common Stock Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonStockInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Investments [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonStockInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock Investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsIncomeStatementImpact_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock Dividends, Income Statement Impact</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsIncomeStatementImpact_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net (income) loss attributable to preferred stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsIncomeStatementImpact_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Net (income) loss attributable to preferred stockholders</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) in Accounts Receivable and Other Operating Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts receivable and other assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accounts receivable and other assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendAndInterestReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividend and Interest Receivable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendAndInterestReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Dividend and Interest Receivable, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendAndInterestReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued interest and dividends, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Other33StatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other 33 States [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Other33StatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Other 33 States</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_Other33StatesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other 33 States</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonAndPreferredStockInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common And Preferred Stock Investments [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CommonAndPreferredStockInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Common and preferred stock investments.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityPublicFloat_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Public Float</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityPublicFloat_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Public Float</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation, Less-than-Wholly-Owned Subsidiary, Parent Ownership Interest, Effect of Change [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Stock, Shares Authorized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred stock, authorized (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPayableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Payable, Current</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestPayableCurrent_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accrued interest payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccruedInterestAndDividendsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Interest And Dividends [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccruedInterestAndDividendsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued interest and dividends.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AccruedInterestAndDividendsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued Interest and Dividends, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableWeightedAverageCoupon_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of weighted average coupon on loans and leases receivable.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableWeightedAverageCoupon_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans And Leases Receivable Weighted Average Coupon</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansAndLeasesReceivableWeightedAverageCoupon_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Coupon</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Debt [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment, Tax Withholding, Share-Based Payment Arrangement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments for taxes related to net share settlement of stock-based compensation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lender Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Lender Name [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WilmingtonDeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Wilmington, DE.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WilmingtonDeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Wilmington, DE [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WilmingtonDeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Wilmington, DE</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsPayableAndOtherAccruedLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts Payable and Other Accrued Liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsPayableAndOtherAccruedLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts payable and other accrued liabilities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountsNotesAndLoansReceivableLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounts, Notes, Loans and Financing Receivable [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpensePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Expense, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestExpensePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expense Recognition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationDepreciationExpenseExcludingNonRealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense, Excluding Non Real Estate Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationDepreciationExpenseExcludingNonRealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense, Excluding Non Real Estate Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationDepreciationExpenseExcludingNonRealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Additions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityVoluntaryFilers_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Voluntary Filers</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityVoluntaryFilers_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Voluntary Filers</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockSharesAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Treasury stock shares acquired (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TreasuryStockSharesAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Treasury Stock, Shares, Acquired</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SKApartmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SK Apartments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SKApartmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SK Apartments [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SKApartmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">SK Apartments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other Nonoperating Income (Expense)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Other Nonoperating Income (Expense), Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income (loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Other income (expense)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RevolvingLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Revolving Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RevolvingLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Revolving Loan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RevolvingLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revolving Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesDPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Series D Preferred Stock [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeriesDPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Series D Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchasePriceAllocationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The disclosure for the purchase price allocation accounting policy.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchasePriceAllocationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Price Allocation [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchasePriceAllocationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase Price Allocation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Events [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TotalExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of expenses associated with real estate investment.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TotalExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Total Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TotalExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_O2026Q2DividendsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">O 2026 Q2 Dividends [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_O2026Q2DividendsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">O 2026 Q2 dividends.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_O2026Q2DividendsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">O 2026 Q2 Dividends</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cybersecurity Risk Management Positions or Committees Responsible [Flag]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseOfCommonEquityAmountUnfunded_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Purchase Of Common Equity Amount Unfunded</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseOfCommonEquityAmountUnfunded_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Purchase Of Common Equity Amount Unfunded</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PurchaseOfCommonEquityAmountUnfunded_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Purchase of common equity, amount unfunded</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaidinkindDistributionReinvestedInPreferredUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of paid-in-kind distribution reinvested in preferred units.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaidinkindDistributionReinvestedInPreferredUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">PIK distribution reinvested in Preferred Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaidinkindDistributionReinvestedInPreferredUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from principal repayments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidated Entities [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_ConsolidatedEntitiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Consolidated Entities [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeVariableInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Derivative, Variable Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeVariableInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative, variable interest rate (as a percent)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Frequency [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Issuance of Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from issuance of Class A common stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net Proceeds</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net Proceeds</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockIssuedDuringPeriodDiscountRateDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Stock Issued During Period, Discount Rate, Dividend Reinvestment Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockIssuedDuringPeriodDiscountRateDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Discount Rate, Dividend Reinvestment Plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_StockIssuedDuringPeriodDiscountRateDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock issued during period, discount rate, dividend reinvestment plan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MasterRepurchaseAgreementsCollateralizedByCMBSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Information pertaining to master repurchase agreements collateralized by CMBS.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MasterRepurchaseAgreementsCollateralizedByCMBSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Master Repurchase Agreements Collateralized By CMBS[Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MasterRepurchaseAgreementsCollateralizedByCMBSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Master Repurchase Agreements</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Fair Value Measurement Inputs and Valuation Techniques</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Ten.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Ten [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Ten</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableNoncontrollingInterestPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableNoncontrollingInterestPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RedeemableNoncontrollingInterestPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Common Stock, Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Common Stock, Shares Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConsolidatedCommonSharesOfNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure for consolidated common shares of noncontrolling interest.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConsolidatedCommonSharesOfNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidated Common Shares of Noncontrolling Interest [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ConsolidatedCommonSharesOfNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Consolidated Common Shares of Noncontrolling Interest</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorNotesDueMay12026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Senior Notes due May 1, 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorNotesDueMay12026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Senior Notes Due May 1, 2026 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SeniorNotesDueMay12026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Senior notes due May 1, 2026.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnderwritingDiscountAndCommissionExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of underwriting discount and commission expenses.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnderwritingDiscountAndCommissionExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Underwriting Discount And Commission Expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_UnderwritingDiscountAndCommissionExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Underwriting discount and commission expenses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripTenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to note.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripTenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, Ten [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripTenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Ten</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForCommissions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sales Commissions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsForCommissions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments for Commissions</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanPortfolioWeightedAverageRiskRating_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Loan Portfolio, Weighted Average Risk Rating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanPortfolioWeightedAverageRiskRating_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loan Portfolio, Weighted Average Risk Rating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoanPortfolioWeightedAverageRiskRating_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted average risk rating</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetAssetValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Asset Value Per Share</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetAssetValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net asset value per share (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Granted (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlexanderAtTheDistrictMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Alexander at the District</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlexanderAtTheDistrictMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Alexander at the District [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AlexanderAtTheDistrictMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Alexander at the District</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total assets</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">TOTAL ASSETS</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property, Plant and Equipment [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property, Plant and Equipment [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class of Financing Receivable [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Income Statement [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income Statement [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestRateCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate Cap [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestRateCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rate caps</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InterestRateCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interest Rate Cap</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MortgageLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents mortgage loans.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MortgageLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mortgage Loans [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MortgageLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mortgage loans, held-for-investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansReceivableHeldForInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the loans receivable that is held for investment.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansReceivableHeldForInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans Receivable, Held for Investment [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LoansReceivableHeldForInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loans Receivable, Held for Investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Units outstanding at the end of the period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Units outstanding at the beginning of the period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MagMayMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Mag &amp; May [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MagMayMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Mag &amp; May member.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MagMayMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Mag &amp; May</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OtherMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents other.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OtherMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Other [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OtherMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_WeightedAverageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_WeightedAverageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Weighted Average</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of stock, number of shares issued (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Sale of Stock, Number of Shares Issued in Transaction</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period, Shares, New Issues</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of common stock (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Shares of Common Stock Issued</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OfficersAndOtherEmployeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents Officers and Other Employees.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OfficersAndOtherEmployeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Officers and Other Employees [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_OfficersAndOtherEmployeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Officers and Other Employees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity, Shares Authorized</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_TemporaryEquitySharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable Preferred Stock, authorized (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfActivityRelatedToCommercialMortgageBackedSecuritiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of activity related to commercial mortgage backed securities.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfActivityRelatedToCommercialMortgageBackedSecuritiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Activity Related to Commercial Mortgage Backed Securities [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ScheduleOfActivityRelatedToCommercialMortgageBackedSecuritiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Activity Related to Commercial Mortgage Backed Securities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Vested (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Consolidation, Variable Interest Entity, Policy [Policy Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Variable Interest Entities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Diluted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Diluted (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Earnings Per Share, Diluted, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings per share outstanding - diluted (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CollateralMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the collateral.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CollateralMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Collateral [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CollateralMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Collateral</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Title and Position [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Dividends, Common Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Common stock dividends declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Dividends, Common Stock, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLossesExpensed_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Credit Loss, Expense (Reversal)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLossesExpensed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Provision for loan losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLossesExpensed_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Provision for (reversal of) credit losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProvisionForLoanLossesExpensed_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Reversal of (provision for) credit losses</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorName_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Auditor Name</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncrementalCommonSharesAttributableToDilutiveEffectFromSharesAssumedConversionOfPreferredStock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Average number of common shares from assumed conversion of Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncrementalCommonSharesAttributableToDilutiveEffectFromSharesAssumedConversionOfPreferredStock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Incremental Common Shares Attributable to Dilutive Effect From Shares Assumed Conversion Of Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_IncrementalCommonSharesAttributableToDilutiveEffectFromSharesAssumedConversionOfPreferredStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Incremental Common Shares Attributable to Dilutive Effect From Shares Assumed Conversion Of Preferred Stock</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationWriteDownOrReserveAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Write-down or Reserve, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationWriteDownOrReserveAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Write-down or Reserve, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationWriteDownOrReserveAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Write-offs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSixteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Sixteen.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSixteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Sixteen [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSixteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Sixteen</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SelfStorageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Self Storage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SelfStorageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Self Storage [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SelfStorageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Self-Storage</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Outstanding face amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Outstanding face amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Aggregate principal amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeniorLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Senior Loans [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SeniorLoansMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Senior Loans</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting April 3, 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting April 3, 2026 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingApril32026Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting April 3, 2026</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line of Credit Facility, Maximum Borrowing Capacity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line of credit facility, maximum borrowing capacity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialAssetPastDueMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financial Asset, Past Due [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancialAssetPastDueMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Past Due</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Variable Interest Entity, Not Primary Beneficiary [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">VIE</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Disclosure of Asset and Liability Not Measured at Fair Value [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Disclosure of Asset and Liability Not Measured at Fair Value [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripSixMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the sixth tranche of CMBS I/O Strip.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripSixMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, Six [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripSixMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Six</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Counterparty Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Counterparty Name [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secured financing agreements, net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Lines of Credit, Fair Value Disclosure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointRealEstateFinanceIncMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">NexPoint Real Estate Finance, Inc</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointRealEstateFinanceIncMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NexPoint Real Estate Finance, Inc [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointRealEstateFinanceIncMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NexPoint Real Estate Finance, Inc.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RichmondVirginiaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Richmond, Virginia</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RichmondVirginiaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Richmond, Virginia [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RichmondVirginiaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Richmond, Virginia</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Vested</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WeightedAverageNumberOfDilutedSharesOutstandingIncludingOpUnitEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The average number of shares or units issued and outstanding, including the effect of OP units, that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WeightedAverageNumberOfDilutedSharesOutstandingIncludingOpUnitEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Weighted Average Number Of Diluted Shares Outstanding Including Op Unit Effect</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_WeightedAverageNumberOfDilutedSharesOutstandingIncludingOpUnitEffect_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Average number of common shares outstanding - diluted (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents risk rating 2.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Risk Rating 2 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RiskRating2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Risk Rating 2</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingFebruary152025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents vesting February 15, 2025.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingFebruary152025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting February 15, 2025 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingFebruary152025Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting February 15, 2025</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromBankDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from Bank Debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ProceedsFromBankDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from debt</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TheNexBankLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The NexBank Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TheNexBankLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">The NexBank Loan [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_TheNexBankLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">The NexBank Loan</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Cash, cash equivalents and restricted cash, beginning of period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Cash, cash equivalents and restricted cash, end of period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PropertyManagementExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of expense incurred from managing real estate properties.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PropertyManagementExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Property management fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PropertyManagementExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property management fees</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointStoragePartnersIncNSPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">NexPoint Storage Partners, Inc. (&#8220;NSP&#8221;)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointStoragePartnersIncNSPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">NexPoint Storage Partners, Inc. (&#8220;NSP&#8221;) [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NexPointStoragePartnersIncNSPMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NexPoint Storage Partners, Inc.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2028Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Related to multifamily property debt.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2028Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Multifamily Property Debt Due 2028 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MultifamilyPropertyDebtDue2028Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Multifamily Property Debt Due 2028</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Retained Earnings [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Retained Earnings (Accumulated Deficit)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSeventeenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Seventeen.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSeventeenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Seventeen [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentSeventeenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Seventeen</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockUnitsVestedAndExpectedToVestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockUnitsVestedAndExpectedToVestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Outstanding RSUs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentToDealerManager_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Payment to Dealer Manager</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentToDealerManager_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payment to Dealer Manager</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PaymentToDealerManager_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payment to dealer manager</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock-based compensation expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Noncash Expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Share-Based Payment Arrangement, Noncash Expense, Total</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Payments of Stock Issuance Costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments of stock issuance costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Offering costs paid</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Offering costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtSecuritiesTradingCurrentYield_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of current yield during the period for debt security measured at fair value with change in fair value recognized in net income (trading).</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtSecuritiesTradingCurrentYield_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities Trading Current Yield</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtSecuritiesTradingCurrentYield_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Current Yield</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Inputs, Level 1 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Level 1</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash Provided by (Used in) Financing Activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash used in financing activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents preferred equity.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred equity, held-for-investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_REITSubAndTheCoGuarantorsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">REIT Sub and the Co-Guarantors</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_REITSubAndTheCoGuarantorsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">REIT Sub and the Co-Guarantors [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_REITSubAndTheCoGuarantorsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">REIT Sub and the Co-Guarantors</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Change in Accounting Principle, Accounting Standards Update, Adopted [true false]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year four</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorLocation_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Location</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorLocation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Auditor Location</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SecondaryInterestRateCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Secondary Interest Rate Cap</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SecondaryInterestRateCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Secondary Interest Rate Cap [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_SecondaryInterestRateCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Secondary Interest Rate Cap</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_IndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Industrial</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_IndustrialPropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Industrial Property [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other income (loss)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Nonoperating Income (Expense) [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeContractTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Derivative Contract [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DerivativeContractTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative Contract [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputDiscountForLackOfMarketabilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Marketability discount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputDiscountForLackOfMarketabilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input, Discount for Lack of Marketability [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Preferred Equity Investment, Return [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Preferred Equity Investment, Return [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PreferredEquityInvestmentReturnDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Preferred Equity Investment, Return [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Real Estate Properties [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Real Estate Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Schedule of Real Estate Properties</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditFacilityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Line Of Credit Facility</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditFacilityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Line Of Credit Facility [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_LineOfCreditFacilityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Line Of Credit Facility [Roll Forward]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FinancingReceivableModificationsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Modified [Line Items]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Interactive Data Current</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Interactive Data Current</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statement of Income Location, Balance [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income Statement Location [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostsAndExpensesRelatedParty_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Costs and Expenses, Related Party</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CostsAndExpensesRelatedParty_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expenses from consolidated real estate owned</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurement [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Measurement [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash Provided by (Used in) Operating Activities [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from operating activities</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ClassOfWarrantOrRightPercentageOfFullyDilutedAndOutstandingCommonEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Class Of Warrant Or Right Percentage Of Fully Diluted And Outstanding Common Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ClassOfWarrantOrRightPercentageOfFullyDilutedAndOutstandingCommonEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class Of Warrant Or Right Percentage Of Fully Diluted And Outstanding Common Equity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_ClassOfWarrantOrRightPercentageOfFullyDilutedAndOutstandingCommonEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fully diluted and outstanding common equity (as a percent)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accretion (Amortization) of Discounts and Premiums, Investments</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accretion of discounts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accretion of discounts</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Real Estate, Type of Property [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Real Estate, Type of Property [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Vesting January 1, 2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Vesting January 1, 2027 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_VestingJanuary12027Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting January 1, 2027</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BondsPayableHeldInVariableInterestEntitiesAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of bonds payable at fair value as of the balance sheet date.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BondsPayableHeldInVariableInterestEntitiesAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Bonds Payable Held In Variable Interest Entities, At Fair Value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_BondsPayableHeldInVariableInterestEntitiesAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bonds payable held in variable interest entities, at fair value</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the second tranche of CMBS I/O Strip.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip, Two [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments, held to maturity</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock, Dividends, Per Share, Declared</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividends declared per common share (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Common stock dividends declared (in dollars per share)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_CumulativeEffectPeriodOfAdoptionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cumulative Effect, Period of Adoption [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfPreferredEquityInvestmentDeferredInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of preferred equity investment deferred interest rate.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfPreferredEquityInvestmentDeferredInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Preferred Equity Investment Deferred Interest Rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PercentageOfPreferredEquityInvestmentDeferredInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of preferred equity investment deferred interest rate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholders' Equity:</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Land [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LandMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Land</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfNotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Repayments of Notes Payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RepaymentsOfNotesPayable_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Principal repayments on mortgages payable</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Long-Term Debt, Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Long-term Debt, Type [Axis]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AssetBackedSecuritiesIIClassFCertificateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Asset Backed Securities II Class F Certificate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AssetBackedSecuritiesIIClassFCertificateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Asset Backed Securities II Class F Certificate [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AssetBackedSecuritiesIIClassFCertificateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset Backed Securities II Class F Certificate</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument, Term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt instrument, term</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Weighted average life (years)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Organization and Description of Business</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Loans, Notes, Trade and Other Receivables Disclosure [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">NexPoint Homes Investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Loans Held for Investment, Net</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Noncontrolling Interest [Table Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Redeemable Noncontrolling Interests</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RidgeviewPlaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Ridgeview Place</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RidgeviewPlaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Ridgeview Place [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_RidgeviewPlaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Ridgeview Place.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Change in Unrealized Gains/(Losses)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Debt Instrument Two.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Two [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Debt Instrument Two</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Unrecognized compensation expense</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorOpinionTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Auditor Opinion [Text Block]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AuditorOpinionTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Auditor Opinion</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputCostToSellMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cost price</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_MeasurementInputCostToSellMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Measurement Input, Cost to Sell [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MSCRNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">MSCR Notes.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MSCRNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">MSCR Notes [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_MSCRNotesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">MSCR Notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AverageNumberOfOPUnitsAndSubOPUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of OP units and Sub OP units using the treasury stock method.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AverageNumberOfOPUnitsAndSubOPUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Average Number Of OP Units And Sub OP Units</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_AverageNumberOfOPUnitsAndSubOPUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Average number of common shares from assumed conversion of OP Units (in shares)</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PromissoryNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Promissory Note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PromissoryNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Promissory Note</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PromissoryNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Promissory Note [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_PromissoryNoteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Promissory notes, held-for-investment</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Financing Receivable, Credit Quality Indicator [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfPromissoryNotes_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Number Of Promissory Notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfPromissoryNotes_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Promissory Notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_NumberOfPromissoryNotes_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of promissory notes</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounting Policies [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Accounting Policies [Abstract]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FreddieMacMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the Freddie Mac.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FreddieMacMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Freddie Mac [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_FreddieMacMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Freddie Mac</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentCollateralAmortizedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The collateral amortized cost basis of the debt instrument.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentCollateralAmortizedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Collateral Amortized Cost</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_DebtInstrumentCollateralAmortizedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Collateral amortized cost basis</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestRateSwapAndCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents interest rate swap and cap agreements.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestRateSwapAndCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Interest Rate Swap and Cap [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_InterestRateSwapAndCapMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest Rate Swap and Cap</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripThirteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CMBS I/O Strip Thirteen [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripThirteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">CMBS I/O strip thirteen.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CMBSIOStripThirteenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">CMBS I/O Strip, Thirteen</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GuaranteeObligationsMaximumExposure_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Guarantor Obligations, Maximum Exposure, Undiscounted</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_GuaranteeObligationsMaximumExposure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Guarantor obligations, maximum exposure</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Earnings Per Share, Basic, by Common Class, Including Two-Class Method [Table]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ClassOfStockDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_ClassOfStockDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Class of Stock [Domain]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CapitalizedCostsOther_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of capitalized costs classified as "other".</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CapitalizedCostsOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Capitalized Costs Other</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="nref_CapitalizedCostsOther_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Other capitalized costs</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Weighted average vesting period</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:to="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingImprovementsMember" xlink:to="us-gaap_BuildingImprovementsMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nref_DebtInstrumentCollateralCarryingAmount" xlink:to="nref_DebtInstrumentCollateralCarryingAmount_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nref_AtlantaGAMember" xlink:to="nref_AtlantaGAMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nref_RedeemableNoncontrollingInterestsMember" xlink:to="nref_RedeemableNoncontrollingInterestsMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear" xlink:to="us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl"/>
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  <xsd:element id="nref_PerformanceStockUnitsVestingShares" name="PerformanceStockUnitsVestingShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_PreferredEquityPurchaseCommitmentMember" name="PreferredEquityPurchaseCommitmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LifeScienceMember" name="LifeScienceMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentTenorPeriod" name="DebtInstrumentTenorPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_ReversalOfIndividualReserveOfCreditLosses" name="ReversalOfIndividualReserveOfCreditLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_SecuredDebtFairValue" name="SecuredDebtFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_SeriesGPreferredStocksMember" name="SeriesGPreferredStocksMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PrivateStockOfferingMember" name="PrivateStockOfferingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DerivativeStrikePrice" name="DerivativeStrikePrice" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_SecondaryInterestRateCapMember" name="SecondaryInterestRateCapMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CommonAndPreferredStockInvestmentsTextBlock" name="CommonAndPreferredStockInvestmentsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_UnsecuredNotesFairValueDisclosure" name="UnsecuredNotesFairValueDisclosure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_DebtInstrumentThreeMember" name="DebtInstrumentThreeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PrincipalRepaymentsOnMortgagesPayable" name="PrincipalRepaymentsOnMortgagesPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_VestingApril32027Member" name="VestingApril32027Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ScheduleOfLoanAndPreferredEquityPortfolioActivityTableTextBlock" name="ScheduleOfLoanAndPreferredEquityPortfolioActivityTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_ShareBasedPaymentArrangementVestingInMarchMember" name="ShareBasedPaymentArrangementVestingInMarchMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ResmarkTheBrookLLCMember" name="ResmarkTheBrookLLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredStockEquatedToAnAnnualizedRate" name="PreferredStockEquatedToAnAnnualizedRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_LoanCommitments" name="LoanCommitments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_LoansAndLeasesReceivableNumberOfLoans" name="LoansAndLeasesReceivableNumberOfLoans" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_PrivateOfferingPricePerShare" name="PrivateOfferingPricePerShare" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_CollateralMember" name="CollateralMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingUponSuccessfulCompletionOfInitialPublicOfferingMember" name="VestingUponSuccessfulCompletionOfInitialPublicOfferingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CMBSIOStripFourMember" name="CMBSIOStripFourMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_MaximumBorrowingCapacity" name="MaximumBorrowingCapacity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_NumberOfTopMetropolitanStatisticalAreas" name="NumberOfTopMetropolitanStatisticalAreas" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_PreferredEquityIssuerMember" name="PreferredEquityIssuerMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PaymentInKind" name="PaymentInKind" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_LoansAndPreferredEquityGross" name="LoansAndPreferredEquityGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_DebtInstrumentElevenMember" name="DebtInstrumentElevenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LoanPortfolioWeightedAverageRiskRating" name="LoanPortfolioWeightedAverageRiskRating" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_MarinaMember" name="MarinaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_OPUnitsMember" name="OPUnitsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredEquityInvestmentBasisSpreadOnVariableRate" name="PreferredEquityInvestmentBasisSpreadOnVariableRate" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_ChapelHillNorthCarolinaMember" name="ChapelHillNorthCarolinaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentNumberOfExtensionOptions" name="DebtInstrumentNumberOfExtensionOptions" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_LoansAndPreferredEquityNetIncludingPurchasePremiumsDiscountsAndAllowanceForLoanLosses" name="LoansAndPreferredEquityNetIncludingPurchasePremiumsDiscountsAndAllowanceForLoanLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_MeasurementInputYieldMember" name="MeasurementInputYieldMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_IncomeFromRealEstateInvestmentPartnership" name="IncomeFromRealEstateInvestmentPartnership" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_PreferredEquityMember" name="PreferredEquityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ReversalOfProvisionForCreditLosses" name="ReversalOfProvisionForCreditLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember" name="SecuredFinancingAgreementsAndMasterRepurchaseAgreementsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_IncrementalCommonSharesAttributableToDilutiveEffectFromSharesAssumedConversionOfPreferredStock" name="IncrementalCommonSharesAttributableToDilutiveEffectFromSharesAssumedConversionOfPreferredStock" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_LasVegasNVMember" name="LasVegasNVMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NexPointDiversifiedRealEstateTrustMember" name="NexPointDiversifiedRealEstateTrustMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SubordinateTrancheTwoSecuritiesMember" name="SubordinateTrancheTwoSecuritiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LoanFundingPercentage" name="LoanFundingPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_VestingRatablyOverTwoYearsMember" name="VestingRatablyOverTwoYearsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentCollateralCarryingAmount" name="DebtInstrumentCollateralCarryingAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_PropertyManagementExpense" name="PropertyManagementExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_DebtInstrumentBasisSpreadOnVariableRatePayableInKind" name="DebtInstrumentBasisSpreadOnVariableRatePayableInKind" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_InterestIncomeAndGainsLossOnDebtSecuritiesTrading" name="InterestIncomeAndGainsLossOnDebtSecuritiesTrading" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_CMBSIOStripThirteenMember" name="CMBSIOStripThirteenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_AccruedInterestAndDividendsMember" name="AccruedInterestAndDividendsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CMBSIOStripEightMember" name="CMBSIOStripEightMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingApril32028Member" name="VestingApril32028Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PercentageOfDirectPaymentOfOperatingExpense" name="PercentageOfDirectPaymentOfOperatingExpense" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_AtlantaGAMember" name="AtlantaGAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PercentageOfPreferredEquityInvestmentCurrentInterestRate" name="PercentageOfPreferredEquityInvestmentCurrentInterestRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_LineOfCreditFacilityRollForward" name="LineOfCreditFacilityRollForward" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentExtensionPeriod" name="DebtInstrumentExtensionPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_SubscriptionAgreementsMember" name="SubscriptionAgreementsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_AssetBackedSecuritiesIClassFCertificateMember" name="AssetBackedSecuritiesIClassFCertificateMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NumberOfSubsidiaries" name="NumberOfSubsidiaries" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_UnderwritingDiscountAndCommissionExpenses" name="UnderwritingDiscountAndCommissionExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_The2018LongTermIncentivePlanMember" name="The2018LongTermIncentivePlanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingFebruary172026Member" name="VestingFebruary172026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CommonEquityPurchaseCommitmentMember" name="CommonEquityPurchaseCommitmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_WappingerNewYorkMember" name="WappingerNewYorkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DividendRatePeriodDayAfterTheFifthAnniversaryMember" name="DividendRatePeriodDayAfterTheFifthAnniversaryMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_OtherMember" name="OtherMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateReclasses" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateReclasses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_ClassBOPUnitsMember" name="ClassBOPUnitsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredEquityInvestmentReturnTrancheTwoMember" name="PreferredEquityInvestmentReturnTrancheTwoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RosedaleMdMember" name="RosedaleMdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_MultipleOnInvestedCapital" name="MultipleOnInvestedCapital" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_ScheduleOfChangeInNetAssetsRelatedToConsolidatedCMBSVariableInterestEntitiesTableTextBlock" name="ScheduleOfChangeInNetAssetsRelatedToConsolidatedCMBSVariableInterestEntitiesTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_FivePointSevenFivePercentUnsecuredNotesMember" name="FivePointSevenFivePercentUnsecuredNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredEquityLoansMember" name="PreferredEquityLoansMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LineOfCreditMaximumCommitmentUnfundedAmount" name="LineOfCreditMaximumCommitmentUnfundedAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_StockIssuedDuringPeriodSharesConversionOfRedeemableNoncontrollingInterests" name="StockIssuedDuringPeriodSharesConversionOfRedeemableNoncontrollingInterests" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_OtherEquityInvestmentsMember" name="OtherEquityInvestmentsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_REITSubAndTheCoGuarantorsMember" name="REITSubAndTheCoGuarantorsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingFebruary172025Member" name="VestingFebruary172025Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LoansAndLeasesReceivableWeightedAverageFixedRate" name="LoansAndLeasesReceivableWeightedAverageFixedRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_DaytonaBeachFlMember" name="DaytonaBeachFlMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredStockSellingCommissionPercentage" name="PreferredStockSellingCommissionPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueForfeited" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueForfeited" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_PreferredEquityInvestmentReturnAxis" name="PreferredEquityInvestmentReturnAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_The2023LongTermIncentivePlanMember" name="The2023LongTermIncentivePlanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_UnrealizedGainLossOnPreferredStockAndWarrantInvestments" name="UnrealizedGainLossOnPreferredStockAndWarrantInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_PreferredEquityInvestmentReturn" name="PreferredEquityInvestmentReturn" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_AssetBackedSecuritiesIIClassFCertificateMember" name="AssetBackedSecuritiesIIClassFCertificateMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_OSLMember" name="OSLMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PercentageOfLoanPortfolio" name="PercentageOfLoanPortfolio" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_CMBSIOStripThreeMember" name="CMBSIOStripThreeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ElysianAtHughesCenterMember" name="ElysianAtHughesCenterMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_FurnitureFixturesAndEquipmentMember" name="FurnitureFixturesAndEquipmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ChangeInNetAssetsRelatedToVariableInterestEntities" name="ChangeInNetAssetsRelatedToVariableInterestEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_SpecificReserveMember" name="SpecificReserveMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SelfStorageMember" name="SelfStorageMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CMBSIOStripTenMember" name="CMBSIOStripTenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentFourMember" name="DebtInstrumentFourMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NumberOfPromissoryNotes" name="NumberOfPromissoryNotes" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_RelatedPartyTransactionSeverableLiabilityPercentage" name="RelatedPartyTransactionSeverableLiabilityPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_MezzanineLoanUnfundedCommitmentMember" name="MezzanineLoanUnfundedCommitmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SevenSecuritiesMember" name="SevenSecuritiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_AlewifeSeniorLoanMember" name="AlewifeSeniorLoanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_O2026Q2DividendsMember" name="O2026Q2DividendsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentNineMember" name="DebtInstrumentNineMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentEightMember" name="DebtInstrumentEightMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RedeemableNoncontrollingInterestsMember" name="RedeemableNoncontrollingInterestsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_AccruedInterestPayableFairValueDisclosure" name="AccruedInterestPayableFairValueDisclosure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_CreditFacilityMember" name="CreditFacilityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VancouverWaMember" name="VancouverWaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DecreaseInLoansHeldForInvestmentNetOnConsolidationOfRealEstate" name="DecreaseInLoansHeldForInvestmentNetOnConsolidationOfRealEstate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_AverageNumberOfOPUnitsAndSubOPUnits" name="AverageNumberOfOPUnitsAndSubOPUnits" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_IQHQInc.Member" name="IQHQInc.Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NetIncomeLossAttributableToSeriesBPreferredStockholders" name="NetIncomeLossAttributableToSeriesBPreferredStockholders" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_IQHQAlewifeHoldingsLLCMember" name="IQHQAlewifeHoldingsLLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearOne" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearOne" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_IncreaseDecreaseInRetainedEarningDueToConsolidationOfRealEstate" name="IncreaseDecreaseInRetainedEarningDueToConsolidationOfRealEstate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_CapitalAcquisitionPartnersLLCMember" name="CapitalAcquisitionPartnersLLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RealEstateGrossAtCarryingValueIncludingCapitalizedInterestIncludingHeldForSale" name="RealEstateGrossAtCarryingValueIncludingCapitalizedInterestIncludingHeldForSale" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_NSPMember" name="NSPMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ValuationTechniqueNAVApproachMember" name="ValuationTechniqueNAVApproachMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentFiveMember" name="DebtInstrumentFiveMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearTwo" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearTwo" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_SharesIssuedAveragePricePerShare" name="SharesIssuedAveragePricePerShare" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateWriteDownAmount" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateWriteDownAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_AmortizationOfLoanPremiumNet" name="AmortizationOfLoanPremiumNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_SeniorNotesDueMay12026Member" name="SeniorNotesDueMay12026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SeniorLoanMember" name="SeniorLoanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ConstructionInProgressIncludingNettingMember" name="ConstructionInProgressIncludingNettingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentTwelveMember" name="DebtInstrumentTwelveMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RentalIncomeMember" name="RentalIncomeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_Share-BasedPaymentArrangementVestingInFebruaryThroughAprilMember" name="Share-BasedPaymentArrangementVestingInFebruaryThroughAprilMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PaidinkindDistributionReinvestedInPreferredUnits" name="PaidinkindDistributionReinvestedInPreferredUnits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_RealEstateHeldForSaleMember" name="RealEstateHeldForSaleMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_IntangibleLeaseAssetsMember" name="IntangibleLeaseAssetsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LoansAndPreferredEquityNetAmount" name="LoansAndPreferredEquityNetAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_LoansAndPreferredEquityRealizedGainsLosses" name="LoansAndPreferredEquityRealizedGainsLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationImpairment" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationImpairment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_VestingFebruary152025Member" name="VestingFebruary152025Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RockvilleNewYorkMember" name="RockvilleNewYorkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DealerManagerMember" name="DealerManagerMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PaymentToDealerManager" name="PaymentToDealerManager" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_PurchaseCommitmentUnitPurchasesUnfundedAmount" name="PurchaseCommitmentUnitPurchasesUnfundedAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_DividendRatePeriodDayAfterTheSixthAnniversaryMember" name="DividendRatePeriodDayAfterTheSixthAnniversaryMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NexPointStoragePartnersIncNSPMember" name="NexPointStoragePartnersIncNSPMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_FinancingReceivableOutstandingPrincipal" name="FinancingReceivableOutstandingPrincipal" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_HighlandIncomeAndOpportunitiesFundMember" name="HighlandIncomeAndOpportunitiesFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CockeysvilleMdMember" name="CockeysvilleMdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NSPNoteMember" name="NSPNoteMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_TotalEquityMethodInvestmentsMember" name="TotalEquityMethodInvestmentsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_GeneralReserveMember" name="GeneralReserveMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NexpointRealEstateAdvisorsVIILPMember" name="NexpointRealEstateAdvisorsVIILPMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentOneMember" name="DebtInstrumentOneMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PercentageOfOccupancyOfMultifamilyProperty" name="PercentageOfOccupancyOfMultifamilyProperty" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_LaurelMdMember" name="LaurelMdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentSevenMember" name="DebtInstrumentSevenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CMBSIOStripFourteenMember" name="CMBSIOStripFourteenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_OPUnitsHeldByNoncontrollingInterestMember" name="OPUnitsHeldByNoncontrollingInterestMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RealEstateRateCapExpense" name="RealEstateRateCapExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateOtherAcquisitionNetOfAdjustments" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateOtherAcquisitionNetOfAdjustments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_DebtSecuritiesTradingInvestmentDate" name="DebtSecuritiesTradingInvestmentDate" type="xbrli:dateItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_ConvertiblePromissoryNoteMember" name="ConvertiblePromissoryNoteMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CommonStockAndPartnerUnitsSharesOutstanding" name="CommonStockAndPartnerUnitsSharesOutstanding" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_PreferredStockDealerManagerFeePercentage" name="PreferredStockDealerManagerFeePercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_AccumulatedDepreciationAndAmortizationNettingAdjustmentsMember" name="AccumulatedDepreciationAndAmortizationNettingAdjustmentsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ScheduleOfLoansHeldForInvestmentAsAPercentageAtFaceAmountByGeographicAreasTableTextBlock" name="ScheduleOfLoansHeldForInvestmentAsAPercentageAtFaceAmountByGeographicAreasTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_CapitalizedCostsOther" name="CapitalizedCostsOther" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_DebtInstrumentSixMember" name="DebtInstrumentSixMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_InterestAndDividendsReceivableFairValueDisclosure" name="InterestAndDividendsReceivableFairValueDisclosure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_VestingJanuary12028Member" name="VestingJanuary12028Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NumberOfUnits" name="NumberOfUnits" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_VineBrookHomesOperatingPartnershipLPMember" name="VineBrookHomesOperatingPartnershipLPMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredStockInvestments" name="PreferredStockInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_CMBSStructuredPassThroughCertificatesMember" name="CMBSStructuredPassThroughCertificatesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LineOfCreditFacilityAccordionFeatureIncreaseLimit" name="LineOfCreditFacilityAccordionFeatureIncreaseLimit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_SKApartmentsMember" name="SKApartmentsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredEquityInvestmentReturnTrancheOneMember" name="PreferredEquityInvestmentReturnTrancheOneMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ValuationTechniqueTransactionIndicationOfValueMember" name="ValuationTechniqueTransactionIndicationOfValueMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingApril112027Member" name="VestingApril112027Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_InterestRateSwapAndCapMember" name="InterestRateSwapAndCapMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateTransfersToHeldForSale" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateTransfersToHeldForSale" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_FREMF2020-KF81CMember" name="FREMF2020-KF81CMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_Other28StatesMember" name="Other28StatesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredEquityInvestmentReturnDomain" name="PreferredEquityInvestmentReturnDomain" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingJanuary12026Member" name="VestingJanuary12026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ShareBasedPaymentArrangementVestingInAprilMember" name="ShareBasedPaymentArrangementVestingInAprilMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearFour" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearFour" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_FloatingRateDebtMember" name="FloatingRateDebtMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentTwoMember" name="DebtInstrumentTwoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_TylerTxMember" name="TylerTxMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentFifteenMember" name="DebtInstrumentFifteenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NexPointSecuritiesMember" name="NexPointSecuritiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase" name="PaymentsForSecuritiesSoldUnderAgreementsToRepurchase" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_ManufacturedHousingMember" name="ManufacturedHousingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_The575PercentSeniorNotesDue2026Member" name="The575PercentSeniorNotesDue2026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_AlewifeMezzanineLoanMember" name="AlewifeMezzanineLoanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_MultifamilyPropertyDebtDue2027Member" name="MultifamilyPropertyDebtDue2027Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ScheduleOfActivityRelatedToCommercialMortgageBackedSecuritiesTableTextBlock" name="ScheduleOfActivityRelatedToCommercialMortgageBackedSecuritiesTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_DistributionsToRedeemableNoncontrollingInterestsOnOperatingPartnership" name="DistributionsToRedeemableNoncontrollingInterestsOnOperatingPartnership" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_NumberOfCMBSSecurities" name="NumberOfCMBSSecurities" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_CMBSIOStripsMember" name="CMBSIOStripsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_GuarantorObligationsPaidDownValue" name="GuarantorObligationsPaidDownValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_PromissoryNoteMember" name="PromissoryNoteMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CMBSIOStripElevenMember" name="CMBSIOStripElevenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NexpointStoragePartnersMember" name="NexpointStoragePartnersMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PropertyPlantAndEquipmentEstimatedUsefulLifeTableTextBlock" name="PropertyPlantAndEquipmentEstimatedUsefulLifeTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_VestingApril112026Member" name="VestingApril112026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DividendRateIncreasePeriodAxis" name="DividendRateIncreasePeriodAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_AlexanderAtTheDistrictMember" name="AlexanderAtTheDistrictMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DividendRateIncreasePeriodDomain" name="DividendRateIncreasePeriodDomain" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ConsolidatedCommonSharesOfNoncontrollingInterestTableTextBlock" name="ConsolidatedCommonSharesOfNoncontrollingInterestTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_TreasuryStockValuesRetired" name="TreasuryStockValuesRetired" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_LakewoodNjMember" name="LakewoodNjMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_AccretionOfDiscounts" name="AccretionOfDiscounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_PurchaseOfPreferredEquityPurchaseAmount" name="PurchaseOfPreferredEquityPurchaseAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_VestingRatablyOverFourYearsMember" name="VestingRatablyOverFourYearsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CharlotteNCMember" name="CharlotteNCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_IncreaseInMortgagesPayableInConnectionWithVIEConsolidation" name="IncreaseInMortgagesPayableInConnectionWithVIEConsolidation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_SingleFamilyRentalMember" name="SingleFamilyRentalMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RelatedPartyTransactionConversionRatio" name="RelatedPartyTransactionConversionRatio" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_SevenPointEightSevenFivePercentSeniorUnsecuredNotesMember" name="SevenPointEightSevenFivePercentSeniorUnsecuredNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NorthAuroraIlMember" name="NorthAuroraIlMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_Other33StatesMember" name="Other33StatesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_AlewifeLoanMember" name="AlewifeLoanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RiskRating4Member" name="RiskRating4Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_IndividualReserveMember" name="IndividualReserveMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DistributionReinvestmentPlanMember" name="DistributionReinvestmentPlanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LoansAndLeasesReceivableWeightedAverageCoupon" name="LoansAndLeasesReceivableWeightedAverageCoupon" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueGranted" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_DebtSecuritiesTradingCurrentYield" name="DebtSecuritiesTradingCurrentYield" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_ResmarkForneyGatewayHoldingsLLCMember" name="ResmarkForneyGatewayHoldingsLLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_BookValueOfCommonStockPerShare" name="BookValueOfCommonStockPerShare" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_CapitalAcquisitionPartnerMember" name="CapitalAcquisitionPartnerMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_FortWorthTexasMember" name="FortWorthTexasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CMBSIOStripTwoMember" name="CMBSIOStripTwoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LoansReceivableHeldForInvestmentMember" name="LoansReceivableHeldForInvestmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentNewLenderFundingAmount" name="DebtInstrumentNewLenderFundingAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_RidgeviewPlaceMember" name="RidgeviewPlaceMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PhiladelphiaPaMember" name="PhiladelphiaPaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CommonStockConversionBasisNumberOfShares" name="CommonStockConversionBasisNumberOfShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_NetIncomeLossAttributableToSeriesCPreferredStockholders" name="NetIncomeLossAttributableToSeriesCPreferredStockholders" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_PercentageOfAnnualAdvisoryPaidMonthly" name="PercentageOfAnnualAdvisoryPaidMonthly" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_EquityDistributionAgreementsMaximumAggregateSalesPrice" name="EquityDistributionAgreementsMaximumAggregateSalesPrice" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_DividendRatePeriodDayAfterTheFourthAnniversaryMember" name="DividendRatePeriodDayAfterTheFourthAnniversaryMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ManagerAffiliatesMember" name="ManagerAffiliatesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtAgreementNumberOfSubsidiaries" name="DebtAgreementNumberOfSubsidiaries" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_AtthemarketOfferingMember" name="AtthemarketOfferingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RiskRating1Member" name="RiskRating1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_BondsPayableHeldInVariableInterestEntitiesAtFairValue" name="BondsPayableHeldInVariableInterestEntitiesAtFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_TotalExpenses" name="TotalExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_DebtInstrumentTenMember" name="DebtInstrumentTenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_HighlandGlobalAllocationFundMember" name="HighlandGlobalAllocationFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CMBSIOStripSixMember" name="CMBSIOStripSixMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NoncontrollingInterestTableTextBlock" name="NoncontrollingInterestTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_PropertyOperatingExpenses" name="PropertyOperatingExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_AssetSpecificFinancingMember" name="AssetSpecificFinancingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RiskRating2Member" name="RiskRating2Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentSixteenMember" name="DebtInstrumentSixteenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ForneyTexasMember" name="ForneyTexasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_OfficersAndOtherEmployeesMember" name="OfficersAndOtherEmployeesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredEquityMethodInvestmentsUnfunded" name="PreferredEquityMethodInvestmentsUnfunded" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_PreferredEquityInvestmentPlacementFee" name="PreferredEquityInvestmentPlacementFee" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_MizuhoMember" name="MizuhoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_EarningsPerShareBasicAndDiluted1Abstract" name="EarningsPerShareBasicAndDiluted1Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PercentageOfPreferredEquityInvestmentDeferredInterestRate" name="PercentageOfPreferredEquityInvestmentDeferredInterestRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_RichmondVirginiaMember" name="RichmondVirginiaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CommonAndPreferredStockInvestmentsAbstract" name="CommonAndPreferredStockInvestmentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingJanuary12027Member" name="VestingJanuary12027Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PurchasePriceAllocationPolicyTextBlock" name="PurchasePriceAllocationPolicyTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_ParticipationRightsAgreementPercentageOfTotalRequestedAmount" name="ParticipationRightsAgreementPercentageOfTotalRequestedAmount" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_PurchasesPaymentsToAcquireMarketableSecurities" name="PurchasesPaymentsToAcquireMarketableSecurities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_WilmingtonDeMember" name="WilmingtonDeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_MezzanineLoanMember" name="MezzanineLoanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PreferredEquityMethodInvestments" name="PreferredEquityMethodInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_StockIssuedDuringPeriodDiscountRateDividendReinvestmentPlan" name="StockIssuedDuringPeriodDiscountRateDividendReinvestmentPlan" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_BorrowingsUnderMasterRepurchaseAgreements" name="BorrowingsUnderMasterRepurchaseAgreements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_CMBSIOStripOneMember" name="CMBSIOStripOneMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ScheduleOfCommercialMortgageBackedSecuritiesTableTextBlock" name="ScheduleOfCommercialMortgageBackedSecuritiesTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_SharebasedCompensationArrangementsBySharebasedPaymentAwardPiUnitsVestedAndExpectedToVestTableTextBlock" name="SharebasedCompensationArrangementsBySharebasedPaymentAwardPiUnitsVestedAndExpectedToVestTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_MortgageLoansMember" name="MortgageLoansMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_StockWarrantInvestments" name="StockWarrantInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_MasterRepurchaseAgreementsCollateralizedByCMBSMember" name="MasterRepurchaseAgreementsCollateralizedByCMBSMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SubordinateTrancheMember" name="SubordinateTrancheMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LoansAndLeasesReceivableWeightedAverageLife" name="LoansAndLeasesReceivableWeightedAverageLife" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_Share-BasedPaymentArrangementVestingInFebruaryThroughJuneMember" name="Share-BasedPaymentArrangementVestingInFebruaryThroughJuneMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentThirteenMember" name="DebtInstrumentThirteenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_MezzanineLoanPortfolioMember" name="MezzanineLoanPortfolioMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentCollateralAmortizedCost" name="DebtInstrumentCollateralAmortizedCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_MultifamilyPropertyDebtDue2028Member" name="MultifamilyPropertyDebtDue2028Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_MagMayMember" name="MagMayMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LoanLossProvision" name="LoanLossProvision" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_SummaryOfLoanCollateralUnpaidBalanceTableTextBlock" name="SummaryOfLoanCollateralUnpaidBalanceTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_StockIssuanceAgreementNumberOfShares" name="StockIssuanceAgreementNumberOfShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationDepreciationExpenseExcludingNonRealEstateInvestments" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationDepreciationExpenseExcludingNonRealEstateInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_DebtInstrumentBasisSpreadOnVariableRatePayableInCash" name="DebtInstrumentBasisSpreadOnVariableRatePayableInCash" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_RedeemableSeriesCPreferredStockMember" name="RedeemableSeriesCPreferredStockMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SFROPNoteMember" name="SFROPNoteMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_TheThird575PercentSeniorNotesMember" name="TheThird575PercentSeniorNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PhoenixAZMember" name="PhoenixAZMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentCollateralWeightedAverageLife" name="DebtInstrumentCollateralWeightedAverageLife" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_StockRepurchaseProgramExtendedExpirationDate" name="StockRepurchaseProgramExtendedExpirationDate" type="xbrli:dateItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_AccountsPayableAndOtherAccruedLiabilitiesFairValueDisclosure" name="AccountsPayableAndOtherAccruedLiabilitiesFairValueDisclosure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_MultifamilyPropertyDebtDue2024Member" name="MultifamilyPropertyDebtDue2024Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PaymentsToAcquirePreferredStockAndStockWarrants" name="PaymentsToAcquirePreferredStockAndStockWarrants" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_NumberOfCMBSIOStrips" name="NumberOfCMBSIOStrips" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_InterestExpenseOperatingIncludingAcceleratedAmortizationOfPremium" name="InterestExpenseOperatingIncludingAcceleratedAmortizationOfPremium" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationReclassesAmount" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationReclassesAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_HialeahFloridaMember" name="HialeahFloridaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_FacilityMember" name="FacilityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NexPointRealEstateFinanceOperatingPartnershipLPMember" name="NexPointRealEstateFinanceOperatingPartnershipLPMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_TempleHillsMdMember" name="TempleHillsMdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentPercentageOfParValue" name="DebtInstrumentPercentageOfParValue" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_CMBSIOStripNineMember" name="CMBSIOStripNineMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_The750PercentSeniorNotesDue2027Member" name="The750PercentSeniorNotesDue2027Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_MultifamilyPropertyDebtDue2026Member" name="MultifamilyPropertyDebtDue2026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingApril112025Member" name="VestingApril112025Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_The750PercentSeniorNotesDue2025Member" name="The750PercentSeniorNotesDue2025Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_NRESFREITSubIILLCMember" name="NRESFREITSubIILLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SharebasedPaymentArrangementVestingInFebruaryMember" name="SharebasedPaymentArrangementVestingInFebruaryMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SubordinateTrancheOneSecuritiesMember" name="SubordinateTrancheOneSecuritiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingJanuary12025Member" name="VestingJanuary12025Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RealizedInvestmentGainsLossesNet" name="RealizedInvestmentGainsLossesNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_CompanyManagementTerm" name="CompanyManagementTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_CMBSIOStripFiveMember" name="CMBSIOStripFiveMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RedeemableNoncontrollingInterestPolicyTextBlock" name="RedeemableNoncontrollingInterestPolicyTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_WeightedAverageNumberOfDilutedSharesOutstandingIncludingOpUnitEffect" name="WeightedAverageNumberOfDilutedSharesOutstandingIncludingOpUnitEffect" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_SeniorNotePayoffAndMizuhoFacilityMember" name="SeniorNotePayoffAndMizuhoFacilityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_WhiteMarshMdMember" name="WhiteMarshMdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardYearlyIncreaseInNumberOfSharesAuthorizedPercentageOfOutstandingCommonStock" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardYearlyIncreaseInNumberOfSharesAuthorizedPercentageOfOutstandingCommonStock" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_CommercialMortgageBackedSecuritiesTrustsTextBlock" name="CommercialMortgageBackedSecuritiesTrustsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_GeneralPartnerOfSubsidiaryMember" name="GeneralPartnerOfSubsidiaryMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PercentageOfCollateralUnpaidPrincipalBalance" name="PercentageOfCollateralUnpaidPrincipalBalance" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_IndividuallyEvaluatedMultifamilyLoansMember" name="IndividuallyEvaluatedMultifamilyLoansMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ClassAOPUnitsMember" name="ClassAOPUnitsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_BuffaloPointeMember" name="BuffaloPointeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentSeventeenMember" name="DebtInstrumentSeventeenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_KeyBankAndMizuhoMember" name="KeyBankAndMizuhoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SeriesACumulativeRedeemablePreferredStock85Member" name="SeriesACumulativeRedeemablePreferredStock85Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ClassOfWarrantOrRightPercentageOfFullyDilutedAndOutstandingCommonEquity" name="ClassOfWarrantOrRightPercentageOfFullyDilutedAndOutstandingCommonEquity" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_DebtInstrumentExtensionOptionPeriod" name="DebtInstrumentExtensionOptionPeriod" type="xbrli:dateItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_VestingApril32026Member" name="VestingApril32026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_CMBSIOStripSevenMember" name="CMBSIOStripSevenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_RevolvingLoanMember" name="RevolvingLoanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SeniorUnsecuredNotesDue2026Member" name="SeniorUnsecuredNotesDue2026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_Share-BasedPaymentArrangementVestingInJuneMember" name="Share-BasedPaymentArrangementVestingInJuneMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateImpairment" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateImpairment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationWriteDownOrReserveAmount" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationWriteDownOrReserveAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_LifeSciencesMember" name="LifeSciencesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ConsolidationOfNoncontrollingInterestInCMBSVariableInterestEntities" name="ConsolidationOfNoncontrollingInterestInCMBSVariableInterestEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_DebtInstrumentRepaymentPremiumPercent" name="DebtInstrumentRepaymentPremiumPercent" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_RelatedPartyTransactionGuaranteedAmount" name="RelatedPartyTransactionGuaranteedAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_NexPointRealEstateFinanceIncMember" name="NexPointRealEstateFinanceIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_IncreaseDecreaseInDividendsPayableUponVestingOfRsus" name="IncreaseDecreaseInDividendsPayableUponVestingOfRsus" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_NexPointStoragePartnersOperatingCompanyLLCMember" name="NexPointStoragePartnersOperatingCompanyLLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_FreddieMacMember" name="FreddieMacMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PurchaseOfCommonEquityAmountUnfunded" name="PurchaseOfCommonEquityAmountUnfunded" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_PreferredStockPurchaseCommitmentMember" name="PreferredStockPurchaseCommitmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtSecuritiesTradingInterestRate" name="DebtSecuritiesTradingInterestRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_ProceedsFromSecuredDebtHeldInVariableInterestEntities" name="ProceedsFromSecuredDebtHeldInVariableInterestEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_CommonStockInvestmentsMember" name="CommonStockInvestmentsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_LTIP2020Member" name="LTIP2020Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_The788PercentSeniorNotesDue2026Member" name="The788PercentSeniorNotesDue2026Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ScheduleOfRecognizedTrustsAssetsAndLiabilitiesTableTextBlock" name="ScheduleOfRecognizedTrustsAssetsAndLiabilitiesTableTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false"/>
  <xsd:element id="nref_PrivateREITMember" name="PrivateREITMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_MSCRNotesMember" name="MSCRNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationTransfersToHeldForSale" name="SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationTransfersToHeldForSale" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_TheNexBankLoanMember" name="TheNexBankLoanMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PaymentOfCommissionsAndDealerManagerFees" name="PaymentOfCommissionsAndDealerManagerFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_AccountsReceivableAndOtherAssets" name="AccountsReceivableAndOtherAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit"/>
  <xsd:element id="nref_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearThree" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberYearThree" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_PaymentOfSellingCommission" name="PaymentOfSellingCommission" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_RedeemableSeriesBPreferredStockMember" name="RedeemableSeriesBPreferredStockMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_PurchaseOfCommonEquityPurchaseAmount" name="PurchaseOfCommonEquityPurchaseAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_ContributionAgreementMember" name="ContributionAgreementMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_SharesIssuedGrossAverageSalePricePerShare" name="SharesIssuedGrossAverageSalePricePerShare" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false"/>
  <xsd:element id="nref_CMBSIOStripTwelveMember" name="CMBSIOStripTwelveMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_VestingApril32025Member" name="VestingApril32025Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentReserveAmount" name="DebtInstrumentReserveAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="credit"/>
  <xsd:element id="nref_RiskRating3Member" name="RiskRating3Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_DebtInstrumentFourteenMember" name="DebtInstrumentFourteenMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="nref_ProceedsFromIssuanceOfCommonStockGross" name="ProceedsFromIssuanceOfCommonStockGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit"/>
</xsd:schema>
