Exhibit 14(d)
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Tel: 312-856-9100
Fax: 312-856-1379
www.bdo.com
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225 W. Randolph Street, Suite 2200
Chicago, IL 60606
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Separate Opinion on the Supplemental Detailed Schedule of Investments Included in the Form N-14 Filing
Shareholders and Board of Directors
Chicago Atlantic Real Estate Finance, Inc.
Chicago, Illinois
We have audited the consolidated financial statements of Chicago Atlantic Real Estate Finance, Inc. (the Company) as of December 31, 2025, and for the year
then ended and have issued our unqualified report thereon dated March 12, 2026 (which report and financial statements are incorporated by reference in this joint proxy statement/prospectus on Form N-14). We conducted our audit in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Our audit included an audit of the Company’s schedule of investments as of December 31, 2025, appearing in this joint proxy statement/prospectus on Form N-14, under the
caption “Portfolio Companies of REFI” (the Schedule). This Schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion on this Schedule based on our audit.
In our opinion, the Schedule referred to above, when read in conjunction with the consolidated financial statements of the Company referred to above,
presents fairly, in all material respects, the information set forth therein.
/s/ BDO USA, P.C.
Chicago, Illinois
September 22, 2026
BDO USA refers to BDO USA, P.C., a Virginia professional corporation, also doing business in certain jurisdictions with an alternative identifying abbreviation, such
as Corp. or P.S.C.
BDO USA, P.C. is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of
the international BDO network of independent member firms.
BDO is the brand name for the BDO network and for each of the BDO Member Firms.