Description of Firm IDR Investment Management, LLC ("IDR" or "Manager") is a registered investment adviser based in Independence, Ohio. We are organized as a limited liability company under the laws of the State of Delaware and have been providing investment advisory services since December 2016. We are primarily owned by Gary Zdolshek, Roger Rankin and Emphasis Capital LLC ("Emphasis Capital"). Emphasis Capital acquired a 65% ownership position in IDR on April 18, 2023, in connection with its spin-out from Affinius Capital (the "Restructuring"). That position had been formerly owned by Affinius Capital.
The following paragraphs describe our services and fees. Refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. As used in this brochure, the words "we," "our," and "us" refer to IDR Investment Management, LLC and the words "you," "your," and "client" refer to you as either a client or prospective client of our firm.
Portfolio Management of Pooled Investment Vehicles We serve as the investment adviser to the Core Property Index Trust and Core Property Index Fund, LLC, (the 'Feeder Funds") and the Core Property Index Master Fund, LLC (the "Master Fund") (collectively, the "Private Funds"), private pooled investment vehicles. We also serve as the subadviser of Accordant ODCE Index Fund (the "Registered Fund") and the Accordant Real Estate Growth Fund (the "Growth Fund", and together with the Private Funds, each a "Fund"). The Registered Fund is a registered closed-end non-diversified, management investment company that operates as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the "1940 Act").
As an interval fund, the Registered Fund has adopted a fundamental policy to make quarterly repurchase offers, at net asset value, of no less than 5% of the Fund's outstanding shares. The Growth Fund is exempt from registration under the Investment Company Act of 1940 and offered pursuant to Regulation D of the Securities Act of 1933.
In providing services to the Private Funds, we direct and manage the investment of the Private Funds' assets and provide periodic reports to investors in each Fund. In the case of the Registered Fund, and the Growth Fund, we provide investment advice to the Funds, including with respect to the investment and reinvestment of the assets of the Funds, subject to the supervision and oversight of the Funds' investment adviser, Accordant Investments LLC ("Accordant"), an affiliate of IDR, and the Board of Trustees of the Fund, and comply with the reporting obligations under the 1940 Act. IDR manages the assets of each Fund in accordance with the terms of the governing documents applicable to each such Fund. Investment advice is provided directly to each Fund and not individually to the investors in the Funds.
Emphasis Capital, its parent companies, subsidiaries and/or affiliates may

introduce prospective investors to a Fund, but has no obligation to do so. Neither Emphasis Capital, its parent companies, subsidiaries and/or affiliates are presently expected to receive any placement fees in connection with the introduction of potential investors, but rather will indirectly benefit from investments made in the Funds through Emphasis Capital's equity interest in IDR.
The Feeder Funds (through their investment in the Master Fund) will pursue their investment objective by investing primarily in the open-end real estate investment funds that comprise the NCREIF Fund Index - Open End Diversified Core Equity (the "NFI - ODCE" or "NFI - ODCE Index") (the "Component Funds') and other assets deemed appropriate by the Manager, actively managing allocations to such Component Funds and investing in short-term investments and cash equivalents on an interim basis.
4 The Registered Fund's investment objective is to employ an indexing investment approach that seeks to track the NCREIF Fund Index - Open End Diversified Core Equity (the "NFI - ODCE" or the "NFI - ODCE Index") on a net-of-fee basis while minimizing tracking error. The Registered Fund pursues its investment objective by investing primarily in real estate investment vehicles that comprise the NFIODCE Index (the "Eligible Component Funds"), actively managing allocations to such Eligible Component Funds to approximate the relative weighting of such Eligible Component Funds within the NFI - ODCE Index, and investing in short-term temporary investments and cash equivalents on an interim basis pending investment in Eligible Component Funds. In accordance with the foregoing, pending investment in Eligible Component Funds, the Registered Fund may invest excess cash in cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.
The Growth Fund is a real estate-related investment fund managed as described in its offering documents and related materials (collectively, the "offering Documents"). As more fully described in the Offering Documents, there is no guarantee that the Fund will achieve its objective. Investors should understand and be capable of bearing the significant risks of investing in the Fund, have a limited need for liquidity, and have the ability to withstand losing their entire investment. In addition, an investment in the Fund is only suitable for institutions and individuals that satisfy the conditions set forth in its Offering Documents.
Wrap Fee Programs We do not participate in any wrap fee program.
Types of Investments We primarily offer advice on interests in private equity real estate funds. Refer to the Methods of Analysis, Investment Strategies and Risk of Loss below for additional disclosures on this topic.
Assets Under Management As of December 31, 2023, we provide continuous management services for $5,054,401,612 in client assets on a discretionary basis.