IDR Investment Management LLC

Item 5 Fees and Compensation
Portfolio Management of Pooled Investment Vehicles
The Feeder Funds will pay to IDR a fee for investment management services to the Fund and the
Master Fund (the "Private Fund Management Fee").

Private Fund Management Fees billed to Investors in the Private Funds will range between 0.2% to
0.4% per annum based on commitment amount. Private Fund Management Fees may be negotiable
for larger accounts and individually managed accounts that are not initially invested in the Fund.

The Private Fund Management Fee for the Private Funds will be based on the net asset value of each
Capital Account (as such term is defined in the governing document) at the last business day of each
quarter. Fees are calculated and paid in arrears. The portion of the Private Fund Management Fee

applicable to any Capital Account of any Class or Series (as such terms are defined in the governing
document) thereof will be debited from the Feeder Fund's capital account in the Master Fund that
corresponds to the Capital Account(s) established for all of the Members (as such term is defined in
the governing document) in such Class or Series.

There is a Private Fund Management Fee charged to investors that participate in a Secondary
Transaction ("Secondary Transaction") in connection with an initial or additional subscription. Investors
that participate will be subject to a one-time increase in the applicable management fee rate for the
calendar quarter in which the Secondary Transaction takes place with respect to such investors' NAV
attributable to the Secondary Transaction.

In the sole discretion of IDR, the Private Fund Management Fee payable with respect to the Private
Funds may be waived, reduced or calculated differently with respect to any Capital Account of any
Class, and IDR may cause the Private Funds to pay the Private Fund Management Fee directly.

The Private Funds, in the sole discretion of IDR, may in the future establish Additional Classes (as
such term is defined in the governing document) of membership interests, which may provide for
different or additional terms including, without limitation, different Private Fund Management Fee rates.
IDR may establish such new Classes, without providing prior notice to, or receiving consent from, the
Members.

Pursuant to the Registered Fund's Investment Advisory Agreement with Accordant, Accordant receives
a management fee (the "Accordant Management Fee"), calculated monthly and payable in arrears by
the end of the following month by the Registered Fund, at an annual rate equal to 0.60% of the net
assets of the Fund- Accordant will, in turn, pay IDR a sub-adviser management fee (the "Sub-Adviser
Management Fee") for services provided under the Sub-Advisory Agreement by and among the
Registered Fund, Accordant and IDR. The Sub-Adviser Management Fee will be paid by Accordant out
of the Accordant Management Fee. The Sub-Adviser Management Fee will be calculated monthly and
payable in arrears by the end of the following month by the Registered Fund, at an annual rate equal to
0.30% of the net assets of the Fund.

The management fee of the Growth Fund is further described in the Offering Documents. Accordant
as the Advisor is waiving the management fee for the investors in the Fund until certain events occur,
as set forth in the Offering Documents. IDR as Sub-Advisor will also not receive a fee with respect to
the private fund for so long as the Adviser waives the management fee. This could lead to conflicts of
interest between the Registered Fund and the Growth Fund. Due to the compensation from the
interval fund, the Adviser and Sub-Adviser may spend more time focusing on the Registered Fund.

Cohen & Steers compensates IDR for providing investment advice and other services to the firm,
TREF and related entities, and servicing investors as described in a sub-advisory agreement. Asset-
based fees will be allocated among Cohen & Steers and IDR as described in the sub-advisory
agreement. IDR's compensation is paid out of the management fee Cohen & Steers receives as
advisor to the private fund. Cohen & Steers or the sub-advisor may be awarded a larger share of the
management fee for acting as the primary servicing party for an investor. Cohen & Steers does not
receive compensation from IDR for retaining services.

Additional Fees and Expenses
To the extent that any sales charges are payable with respect to any quarter in connection with the
offering of interests in the Private Funds, 100% of such sales charges (i) will be charged directly to IDR
or any of its affiliates or (ii) to the extent paid by the Private Funds, will otherwise reduce, dollar for
dollar, the Private Fund Management Fee payable with respect to such quarter.

Investors may be charged a pro-rata portion of the Private Funds' related expenses including certain
legal expenses, Private Funds' administration costs and auditing services.

Pursuant to the Sub-Advisory Agreements, IDR pays all expenses incurred by it in connection with the
performance of its activities under the Sub-Advisory Agreements, other than investment-related
expenses of the Registered Fund and Growth Fund (including, but not limited to, the cost of securities,
commodities and other investments purchased or sold for the Funds (including brokerage commissions
and other fees or charges associated with transactions), transfer fees, registration costs, taxes, interest
or any other expenses incurred by the Funds in connection with acquiring, holding or disposing of its
investments, including any legal or third-party service fees incurred by IDR or the Funds in connection
with securities held for the Funds).

IDR has entered into an expense limitation and reimbursement agreement with the Registered Fund
and Accordant (the "ELA"), which was approved by stockholders of the Registered Fund at a special
meeting of stockholders held on August 31, 2023, pursuant to which the Registered Fund has agreed
...

Item 7 Types of Clients
We offer investment advisory services to the Private Funds, and to the Registered Fund, Growth Fund,
and TREF.

In general, the minimum investment commitment required of an investor in the Private Funds is
$5,000,000, although these minimums are negotiable and can be waived at our discretion.

In general, the minimum investment commitment required of an investor in TREF is $5,000,000,
although the minimum is negotiable and can be waived at the advisers discretion.

The minimum investment commitment required of an investor in the Growth Fund is $50,000.

A minimum investment in the Registered Fund is $2,500.