Enables inositol bisphosphate phosphatase activity; phosphatidylinositol-3,4,5-trisphosphate 5-phosphatase activity; and vasopressin receptor activity. Involved in several processes, including negative regulation of phosphate metabolic process; negative regulation of signal transduction; and regulation of cellular macromolecule biosynthetic process. Acts upstream of or within glucose homeostasis; in utero embryonic development; and response to insulin. Located in endoplasmic reticulum. Human ortholog(s) of this gene implicated in congenital muscular dystrophy with cataracts and intellectual disability. Orthologous to human INPP5K (inositol polyphosphate-5-phosphatase K). [provided by Alliance of Genome Resources, Apr 2022]