|Operating Segment||Consolidated Subsidiaries||Key Commercial Usage|
|Water Resource and Water Storage Operations
||Vidler Water Company, Inc., acquires and develops water resource and water storage operations in the southwestern United States, with assets in Nevada, Arizona, Idaho, New Mexico, and Colorado.
||Vidler Water currently operates a variety of water projects throughout the American West including key strategic water-scarce markets in Arizona and Nevada.|
|Real Estate Operations
||Union Community Partners is a land acquisition and development business established in 2008. Benchmark Communities is a home builder which constructs and sells single family homes on certain of the lots we own in California.
||UCP owns or controls finished lots and potential lots in various stages of entitlement in select California and Washington markets.
||PICO Northstar Hallock, LLC doing business as Northstar Agri Industries ("Northstar") operates a canola seed processing plant near Hallock, Minnesota.
||Northstar is strategically located in the southeastern North American canola growing reagon.
| ||Description of Assets||Strategy|
||Assets in this category currently consist of cash, the assets and related liabilities of deferred compensation plans, interests in small businesses, and other parent company assets.||Through this segment, we acquire businesses and interests in businesses through the acquisition of private companies and the purchase of shares in public companies, both directly through participation in financing transactions and through open market purchases.|