PICO Holdings, Inc. (PICO) is a diversified holding company. The Company own and operate diverse businesses and assets. The Company operates in four segments: Water Resource and Water Storage Operations; Real Estate Operations; Agribusiness Operations, and Corporate. The Company has three subsidiaries. Vidler Water Company, Inc. (Vidler) acquires and develops water resources and water storage. UCP, Inc. (UCP), a 57.7% owned subsidiary acquires and develops partially-developed and finished residential housing lots and through its subsidiary, Benchmark Communities, LLC (Benchmark) constructs and sells homes on certain of these residential lots. Northstar Agri Industries (Northstar) is an 88% owned subsidiary, which operates a canola seed crushing facility to produce canola oil and meal.