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Business Segments

PICO Holdings reports its results of operations in the segments shown below.

        Net Book Value as of June 30, 2016


Operating SegmentConsolidated Subsidiaries
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, New Mexico, and Colorado.
Real Estate Operations UCP, Inc. (NYSE. UCP) is a homebuilder and land developer with land acquisition and entitlement expertise in California, Washington State, North Carolina, South Carolina and Tennessee.
 Description of Assets
Corporate Assets in this segment include cash, the assets and related liabilities of deferred compensation plans, and various interests in small businesses.

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