PICO Holdings

As of September 30, 2020, our primary holding was Vidler Water Company, Inc. ("Vidler"), a water resource and water storage business, with assets and operations primarily in the Southwestern U.S. Currently, we believe the highest potential return to shareholders is from a return of capital. As we monetize assets, rather than reinvest the proceeds, we intend to return capital to shareholders through a stock repurchase program or by other means such as special dividends. Nonetheless, we may, from time to time, reinvest a portion of proceeds from asset monetizations in further development of existing assets, if we believe the returns on such reinvestment outweigh the benefits of a return of capital.