| UNITED CAPITAL CORP.                                   |
|--------------------------------------------------------|
| (Exact name of registrant as specified in its charter) |

| Delaware                                                       | 04-2294493                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| 9 Park Place, Great Neck, NY             | 11021      |
|------------------------------------------|------------|
| (Address of principal executive offices) | (Zip Code) |

| 516-466-6464                                                                       |
|------------------------------------------------------------------------------------|
| (Registrant’s telephone number, including area code)                         |
|                                                                               |
| N/A                                                                                |
| (Former name, former address and former fiscal year, if changed since last report) |

| Large accelerated filer  ̈                                             | Accelerated filer o         |
|----------------------------------------------------------------------------|-----------------------------|
|                                                                       |                        |
| Non-accelerated filer  ̈ (Do not check if a smaller reporting company) | Smaller reporting company x |

----

In

| PART I – FINANCIAL INFORMATION |
|--------------------------------------|
|                                 |   |   |
| Item 1.                              | Financial Statements |   |
|                                 |   |   |
|                                 | Condensed Consolidated Balance Sheets as of September 30, 2010 (Unaudited) and December 31, 2009 | 3 |
|                                 |   |   |
|                                 | Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2010 and 2009 (Unaudited) | 4 |
|                                 |   |   |
|                                 | Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2010 and 2009 (Unaudited) | 5 |
|                                 |   |   |
|                                 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6-11 |
|                                 |   |   |
| Item 2.                              | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 11-17 |
|                                 |   |   |
| Item 3.                              | Quantitative and Qualitative Disclosures About Market Risk | 17 |
|                                 |   |   |
| Item 4.                              | Controls and Procedures | 17 |
|                                 |   |   |
| PART II – OTHER INFORMATION    |
|                                 |   |   |
| Item 1.                              | Legal Proceedings | 17-18 |
|                                 |   |   |
| Item 1A.                             | Risk Factors |  18 |
|                                 |   |   |
| Item 2.                              | Unregistered Sales of Equity Securities and Use of Proceeds |  18-19 |
|                                 |   |   |
| Item 6.                              | Exhibits |  19 |
|                                 |   |   |
| Signatures                           |  19 |

----

INDEX

PA

| ITEM 1. | FINANCIAL STATEMENTS |
|---------|----------------------|

Con

|                                                        |   | September 30,2010 |    |   | December 31, 2009 |   |
|-------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
|                                                        |   | (Unaudited)       |    |   |              |   |
| Assets                                                      |   |              |    |   |              |   |
|                                                        |   |              |    |   |              |   |
| Current assets:                                             |   |              |    |   |              |   |
| Cash and cash equivalents                                   |   | $                 | 120,815 |   |              | $      | 124,354 |   |
| Marketable securities                                       |   |              | 26,791  |   |              |   | 25,227 |   |
| Notes and accounts receivable, net                          |   |              | 8,486   |   |              |   | 7,225 |   |
| Inventories                                                 |   |              | 5,163   |   |              |   | 4,450 |   |
| Prepaid expenses and other current assets                   |   |              | 1,613   |   |              |   | 2,066 |   |
|                                                        |   |              |    |   |              |   |   |   |
| Total current assets                                        |   |              | 162,868 |   |              |   | 163,322 |   |
|                                                        |   |              |    |   |              |   |   |   |
| Property, plant and equipment, net                          |   |              | 7,659   |   |              |   | 8,088 |   |
| Real property held for rental, net                          |   |              | 98,779  |   |              |   | 92,875 |   |
| Investment in joint venture                                 |   |              | 4,081   |   |              |   | 4,664 |   |
| Noncurrent notes receivable                                 |   |              | 4,971   |   |              |   | 9,687 |   |
| Other assets                                                |   |              | 5,331   |   |              |   | 4,597 |   |
| Noncurrent assets of discontinued operations                |   |              | — |   |              |   | 25 |   |
|                                                        |   |              |    |   |              |   |   |   |
| Total assets                                                |   | $                 | 283,689 |   |              | $      | 283,258 |   |
|                                                        |   |              |    |   |              |   |   |   |
| Liabilities and Stockholders’ Equity                  |   |              |    |   |              |   |   |   |
|                                                        |   |              |    |   |              |   |   |   |
| Current liabilities:                                        |   |              |    |   |              |   |   |   |
| Current maturities of long-term debt                        |   | $                 | 1,101   |   |              | $      | 1,080 |   |
| Accounts payable and accrued liabilities                    |   |              | 11,626  |   |              |   | 10,134 |   |
| Income taxes payable                                        |   |              | 3,615   |   |              |   | 4,658 |   |
| Deferred income taxes                                       |   |              | 1,959   |   |              |   | 96 |   |
|                                                        |   |              |    |   |              |   |   |   |
| Total current liabilities                                   |   |              | 18,301  |   |              |   | 15,968 |   |
|                                                        |   |              |    |   |              |   |   |   |
| Long-term debt                                              |   |              | 31,052  |   |              |   | 32,915 |   |
| Other long-term liabilities                                 |   |              | 13,298  |   |              |   | 14,817 |   |
| Deferred income taxes                                       |   |              | 9,600   |   |              |   | 9,575 |   |
|                                                        |   |              |    |   |              |   |   |   |
| Total liabilities                                           |   |              | 72,251  |   |              |   | 73,275 |   |
|                                                        |   |              |    |   |              |   |   |   |
| Commitments and contingencies                               |   |              |    |   |              |   |   |   |
|                                                        |   |              |    |   |              |   |   |   |
| Stockholders’ equity:                                 |   |              |    |   |              |   |   |   |
| Common stock, $.10 par value, authorized 17,500 shares;     |   |              |    |   |              |   |   |   |
| issued and outstanding 8,990 and 9,081 shares, respectively |   |              | 899     |   |              |   | 908 |   |
| Retained earnings                                           |   |              | 205,154 |   |              |   | 207,029 |   |
| Accumulated other comprehensive income, net of tax          |   |              | 5,385   |   |              |   | 2,046 |   |
| Total stockholders’ equity                            |   |              | 211,438 |   |              |   | 209,983 |   |
|                                                        |   |              |    |   |              |   |   |   |
| Total liabilities and stockholders’ equity            |   | $                 | 283,689 |   |              | $      | 283,258 |   |

----

INDEX

Co

|                                                                                                                                 |   | Three Months EndedSeptember 30, |   |   | Nine Months EndedSeptember 30, |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                                                                                                                                 |   | 2010                            |   |   | 2009                           |   |   | 2010 |   |   | 2009 |   |
| Revenues:                                                                                                                            |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Revenues from real estate operations                                                                                                 |   | $                               | 11,711 |   |                           | $      | 9,060 |   |   | $ | 36,566 |   |   | $ | 25,480 |   |
| Net sales                                                                                                                            |   |                            | 8,484  |   |                           |   | 5,659 |   |   |   | 23,721 |   |   |   | 16,644 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                                                                                                       |   |                            | 20,195 |   |                           |   | 14,719 |   |   |   | 60,287 |   |   |   | 42,124 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                                                                                                  |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                                                                                                        |   |                            | 6,352  |   |                           |   | 4,358 |   |   |   | 17,749 |   |   |   | 13,160 |   |
| Real estate operations:                                                                                                              |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage interest expense                                                                                                            |   |                            | 502    |   |                           |   | 510 |   |   |   | 1,541 |   |   |   | 1,562 |   |
| Depreciation expense                                                                                                                 |   |                            | 1,264  |   |                           |   | 1,002 |   |   |   | 3,727 |   |   |   | 2,902 |   |
| Other operating expenses                                                                                                             |   |                            | 6,339  |   |                           |   | 4,625 |   |   |   | 19,983 |   |   |   | 12,401 |   |
| General and administrative expenses                                                                                                  |   |                            | 1,947  |   |                           |   | 1,812 |   |   |   | 5,630 |   |   |   | 5,274 |   |
| Selling expenses                                                                                                                     |   |                            | 820    |   |                           |   | 764 |   |   |   | 2,399 |   |   |   | 2,325 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Total costs and expenses                                                                                                             |   |                            | 17,224 |   |                           |   | 13,071 |   |   |   | 51,029 |   |   |   | 37,624 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                                                                                                     |   |                            | 2,971  |   |                           |   | 1,648 |   |   |   | 9,258 |   |   |   | 4,500 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                                                                                                              |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Interest and dividend income                                                                                                         |   |                            | 873    |   |                           |   | 999 |   |   |   | 2,678 |   |   |   | 2,661 |   |
| Other income and (expense), net                                                                                                      |   |                            | (64    | )      |                           |   | (9 | ) |   |   | 1,308 |   |   |   | 6 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Total other income                                                                                                                   |   |                            | 809    |   |                           |   | 990 |   |   |   | 3,986 |   |   |   | 2,667 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations before income taxes                                                                                |   |                            | 3,780  |   |                           |   | 2,638 |   |   |   | 13,244 |   |   |   | 7,167 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                                                                                           |   |                            | 779    |   |                           |   | 1,020 |   |   |   | 3,597 |   |   |   | 2,690 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                                                                    |   |                            | 3,001  |   |                           |   | 1,618 |   |   |   | 9,647 |   |   |   | 4,477 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued operations:                                                                                                             |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) income from discontinued operations, net of tax (benefit) provision of ($2), $0, $4 and ($78), respectively                   |   |                            | (4     | )      |                           |   | (1 | ) |   |   | 6 |   |   |   | (117 | ) |
| Net gain (loss) on disposal of discontinued operations, net of tax provision (benefit) of $386, ($16), $386 and ($276), respectively |   |                            | 578    |   |                           |   | (24 | ) |   |   | 578 |   |   |   | (414 | ) |
| Income (loss) from discontinued operations                                                                                           |   |                            | 574    |   |                           |   | (25 | ) |   |   | 584 |   |   |   | (531 | ) |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                           |   | $                               | 3,575  |   |                           | $      | 1,593 |   |   | $ | 10,231 |   |   | $ | 3,946 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share:                                                                                                            |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                                                                    |   | $                               | .33    |   |                           | $      | .18 |   |   | $ | 1.07 |   |   | $ | .50 |   |
| Income (loss) from discontinued operations                                                                                           |   |                            | .07    |   |                           |   | — |   |   |   | .06 |   |   |   | (.06 | ) |
| Net income per share                                                                                                                 |   | $                               | .40    |   |                           | $      |  .18 |   |   | $ | 1.13 |   |   | $ | .44 |   |
|                                                                                                                                 |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share:                                                                                                          |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                                                                    |   | $                               | .31    |   |                           | $      | .16 |   |   | $ | .99 |   |   | $ | .46 |   |
| Income (loss) from discontinued operations                                                                                           |   |                            | .06    |   |                           |   | — |   |   |   | .06 |   |   |   | (.06 | ) |
| Net income per share assuming dilution                                                                                               |   | $                               | .37    |   |                           | $      | .16 |   |   | $ | 1.05 |   |   | $ | .40 |   |

----

INDEX

Cond

|                                                                              |   | Nine Months EndedSeptember 30, |    |
|-----------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                              |   | 2010                           |    |   | 2009 |   |
| Cash flows from operating activities:                                             |   |                           |    |   |   |   |
| Net income                                                                        |   | $                              | 10,231  |   |   | $ | 3,946 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                           |    |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                           | 4,130   |   |   |   | 3,189 |   |
| (Gain) loss on disposal of discontinued operations, net of tax                    |   |                           | (578    | ) |   |   | 414 |   |
| Net (gain) loss on available-for-sale securities                                  |   |                           | (1,386  | ) |   |   | 104 |   |
| Net realized gains on derivative instruments                                      |   |                           | — |   |   |   | (139 | ) |
| Deferred income taxes                                                             |   |                           | 89      |   |   |   | (367 | ) |
| Other, net                                                                        |   |                           | (27     | ) |   |   | (459 | ) |
| Changes in assets and liabilities:                                                |   |                           |    |   |   |   |   |   |
| Notes and accounts receivable, net                                                |   |                           | (680    | ) |   |   | 885 |   |
| Inventories                                                                       |   |                           | (713    | ) |   |   | 1,917 |   |
| Prepaid expenses and other current assets                                         |   |                           | 453     |   |   |   | 388 |   |
| Other assets                                                                      |   |                           | (729    | ) |   |   | (512 | ) |
| Accounts payable and accrued liabilities                                          |   |                           | 1,492   |   |   |   | (74 | ) |
| Income taxes payable                                                              |   |                           | (1,429  | ) |   |   | 4,874 |   |
| Other long-term liabilities                                                       |   |                           | (1,519  | ) |   |   | (357 | ) |
| Net cash provided by operating activities of continuing operations                |   |                           | 9,334   |   |   |   | 13,809 |   |
| Operating activities of discontinued operations                                   |   |                           | — |   |   |   | 194 |   |
| Net cash provided by operating activities                                         |   |                           | 9,334   |   |   |   | 14,003 |   |
|                                                                              |   |                           |    |   |   |   |   |   |
| Cash flows from investing activities:                                             |   |                           |    |   |   |   |   |   |
| Purchase of available-for-sale securities                                         |   |                           | (1,847  | ) |   |   | (3,939 | ) |
| Proceeds/maturities from sale of available-for-sale securities                    |   |                           | 5,478   |   |   |   | 622 |   |
| Proceeds from sale of real estate assets                                          |   |                           | 989     |   |   |   | 3,258 |   |
| Proceeds from sale of derivative instruments                                      |   |                           | — |   |   |   | 135 |   |
| Purchase of notes receivable                                                      |   |                           | — |   |   |   | (9,428 | ) |
| Principal payments on notes receivable                                            |   |                           | 36      |   |   |   | 33 |   |
| Acquisition of property, plant and equipment                                      |   |                           | (1,071  | ) |   |   | (476 | ) |
| Acquisition of/additions to real estate assets                                    |   |                           | (3,084  | ) |   |   | (2,093 | ) |
| Business acquisition, net of cash acquired                                        |   |                           | — |   |   |   | (17,081 | ) |
| Distributions from joint venture                                                  |   |                           | 583     |   |   |   | 583 |   |
| Net cash provided by (used in) investing activities                               |   |                           | 1,084   |   |   |   | (28,386 | ) |
|                                                                              |   |                           |    |   |   |   |   |   |
| Cash flows from financing activities:                                             |   |                           |    |   |   |   |   |   |
| Principal payments on mortgage obligations                                        |   |                           | (1,842  | ) |   |   | (2,465 | ) |
| Purchase and retirement of common stock                                           |   |                           | (24,608 | ) |   |   | (2,553 | ) |
| Proceeds from exercise of stock options                                           |   |                           | 7,387   |   |   |   | 5,344 |   |
| Tax benefit from exercise of stock options                                        |   |                           | 5,106   |   |   |   | 2,097 |   |
| Net cash (used in) provided by financing activities                               |   |                           | (13,957 | ) |   |   | 2,423 |   |
| Net decrease in cash and cash equivalents                                         |   |                           | (3,539  | ) |   |   | (11,960 | ) |
| Cash and cash equivalents, beginning of period                                    |   |                           | 124,354 |   |   |   | 138,142 |   |
| Cash and cash equivalents, end of period                                          |   | $                              | 120,815 |   |   | $ | 126,182 |   |
|                                                                              |   |                           |    |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                                |   |                           |    |   |   |   |   |   |
| Cash paid during the period for:                                                  |   |                           |    |   |   |   |   |   |
| Interest                                                                          |   | $                              | 1,509   |   |   | $ | 1,539 |   |
| Taxes                                                                             |   | $                              | 1,025   |   |   | $ | 762 |   |

----

INDEX

No

|                                                     |   | Three Months EndedSeptember 30, |   |   | Nine Months EndedSeptember 30, |   |
|----------------------------------------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                                                     |   | 2010                            |   |   | 2009                           |   |   | 2010 |   |   | 2009 |   |
| Numerator:                                               |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Income from continuing operations                        |   | $                               | 3,001  |   |                           | $      | 1,618 |   |   | $ | 9,647 |   |   | $ | 4,477 |   |
|                                                     |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                             |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic – weighted-average shares outstanding        |   |                            | 9,002  |   |                           |   | 9,106 |   |   |   | 9,038 |   |   |   | 8,954 |   |
| Dilutive effect of employee stock options                |   |                            | 544    |   |                           |   | 869 |   |   |   | 685 |   |   |   | 799 |   |
| Diluted – weighted-average shares outstanding      |   |                            | 9,546  |   |                           |   | 9,975 |   |   |   | 9,723 |   |   |   | 9,753 |   |
|                                                     |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share – continuing operations   |   | $                               | .33    |   |                           | $      | .18 |   |   | $ | 1.07 |   |   | $ | .50 |   |
| Diluted earnings per share – continuing operations |   | $                               | .31    |   |                           | $      | .16 |   |   | $ | .99 |   |   | $ | .46 |   |

----

INDEX

|                |   | Cost   |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | FairMarketValue |   |
|---------------------|--------|--------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|-----------------|--------|
| September 30, 2010: |   |   |   |   |                 |   |   |                  |   |   |            |   |
| Equity securities   |   | $      | 18,439 |   |                 | $      | 8,712  |                  |   | $      | (507            | )      |   | $ | 26,644 |   |
| Bonds               |   |   | 67     |   |                 |   | 81     |                  |   |   | (1              | )      |   |   | 147 |   |
|                |   | $      | 18,506 |   |                 | $      | 8,793  |                  |   | $      | (508            | )      |   | $ | 26,791 |   |
| December 31, 2009:  |   |   |   |   |                 |   |   |                  |   |   |            |   |   |   |   |   |
| Equity securities   |   | $      | 21,860 |   |                 | $      | 4,239  |                  |   | $      | (1,128          | )      |   | $ | 24,971 |   |
| Bonds               |   |   | 220    |   |                 |   | 41     |                  |   |   | (5              | )      |   |   | 256 |   |
|                |   | $      | 22,080 |   |                 | $      | 4,280  |                  |   | $      | (1,133          | )      |   | $ | 25,227 |   |

|                          |   | Nine Months EndedSeptember 30, |    |
|-------------------------------|--------|--------------------------------|---------|
|                          |   | 2010                           |    |   | 2009 |   |
| Proceeds/maturities           |   | $                              | 5,478   |   |   | $ | 622 |   |
| Gains recognized in earnings  |   | $                              | 1,386   |   |   | $ | — |   |
| Losses recognized in earnings |   | $                              | — |   |   | $ | (104 | ) |

|            |   | September 30,2010 |   |   | December 31, 2009 |   |
|-----------------|--------|-------------------|--------|--------|-------------------|--------|
| Raw materials   |   | $                 | 2,317  |   |              | $      | 1,817 |   |
| Work in process |   |              | 411    |   |              |   | 529 |   |
| Finished goods  |   |              | 2,435  |   |              |   | 2,104 |   |
|            |   | $                 | 5,163  |   |              | $      | 4,450 |   |

----

INDEX

|   | Property acquisition |
|--------|----------------------|

|   |  Property sales |
|--------|----------------------|

|                          |   | Three Months EndedSeptember 30, |    |   | Nine Months EndedSeptember 30, |   |
|-------------------------------|--------|---------------------------------|---------|--------|--------------------------------|--------|
|                          |   | 2010                            |    |   | 2009                           |   |   | 2010 |   |   | 2009 |   |
| Revenues                      |   | $                               | — |   |                           | $      | 44 |   |   | $ | 21 |   |   | $ | 196 |   |
| Depreciation expense          |   |                            | — |   |                           |   | — |   |   |   | — |   |   |   | 194 |   |
| Other operating expenses      |   |                            | 6       |   |                           |   | 45 |   |   |   | 11 |   |   |   | 197 |   |
| (Loss) income from operations |   | $                               | (6      | )      |                           | $      | (1 | ) |   | $ | 10 |   |   | $ | (195 | ) |

|                |   | Fair Value Measurements at Reporting Date Using |   |
|---------------------|--------|-------------------------------------------------|--------|
|                |   | TotalFair Value                                 |   |   | Quoted Prices in Active Markets for Identical Assets(Level 1) |   |   | Significant Other Observable Inputs(Level 2) |   |   | Significant Unobservable Inputs(Level 3) |   |
| September 30, 2010: |   |                                            |   |   |   |   |   |   |   |   |   |   |
| Equity securities   |   | $                                               | 26,644 |   |   | $ | 24,641 |   |   | $ | 2,003 |   |   | $ | — |   |
| Bonds               |   |                                            | 147    |   |   |   | 147 |   |   |   | — |   |   |   | — |   |
|                |   | $                                               | 26,791 |   |   | $ | 24,788 |   |   | $ | 2,003 |   |   | $ | — |   |
| December 31, 2009:  |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities   |   | $                                               | 24,971 |   |   | $ | 22,782 |   |   | $ | 2,189 |   |   | $ | — |   |
| Bonds               |   |                                            | 256    |   |   |   | 251 |   |   |   | 5 |   |   |   | — |   |
|                |   | $                                               | 25,227 |   |   | $ | 23,033 |   |   | $ | 2,194 |   |   | $ | — |   |

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INDEX

|                                      |   | September 30, 2010 |    |   | December 31, 2009 |   |
|-------------------------------------------|--------|--------------------|---------|--------|-------------------|--------|
|                                      |   | Carrying           |    |   | Fair              |   |   | Carrying |   |   | Fair |   |
|                                      |   | Amount             |    |   | Value             |   |   | Amount |   |   | Value |   |
| Notes receivable                          |   | $                  | 5,022   |   |              | $      | 5,783 |   |   | $ | 5,057 |   |   | $ | 6,024 |   |
| Note receivable – non-performing    |   | $                  | — |   |              | $      | — |   |   | $ | 5,428 |   |   | $ | 5,428 |   |
| Long-term debt, including current portion |   | $                  | 32,153  |   |              | $      | 27,091 |   |   | $ | 33,995 |   |   | $ | 30,847 |   |

|                               |   | Three Months EndedSeptember 30, |    |   | Nine Months EndedSeptember 30, |   |
|------------------------------------|--------|---------------------------------|---------|--------|--------------------------------|--------|
|                               |   | 2010                            |    |   | 2009                           |   |   | 2010 |   |   | 2009 |   |
| Service cost                       |   | $                               | (15     | )      |                           | $      | (61 | ) |   | $ | (45 | ) |   | $ | (202 | ) |
| Interest cost                      |   |                            | (172    | )      |                           |   | (189 | ) |   |   | (515 | ) |   |   | (568 | ) |
| Expected return on plan assets     |   |                            | 193     |   |                           |   | 131 |   |   |   | 587 |   |   |   | 403 |   |
| Amortization of net loss           |   |                            | — |   |                           |   | (62 | ) |   |   | — |   |   |   | (184 | ) |
| Net periodic pension income (cost) |   | $                               | 6       |   |                           | $      | (181 | ) |   | $ | 27 |   |   | $ | (551 | ) |

|                                                                                                                                       |   | Three Months EndedSeptember 30, |    |   | Nine Months EndedSeptember 30, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|--------|--------------------------------|--------|
|                                                                                                                                       |   | 2010                            |    |   | 2009                           |   |   | 2010 |   |   | 2009 |   |
| Net income                                                                                                                                 |   | $                               | 3,575   |   |                           | $      | 1,593 |   |   | $ | 10,231 |   |   | $ | 3,946 |   |
| Other comprehensive income, net of tax:                                                                                                    |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Change in net unrealized gain on available-for-sale securities, net of tax effect of ($661), ($1,378), ($2,284) and ($2,744), respectively |   |                            | 1,226   |   |                           |   | 2,561 |   |   |   | 4,240 |   |   |   | 5,097 |   |
|                                                                                                                                       |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification adjustment for net (gains) losses realized in net income, net of tax effect of $485 and ($36), respectively               |   |                            | — |   |                           |   | — |   |   |   | (901 | ) |   |   | 68 |   |
| Comprehensive income                                                                                                                       |   | $                               | 4,801   |   |                           | $      | 4,154 |   |   | $ | 13,570 |   |   | $ | 9,111 |   |

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INDEX

|                                                  |   | Three Months EndedSeptember 30, |   |   | Nine Months EndedSeptember 30, |   |
|-------------------------------------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                                                  |   | 2010                            |   |   | 2009                           |   |   | 2010 |   |   | 2009 |   |
| Net revenues and sales:                               |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Real estate investment and management                 |   | $                               | 5,536  |   |                           | $      | 4,944 |   |   | $ | 15,816 |   |   | $ | 14,819 |   |
| Hotel operations                                      |   |                            | 6,175  |   |                           |   | 4,116 |   |   |   | 20,750 |   |   |   | 10,661 |   |
| Engineered products                                   |   |                            | 8,484  |   |                           |   | 5,659 |   |   |   | 23,721 |   |   |   | 16,644 |   |
|                                                  |   | $                               | 20,195 |   |                           | $      | 14,719 |   |   | $ | 60,287 |   |   | $ | 42,124 |   |
| Operating income (loss):                              |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Real estate investment and management                 |   | $                               | 3,423  |   |                           | $      | 2,997 |   |   | $ | 9,518 |   |   | $ | 9,104 |   |
| Hotel operations                                      |   |                            | 183    |   |                           |   | (74 | ) |   |   | 1,797 |   |   |   | (489 | ) |
| Engineered products                                   |   |                            | 567    |   |                           |   | (173 | ) |   |   | 1,363 |   |   |   | (1,047 | ) |
| General corporate expenses                            |   |                            | (1,202 | )      |                           |   | (1,102 | ) |   |   | (3,420 | ) |   |   | (3,068 | ) |
|                                                  |   |                            | 2,971  |   |                           |   | 1,648 |   |   |   | 9,258 |   |   |   | 4,500 |   |
| Other income                                          |   |                            | 809    |   |                           |   | 990 |   |   |   | 3,986 |   |   |   | 2,667 |   |
| Income from continuing operations before income taxes |   | $                               | 3,780  |   |                           | $      | 2,638 |   |   | $ | 13,244 |   |   | $ | 7,167 |   |

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INDEX

| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL |
|---------|---------------------------------------------------------|

|   | CONDITION AND RESULTS OF OPERATIONS |
|--------|-------------------------------------|

|   | (In thousands, except per share data or as otherwise noted) |
|--------|-------------------------------------------------------------|

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INDEX

|                      |   | Three Months EndedSeptember 30, 2010 |   |   | Nine Months EndedSeptember 30, 2010 |   |
|---------------------------|--------|--------------------------------------|--------|--------|-------------------------------------|--------|
|                      |   | RealEstate                           |   |   | HotelOperations                     |   |   | Total |   |   | RealEstate |   |   | HotelOperations |   |   | Total |   |
| Revenues                  |   | $                                    | 5,536  |   |                                | $      | 6,175 |   |   | $ | 11,711 |   |   | $ | 15,816 |   |   | $ | 20,750 |   |   | $ | 36,566 |   |
| Mortgage interest expense |   |                                 | 86     |   |                                |   | 416 |   |   |   | 502 |   |   |   | 262 |   |   |   | 1,279 |   |   |   | 1,541 |   |
| Depreciation expense      |   |                                 | 615    |   |                                |   | 649 |   |   |   | 1,264 |   |   |   | 1,832 |   |   |   | 1,895 |   |   |   | 3,727 |   |
| Other operating expenses  |   |                                 | 1,412  |   |                                |   | 4,927 |   |   |   | 6,339 |   |   |   | 4,204 |   |   |   | 15,779 |   |   |   | 19,983 |   |
| Income from operations    |   | $                                    | 3,423  |   |                                | $      | 183 |   |   | $ | 3,606 |   |   | $ | 9,518 |   |   | $ | 1,797 |   |   | $ | 11,315 |   |

|                          |   | Three Months EndedSeptember 30, 2009 |   |   | Nine Months EndedSeptember 30, 2009 |   |
|-------------------------------|--------|--------------------------------------|--------|--------|-------------------------------------|--------|
|                          |   | RealEstate                           |   |   | HotelOperations                     |   |   | Total |   |   | RealEstate |   |   | HotelOperations |   |   | Total |   |
| Revenues                      |   | $                                    | 4,944  |   |                                | $      | 4,116 |   |   | $ | 9,060 |   |   | $ | 14,819 |   |   | $ | 10,661 |   |   | $ | 25,480 |   |
| Mortgage interest expense     |   |                                 | 36     |   |                                |   | 474 |   |   |   | 510 |   |   |   | 133 |   |   |   | 1,429 |   |   |   | 1,562 |   |
| Depreciation expense          |   |                                 | 578    |   |                                |   | 424 |   |   |   | 1,002 |   |   |   | 1,703 |   |   |   | 1,199 |   |   |   | 2,902 |   |
| Other operating expenses      |   |                                 | 1,333  |   |                                |   | 3,292 |   |   |   | 4,625 |   |   |   | 3,879 |   |   |   | 8,522 |   |   |   | 12,401 |   |
| Income (loss) from operations |   | $                                    | 2,997  |   |                                | $      | (74 | ) |   | $ | 2,923 |   |   | $ | 9,104 |   |   | $ | (489 | ) |   | $ | 8,615 |   |

----

INDEX

|                                         |   | Three Months Ended September 30, |   |   | Nine Months Ended September 30, |   |
|----------------------------------------------|--------|----------------------------------|--------|--------|---------------------------------|--------|
|                                         |   | 2010                             |   |   | 2009                            |   |   | 2010 |   |   | 2009 |   |
| Net sales                                    |   | $                                | 8,484  |   |                            | $      | 5,659 |   |   | $ | 23,721 |   |   | $ | 16,644 |   |
| Cost of sales                                |   |                             | 6,352  |   |                            |   | 4,358 |   |   |   | 17,749 |   |   |   | 13,160 |   |
| Selling, general and administrative expenses |   |                             | 1,565  |   |                            |   | 1,474 |   |   |   | 4,609 |   |   |   | 4,531 |   |
| Operating income (loss)                      |   | $                                | 567    |   |                            | $      | (173 | ) |   | $ | 1,363 |   |   | $ | (1,047 | ) |

----

INDEX

|                                             |   | Three Months EndedSeptember 30, |    |   | Nine Months EndedSeptember 30, |   |
|--------------------------------------------------|--------|---------------------------------|---------|--------|--------------------------------|--------|
|                                             |   | 2010                            |    |   | 2009                           |   |   | 2010 |   |   | 2009 |   |
| Net gain (loss) on available-for-sale securities |   | $                               | — |   |                           | $      | — |   |   | $ | 1,386 |   |   | $ | (104 | ) |
| Net realized gains on derivative instruments     |   |                            | — |   |                           |   | — |   |   |   | — |   |   |   | 139 |   |
| Other, net                                       |   |                            | (64     | )      |                           |   | (9 | ) |   |   | (78 | ) |   |   | (29 | ) |
|                                             |   | $                               | (64     | )      |                           | $      | (9 | ) |   | $ | 1,308 |   |   | $ | 6 |   |

----

INDEX

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INDEX

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INDEX

| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|---------|------------------------------------------------------------|

| ITEM 4. | CONTROLS AND PROCEDURES |
|---------|-------------------------|

PA

| ITEM 1. | LEGAL PROCEEDINGS |
|---------|-------------------|

----

INDEX

| ITEM 1A. | RISK FACTORS |
|----------|--------------|

| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
|---------|-------------------------------------------------------------|

| Period                                       |   | Total Number of Shares Purchased |   |   | Average Price Paid per Share |   |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   |   | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |   |
|----------------------------------------------|--------|----------------------------------|--------|--------|------------------------------|--------|--------|----------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------|--------|
| July 1, 2010 – July 31, 2010           |   |                             | 28,360 |   |                         | $      | 24.86  |                                                                             |   |   | 28,360                                                                         |   |   |   | 247,433 |   |
| August 1, 2010 – August 31, 2010       |   |                             | 8,976  |   |                         | $      | 23.34  |                                                                             |   |   | 8,976                                                                          |   |   |   | 238,457 |   |
| September 1, 2010 – September 30, 2010 |   |                             | 4,152  |   |                         | $      | 24.13  |                                                                             |   |   | 4,152                                                                          |   |   |   | 234,305 |   |
|                                         |   |                             | 41,488 |   |                         | $      | 24.46  |                                                                             |   |   | 41,488                                                                         |   |   |   |   |   |

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INDEX

| ITEM 6. | EXHIBITS |
|---------|----------|

| 31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-15(e) and 15d-15(e). |
|------|----------------------------------------------------------------------------------------|

| 31.2 | Certification of the Chief Financial Officer pursuant  to Rule 13a-15(e) and 15d-15(e). |
|------|---------------------------------------------------------------------------------------------------|

| 32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

SIG

|                              | UNITED CAPITAL CORP. |
|-----------------------------------|----------------------|
|                              |                 |
| Date:  November 8, 2010 |                 |
|                              | By:                  | /s/ Anthony J. Miceli |
|                              |                 | Anthony J. MiceliChief Financial Officer, Secretary andDirector (Principal Financial Officer andPrincipal Accounting Officer) |

----