SEC FORM 4

SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Roller Daniel J

(Last)

(First)

(Middle)

C/O MARAN CAPITAL MANAGEMENT, LLC

250 FILLMORE ST, UNIT 150

(Street)

DENVER

80206

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
PURE CYCLE CORP [ PCYO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/14/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value 1/3 of $0.01 per share⁽¹⁾	01/14/2026		A		2,653	A	$0	2,653	D
Common Stock, par value 1/3 of $0.01 per share⁽¹⁾								469,000	I	By Maran Partners Fund, LP⁽²⁾
Common Stock, par value 1/3 of $0.01 per share⁽¹⁾								480,000	I	By Maran SPV1 LP⁽³⁾
Common Stock, par value 1/3 of $0.01 per share⁽¹⁾								2,600,000	I	By Plaisance SPV I, LLC⁽⁴⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

Roller Daniel J

(Last)

(First)

(Middle)

C/O MARAN CAPITAL MANAGEMENT, LLC

250 FILLMORE ST, UNIT 150

(Street)

DENVER

80206

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Maran SPV GP, LLC

(Last)

(First)

(Middle)

C/O MARAN CAPITAL MANAGEMENT, LLC

250 FILLMORE ST, UNIT 150

(Street)

DENVER

80206

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Maran Capital Management, LLC

(Last)

(First)

(Middle)

C/O MARAN CAPITAL MANAGEMENT, LLC

250 FILLMORE ST, UNIT 150

(Street)

DENVER

80206

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Maran Partners Fund, LP

(Last)

(First)

(Middle)

C/O MARAN CAPITAL MANAGEMENT, LLC

250 FILLMORE ST, UNIT 150

(Street)

DENVER

80206

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Maran SPV1 LP

(Last)

(First)

(Middle)

C/O MARAN CAPITAL MANAGEMENT, LLC

250 FILLMORE ST, UNIT 150

(Street)

DENVER

80206

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Maran Partners GP, LLC

(Last)

(First)

(Middle)

C/O MARAN CAPITAL MANAGEMENT, LLC

250 FILLMORE ST, UNIT 150

(Street)

DENVER

80206

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Plaisance SPV I, LLC

(Last)

(First)

(Middle)

C/O MARAN CAPITAL MANAGEMENT, LLC

250 FILLMORE ST, UNIT 150

(Street)

DENVER

80206

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This Form 4 is filed jointly by Maran Partners Fund, LP ("MPF"), a Delaware limited partnership, Maran Partners GP, LLC ("MPGP"), a Delaware limited liability company, Maran SPV1 LP ("MSPV1"), a Delaware limited partnership, Maran SPV GP, LLC ("MSPVGP"), a Colorado limited liability company, Plaisance SPV I, LLC ("PSPVI"), a Delaware limited liability company, Maran Capital Management, LLC ("MCM"), a Delaware limited liability company, and Daniel J. Roller (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock, par value 1/3 of $0.01 per share.

2. Securities owned directly by MPF. The reported securities may be deemed to be indirectly beneficially owned by MPGP, as the general partner of MPF. The reported securities may also be deemed to be indirectly beneficially owned by MCM, as the investment manager of MPF. The reported securities may also be deemed to be indirectly beneficially owned by Daniel J. Roller, as the sole managing member of MPGP and MCM. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

3. Securities owned directly by MSPV1. The reported securities may be deemed to be indirectly beneficially owned by MSPVGP, as the general partner of the MSPV1. The reported securities may also be deemed to be indirectly beneficially owned by MCM, as the investment manager of MSPV1. The reported securities may also be deemed to be indirectly beneficially owned by Daniel J. Roller, as the sole managing member of MSPVGP and MCM. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

4. Securities owned directly by PSPVI. The reported securities may be deemed to be indirectly beneficially owned by MCM, as the investment manager of PSPVI. The reported securities may also be deemed to be indirectly beneficially owned by Daniel J. Roller, as the sole managing member of MCM. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

	/s/ Daniel J. Roller	01/15/2026
	Maran Capital Management, LLC, By: /s/ Daniel J. Roller, Managing Member	01/15/2026
	Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member	01/15/2026
	Maran SPV1 LP, By: Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member	01/15/2026
	Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member	01/15/2026
	Maran Partners Fund, LP, By: Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member	01/15/2026
	Plaisance SPV I, LLC, By: /s/ Daniel J. Roller, Managing Member	01/15/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Director Roller Daniel J was granted 2,653 shares (SEC Form 4)