Sec Form 4 Filing - Kozlowski Daniel R @ PURE CYCLE CORP - 2025-11-17

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Kozlowski Daniel R 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) (Last) (First) (Middle) C/O PLAISANCE CAPITAL, LLC, 4790 S. LAFAYETTE STREET 3. Date of Earliest Transaction (MM/DD/YY) 11/17/2025 (Street) ENGLEWOOD, CO80113 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price Common Stock 1/3 of $.01 par value 11/17/2025 S 68,778 D $ 11.008 ( 1 ) 2,600,000 I See Footnote ( 2 ) Common Stock 1/3 of $.01 par value 11/17/2025 J 2,600,000 D $ 0 0 I See Footnote ( 2 ) Common Stock 1/3 of $.01 par value 348,557 D ( 3 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Kozlowski Daniel R C/O PLAISANCE CAPITAL, LLC 4790 S. LAFAYETTE STREET ENGLEWOOD, CO80113 X X Plaisance Capital LLC 4790 S. LAFAYETTE STREET ENGLEWOOD, CO80113 X Plaisance SPV I, LLC C/O PLAISANCE CAPITAL, LLC 4790 S. LAFAYETTE STREET ENGLEWOOD, CO80113 X Signatures DANIEL KOZLOWSKI, By: /s/ Daniel Kozlowski 11/19/2025 Signature of Reporting Person Date PLAISANCE CAPITAL, LLC, By: /s/ Daniel Kozlowski, Daniel Kozlowski, Managing Member 11/19/2025 Signature of Reporting Person Date PLAISANCE SPV I, LLC, By: Maran Capital Management, LLC, its managing member, By: Daniel J. Roller, managing member of Maran Capital Management, LLC, By: /s/ Daniel J. Roller, Daniel J. Roller, Managing Member 11/19/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions within the range of $11.00 to $11.0518. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. ( 2 )The reported securities are directly owned by Plaisance SPV I, LLC ("Plaisance SPV"). On November 17, 2025, after the transaction reported in row 1, Plaisance Capital, LLC ("Plaisance") entered into an agreement (the "Agreement") with Maran Capital Management, LLC ("Maran") whereby Plaisance withdrew as managing member of Plaisance SPV and Maran was admitted as the managing member of Plaisance SPV. Due to the Agreement, as of November 17, 2025, the reported securities are no longer deemed to be indirectly beneficially owned by either Plaisance or Daniel Kozlowski. ( 3 )The reported securities are directly owned by Daniel Kozlowski in his personal capacity.

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).

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