Sec Form 3 Filing - Maran Capital Management, LLC @ PURE CYCLE CORP - 2025-11-17

FORM 3 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 Maran Capital Management, LLC 2. Issuer Name and Ticker or Trading Symbol PURE CYCLE CORP [ PCYO] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 250 FILLMORE STREET, SUITE 150 3. Date of Earliest Transaction (MM/DD/YY) 11/17/2025 (Street) DENVER, CO80206 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 ) 469,000 I By Maran Partners Fund, LP ( 2 ) Common Stock ( 1 ) 480,000 I By Maran SPV1 LP ( 3 ) Common Stock ( 1 ) 2,600,000 I 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 (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 Maran Capital Management, LLC 250 FILLMORE STREET, SUITE 150 DENVER, CO80206 X Maran Partners Fund, LP 250 FILLMORE STREET, SUITE 150 DENVER, CO80206 X Maran SPV1 LP 250 FILLMORE STREET, SUITE 150 DENVER, CO80206 X Maran Partners GP, LLC 250 FILLMORE STREET, SUITE 150 DENVER, CO80206 X Maran SPV GP, LLC 250 FILLMORE STREET, SUITE 150 DENVER, CO80206 X Roller Daniel J 250 FILLMORE STREET, SUITE 150 DENVER, CO80206 X Plaisance SPV I, LLC 250 FILLMORE STREET, SUITE 150 DENVER, CO80206 X Signatures Maran Capital Management, LLC, By: /s/ Daniel J. Roller, Managing Member 11/24/2025 Signature of Reporting Person Date /s/ Daniel J. Roller 11/24/2025 Signature of Reporting Person Date Maran Partners Fund, LP, By: Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member 11/24/2025 Signature of Reporting Person Date Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member 11/24/2025 Signature of Reporting Person Date Maran SPV1 LP, By: Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member 11/24/2025 Signature of Reporting Person Date Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member 11/24/2025 Signature of Reporting Person Date Plaisance SPV I, LLC, By: /s/ Danlel J. Roller, Managing Member 11/24/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )This Form 4 is filed jointly by Maran Partners Fund, LP ("Maran Partners LP"), Maran Partners GP, LLC ("Maran Partners GP"), Maran SPV1, LP ("Maran SPV1"), Maran SPV GP, LLC ("Maran SPV GP"), Maran Capital Management, LLC ("Maran Capital Management"), Plaisance SPV I, LLC ("Plaisance SPV I") 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. ( 2 )Securities owned directly by Maran Partners LP. As the general partner of Maran Partners LP, Maran Partners GP may be deemed to beneficially own the securities owned directly by Maran Partners LP. As the investment manager of Maran Partners LP, Maran Capital Management may be deemed to beneficially own the securities owned directly by Maran Partners LP. As the sole managing member of each of Maran Capital Management and Maran Partners GP, Mr. Roller may be deemed to beneficially own the securities owned directly by Maran Partners LP. 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 Maran SPV1. As the general partner of Maran SPV1, Maran SPV GP may be deemed to beneficially own the securities owned directly by Maran SPV1. As the investment manager of Maran SPV1, Maran Capital Management may be deemed to beneficially own the securities owned directly by Maran SPV1. As the sole managing member of each of Maran Capital Management and Maran SPV GP, Mr. Roller may be deemed to beneficially own the securities owned directly by Maran SPV1. 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 Plaisance SPV I. As the investment manager of Plaisance SPV I, Maran Capital Management may be deemed to beneficially own the securities owned directly by Plaisance SPV I. As the sole managing member of Maran Capital Management, Mr. Roller may be deemed to beneficially own the securities owned directly by Plaisance SPV I. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

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).

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