Maran-affiliated group discloses PCYO indirect stakes via funds

Rhea-AI Filing Summary

PURE CYCLE CORP (PCYO) insiders filed a joint ownership report for an event dated 11/17/2025. The filing shows indirect beneficial ownership of 469,000 shares of common stock through Maran Partners Fund, LP, 480,000 shares through Maran SPV1 LP, and 2,600,000 shares through Plaisance SPV I, LLC. The reporting entities, together with Daniel J. Roller, state that they are part of a Section 13(d) group that collectively owns more than 10% of Pure Cycle’s outstanding common shares, while each party disclaims beneficial ownership beyond its economic interest.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Maran Capital Management, LLC

(Last) (First) (Middle)

250 FILLMORE STREET, SUITE 150

(Street)

DENVER CO 80206

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/17/2025

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

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

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
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 Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Maran Capital Management, LLC

(Last) (First) (Middle)

250 FILLMORE STREET, SUITE 150

(Street)

DENVER CO 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)

250 FILLMORE STREET, SUITE 150

(Street)

DENVER CO 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)

250 FILLMORE STREET, SUITE 150

(Street)

DENVER CO 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)

250 FILLMORE STREET, SUITE 150

(Street)

DENVER CO 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 SPV GP, LLC

(Last) (First) (Middle)

250 FILLMORE STREET, SUITE 150

(Street)

DENVER CO 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^*

Roller Daniel J

(Last) (First) (Middle)

250 FILLMORE STREET, SUITE 150

(Street)

DENVER CO 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)

250 FILLMORE STREET, SUITE 150

(Street)

DENVER CO 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 ("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.

	Maran Capital Management, LLC, By: /s/ Daniel J. Roller, Managing Member	11/24/2025
	/s/ Daniel J. Roller	11/24/2025
	Maran Partners Fund, LP, By: Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member	11/24/2025
	Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member	11/24/2025
	Maran SPV1 LP, By: Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member	11/24/2025
	Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member	11/24/2025
	Plaisance SPV I, LLC, By: /s/ Danlel J. Roller, Managing Member	11/24/2025
	** 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 5 (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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FAQ

What did PURE CYCLE CORP (PCYO) insiders report in this Form 4?

The insiders reported indirect beneficial ownership of Pure Cycle common stock through several investment vehicles, without listing any new transactions in derivative securities.

How many PURE CYCLE (PCYO) shares are held by Maran Partners Fund, LP?

Maran Partners Fund, LP is reported as indirectly owning 469,000 shares of Pure Cycle common stock, with related entities potentially deemed beneficial owners.

What is Maran SPV1 LP’s stake in PURE CYCLE CORP (PCYO)?

Maran SPV1 LP is reported as indirectly owning 480,000 shares of Pure Cycle common stock, with Maran SPV GP, Maran Capital Management, and Daniel J. Roller possibly deemed beneficial owners.

How many PURE CYCLE (PCYO) shares are held by Plaisance SPV I, LLC?

Plaisance SPV I, LLC is reported as indirectly owning 2,600,000 shares of Pure Cycle common stock, with Maran Capital Management and Daniel J. Roller potentially deemed beneficial owners.

Why is this Form 4 group considered a more than 10% owner of PCYO?

The reporting entities state that they are part of a Section 13(d) group that collectively owns more than 10% of Pure Cycle’s outstanding common stock.

Do the reporting persons claim full beneficial ownership of all reported PCYO shares?

No. Each reporting person disclaims beneficial ownership of the securities except to the extent of his or its pecuniary interest in those shares.