PCYO Form 4 shows Kozlowski sale and major indirect stake change
Rhea-AI Filing Summary
Pure Cycle Corp (PCYO) insider Daniel Kozlowski and related entities reported significant changes in their holdings. On 11/17/2025, an entity associated with Kozlowski sold 68,778 shares of Pure Cycle common stock in open-market transactions at a weighted average price of $11.008 per share. After this sale, 2,600,000 shares previously reported as indirectly owned through Plaisance SPV I, LLC were reclassified so that they are no longer deemed beneficially owned by Plaisance Capital, LLC or Kozlowski, following a change in the managing member of Plaisance SPV.
Kozlowski remains a director and 10% owner of Pure Cycle and now reports 348,557 shares held directly in his personal capacity.
Positive
- None.
Negative
- None.
Insights
Large block of 2.6M shares moves out of insider’s indirect ownership.
Pure Cycle Corp received a Form 4 showing that entities associated with director and 10% owner Daniel Kozlowski adjusted their holdings on 11/17/2025. There was an open-market sale of 68,778 common shares at a weighted average price of $11.008 per share, which is a relatively modest trade compared with the larger ownership block.
The more notable change is structural: 2,600,000 shares previously attributed as indirectly owned through Plaisance SPV I, LLC are no longer treated as beneficially owned by Plaisance Capital, LLC or Kozlowski after a change in the managing member under an agreement with Maran Capital Management, LLC. Kozlowski still reports 348,557 shares directly in his personal capacity, so he remains a significant holder, but a large indirect position is now outside his reported beneficial ownership.
From a governance perspective, this filing indicates a redistribution of influence away from one prior managing member structure toward a new one involving Maran. Actual market impact depends on how the new managing member manages or trades the 2,600,000-share position, which is not addressed here.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock 1/3 of $.01 par value | 68,778 | $11.008 | $757K |
| Other | Common Stock 1/3 of $.01 par value | 2,600,000 | $0.00 | -- |
| holding | Common Stock 1/3 of $.01 par value | -- | -- | -- |
Footnotes (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. 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. The reported securities are directly owned by Daniel Kozlowski in his personal capacity.
