# EDGAR Filing Document

**Accession Number:** 0001791049
**File Stem:** 0001829240-25-000007
**Filing Date:** 2025-11
**Character Count:** 15947
**Document Hash:** dc79b0872e25657c0be7c116cf1cf2f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829240-25-000007.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001829240-25-000007

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251117

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Maran Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001829240

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251514504

**BUSINESS ADDRESS:**
- **STREET 1:** 1409 COLUMBINE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 917-612-7645

**MAIL ADDRESS:**
- **STREET 1:** 1409 COLUMBINE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Maran Partners Fund, LP
- **CENTRAL INDEX KEY:** 0001655289

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251514503

**BUSINESS ADDRESS:**
- **STREET 1:** 150 FILLMORE STREET
- **STREET 2:** SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 917-612-7645

**MAIL ADDRESS:**
- **STREET 1:** 150 FILLMORE STREET
- **STREET 2:** SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Plaisance SPV I, LLC
- **CENTRAL INDEX KEY:** 0001791049

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251514498

**BUSINESS ADDRESS:**
- **STREET 1:** 250 FILLMORE, SUITE 525
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 720-774-6201

**MAIL ADDRESS:**
- **STREET 1:** 250 FILLMORE, SUITE 525
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Maran SPV1 LP
- **CENTRAL INDEX KEY:** 0002089566

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251514502

**BUSINESS ADDRESS:**
- **STREET 1:** 250 FILLMORE STREET
- **STREET 2:** SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 917-612-7645

**MAIL ADDRESS:**
- **STREET 1:** 250 FILLMORE STREET
- **STREET 2:** SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Maran Partners GP, LLC
- **CENTRAL INDEX KEY:** 0001829261

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251514501

**BUSINESS ADDRESS:**
- **STREET 1:** 1409 COLUMBINE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 917-612-7645

**MAIL ADDRESS:**
- **STREET 1:** 1409 COLUMBINE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Roller Daniel J
- **CENTRAL INDEX KEY:** 0001829268

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251514499

**MAIL ADDRESS:**
- **STREET 1:** 1409 COLUMBINE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Maran SPV GP, LLC
- **CENTRAL INDEX KEY:** 0001829571

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 251514500

**BUSINESS ADDRESS:**
- **STREET 1:** 1409 COLUMBINE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 917-612-7645

**MAIL ADDRESS:**
- **STREET 1:** 1409 COLUMBINE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PURE CYCLE CORP
- **CENTRAL INDEX KEY:** 0000276720
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER SUPPLY [4941]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 840705083
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 0831

**BUSINESS ADDRESS:**
- **STREET 1:** 34501 E. QUINCY AVE
- **STREET 2:** BLDG. 34
- **CITY:** WATKINS
- **STATE:** CO
- **ZIP:** 80137
- **BUSINESS PHONE:** 3032923456

**MAIL ADDRESS:**
- **STREET 1:** 34501 E. QUINCY AVE
- **STREET 2:** BLDG. 34
- **CITY:** WATKINS
- **STATE:** CO
- **ZIP:** 80137

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

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Maran Capital Management, LLC<br><sub>(Last) (First) (Middle)</sub><br>250 FILLMORE STREET, SUITE 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-11-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Maran Partners Fund, LP<br><sub>(Last) (First) (Middle)</sub><br>250 FILLMORE STREET, SUITE 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-11-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Maran SPV1 LP<br><sub>(Last) (First) (Middle)</sub><br>250 FILLMORE STREET, SUITE 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-11-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Maran Partners GP, LLC<br><sub>(Last) (First) (Middle)</sub><br>250 FILLMORE STREET, SUITE 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-11-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Maran SPV GP, LLC<br><sub>(Last) (First) (Middle)</sub><br>250 FILLMORE STREET, SUITE 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-11-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Roller Daniel J<br><sub>(Last) (First) (Middle)</sub><br>250 FILLMORE STREET, SUITE 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-11-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Plaisance SPV I, LLC<br><sub>(Last) (First) (Middle)</sub><br>250 FILLMORE STREET, SUITE 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-11-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |
| Common Stock<sup>(1)</sup> | 469000 | I | By Maran Partners Fund, LP<sup>(2)</sup> |
| Common Stock<sup>(1)</sup> | 480000 | I | By Maran SPV1 LP<sup>(3)</sup> |
| Common Stock<sup>(1)</sup> | 2600000 | I | Plaisance SPV I, LLC<sup>(4)</sup> |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |

---

### Footnotes:

(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.

**Signature:** Maran Capital Management, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2025-11-24

**Signature:** /s/ Daniel J. Roller  
**Date:** 2025-11-24

**Signature:** Maran Partners Fund, LP, By: Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2025-11-24

**Signature:** Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2025-11-24

**Signature:** Maran SPV1 LP, By: Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2025-11-24

**Signature:** Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2025-11-24

**Signature:** Plaisance SPV I, LLC, By: /s/ Danlel J. Roller, Managing Member  
**Date:** 2025-11-24

### Remarks:

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.**