# EDGAR Filing Document

**Accession Number:** 0001829240
**File Stem:** 0001829268-26-000004
**Filing Date:** 2026-1
**Character Count:** 17917
**Document Hash:** 25941303e55d4282c82de553272cc312
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829268-26-000004.hdr.sgml**: 20260115

**ACCESSION NUMBER**: 0001829268-26-000004

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260114

**FILED AS OF DATE**: 20260115

**DATE AS OF CHANGE**: 20260115

**REPORTING-OWNER**: 

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

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 26536862

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

**MAIL ADDRESS:**
- **STREET 1:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
**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:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 26536861

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MARAN CAPITAL MANAGEMENT, LLC
- **STREET 2:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** 917-612-7645

**MAIL ADDRESS:**
- **STREET 1:** C/O MARAN CAPITAL MANAGEMENT, LLC
- **STREET 2:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
**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:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 26536858

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MARAN CAPITAL MANAGEMENT, LLC
- **STREET 2:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** 720-774-6201

**MAIL ADDRESS:**
- **STREET 1:** C/O MARAN CAPITAL MANAGEMENT, LLC
- **STREET 2:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
**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:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 26536860

**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:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 26536859

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MARAN CAPITAL MANAGEMENT, LLC
- **STREET 2:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** 917-612-7645

**MAIL ADDRESS:**
- **STREET 1:** C/O MARAN CAPITAL MANAGEMENT, LLC
- **STREET 2:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
**REPORTING-OWNER**: 

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

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 26536864

**MAIL ADDRESS:**
- **STREET 1:** C/O MARAN CAPITAL MANAGEMENT, LLC
- **STREET 2:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
**REPORTING-OWNER**: 

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

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08814
- **FILM NUMBER:** 26536863

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MARAN CAPITAL MANAGEMENT, LLC
- **STREET 2:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** 917-612-7645

**MAIL ADDRESS:**
- **STREET 1:** C/O MARAN CAPITAL MANAGEMENT, LLC
- **STREET 2:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
**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 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Roller Daniel J<br><sub>(Last) (First) (Middle)</sub><br>C/O MARAN CAPITAL MANAGEMENT, LLC<br>250 FILLMORE ST, UNIT 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-01-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<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>C/O MARAN CAPITAL MANAGEMENT, LLC<br>250 FILLMORE ST, UNIT 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-01-14 | **5. 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>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<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 Capital Management, LLC<br><sub>(Last) (First) (Middle)</sub><br>C/O MARAN CAPITAL MANAGEMENT, LLC<br>250 FILLMORE ST, UNIT 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-01-14 | **5. 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>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<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>C/O MARAN CAPITAL MANAGEMENT, LLC<br>250 FILLMORE ST, UNIT 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-01-14 | **5. 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>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<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>C/O MARAN CAPITAL MANAGEMENT, LLC<br>250 FILLMORE ST, UNIT 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-01-14 | **5. 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>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<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>C/O MARAN CAPITAL MANAGEMENT, LLC<br>250 FILLMORE ST, UNIT 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-01-14 | **5. 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>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<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>C/O MARAN CAPITAL MANAGEMENT, LLC<br>250 FILLMORE ST, UNIT 150<br><sub>(Street)</sub><br>DENVER, CO 80206<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-01-14 | **5. 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>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PURE CYCLE CORP [ PCYO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<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

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, par value 1/3 of $0.01 per share<sup>(1)</sup> | 2026-01-14 |  | A |  | 2653 | A | $0 | 2653 | D |  |
| Common Stock, par value 1/3 of $0.01 per share<sup>(1)</sup> |  |  |  |  |  |  |  | 469000 | I | By Maran Partners Fund, LP<sup>(2)</sup> |
| Common Stock, par value 1/3 of $0.01 per share<sup>(1)</sup> |  |  |  |  |  |  |  | 480000 | I | By Maran SPV1 LP<sup>(3)</sup> |
| Common Stock, par value 1/3 of $0.01 per share<sup>(1)</sup> |  |  |  |  |  |  |  | 2600000 | I | By Plaisance SPV I, LLC<sup>(4)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) This Form 4 is filed jointly by Maran Partners Fund, LP ("MPF"), a Delaware limited partnership, Maran Partners GP, LLC ("MPGP"), a Delaware limited liability company, Maran SPV1 LP ("MSPV1"), a Delaware limited partnership, Maran SPV GP, LLC ("MSPVGP"), a Colorado limited liability company, Plaisance SPV I, LLC ("PSPVI"), a Delaware limited liability company, Maran Capital Management, LLC ("MCM"), a Delaware limited liability company, 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, par value 1/3 of $0.01 per share.

(2) Securities owned directly by MPF. The reported securities may be deemed to be indirectly beneficially owned by MPGP, as the general partner of MPF. The reported securities may also be deemed to be indirectly beneficially owned by MCM, as the investment manager of MPF. The reported securities may also be deemed to be indirectly beneficially owned by Daniel J. Roller, as the sole managing member of MPGP and MCM. 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 MSPV1. The reported securities may be deemed to be indirectly beneficially owned by MSPVGP, as the general partner of the MSPV1. The reported securities may also be deemed to be indirectly beneficially owned by MCM, as the investment manager of MSPV1. The reported securities may also be deemed to be indirectly beneficially owned by Daniel J. Roller, as the sole managing member of MSPVGP and MCM. 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 PSPVI. The reported securities may be deemed to be indirectly beneficially owned by MCM, as the investment manager of PSPVI. The reported securities may also be deemed to be indirectly beneficially owned by Daniel J. Roller, as the sole managing member of MCM. 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:** /s/ Daniel J. Roller  
**Date:** 2026-01-15

**Signature:** Maran Capital Management, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2026-01-15

**Signature:** Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2026-01-15

**Signature:** Maran SPV1 LP, By: Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2026-01-15

**Signature:** Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2026-01-15

**Signature:** Maran Partners Fund, LP, By: Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2026-01-15

**Signature:** Plaisance SPV I, LLC, By: /s/ Daniel J. Roller, Managing Member  
**Date:** 2026-01-15

### 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.**