X0202 SCHEDULE 13D/A 0001829240-25-000003 0001829240 XXXXXXXX LIVE 2 Common Stock, par value 1/3 of $0.01 per share 05/21/2026 false 0000276720 746228303 Pure Cycle Corp

34501 E. QUINCY AVE BLDG. 34 WATKINS CO 80137

DANIEL J. ROLLER (303) 800-7551 MARAN CAPITAL MANAGEMENT, LLC 201 Columbine St, Suite 300 Denver CO 80206 0001829240 N Maran Capital Management, LLC b AF N DE 0.00 3549000.00 0.00 3549000.00 3549000.00 N 14.7 IA 0001655289 N Maran Partners Fund, LP b WC N DE 0.00 469000.00 0.00 469000.00 469000.00 N 1.9 PN 0001829261 N Maran Partners GP, LLC b AF N DE 0.00 469000.00 0.00 469000.00 469000.00 N 1.9 IA 0002089566 N Maran SPV1 LP b WC N DE 0.00 480000.00 0.00 480000.00 480000.00 N 2.0 PN 0001829571 N Maran SPV GP, LLC b AF N CO 0.00 480000.00 0.00 480000.00 480000.00 N 2.0 IA 0001791049 N Plaisance SPV I, LLC b WC N DE 0.00 2600000.00 0.00 2600000.00 2600000.00 N 10.8 OO 0001829268 N Daniel J. Roller b AF N X1 2653.00 3549000.00 2653.00 3549000.00 3551653.00 N 14.7 IN 0001791057 N Daniel R. Kozlowski b PF OO N X1 351210.00 0.00 351210.00 0.00 351210.00 N 1.5 IN 0001761269 N Plaisance Capital LLC b AF N DE 0.00 0.00 0.00 0.00 0.00 N 0 OO Common Stock, par value 1/3 of $0.01 per share Pure Cycle Corp 34501 E. QUINCY AVE BLDG. 34 WATKINS CO 80137 The following constitutes Amendment No. 2 ("Amendment No. 2") to the Schedule 13D filed by the undersigned on November 19, 2025 ("the "Initial 13D" and as amended and supplemented through the date of this Amendment No. 2, the "Schedule 13D"). This Amendment No. 2 amends and supplements the Schedule 13D as specifically set forth herein. Item 4 is hereby amended to add the following: On May 21, 2026, Daniel J. Roller resigned from his position as a member of the Board of Directors of the Issuer (the "Board"). On July 7, 2026, Daniel Kozlowski resigned from his position as a member of the Board. Maran Capital Management intends to exercise its replacement rights for both Daniel J. Roller and Daniel Kozlowski as detailed in Item 1(a)(ii) of its Cooperation Agreement with the Issuer dated January 14, 2026. Maran Capital Management, LLC /s/ Daniel J. Roller 07/09/2026 Maran Partners Fund, LP /s/ Daniel J. Roller 07/09/2026 Maran Partners GP, LLC /s/ Daniel J. Roller 07/09/2026 Maran SPV1 LP /s/ Daniel J. Roller 07/09/2026 Maran SPV GP, LLC /s/ Daniel J. Roller 07/09/2026 Plaisance SPV I, LLC /s/ Daniel J. Roller 07/09/2026 Daniel J. Roller /s/ Daniel J. Roller 07/09/2026 Daniel R. Kozlowski /s/ Daniel Kozlowski 07/09/2026 Plaisance Capital LLC /s/ Daniel J. Roller 07/09/2026