<SEC-DOCUMENT>0001829240-25-000007.txt : 20251124
<SEC-HEADER>0001829240-25-000007.hdr.sgml : 20251124
<ACCEPTANCE-DATETIME>20251124181225
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
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3-11242025_111115.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-11-17</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000276720</issuerCik>
        <issuerName>PURE CYCLE CORP</issuerName>
        <issuerTradingSymbol>PCYO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001829240</rptOwnerCik>
            <rptOwnerName>Maran Capital Management, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>250 FILLMORE STREET, SUITE 150</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80206</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001655289</rptOwnerCik>
            <rptOwnerName>Maran Partners Fund, LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>250 FILLMORE STREET, SUITE 150</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80206</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002089566</rptOwnerCik>
            <rptOwnerName>Maran SPV1 LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>250 FILLMORE STREET, SUITE 150</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80206</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001829261</rptOwnerCik>
            <rptOwnerName>Maran Partners GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>250 FILLMORE STREET, SUITE 150</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80206</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001829571</rptOwnerCik>
            <rptOwnerName>Maran SPV GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>250 FILLMORE STREET, SUITE 150</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80206</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001829268</rptOwnerCik>
            <rptOwnerName>Roller Daniel J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>250 FILLMORE STREET, SUITE 150</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80206</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001791049</rptOwnerCik>
            <rptOwnerName>Plaisance SPV I, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>250 FILLMORE STREET, SUITE 150</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80206</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>469000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Maran Partners Fund, LP</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>480000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Maran SPV1 LP</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2600000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Plaisance SPV I, LLC</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">This Form 4 is filed jointly by Maran Partners Fund, LP (&quot;Maran Partners LP&quot;), Maran Partners GP, LLC (&quot;Maran Partners GP&quot;), Maran SPV1, LP (&quot;Maran SPV1&quot;), Maran SPV GP, LLC (&quot;Maran SPV GP&quot;), Maran Capital Management, LLC (&quot;Maran Capital Management&quot;), Plaisance SPV I, LLC (&quot;Plaisance SPV I&quot;) and Daniel J. Roller (collectively, the &quot;Reporting Persons&quot;). 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.</footnote>
        <footnote id="F2">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.</footnote>
        <footnote id="F3">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.</footnote>
        <footnote id="F4">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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Maran Capital Management, LLC, By: /s/ Daniel J. Roller, Managing Member</signatureName>
        <signatureDate>2025-11-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Daniel J. Roller</signatureName>
        <signatureDate>2025-11-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Maran Partners Fund, LP, By: Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member</signatureName>
        <signatureDate>2025-11-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member</signatureName>
        <signatureDate>2025-11-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Maran SPV1 LP, By: Maran SPV GP, LLC, By: /s/ Daniel J. Roller, Managing Member</signatureName>
        <signatureDate>2025-11-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Maran Partners GP, LLC, By: /s/ Daniel J. Roller, Managing Member</signatureName>
        <signatureDate>2025-11-24</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Plaisance SPV I, LLC, By: /s/ Danlel J. Roller, Managing Member</signatureName>
        <signatureDate>2025-11-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
