SCHEDULE 13D

CUSIP Number(s):

746228303

1

Name of reporting person

Maran Capital Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,549,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,549,000.00

11

Aggregate amount beneficially owned by each reporting person

3,549,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

14.7 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s):

746228303

1

Name of reporting person

Maran Partners Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 469,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 469,000.00

11

Aggregate amount beneficially owned by each reporting person

469,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

1.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s):

746228303

1

Name of reporting person

Maran Partners GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 469,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 469,000.00

11

Aggregate amount beneficially owned by each reporting person

469,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

1.9 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s):

746228303

1

Name of reporting person

Maran SPV1 LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 480,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 480,000.00

11

Aggregate amount beneficially owned by each reporting person

480,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

2.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s):

746228303

1

Name of reporting person

Maran SPV GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 480,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 480,000.00

11

Aggregate amount beneficially owned by each reporting person

480,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

2.0 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s):

746228303

1

Name of reporting person

Plaisance SPV I, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,600,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,600,000.00

11

Aggregate amount beneficially owned by each reporting person

2,600,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

10.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s):

746228303

1

Name of reporting person

Daniel J. Roller

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,653.00
8	Shared Voting Power 3,549,000.00
9	Sole Dispositive Power 2,653.00
10	Shared Dispositive Power 3,549,000.00

11

Aggregate amount beneficially owned by each reporting person

3,551,653.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

14.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s):

746228303

1

Name of reporting person

Daniel R. Kozlowski

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 351,210.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 351,210.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

351,210.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

1.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s):

746228303

1

Name of reporting person

Plaisance Capital LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Stock, par value 1/3 of $0.01 per share

(b)

Name of Issuer:

Pure Cycle Corp

(c)

Address of Issuer's Principal Executive Offices:

34501 E. QUINCY AVE, BLDG. 34, WATKINS, COLORADO , 80137.

Item 1 Comment:

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.

Purpose of Transaction

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Maran Capital Management, LLC

Signature:	/s/ Daniel J. Roller
Name/Title:	Daniel J. Roller, Managing Member
Date:	07/09/2026

Maran Partners Fund, LP

Signature:	/s/ Daniel J. Roller
Name/Title:	Daniel J. Roller, Managing Member, Maran Partners GP, LLC, its general partner
Date:	07/09/2026

Maran Partners GP, LLC

Signature:	/s/ Daniel J. Roller
Name/Title:	Daniel J. Roller, Managing Member
Date:	07/09/2026

Maran SPV1 LP

Signature:	/s/ Daniel J. Roller
Name/Title:	Daniel J. Roller, Managing Member
Date:	07/09/2026

Maran SPV GP, LLC

Signature:	/s/ Daniel J. Roller
Name/Title:	Daniel J. Roller, Managing Member
Date:	07/09/2026

Plaisance SPV I, LLC

Signature:	/s/ Daniel J. Roller
Name/Title:	Daniel J. Roller, Managing Member
Date:	07/09/2026

Daniel J. Roller

Signature:	/s/ Daniel J. Roller
Name/Title:	DANIEL J. ROLLER
Date:	07/09/2026

Daniel R. Kozlowski

Signature:	/s/ Daniel Kozlowski
Name/Title:	Daniel Kozlowski
Date:	07/09/2026

Plaisance Capital LLC

Signature:	/s/ Daniel J. Roller
Name/Title:	Daniel Roller, Managing Member
Date:	07/09/2026