PURE CYCLE CORP — Director's Dealing 2025

Nov 20, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2025-11-17

Reporting Person: Kozlowski Daniel R (Director, 10% Owner)
Reporting Person: Plaisance Capital LLC (10% Owner)
Reporting Person: Plaisance SPV I, LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-17	Common Stock 1/3 of $.01 par value	S	68778	$11.008	Disposed	2600000	Indirect
2025-11-17	Common Stock 1/3 of $.01 par value	J	2600000	—	Disposed	0	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock 1/3 of $.01 par value	348557	Direct

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions within the range of $11.00 to $11.0518. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F2: The reported securities are directly owned by Plaisance SPV I, LLC ("Plaisance SPV"). On November 17, 2025, after the transaction reported in row 1, Plaisance Capital, LLC ("Plaisance") entered into an agreement (the "Agreement") with Maran Capital Management, LLC ("Maran") whereby Plaisance withdrew as managing member of Plaisance SPV and Maran was admitted as the managing member of Plaisance SPV. Due to the Agreement, as of November 17, 2025, the reported securities are no longer deemed to be indirectly beneficially owned by either Plaisance or Daniel Kozlowski.

F3: The reported securities are directly owned by Daniel Kozlowski in his personal capacity.