PURE CYCLE CORP
For the period ended May 31, 2026. Filed Jul 8, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
May 31, 2026 · Filed Jul 8, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2026-02-28; filed 2026-04-08.
0001104659-26-040879
Item 1a. Risk FactorsCurrent report: 10-Q
Period ended 2026-05-31; filed 2026-07-08.
0001104659-26-081778
Item 1a. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 2 previous paragraphs and 4 current paragraphs.
1 unchanged; 1 reworded; 2 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Legislation restricting institutional ownership of single-family homes, including the 21st Century ROAD to Housing Act, could reduce demand for single-family rental homes and the value we could realize on future sales of our rental portfolio. On June 23, 2026, Congress passed the 21st Century ROAD to Housing Act (the "Act"), which had not been signed into law as of the date of this report. As written, the Act would restrict large institutional investors, defined as those that own at least 350 single-family homes, from purchasing single-family homes, subject to an exception for "build-to-rent" properties, and would impose annual reporting requirements on those investors. Because this threshold is well above our current and planned single-family rental portfolio, and because we develop our rental homes on a build-to-rent basis, we do not currently expect the Act to restrict our development or rental operations.
Current report
Notwithstanding consideration relating to the Act, we have paused further additions to our rental home portfolio beyond what is currently under contract to build as federal policy on institutional ownership continues to evolve. The Act's final scope, thresholds and exceptions (including whether the build-to-rent exception extends to resales of previously constructed homes) remain uncertain, and we will evaluate the segment's returns as well as any disposition options as needed.
Reworded paragraphs (1)
Previous wording
There have been no material changes to the risk factors disclosed in the 2025 Annual Report.
Current wording
Except as set forth below, there have been no material changes to the risk factors disclosed in the 2025 Annual Report.