BFZ Form 4: Insider Sale of 18,180 Shares at $10.36

Saba Capital Management, L.P. and reporting person Boaz Weinstein disclosed a sale of common stock of BlackRock California Municipal Income Trust (BFZ).

Rhea-AI Filing Summary

Saba Capital Management, L.P. and reporting person Boaz Weinstein disclosed a sale of common stock of BlackRock California Municipal Income Trust (BFZ). On 08/25/2025 they disposed of 18,180 shares at $10.36 per share. After the sale the reporting persons beneficially own 3,687,497 shares indirectly. The filing is a routine Section 16 disclosure showing an insider sale and continued substantial indirect ownership.

Positive

• Timely compliance with Section 16 reporting requirements is demonstrated by the Form 4 filing.
• Substantial continued ownership: post-sale beneficial ownership remains 3,687,497 shares indirectly.

Negative

• Insider sale of 18,180 shares was executed, which reduces the reporting persons' stake by that amount.

Insights

Securities Analyst

TL;DR: Routine insider sale; substantial indirect ownership remains.

The Form 4 reports a single non-derivative sale of 18,180 BFZ shares at $10.36 on 08/25/2025 by Saba Capital Management, L.P., with Boaz Weinstein listed as a reporting person. The post-transaction beneficial ownership of 3,687,497 shares remains sizeable and is held indirectly. This filing is a standard compliance disclosure and does not, by itself, provide information on motive or material corporate developments.

Corporate Governance Specialist

TL;DR: Disclosure consistent with Section 16 obligations; no governance change disclosed.

The document shows timely reporting of an open-market sale and includes manual signatures. There is no indication of changes in board status or control; the relationship to the issuer is marked as Director and 10% Owner. The filing demonstrates compliance with reporting rules but contains no material governance events.

Insider Trade Summary

Net Seller: 18,180 shares

Net Sell 1 txn

Insider Saba Capital Management, L.P., Weinstein Boaz

Role 10% Owner | 10% Owner

Sold 18,180 shs ($188K)

Type	Security	Shares	Price	Value
Sale	Common Stock	18,180	$10.36	$188K

Holdings After Transaction: Common Stock — 3,687,497 shares (Indirect, -)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transaction was reported for BFZ on this Form 4?

The filing reports a sale of 18,180 common shares of BFZ executed on 08/25/2025.

At what price were the BFZ shares sold?

The reported sale price was $10.36 per share.

Who filed the Form 4 for BFZ?

The Form 4 was filed by Saba Capital Management, L.P. and reporting person Boaz Weinstein.

How many BFZ shares are beneficially owned after the transaction?

After the reported sale, the filing shows 3,687,497 shares beneficially owned indirectly.

Does the Form 4 indicate a change in director status or control?

No. The relationship fields remain marked as Director and 10% Owner; no change in status is disclosed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/26/2025 - 09:21 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST [ BFZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/25/2025		S		18,180	D	$10.36	3,687,497	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	08/26/2025
	Boaz Weinstein	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.