Saba Capital, Boaz Weinstein Sell 49,671 BFZ Shares at ~$10.40

Insider sales by Saba Capital and Boaz Weinstein in BlackRock California Municipal Income Trust (BFZ).

Rhea-AI Filing Summary

Insider sales by Saba Capital and Boaz Weinstein in BlackRock California Municipal Income Trust (BFZ). On 09/02/2025 and 09/03/2025 Saba Capital Management, L.P. sold a total of 49,671 shares of BFZ at prices of $10.39 and $10.43. Following the transactions, the reporting persons beneficially owned 3,610,866 shares (indirect). The Form 4 discloses these routine sales by an entity and individual identified as directors and 10% owners.

Insights

Financial Analyst

TL;DR: Significant insider selling disclosed, but large residual ownership remains, suggesting partial liquidity-taking rather than full exit.

The filings show Saba Capital and Boaz Weinstein executed two open-market dispositions totaling 49,671 shares across 09/02/2025 and 09/03/2025 at prices of $10.39 and $10.43. Post-sale indirect beneficial ownership remains at 3.61 million shares, indicating continued substantial exposure. Without company market-cap or total share count in the form, the absolute impact on ownership percentage cannot be determined from these documents alone.

Corporate Governance Expert

TL;DR: Timely Form 4 disclosure of director/10% owner sales; transparency maintained but raises standard monitoring questions.

The Form 4 meets disclosure requirements by reporting sales by a reporting entity and an individual labeled as director and 10% owner. The transactions are disclosed as indirect ownership reductions with exact share counts and prices, preserving market transparency. The filings do not indicate any derivative activity or 10b5-1 plan notation, so no contractual defense is claimed in the form text provided.

Insider Trade Summary

Net Seller: 49,671 shares

Net Sell 2 txns

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

Role 10% Owner | 10% Owner

Sold 49,671 shs ($517K)

Type	Security	Shares	Price	Value
Sale	Common Stock	27,906	$10.43	$291K
Sale	Common Stock	21,765	$10.39	$226K

Holdings After Transaction: Common Stock — 3,610,866 shares (Indirect, -)

FAQ

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

What transactions were reported for BFZ on this Form 4?

The Form 4 reports two sales totaling 49,671 shares: 21,765 shares sold on 09/02/2025 at $10.39 and 27,906 shares sold on 09/03/2025 at $10.43.

Who filed the Form 4 for BFZ?

The reporting persons are Saba Capital Management, L.P. and Boaz Weinstein, each identified as a director and 10% owner.

How many BFZ shares are owned after these transactions?

The filings state indirect beneficial ownership of 3,638,772 shares after the 09/02 sale and 3,610,866 shares after the 09/03 sale.

Were any derivative securities reported?

No derivative securities or option transactions are disclosed in Table II of this Form 4.

Did the Form 4 indicate the sales were made under a trading plan?

The provided form text does not indicate a Rule 10b5-1 trading plan or other contractual execution defense.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 09/04/2025 - 10:35 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)
09/02/2025

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	09/02/2025		S		21,765	D	$10.39	3,638,772	I	-
Common Stock	09/03/2025		S		27,906	D	$10.43	3,610,866	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	09/03/2025
	Boaz Weinstein	09/03/2025
	** 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.