BFZ: 10% Holder Saba Capital Sells 74k Shares, Keeps 4.3M Stake

Saba Capital Management LP and its founder Boaz Weinstein, both classified as 10 % owners of BlackRock California Municipal Income Trust (BFZ), filed a Form 4 reporting two open-market sales.

Rhea-AI Filing Summary

Saba Capital Management LP and its founder Boaz Weinstein, both classified as 10 % owners of BlackRock California Municipal Income Trust (BFZ), filed a Form 4 reporting two open-market sales.

• 07/24/2025: 43,268 shares sold at $10.44
• 07/25/2025: 30,813 shares sold at $10.42

The combined 74,081-share disposition represents roughly 1.7 % of their prior position. Following the trades, the reporting persons still beneficially own 4,318,559 shares, preserving their >10 % ownership. No derivative securities were involved and no other corporate events were disclosed.

Positive

• 10 % owner retains a sizable 4.32 million-share position, signalling continued exposure to BFZ despite the sale

Negative

• Insider disposal of 74,081 shares may be perceived as reduced confidence or profit-taking by a significant shareholder

Insights

Securities Analyst

TL;DR: 10% holder trims 1.7% of stake; modestly negative signal, limited fundamental impact.

The sale is small relative to the 4.3 million-share residual position, so it does not materially change Saba’s strategic exposure to BFZ. Municipal closed-end funds often trade near NAV; insider flows can influence sentiment but fundamentals hinge on portfolio quality and discount levels. Because no derivatives or simultaneous purchases were reported, the activity is a straightforward liquidity event. I view it as a minor, largely non-impactful datapoint for investors monitoring insider behavior.

Insider Trade Summary

Net Seller: 74,081 shares

Net Sell 2 txns

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

Role 10% Owner | 10% Owner

Sold 74,081 shs ($773K)

Type	Security	Shares	Price	Value
Sale	Common Stock	30,813	$10.42	$321K
Sale	Common Stock	43,268	$10.44	$452K

Holdings After Transaction: Common Stock — 4,318,559 shares (Indirect, -)

FAQ

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

How many BFZ shares did Saba Capital sell in July 2025?

The Form 4 shows sales totaling 74,081 shares on 07/24/25 and 07/25/25.

What was the average sale price for the BFZ insider trades?

Shares were sold at $10.44 and $10.42, implying an average of roughly $10.43.

How many BFZ shares does Saba Capital still own after these transactions?

Post-sale beneficial ownership is 4,318,559 shares.

Does Saba Capital remain a 10% owner of BFZ?

Yes. Despite the sales, the firm’s 4.32 million shares keep it above the 10 % threshold.

Were any derivative securities involved in the filing?

No derivative transactions were reported; only common stock sales were disclosed.

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 07/28/2025 - 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).

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)
07/24/2025

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	07/24/2025		S		43,268	D	$10.44	4,349,372	I	-
Common Stock	07/25/2025		S		30,813	D	$10.42	4,318,559	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	07/28/2025
	Boaz Weinstein	07/28/2025
	** 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.