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BlackRock CA Muni Inc Trust: Minor Insider Sale by Saba Capital

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Form 4 highlights for BFZ (BlackRock California Municipal Income Trust): On 07/21/2025, 10% owner Saba Capital Management, L.P.—controlled by Boaz Weinstein—sold 21,255 common shares at $10.51 per share (Transaction Code “S”). After the sale, Saba’s indirect position fell to 4,500,326 shares. No derivative securities were reported. The filing was jointly signed by Saba partner Zachary Gindes and Boaz Weinstein on 07/22/2025.

The disposal represents ≈0.5% of Saba’s prior stake and does not alter its status as a ≥10% beneficial owner. No other insiders or transactions were disclosed, and the form contains no commentary on business outlook, earnings, or additional corporate events.

Positive

  • None.

Negative

  • Insider sale: Saba Capital disposed of 21,255 shares, a selling signal even if quantitatively small.

Insights

TL;DR: Minor trim; Saba still holds >4.5 M shares, impact limited.

Saba’s 21.3 K-share sale is immaterial versus its 4.5 M-share stake and BFZ’s 62 M shares outstanding. Such routine size trades often relate to portfolio rebalancing rather than a shift in conviction. The fund manager remains a 10%+ holder, signalling continued strategic interest in BFZ’s muni-bond exposure and discount-capture strategy. No red flags on governance, leverage, or liquidity emerge from this filing.

TL;DR: Transaction neutral; insider status unchanged; monitor future filings.

The single code-S transaction signals disposition, yet the proportional reduction is negligible. Because the filer is a sophisticated hedge fund, Form 4 frequency can reflect tactical trading rather than fundamental viewpoints. Investors should track subsequent forms for pattern recognition; a sustained selling trend could pressure BFZ’s market price, especially given its typical thin trading volume.

Insider Saba Capital Management, L.P., Weinstein Boaz
Role 10% Owner | 10% Owner
Sold 21,255 shs ($223K)
Type Security Shares Price Value
Sale Common Stock 21,255 $10.51 $223K
Holdings After Transaction: Common Stock — 4,500,326 shares (Indirect, -)
Footnotes (1)
Form 4 Insider Transactions: What Each Field Means →
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)
07/21/2025
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 07/21/2025 S 21,255 D $10.51 4,500,326 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 07/22/2025
Boaz Weinstein 07/22/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

Who sold BFZ shares in the latest Form 4?

Saba Capital Management, L.P., a 10% owner controlled by Boaz Weinstein, executed the sale.

How many BFZ shares were sold and at what price?

The filing reports 21,255 shares sold at $10.51 per share on 07/21/2025.

What is Saba Capital’s remaining stake in BFZ after the sale?

Saba now indirectly owns 4,500,326 BFZ shares.

Does Saba Capital remain a 10% owner of BFZ?

Yes. Despite the sale, its holdings still exceed the 10% ownership threshold.

Were any derivative securities involved in this transaction?

No derivative securities were reported in Table II.