BFZ: Saba Capital Sells 25,849 Shares, Retains 4.63M Stake

BlackRock California Municipal Income Trust (BFZ) – Form 4 filing Saba Capital Management, L.P., together with its founder Boaz Weinstein, reported an open-market sale of BFZ common shares on 07/09/2025.

Rhea-AI Filing Summary

BlackRock California Municipal Income Trust (BFZ) – Form 4 filing

Saba Capital Management, L.P., together with its founder Boaz Weinstein, reported an open-market sale of BFZ common shares on 07/09/2025. The Schedule I entry shows the disposition (Transaction Code “S”) of 25,849 shares at $10.83 per share. Following the transaction, Saba continues to hold 4,629,832 shares, reported as indirectly owned. Both filers are classified as 10% owners, indicating they remain significant stakeholders despite the modest reduction (≈0.6% of their reported position).

No derivative transactions were reported, and there were no additional acquisitions or multiple trade dates disclosed. Signatures were provided on 07/10/2025 by Zachary Gindes on behalf of Saba Capital and by Boaz Weinstein individually.

Positive

• None.

Negative

• Insider sale by 10% owner: Saba Capital disposed of 25,849 shares, which may be interpreted by some investors as a mild bearish signal.

Insights

Securities Analyst

TL;DR: Minor insider sale (~25.8k shares) by 10% owner; stake remains large, impact appears neutral.

The filing records a single sale representing roughly 0.6% of Saba’s 4.63 million-share position in BFZ. While insider selling by a control holder can be perceived negatively, the small size relative to the remaining stake and the absence of multiple sequential sales limit the signal strength. There is no indication of strategic intent or bearish outlook; the transaction could be routine portfolio rebalancing in a closed-end fund context. Given the magnitude, I classify the market impact as neutral.

Insider Trade Summary

Net Seller: 25,849 shares

Net Sell 1 txn

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

Role 10% Owner | 10% Owner

Sold 25,849 shs ($280K)

Type	Security	Shares	Price	Value
Sale	Common Stock	25,849	$10.83	$280K

Holdings After Transaction: Common Stock — 4,629,832 shares (Indirect, -)

FAQ

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

How many BFZ shares did Saba Capital sell on 07/09/2025?

25,849 common shares at $10.83 each.

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

The filing shows 4,629,832 shares still indirectly owned.

What percentage of Saba’s position was sold?

Approximately 0.6% of the previously held shares.

Did the Form 4 report any derivative transactions?

No. Table II is blank; only a non-derivative sale was disclosed.

Who signed the Form 4 filing for BFZ?

Signatures were provided by Zachary Gindes for Saba Capital and Boaz Weinstein, dated 07/10/2025.

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

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Accepted by SEC EDGAR 07/10/2025 - 10:22 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
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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)
07/09/2025

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	07/09/2025		S		25,849	D	$10.83	4,629,832	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	07/10/2025
	Boaz Weinstein	07/10/2025
	** 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.
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