BFZ Form 4: Saba Capital sold 21,777 shares at $10.59 — Insider Filing

Form 4 summary: Saba Capital Management, L.P. and Boaz Weinstein reported a sale of 21,777 shares of BlackRock California Municipal Income Trust (BFZ) on 08/11/2025 at a price of $10.59 per share.

Rhea-AI Filing Summary

Form 4 summary: Saba Capital Management, L.P. and Boaz Weinstein reported a sale of 21,777 shares of BlackRock California Municipal Income Trust (BFZ) on 08/11/2025 at a price of $10.59 per share. The filing shows beneficial ownership of 3,880,418 shares and identifies the reporting persons as Director and 10% owner.

Insights

Financial Analyst

Routine insider sale; holding remains sizable, likely limited market impact.

The Form 4 discloses a sale of 21,777 BFZ shares on 08/11/2025 at $10.59, leaving reported beneficial ownership of 3,880,418 shares. Based solely on the filing details, the transaction appears procedural and does not indicate a material change to ownership stakes recorded in the form.

Corporate Governance Expert

Disclosure complies with Section 16 reporting; signatures indicate timely reporting.

The filing was submitted by Saba Capital Management, L.P. and signed by representatives (including Boaz Weinstein) on 08/12/2025, indicating the reporting persons met Form 4 disclosure requirements for the 08/11/2025 sale. The form lists the reporters as a Director and a 10% owner, and shows the transaction code as S (sale).

Insider Trade Summary

Net Seller: 21,777 shares

Net Sell 1 txn

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

Role 10% Owner | 10% Owner

Sold 21,777 shs ($231K)

Type	Security	Shares	Price	Value
Sale	Common Stock	21,777	$10.59	$231K

Holdings After Transaction: Common Stock — 3,880,418 shares (Indirect, -)

FAQ

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

What did the BFZ Form 4 report?

The Form 4 reports a sale of 21,777 BFZ shares on 08/11/2025 at $10.59 per share; beneficial ownership is listed as 3,880,418 shares.

Who filed the Form 4 for BFZ?

The filing lists Saba Capital Management, L.P. and Boaz Weinstein as reporting persons; the form was signed by representatives on 08/12/2025.

How many BFZ shares were sold and at what price?

21,777 shares were sold at $10.59 per share on 08/11/2025 (transaction code reported as S for sale).

What is the beneficial ownership after the reported transaction?

The Form 4 shows beneficial ownership of 3,880,418 shares following the reported transaction.

What relationships to the issuer are listed for the reporting persons?

The reporting persons are identified as a Director and a 10% owner of the issuer in the filing.

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

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Accepted by SEC EDGAR 08/12/2025 - 10:25 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)
08/11/2025

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	08/11/2025		S		21,777	D	$10.59	3,880,418	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	08/12/2025
	Boaz Weinstein	08/12/2025
	** 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.