BFZ: Saba Capital Sells 100k Shares, Still Holds 4M+ Stake

BFZ Form 4: On 5-6 Aug 2025, 10% owner Saba Capital Management LP, led by Boaz Weinstein, sold 32,498 and 67,985 BlackRock California Municipal Income Trust common shares at average prices of $10.56 and $10.59.

Rhea-AI Filing Summary

BFZ Form 4: On 5-6 Aug 2025, 10% owner Saba Capital Management LP, led by Boaz Weinstein, sold 32,498 and 67,985 BlackRock California Municipal Income Trust common shares at average prices of $10.56 and $10.59. The 100,483-share sale trims Saba’s position by about 2.5%, leaving 4,002,195 shares still held indirectly, enough to maintain 10%-plus ownership. No derivative securities were involved.

Positive

• Saba retains a sizeable 4.0 million-share position, continuing to hold over 10% of BFZ’s outstanding shares.

Negative

• Insider reduced stake by 100,483 shares, potentially signaling mild profit-taking or decreased near-term conviction.

Insights

Portfolio Manager

TL;DR Minor insider sale (≈2.5% of stake); ownership remains >10%; market impact likely limited.

The transaction reduces Saba’s holdings by roughly 100 k shares, a small fraction of the 4 M shares still owned. While insider selling can signal reduced conviction, the remaining stake indicates continued strategic interest. Given BFZ’s average daily volume, the sale should be absorbed easily and is unlikely to pressure the price materially. I view the filing as routine, providing limited new insight into fund fundamentals.

Insider Trade Summary

Net Seller: 100,483 shares

Net Sell 2 txns

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

Role 10% Owner | 10% Owner

Sold 100,483 shs ($1.06M)

Type	Security	Shares	Price	Value
Sale	Common Stock	67,985	$10.59	$720K
Sale	Common Stock	32,498	$10.56	$343K

Holdings After Transaction: Common Stock — 4,002,195 shares (Indirect, -)

FAQ

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

How many BFZ shares did Saba Capital sell?

Saba sold a total of 100,483 common shares on 5-6 Aug 2025.

What prices were the BFZ shares sold for?

Shares were sold at $10.56 and $10.59 per share, respectively.

How many BFZ shares does Saba Capital still own after the sale?

After the transactions, Saba Capital indirectly owns 4,002,195 BFZ shares.

Does Saba Capital remain a 10% owner of BFZ?

Yes. Despite the sale, Saba continues to hold over 10% ownership in BFZ.

Were any derivative securities involved in this Form 4?

No. No derivative transactions were reported.

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

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Accepted by SEC EDGAR 08/07/2025 - 09:56 AM EDT 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)
08/05/2025

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	08/05/2025		S		32,498	D	$10.56	4,070,180	I	-
Common Stock	08/06/2025		S		67,985	D	$10.59	4,002,195	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	08/07/2025
	Boaz Weinstein	08/07/2025
	** 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.