BFZ: Saba Capital Sells 30,440 Shares, Still Holds 4.1M

SEC Form 4 filed 08/05/2025 shows that 10% owner Saba Capital Management, L.P.

Rhea-AI Filing Summary

SEC Form 4 filed 08/05/2025 shows that 10% owner Saba Capital Management, L.P. (controlled by Boaz Weinstein) sold 30,440 BFZ common shares on 08/04/2025 at $10.56. After the sale the filer still indirectly holds 4,102,678 shares of BlackRock California Municipal Income Trust. No derivative security activity or other transactions were reported. The filing is a joint submission by Saba Capital and Weinstein.

Positive

• Large residual stake of 4,102,678 shares signals continued commitment by 10% owner

Negative

• Insider sale of 30,440 shares at $10.56 may be perceived as mild negative sentiment

Insights

Portfolio Manager

TL;DR: Small insider sale; stake remains large—signal mildly negative.

The disposition equals ≈0.7% of the filer’s post-transaction holdings (30,440 vs. 4.10 M). While any selling by a 10% owner can raise eyebrows, the percentage is immaterial and preserves a sizable position, suggesting portfolio rebalancing rather than a shift in conviction. No options were exercised and no new derivatives opened, limiting forward-looking information. Overall impact: modestly negative sentiment with negligible balance-sheet effect.

Corporate Governance Analyst

TL;DR: Insider still above 10% threshold; control dynamics unchanged.

Saba Capital and Boaz Weinstein remain statutory insiders, retaining influence through >4.1 M shares. The filing satisfies Section 16 obligations and indicates continued indirect ownership. Because ownership form stays indirect and no governance roles changed, board control risk is stable. The incremental sale does not trigger new regulatory or reporting thresholds.

Insider Trade Summary

Net Seller: 30,440 shares

Net Sell 1 txn

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

Role 10% Owner | 10% Owner

Sold 30,440 shs ($321K)

Type	Security	Shares	Price	Value
Sale	Common Stock	30,440	$10.56	$321K

Holdings After Transaction: Common Stock — 4,102,678 shares (Indirect, -)

FAQ

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

What did Saba Capital sell in Form 4 for BFZ?

The firm sold 30,440 common shares on 08/04/2025 at $10.56.

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

They indirectly hold 4,102,678 shares following the transaction.

Did the Form 4 include any derivative transactions?

No, no derivative securities were reported in Table II.

Is Saba Capital still a 10% owner of BFZ?

Yes, the filing confirms Saba Capital remains a 10% owner.

When was the Form 4 for BFZ filed?

The filing date is 08/05/2025, covering a transaction on 08/04/2025.

Who signed the BFZ Form 4?

Zachary Gindes signed for Saba Capital, and Boaz Weinstein signed individually on 08/05/2025.

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

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Accepted by SEC EDGAR 08/05/2025 - 10:10 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)
08/04/2025

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	08/04/2025		S		30,440	D	$10.56	4,102,678	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	08/05/2025
	Boaz Weinstein	08/05/2025
	** 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.