BFZ Form 4: Saba Capital Sells 48,970 Shares, Holds 3.06M

Saba Capital Management and Boaz Weinstein reported two small open-market disposals of BlackRock California Municipal Income Trust (BFZ) common stock on 09/09/2025 and 09/10/2025.

Rhea-AI Filing Summary

Saba Capital Management and Boaz Weinstein reported two small open-market disposals of BlackRock California Municipal Income Trust (BFZ) common stock on 09/09/2025 and 09/10/2025. The filings show sales of 24,916 shares at $10.77 and 24,054 shares at $10.87, reducing Saba's indirect holdings from 3,082,492 to 3,058,438 shares. The report lists the reporters as a director and a 10% owner.

Positive

• Maintains a large indirect stake of 3,058,438 shares after the reported sales, signaling continued substantial ownership
• Transactions are small relative to total holdings, suggesting no immediate change in control or major shift in position

Negative

• Reported disposals totaling 48,970 shares across 09/09/2025 and 09/10/2025 which represent a reduction in holdings
• Sales executed at market prices ($10.77 and $10.87), which could be perceived negatively by some investors seeking insider accumulation signals

Insights

Securities Analyst

TL;DR: Small open-market sales by a large indirect holder; stake remains material.

The Form 4 discloses two modest disposals totaling 48,970 shares over two days at prices near $10.8 per share. Although these are sales, the reporting entity continues to hold a substantial indirect position of 3.06 million shares, indicating ongoing significant ownership and limited immediate dilution or control change.

Corporate Governance Expert

TL;DR: Director-level insider trimmed position; transaction appears routine.

Transactions were executed by a reporting person identified as a director and 10% owner, consistent with routine portfolio management rather than a governance shift. The filings include required signatures and show no derivative activity or plan-based trades disclosed on the face of the Form 4.

Insider Trade Summary

Net Seller: 48,970 shares

Net Sell 2 txns

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

Role 10% Owner | 10% Owner

Sold 48,970 shs ($530K)

Type	Security	Shares	Price	Value
Sale	Common Stock	24,054	$10.87	$261K
Sale	Common Stock	24,916	$10.77	$268K

Holdings After Transaction: Common Stock — 3,058,438 shares (Indirect, -)

FAQ

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

What transactions were reported for BFZ in this Form 4?

The Form 4 reports two open-market sales: 24,916 shares at $10.77 on 09/09/2025 and 24,054 shares at $10.87 on 09/10/2025.

Who filed the Form 4 for BFZ?

The filing lists Saba Capital Management, L.P. and individual reporting person Boaz Weinstein (both identified as a director and 10% owner).

How many BFZ shares does the reporting person hold after the transactions?

Following the reported sales, the filing shows 3,058,438 shares held indirectly.

Were any derivative securities reported in the Form 4 for BFZ?

No derivative securities are reported; Table II contains no entries.

Do the filings indicate these trades were part of a Rule 10b5-1 plan?

The Form 4 does not indicate that the transactions were executed pursuant to a Rule 10b5-1 plan on its face.

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

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Accepted by SEC EDGAR 09/11/2025 - 09:38 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)
09/09/2025

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	09/09/2025		S		24,916	D	$10.77	3,082,492	I	-
Common Stock	09/10/2025		S		24,054	D	$10.87	3,058,438	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	09/11/2025
	Boaz Weinstein	09/11/2025
	** 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.