BFZ Form 4: Saba Capital Sells 6,200 Shares at $10.40

The filing reports Form 4 insider activity for BlackRock California Municipal Income Trust (BFZ).

Rhea-AI Filing Summary

The filing reports Form 4 insider activity for BlackRock California Municipal Income Trust (BFZ). On 08/27/2025 Saba Capital Management, L.P. executed a sale of 6,200 shares of BFZ at a price of $10.40 per share. After the reported transaction, Saba Capital beneficially owned 3,660,537 shares indirectly. The filing is submitted by Saba Capital and individual reporting person Boaz Weinstein, each identified as a director and 10% owner.

Insights

Securities Analyst

TL;DR: Small-sale insider filing shows a minor disposition by a 10% owner; ownership remains large and indirect.

The Form 4 documents a single non-derivative sale of 6,200 shares at $10.40 on 08/27/2025 by Saba Capital Management, L.P. Ownership after the trade is reported as 3,660,537 shares held indirectly. Given the absolute size of post-transaction holdings, this single small sale represents a de minimis change relative to the total reported position and does not, on its face, alter control or strategic exposure. The filing accurately identifies reporting persons and their status as directors and 10% owners.

Corporate Governance Expert

TL;DR: Filing is routine; disclosures identify appropriate reporting persons and record a minor disposition.

The Form 4 includes required information: reporting persons' names and addresses, relationship to the issuer (director and 10% owner), transaction date, transaction code (S for sale), number of shares sold, price, and resulting beneficial ownership reported as indirect. Signatures by Saba Capital and Boaz Weinstein are included. There are no indications of derivative transactions, amendments, or plans attached to the sale within the filing.

Insider Trade Summary

Net Seller: 6,200 shares

Net Sell 1 txn

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

Role 10% Owner | 10% Owner

Sold 6,200 shs ($64K)

Type	Security	Shares	Price	Value
Sale	Common Stock	6,200	$10.40	$64K

Holdings After Transaction: Common Stock — 3,660,537 shares (Indirect, -)

FAQ

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

What transaction is reported in the BFZ Form 4 filing?

The filing reports a sale of 6,200 shares of BFZ at $10.40 per share executed on 08/27/2025.

Who filed the Form 4 for BFZ?

The Form 4 was filed by Saba Capital Management, L.P. and an individual reporting person, Boaz Weinstein.

What is the beneficial ownership after the reported transaction?

After the transaction, the reporting person is shown as beneficially owning 3,660,537 shares indirectly.

How are the reporting persons related to the issuer?

Both Saba Capital and Boaz Weinstein are identified as a director and a 10% owner of the issuer.

Does the filing report any derivative transactions or plans?

No derivative securities, exercises, or 10b5-1 plan details are reported in the provided Form 4 content.

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

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Accepted by SEC EDGAR 09/02/2025 - 04:02 PM 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)
08/27/2025

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	08/27/2025		S		6,200	D	$10.4	3,660,537	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	09/02/2025
	Boaz Weinstein	09/02/2025
	** 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.