BFZ insider sale: Saba Capital sold 136,042 shares at $10.69

Insider sale reported for BFZ.

Rhea-AI Filing Summary

Insider sale reported for BFZ. Saba Capital Management, L.P. and Boaz Weinstein filed a Form 4 disclosing a sale on 09/08/2025 of 136,042 shares of BlackRock California Municipal Income Trust (ticker BFZ) at a price of $10.69 per share. After the transaction the reporting persons state they beneficially own 3,107,408 shares indirectly. The filing indicates the reporters are identified as a director and a 10% owner and that the Form 4 was signed on 09/09/2025.

Insights

Securities Analyst

TL;DR: Routine disclosure of an insider sale of 136,042 BFZ shares; appears to be a standard Section 16 sale with no additional terms disclosed.

The Form 4 reports a sale executed on 09/08/2025 of 136,042 shares at $10.69 per share by Saba Capital Management, L.P. and Boaz Weinstein. The reporters remain large indirect holders with 3,107,408 shares beneficially owned post-transaction. The filing is informational and follows Section 16 reporting requirements; it does not disclose any derivative transactions, planned sale program details, or change in board/ownership status. Impact to investors is likely limited absent further context about holding changes over time.

Corporate Governance Expert

TL;DR: Disclosure is compliant; sale noted but no governance issues or material corporate actions are indicated.

The submission by a director and 10% owner documents a straightforward disposition and includes signatures dated 09/09/2025. The Form 4 does not state that the sale was part of a Rule 10b5-1 plan or any related-party transaction; no derivatives or amendments are reported. From a governance perspective, the filing shows transparency but does not signal a change in control or corporate governance structure.

Insider Trade Summary

Net Seller: 136,042 shares

Net Sell 1 txn

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

Role 10% Owner | 10% Owner

Sold 136,042 shs ($1.45M)

Type	Security	Shares	Price	Value
Sale	Common Stock	136,042	$10.69	$1.45M

Holdings After Transaction: Common Stock — 3,107,408 shares (Indirect, -)

FAQ

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

What transaction did Saba Capital and Boaz Weinstein report for BFZ?

They reported a sale of 136,042 shares of BFZ on 09/08/2025 at $10.69 per share.

How many BFZ shares do the reporting persons beneficially own after the sale?

The Form 4 reports 3,107,408 shares are beneficially owned indirectly following the transaction.

What is the relationship of the reporting persons to BFZ?

The filing identifies the reporting persons as a Director and a 10% owner of the issuer.

When was the Form 4 signed and filed?

Signatures on the filing are dated 09/09/2025, reflecting the reporting signature date.

Does the Form 4 disclose any derivative transactions or 10b5-1 plan?

No derivatives or 10b5-1 plan designation are disclosed in the provided Form 4 content.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 09/09/2025 - 11:58 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)
09/08/2025

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	09/08/2025		S		136,042	D	$10.69	3,107,408	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	09/09/2025
	Boaz Weinstein	09/09/2025
	** 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.