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  4. [Form 4] BLACKROCK CA MUNICIPAL INC TR Insider Trading Activity

Insider Sale: Saba Capital and Boaz Weinstein Report BFZ Disposition

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Saba Capital Management and Boaz Weinstein reported a sale of BlackRock California Municipal Income Trust (BFZ) common stock. The filing shows 20,760 shares sold at $10.36 per share, leaving an indirect beneficial ownership position of 3,666,737 shares. The report lists the transaction as a non-derivative sale by an entity and an individual associated with Saba Capital.

Positive

  • Continued significant indirect ownership: post-transaction beneficial ownership remains 3,666,737 shares
  • Transparent Section 16 disclosure filed showing transaction details including price and quantity

Negative

  • Insider sale recorded: disposition of 20,760 shares of BFZ
  • Sale price of $10.36 per share realized on the reported transaction

Insights

TL;DR: A routine insider sale: a modest disposal versus a large retained indirect stake, suggesting no change in control.

The reporting shows a non-derivative disposition of 20,760 shares of BFZ at a price of $10.36, with the reporting parties retaining an indirect stake of 3,666,737 shares. This filing reflects a standard Section 16 disclosure of insider selling rather than a corporate action or financing event. Given the retained position, the sale appears incremental and not indicative of a change in strategic ownership.

TL;DR: Compliance disclosure of insider sale; maintains significant indirect ownership while reporting required transaction details.

The Form 4 documents a transaction by Saba Capital Management (and associated reporting by Boaz Weinstein) categorized as a sale. The disclosure lists the transaction code as 'S' and reports the post-transaction beneficial ownership amount. For governance purposes, the filing satisfies Section 16 transparency by recording an insider sale and the continuing indirect ownership position, without revealing motives or broader governance changes.

Insider Saba Capital Management, L.P., Weinstein Boaz
Role 10% Owner | 10% Owner
Sold 20,760 shs ($215K)
Type Security Shares Price Value
Sale Common Stock 20,760 $10.36 $215K
Holdings After Transaction: Common Stock — 3,666,737 shares (Indirect, -)

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

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What transaction did Saba Capital report for BFZ?
The filing reports a non-derivative sale of 20,760 shares of BFZ common stock.

At what price were the BFZ shares sold in this Form 4?
The reported sale price was $10.36 per share.

How many BFZ shares does Saba Capital indirectly own after the transaction?
The filing shows an indirect beneficial ownership of 3,666,737 shares following the sale.

Who filed the Form 4 for BFZ?
The filing lists Saba Capital Management, L.P. and reporting by Boaz Weinstein as reporting persons.

Was the transaction a derivative or non-derivative trade?
This Form 4 reports a non-derivative transaction (common stock sale).
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)
08/26/2025
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 08/26/2025 S 20,760 D $10.36 3,666,737 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 08/27/2025
Boaz Weinstein 08/27/2025
** 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.

Source: View Original Filing on SEC EDGAR