[Form 4] BlackRock Technology and Private Equity Term Trust Insider Trading Activity

Rhea-AI Filing Summary

Key take-away: A Schedule 4 filing shows that Saba Capital Management, L.P. and its founder Boaz Weinstein – previously 10 % owners of BlackRock Technology & Private Equity Term Trust (ticker BTX) – tendered 60,675,395 common shares to the issuer on 07/09/2025 under the fund’s tender-offer programme (transaction code J).

The shares were disposed of at a stated price of $7.49 per share. After the transaction, the reporting parties list 0 shares beneficially owned, signalling a complete exit from their prior position. Because the sellers had been classified as 10 % beneficial owners, the move materially changes BTX’s ownership structure and removes an activist-oriented shareholder from the register.

Section 16 requires prompt disclosure when insiders or 10 % holders change their stakes. Investors may interpret the filing as (1) confirmation that the tender offer successfully repurchased a large block and (2) a potential shift in future governance dynamics, given Saba’s historic involvement in closed-end fund activism. No derivative positions were reported in Table II.

Positive

• None.

Negative

• Activist 10 % holder exits completely, removing a catalyst for discount-narrowing initiatives.
• Large share disposal of 60.7 million shares may signal reduced confidence by former insider.
• Filing shows 0 shares remaining under Saba’s control, altering governance balance.

Insights

Corporate Governance Expert

TL;DR: 10 % holder Saba fully exits BTX via tender; ownership influence eliminated.

Saba Capital’s disposal of 60.7 million shares removes an activist voice that often pursues discount-narrowing campaigns in closed-end funds. With beneficial ownership now at zero, the possibility of future proxy pressure from Saba is greatly reduced, shifting board-shareholder dynamics back toward BlackRock’s management. From a governance lens, this is negative for near-term activism-driven catalysts, though the tender offer itself could be marginally accretive for remaining holders if it shrinks outstanding shares.

Portfolio Manager

TL;DR: Large block sold at $7.49; supply overhang resolved but key catalyst exits.

The full tender of 60.7 million BTX shares by a 10 % owner eliminates a sizeable overhang and may stabilise trading liquidity. However, Saba’s exit also removes one of the few parties pushing to close BTX’s market-price-to-NAV discount, which historically supported upside. Net impact skews slightly negative because the activist premium disappears, outweighing any mechanical boost from share repurchase.

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
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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 Technology & Private Equity Term Trust [ BTX ]

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)
07/09/2025

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	07/09/2025		J(1)		60,675,395	D	$7.49	0	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:

1. Shares tendered in tender offer by the Issuer.

	Saba Capital Management, L.P. By: Zachary Gindes	07/10/2025
	Boaz Weinstein	07/10/2025
	** 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.

FAQ

How many BTX shares did Saba Capital tender according to the Form 4?

The filing reports 60,675,395 common shares tendered to the issuer.

What price was received for the shares in the BTX tender offer?

The stated transaction price is $7.49 per share.

Does Saba Capital still own BlackRock Technology & Private Equity Term Trust stock after this transaction?

No. The Form 4 lists 0 shares beneficially owned following the tender.

Why is the transaction code "J" important in this BTX Form 4?

Code J indicates an exempt disposition – here, shares were tendered in the issuer’s offer, not open-market sales.

What date was the BTX tender transaction executed?

The shares were tendered on 07/09/2025.