Saba Capital trims BlackRock ESG ECAT (NYSE: ECAT) stake with sales

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust, reported open-market sales of ECAT common stock. On February 12, 2026 it sold 234,005 shares at $15.47 per share, followed by 50,600 shares at $15.22 per share on February 13, 2026.

These transactions were reported as indirect ownership. After the February 13, 2026 sale, Saba Capital Management, L.P. reported beneficial ownership of 23,903,647 ECAT common shares.

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

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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 ESG Capital Allocation Term Trust [ ECAT ]

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)
02/12/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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	02/12/2026		S		234,005	D	$15.47	23,954,247	I	-
Common Stock	02/13/2026		S		50,600	D	$15.22	23,903,647	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

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	02/17/2026
	Boaz Weinstein	02/17/2026
	** 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

What insider activity did Saba Capital report for ECAT?

Saba Capital Management, L.P. reported selling ECAT common stock in two open-market transactions on February 12 and 13, 2026. The sales totaled 284,605 shares and reduced its reported indirect beneficial holdings to 23,903,647 ECAT shares after the second transaction.

How many ECAT shares did Saba Capital sell on February 12, 2026?

On February 12, 2026, Saba Capital Management, L.P. sold 234,005 ECAT common shares in an open-market transaction. The reported sale price was $15.47 per share, and the transaction was classified as an indirect disposition of non-derivative securities held for the benefit of the reporting person.

What ECAT share sale did Saba Capital disclose for February 13, 2026?

On February 13, 2026, Saba Capital Management, L.P. disclosed selling 50,600 ECAT common shares. The transaction was an open-market sale at a reported price of $15.22 per share, further adjusting its indirect beneficial ownership position in BlackRock ESG Capital Allocation Term Trust.

What is Saba Capital’s reported ECAT ownership after these Form 4 sales?

Following the February 13, 2026 transaction, Saba Capital Management, L.P. reported beneficial ownership of 23,903,647 ECAT common shares. This figure reflects indirect ownership after completing open-market sales on February 12 and February 13, as disclosed in the insider trading report.

Is Saba Capital considered a 10% owner of ECAT in this filing?

Yes. The filing identifies Saba Capital Management, L.P. as a 10% owner of BlackRock ESG Capital Allocation Term Trust. As a 10% owner, it must report changes in its beneficial ownership of ECAT shares, such as the February 2026 open-market sales.

Were Saba Capital’s ECAT transactions direct or indirect holdings?

The ECAT transactions reported by Saba Capital Management, L.P. are classified as indirect. The Form 4 lists ownership type as “I” for indirect in Table I, indicating the shares are held through an entity or arrangement rather than directly by the reporting person.