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

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported a sale of common shares. On February 2, 2026, it sold 178,239 common shares at $15.55 per share in an open-market transaction coded as a sale.

After this transaction, Saba Capital Management, L.P. beneficially owned 24,968,217 ECAT common shares, held indirectly. The filing reflects an adjustment to an existing large position rather than an initial purchase or complete exit.

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)
02/02/2026

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	02/02/2026		S		178,239	D	$15.55	24,968,217	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	02/03/2026
	Boaz Weinstein	02/03/2026
	** 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 did Saba Capital Management report in its latest Form 4 for ECAT?

Saba Capital Management, L.P. reported selling 178,239 shares of BlackRock ESG Capital Allocation Term Trust (ECAT) common stock at $15.55 per share, and now beneficially owns 24,968,217 ECAT shares indirectly following this transaction.

How many ECAT shares did Saba Capital Management sell and at what price?

Saba Capital Management, L.P. sold 178,239 ECAT common shares at a price of $15.55 per share. The sale was reported as a non-derivative transaction coded “S,” indicating an open-market or similar type of sale.

How many ECAT shares does Saba Capital Management own after the reported sale?

Following the reported sale, Saba Capital Management, L.P. beneficially owns 24,968,217 shares of BlackRock ESG Capital Allocation Term Trust (ECAT) common stock. The ownership is reported as indirect, reflecting holdings through an entity rather than directly.

What is Saba Capital Management’s relationship to BlackRock ESG Capital Allocation Term Trust (ECAT)?

Saba Capital Management, L.P. is listed as a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT). This status indicates it beneficially owns at least 10% of the trust’s common shares, requiring ongoing Section 16 ownership reporting.

When did the ECAT share sale by Saba Capital Management occur?

The sale of BlackRock ESG Capital Allocation Term Trust (ECAT) shares by Saba Capital Management, L.P. occurred on February 2, 2026. That date is reported as the transaction date for the 178,239 common shares sold at $15.55 each.

Was the ECAT transaction reported by Saba Capital derivative or non-derivative?

The reported ECAT transaction by Saba Capital Management, L.P. was a non-derivative transaction in common stock. No derivative securities such as options or warrants were listed in the Form 4 tables for this particular filing.