Saba Capital insider transactions in ECAT stock disclosed on Form 4

Rhea-AI Filing Summary

Saba Capital Management, L.P., a reporting person associated with BlackRock ESG Capital Allocation Term Trust (ECAT), reported open-market sales of the trust’s common stock on a Form 4. On 11/13/2025, it sold 62,082 shares at $16.45 per share, and on 11/14/2025 it sold 90,456 shares at $16.30 per share. After these transactions, the reporting person indirectly beneficially owned 26,907,689 common shares of ECAT.

Insights

Equity Ownership Analyst

Large shareholder reported modest open-market sales while retaining a significant indirect ownership stake.

The filing reports two open-market sales of Common Stock of BlackRock ESG Capital Allocation Term Trust (ECAT) by a reporting person classified as a 10% Owner. On 11/13/2025, the filer sold 62,082 shares at a price of $16.45 per share, and on 11/14/2025 sold 90,456 shares at $16.30 per share. Both transactions used code "S," which denotes a sale of securities. The transactions relate to non-derivative securities; no derivative positions are reported in Table II.

After these sales, the filing shows 26,907,689 shares of common stock beneficially owned on an indirect basis, indicating that the disposed amount is small relative to the remaining reported position. The ownership form is coded "I," meaning the reporting person holds the shares through an intermediate entity or structure, rather than directly. The filing does not describe any change in role or status beyond the existing designation as a 10% owner.

This disclosure mainly updates the market on recent trading activity and current beneficial ownership levels as of mid-November 2025. Items to monitor going forward are whether similar Form 4 filings show a continued pattern of share sales or a stabilization of the reported indirect holdings around the current 26.9 million-share level.

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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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)
11/13/2025

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	11/13/2025		S		62,082	D	$16.45	26,998,145	I	-
Common Stock	11/14/2025		S		90,456	D	$16.3	26,907,689	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	11/17/2025
	Boaz Weinstein	11/17/2025
	** 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

What did Saba Capital report in this ECAT Form 4 filing?

The filing shows Saba Capital Management, L.P. reported two open-market sales of BlackRock ESG Capital Allocation Term Trust (ECAT) common stock on 11/13/2025 and 11/14/2025.

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

On 11/13/2025, Saba sold 62,082 ECAT common shares at $16.45 per share, and on 11/14/2025 it sold 90,456 shares at $16.30 per share.

How many ECAT shares does Saba Capital beneficially own after these transactions?

Following the reported sales, Saba Capital beneficially owned 26,907,689 ECAT common shares, reported as indirect ownership.

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

The Form 4 indicates the reporting person is a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), as shown in the relationship section.

Were any derivative securities reported in this ECAT Form 4?

The section for Table II - Derivative Securities is present, but no derivative securities transactions are listed in the provided content.

Is the ECAT ownership reported by Saba Capital direct or indirect?

The ownership form for the ECAT common shares after the transactions is reported as Indirect (I) in the Form 4.