Saba Capital reduces BlackRock ESG Capital (NYSE: ECAT) stake

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust, reported selling ECAT common shares in the open market. On June 1, 2026, it sold 169,781 shares at $15.72 per share, followed by 53,537 shares at $15.80 on June 2, 2026. After these indirect transactions, it continued to hold 18,981,404 ECAT common shares indirectly.

Insider Trade Summary

Net Seller: 223,318 shares ($3,514,842)

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role null

Sold 223,318 shs ($3.51M)

Type	Security	Shares	Price	Value
Sale	Common Stock	53,537	$15.80	$846K
Sale	Common Stock	169,781	$15.72	$2.67M

Holdings After Transaction: Common Stock — 18,981,404 shares (Indirect, -)

Footnotes (1)

Key Figures

Shares sold June 1, 2026: 169,781 shares Shares sold June 2, 2026: 53,537 shares Total shares sold: 223,318 shares +3 more

6 metrics

Shares sold June 1, 2026 169,781 shares Open-market sale of ECAT Common Stock at $15.72 per share

Shares sold June 2, 2026 53,537 shares Open-market sale of ECAT Common Stock at $15.80 per share

Total shares sold 223,318 shares Net ECAT shares sold across both reported transactions

Sale price June 1, 2026 $15.72/share Price for 169,781 ECAT shares sold in open-market transaction

Sale price June 2, 2026 $15.80/share Price for 53,537 ECAT shares sold in open-market transaction

Shares held after June 2, 2026 18,981,404 shares Indirect ECAT Common Stock holdings following latest sale

Key Terms

open-market sale, Common Stock, indirect ownership, 10% owner

4 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Common Stock financial

""security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

indirect ownership financial

""ownership_type": "indirect""

10% owner financial

""is_ten_percent_owner": 1"

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Form 4 Insider Transactions: What Each Field Means →

06/03/2026 - 05:14 PM

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

10174

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/01/2026		S		169,781	D	$15.72	19,034,941	I	-
Common Stock	06/02/2026		S		53,537	D	$15.8	18,981,404	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	06/03/2026
	Boaz Weinstein	06/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Saba Capital report in its latest Form 4 for ECAT?

Saba Capital reported open-market sales of ECAT common stock. It sold 223,318 shares over two days in early June 2026 while remaining a large indirect holder with 18,981,404 shares after the latest transaction.

How many BlackRock ESG Capital Allocation Term Trust (ECAT) shares were sold?

Saba Capital sold a total of 223,318 ECAT common shares. The filing shows 169,781 shares sold on June 1, 2026, and 53,537 shares sold on June 2, 2026, in open-market transactions at prices around $15.72–$15.80.

At what prices did Saba Capital sell ECAT shares according to the Form 4?

The reported ECAT share sales occurred at prices near the mid-$15 range. Saba Capital sold 169,781 shares at $15.72 per share on June 1, 2026, and 53,537 shares at $15.80 per share on June 2, 2026, in open-market transactions.

How many ECAT shares does Saba Capital hold after these transactions?

After the June 2, 2026 transaction, Saba Capital’s indirect holdings totaled 18,981,404 ECAT common shares. This figure, disclosed in the Form 4, reflects its position following the most recent reported open-market sale of 53,537 shares.

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

The Form 4 identifies Saba Capital’s ECAT transactions and holdings as indirect. Both reported sales and the 18,981,404 shares held after the latest transaction are coded as indirect ownership, indicating the position is not held directly in Saba Capital’s own name.

What type of transactions did Saba Capital execute in ECAT shares?

Saba Capital executed open-market sales of ECAT common stock. The Form 4 classifies both June 1 and June 2, 2026 trades under transaction code “S,” described as sales in open-market or private transactions, rather than exercises, gifts, or tax-related dispositions.