Saba Capital (NYSE: ECAT) trims stake with 174,933-share sale

Rhea-AI Filing Summary

Saba Capital Management, L.P., a ten percent owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported two open-market sales of common stock. On April 28–29, 2026, it sold a total of 174,933 shares at $14.66 per share.

After these indirect transactions, Saba Capital’s reported holdings stood at 21,160,911 common shares. The sales represent a small portion of its overall position and were reported as routine open-market dispositions rather than derivative exercises or compensation-related events.

Insider Trade Summary

Net Seller: 174,933 shares ($2,564,518)

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role null

Sold 174,933 shs ($2.56M)

Type	Security	Shares	Price	Value
Sale	Common Stock	109,866	$14.66	$1.61M
Sale	Common Stock	65,067	$14.66	$954K

Holdings After Transaction: Common Stock — 21,160,911 shares (Indirect, -)

Footnotes (1)

Key Figures

Shares sold 2026-04-28: 65,067 shares at $14.66 Shares sold 2026-04-29: 109,866 shares at $14.66 Total shares sold: 174,933 shares +1 more

4 metrics

Shares sold 2026-04-28 65,067 shares at $14.66 Open-market sale of ECAT common stock

Shares sold 2026-04-29 109,866 shares at $14.66 Open-market sale of ECAT common stock

Total shares sold 174,933 shares Aggregate ECAT sales across two days

Shares held after transactions 21,160,911 shares Indirect ECAT holdings post 2026-04-29 trade

Key Terms

open-market sale, ten percent owner, indirect ownership, Form 4

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.

ten percent owner regulatory

""is_ten_percent_owner": 1"

indirect ownership financial

""ownership_type": "indirect""

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

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 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)
04/28/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/28/2026		S		65,067	D	$14.66	21,270,777	I	-
Common Stock	04/29/2026		S		109,866	D	$14.66	21,160,911	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	04/30/2026
	Boaz Weinstein	04/30/2026
	** 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)

FAQ

What insider activity did Saba Capital report for ECAT?

Saba Capital reported selling 174,933 ECAT common shares in open-market transactions. The sales occurred on April 28 and 29, 2026 at $14.66 per share and were reported as indirect ownership changes, not as derivative exercises or compensation-related grants.

How many ECAT shares did Saba Capital sell on each date?

Saba Capital sold 65,067 ECAT common shares on April 28, 2026 and 109,866 shares on April 29, 2026. Both trades were reported as open-market sales at a price of $14.66 per share, reflecting routine portfolio activity across two consecutive trading days.

What is Saba Capital’s ECAT shareholding after these sales?

After the reported sales, Saba Capital’s indirect holdings in ECAT total 21,160,911 common shares. This figure reflects its position following the April 29, 2026 transaction and shows that the sold 174,933 shares represent a relatively small fraction of its overall stake.

Were Saba Capital’s ECAT trades open-market sales or other types of transactions?

The Form 4 classifies both ECAT transactions as open-market sales of common stock. The filing does not list any derivative exercises, tax-withholding dispositions, or gifts, indicating these trades were straightforward sales rather than part of a compensation or restructuring event.

Does Saba Capital hold ECAT shares directly or indirectly?

The Form 4 identifies Saba Capital’s ECAT holdings as indirect ownership. Each transaction is coded with indirect ownership, meaning the position is held through related entities or structures, rather than in Saba Capital’s own name, while still being reportable under SEC beneficial ownership rules.