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Saba Capital reports two ECAT sales; retains 27.7M shares

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported insider transactions in BlackRock ESG Capital Allocation Term Trust (ECAT). The filing shows two open‑market sales: 5,524 shares sold on 10/02/2025 at $16.56 and 30,649 shares sold on 10/03/2025 at $16.65, totaling 36,173 shares disposed. After these sales, Saba reports an indirect beneficial ownership of 27,746,421 shares. The Form 4 is signed by authorized representatives of Saba on 10/06/2025.

Positive

  • Continued large indirect stake of 27,746,421 shares retained after sales
  • Transparent Section 16 disclosure with signed Form 4 filed listing transaction details

Negative

  • Insider sales totaling 36,173 shares on 10/02/2025–10/03/2025 at $16.56–$16.65

Insights

TL;DR: Reporting shows modest insider sales while retaining a very large indirect stake.

The filing documents two small open‑market sales totaling 36,173 shares at prices between $16.56 and $16.65 on 10/02/2025–10/03/2025

The seller remains an indirect holder with 27,746,421 shares after the transactions, indicating continued significant exposure to ECAT. Watch short‑term trading volume and subsequent filings for changes in pace or size of sales within the next reporting period.

TL;DR: The disclosure is standard Form 4 reporting by a director/10% owner entity.

The form lists Saba Capital Management, L.P. as the reporting person with a checked role of Director and/or 10% Owner, and shows signatures dated 10/06/2025. This meets the structural requirements for Section 16 reporting by insiders.

Monitor subsequent Forms for timing or pattern changes; recurring small sales followed by large retained balances are consistent with portfolio management rather than a change in control or strategy.

Insider Saba Capital Management, L.P.
Role 10% Owner
Sold 36,173 shs ($602K)
Type Security Shares Price Value
Sale Common Stock 30,649 $16.65 $510K
Sale Common Stock 5,524 $16.56 $91K
Holdings After Transaction: Common Stock — 27,746,421 shares (Indirect, -)
Footnotes (1)
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 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)
10/02/2025
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 10/02/2025 S 5,524 D $16.56 27,777,070 I -
Common Stock 10/03/2025 S 30,649 D $16.65 27,746,421 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 10/06/2025
Boaz Weinstein 10/06/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What transactions did Saba Capital report for ECAT (symbol ECAT)?

Saba reported two sales: 5,524 shares sold on 10/02/2025 at $16.56 and 30,649 shares sold on 10/03/2025 at $16.65.

How many ECAT shares does Saba Capital beneficially own after the reported trades?

The filing reports an indirect beneficial ownership of 27,746,421 shares following the transactions.

Who signed the Form 4 for these ECAT transactions?

The Form 4 is signed by representatives of Saba Capital Management, L.P., including Zachary Gindes and Boaz Weinstein, dated 10/06/2025.

Were the reported transactions open‑market sales or part of a plan?

The transactions are coded as ‘S’ (sales), with no indication in the filing that they were made pursuant to a 10b5‑1 plan or other automatic plan.

Does the filing indicate a change in control or role at ECAT?

The filing lists the reporting person role (Director/10% Owner) but does not disclose any change in control or officer role.