Form 4: Saba Capital Disposes of ECAT Shares on Sept 11-12, 2025

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported sales of common stock in BlackRock ESG Capital Allocation Term Trust (ECAT). The filing shows two transactions: on 09/11/2025 Saba sold 4,006 shares at $16.76, and on 09/12/2025 it sold 19,682 shares at $16.79, totaling 23,688 shares sold. After the transactions, Saba held 27,855,347 shares beneficially. The ownership is reported as indirect, and the reporting relationship checked indicates Director and 10% owner status. No derivative securities were reported. The form is signed by Zachary Gindes and Boaz Weinstein on 09/15/2025.

Positive

• None.

Negative

• Reported insider sales totaling 23,688 shares of ECAT
• Reduction in indirect beneficial ownership from 27,875,029 to 27,855,347 shares

Insights

Securities Analyst

TL;DR: The filing discloses two small open-market sales totaling 23,688 ECAT shares by an indirect 10% owner.

The Form 4 documents routine disposition activity by Saba Capital Management, L.P. with sales on 09/11/2025 and 09/12/2025 at prices of $16.76 and $16.79 respectively. Transactions were executed as non-derivative common stock sales and reduced indirect beneficial ownership to 27,855,347 shares. There are no derivative holdings reported and no additional transaction details such as plan codes or explanations provided in the form. Based solely on the filing, this appears to be a disclosure of insider selling rather than a change in control or derivative activity.

Corporate Governance Expert

TL;DR: Insider disclosure shows reported director/10% owner sold a modest block of common shares; filing is complete and properly signed.

The document identifies Saba Capital Management as the reporting person and marks the relationship as Director and 10% owner. Two sale transactions are reported with clear prices and resulting indirect ownership. The filing includes no amendments, no derivative transactions, and is signed by authorized individuals. From a governance and compliance standpoint, the Form 4 provides required transparency on beneficial ownership changes without additional explanatory detail.

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)
09/11/2025

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	09/11/2025		S		4,006	D	$16.76	27,875,029	I	-
Common Stock	09/12/2025		S		19,682	D	$16.79	27,855,347	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	09/15/2025
	Boaz Weinstein	09/15/2025
	** 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 transactions did Saba Capital report for ECAT?

Saba Capital reported two sales: 4,006 shares on 09/11/2025 at $16.76 and 19,682 shares on 09/12/2025 at $16.79.

How many ECAT shares does Saba Capital beneficially own after the Form 4?

27,855,347 shares beneficially owned following the reported transactions.

What is the reporting relationship of Saba Capital to ECAT?

Listed relationship: Director and 10% owner; ownership is reported as indirect.

Were any derivative securities reported in this Form 4 for ECAT?

No. Table II shows no derivative securities acquired, disposed of, or beneficially owned.

Who signed the Form 4 and when?

Signed by Zachary Gindes and Boaz Weinstein on 09/15/2025.