Saba Capital (ECAT) reports open-market sale, still holds 22.4M shares

Rhea-AI Filing Summary

Saba Capital Management, L.P., a more than ten percent holder of BlackRock ESG Capital Allocation Term Trust (ECAT), reported an open-market sale of 40,778 shares of common stock at $13.94 per share. After this transaction, it indirectly holds 22,410,533 ECAT common shares.

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

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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 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)
03/25/2026

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	03/25/2026		S		40,778	D	$13.94	22,410,533	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	03/26/2026
	Boaz Weinstein	03/26/2026
	** 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 transaction did Saba Capital report for ECAT?

Saba Capital Management, L.P. reported an open-market sale of 40,778 ECAT common shares. The shares were sold at a price of $13.94 per share, according to the Form 4 insider filing for BlackRock ESG Capital Allocation Term Trust.

How many ECAT shares does Saba Capital hold after this sale?

After the reported sale, Saba Capital Management, L.P. indirectly holds 22,410,533 ECAT common shares. This post-transaction balance comes directly from the Form 4 and reflects the position remaining following the 40,778-share open-market disposal.

Was the ECAT transaction by Saba Capital a purchase or a sale?

The ECAT transaction reported by Saba Capital Management, L.P. was a sale. The Form 4 lists transaction code “S” and describes it as an open-market sale of 40,778 common shares at $13.94 per share, reducing its indirect holdings accordingly.

What type of security did Saba Capital trade in ECAT?

Saba Capital Management, L.P. traded ECAT common stock in this transaction. The Form 4 identifies the security as common stock, with 40,778 shares sold in an open-market transaction at $13.94 per share, and 22,410,533 shares held afterward.

Is Saba Capital a major shareholder of BlackRock ESG Capital Allocation Term Trust (ECAT)?

Yes. The Form 4 identifies Saba Capital Management, L.P. as a more than ten percent owner of ECAT. Even after selling 40,778 common shares, it still indirectly holds 22,410,533 shares, confirming its status as a significant shareholder in the trust.