Saba Capital trims BlackRock ESG Capital (NYSE: ECAT) stake with share sale

Rhea-AI Filing Summary

Saba Capital Management, L.P., a ten-percent owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported an open-market sale of 33,774 common shares at $14.16 per share on March 13, 2026. After this transaction, it still indirectly holds 22,451,311 shares, so the sale reflects only a small portion of its overall position.

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)
03/13/2026

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	03/13/2026		S		33,774	D	$14.16	22,451,311	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	03/16/2026
	Boaz Weinstein	03/16/2026
	** 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.

FAQ

What insider transaction did Saba Capital report for ECAT?

Saba Capital reported selling ECAT shares in the open market. The Form 4 shows an open-market sale of common stock by Saba Capital Management, L.P., reflecting a partial reduction of its indirect position in BlackRock ESG Capital Allocation Term Trust.

How many BlackRock ESG Capital (ECAT) shares did Saba Capital sell?

Saba Capital sold 33,774 ECAT common shares. The transaction involved a single sale of 33,774 non-derivative common stock shares, as disclosed in the Form 4 insider trading report for BlackRock ESG Capital Allocation Term Trust.

At what price were the ECAT shares sold by Saba Capital?

The ECAT shares were sold at $14.16 per share. The filing states that Saba Capital’s open-market transaction on March 13, 2026, was executed at a price of $14.16 for each share of BlackRock ESG Capital Allocation Term Trust common stock.

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

Saba Capital holds 22,451,311 ECAT shares after the sale. Following the 33,774-share disposition, the Form 4 reports that Saba Capital’s indirect ownership in BlackRock ESG Capital Allocation Term Trust totals 22,451,311 common shares.

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

Yes, Saba Capital is reported as a ten-percent owner. The Form 4 identifies Saba Capital Management, L.P. as a ten-percent owner of BlackRock ESG Capital Allocation Term Trust, indicating a significant stake in ECAT despite this relatively small sale.

Was the ECAT insider transaction a purchase or a sale?

The ECAT insider transaction was a sale. The Form 4 uses transaction code “S” and describes the action as an open-market sale of common stock, indicating Saba Capital reduced its indirect holdings in BlackRock ESG Capital Allocation Term Trust.