Form 4: Saba Capital Disposes 46,671 ECAT Shares at ~$16.4

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported insider dispositions of BlackRock ESG Capital Allocation Term Trust (ECAT). The filing shows two sales: 17,785 shares sold on 09/23/2025 at $16.45 and 28,886 shares sold on 09/24/2025 at $16.39. After the transactions the reporting person beneficially owned 27,802,900 shares on an indirect basis, indicating continued substantial indirect ownership following the disposals.

Positive

• Continued substantial indirect ownership of 27,802,900 shares after the reported sales, indicating maintained exposure to ECAT
• Timely and properly signed Form 4 filing dated 09/25/2025, meeting disclosure requirements

Negative

• Insider dispositions of a total of 46,671 shares (17,785 on 09/23/2025 and 28,886 on 09/24/2025) were reported

Insights

Securities Analyst

TL;DR: Reporting person executed modest sales while retaining a very large indirect stake in ECAT.

The Form 4 documents routine dispositions totaling 46,671 shares across two trade dates at prices of $16.45 and $16.39. Relative to the post-transaction indirect holding of 27.8 million shares, the sales represent a small percentage of beneficial ownership and do not by themselves indicate a material change in control or strategy. For investors, the key factual points are the sale dates, share counts, prices, and the substantial remaining indirect stake.

Corporate Governance Expert

TL;DR: Insider reported as a director executed sales but remains an overwhelmingly large indirect owner.

The filing identifies the reporting entity as a director-level reporting person and shows continued indirect ownership of 27.8 million shares after the transactions. The disclosure is standard for Section 16 reporting: it records dispositions but does not disclose any change in relationship or control. The form is signed and dated 09/25/2025, meeting procedural filing requirements.

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).

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)
09/23/2025

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	09/23/2025		S		17,785	D	$16.45	27,831,786	I	-
Common Stock	09/24/2025		S		28,886	D	$16.39	27,802,900	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	09/25/2025
	Boaz Weinstein	09/25/2025
	** 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 trades were reported in the ECAT Form 4?

The filing reports two dispositions: 17,785 shares sold on 09/23/2025 at $16.45 and 28,886 shares sold on 09/24/2025 at $16.39.

Who filed the Form 4 for ECAT?

The Form 4 was filed by Saba Capital Management, L.P., with signatures including Zachary Gindes and Boaz Weinstein on 09/25/2025.

How many ECAT shares remain beneficially owned after the transactions?

The reporting person beneficially owned 27,802,900 shares on an indirect basis following the reported transactions.

Do the Form 4 disclosures indicate a change in control of ECAT?

The filing shows dispositions but does not state any change in relationship or control; the reporting person is identified with a director relationship and retained a large indirect stake.