Saba Capital trims BlackRock ESG Capital (NYSE: ECAT) stake

Rhea-AI Filing Summary

Saba Capital Management, L.P., a ten percent owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported two open-market sales of Common Stock. It sold 10,350 shares at $14.61 per share on April 22, 2026 and 8,935 shares at $14.64 per share on April 21, 2026, totaling 19,285 shares. After these transactions, Saba Capital indirectly owned 21,495,115 ECAT shares, indicating the sales were small relative to its overall position.

Insider Trade Summary

Net Seller: 19,285 shares ($282,022)

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role null

Sold 19,285 shs ($282K)

Type	Security	Shares	Price	Value
Sale	Common Stock	10,350	$14.61	$151K
Sale	Common Stock	8,935	$14.64	$131K

Holdings After Transaction: Common Stock — 21,495,115 shares (Indirect, -)

Footnotes (1)

Key Figures

Total shares sold: 19,285 shares Shares sold on April 22, 2026: 10,350 shares at $14.61 Shares sold on April 21, 2026: 8,935 shares at $14.64 +2 more

5 metrics

Total shares sold 19,285 shares Open-market ECAT common stock sales in April 2026

Shares sold on April 22, 2026 10,350 shares at $14.61 Open-market sale of ECAT Common Stock

Shares sold on April 21, 2026 8,935 shares at $14.64 Open-market sale of ECAT Common Stock

Shares held after April 22 sale 21,495,115 shares Indirect ECAT holdings following reported transactions

Ten percent owner status ≥10% ownership Saba Capital listed as ten percent owner of ECAT

Key Terms

open-market sale, ten percent owner, indirect ownership, Common Stock

4 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

ten percent owner financial

"is_ten_percent_owner": 1"

indirect ownership financial

"direct_or_indirect": "I", "nature_of_ownership": "-""

Common Stock financial

""security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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 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)
04/21/2026

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	04/21/2026		S		8,935	D	$14.64	21,505,465	I	-
Common Stock	04/22/2026		S		10,350	D	$14.61	21,495,115	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	04/23/2026
	Boaz Weinstein	04/23/2026
	** 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

How many ECAT shares did Saba Capital sell in this Form 4 filing?

Saba Capital sold a total of 19,285 ECAT common shares across two days. It sold 10,350 shares on April 22, 2026, and 8,935 shares on April 21, 2026, in open-market transactions reported as sales.

What prices did Saba Capital receive for its ECAT share sales?

Saba Capital’s ECAT sales were executed around the mid‑teens per share. It sold 10,350 shares at $14.61 each on April 22, 2026, and 8,935 shares at $14.64 each on April 21, 2026, in open‑market transactions.

How many ECAT shares does Saba Capital hold after these transactions?

Following the reported sales, Saba Capital indirectly held 21,495,115 ECAT common shares. This post‑transaction figure, disclosed in the Form 4, shows that the 19,285 shares sold represent a small portion of its overall reported position.

What type of transactions did Saba Capital report in ECAT stock?

The filing reports two open‑market sales of ECAT common stock, both coded as “S.” Each transaction is described as a sale in open market or private transaction, with no derivative exercises or gifts disclosed in this Form 4.

Are Saba Capital’s ECAT holdings reported as direct or indirect ownership?

The ECAT holdings in this filing are reported as indirect ownership, marked with an “I” code. This indicates the position is held through an associated entity or structure rather than directly, consistent with the nature_of_ownership being indirect.

Is Saba Capital a significant owner of BlackRock ESG Capital Allocation Term Trust (ECAT)?

Yes. Saba Capital is identified as a ten percent owner of BlackRock ESG Capital Allocation Term Trust in the Form 4. Even after the reported sales, it indirectly holds over 21 million ECAT shares, reflecting a sizable disclosed stake.