Saba Capital cuts BlackRock ESG Capital (NYSE: ECAT) position stake

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported selling common shares in two January 2026 transactions. On January 13, 2026, it sold 11,153 shares at a price of $15.92 per share, leaving 26,302,501 shares beneficially owned indirectly after that trade. On January 14, 2026, it sold a further 75,713 shares at $15.89 per share, bringing its indirect beneficial ownership to 26,226,788 ECAT shares following the second transaction.

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

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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)
01/13/2026

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	01/13/2026		S		11,153	D	$15.92	26,302,501	I	-
Common Stock	01/14/2026		S		75,713	D	$15.89	26,226,788	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	01/15/2026
	Boaz Weinstein	01/15/2026
	** 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 did Saba Capital Management report in this Form 4 for ECAT?

Saba Capital Management, L.P. reported two open-market sales of BlackRock ESG Capital Allocation Term Trust (ECAT) common shares on January 13 and 14, 2026.

How many ECAT shares did Saba Capital Management sell on January 13, 2026?

On January 13, 2026, Saba Capital Management sold 11,153 ECAT common shares at a price of $15.92 per share.

How many ECAT shares did Saba Capital Management sell on January 14, 2026?

On January 14, 2026, Saba Capital Management sold 75,713 ECAT common shares at a price of $15.89 per share.

How many ECAT shares does Saba Capital Management own after these transactions?

Following the January 14, 2026 transaction, Saba Capital Management beneficially owned 26,226,788 ECAT common shares indirectly.

Is Saba Capital Management a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT)?

Yes. The Form 4 identifies Saba Capital Management, L.P. as a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT).

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

The Form 4 reports Saba Capital Management’s ECAT common share holdings as indirect ownership.