Saba Capital (ECAT) trims BlackRock ESG term trust stake, still holds 25.47M shares

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 transactions. On January 27, 2026, it sold 83,984 shares at $15.54 per share. On January 28, 2026, it sold a further 105,896 shares at $15.53 per share. After these sales, Saba Capital Management, L.P. reported 25,470,310 ECAT shares beneficially owned indirectly.

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 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)
01/27/2026

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	01/27/2026		S		83,984	D	$15.54	25,576,206	I	-
Common Stock	01/28/2026		S		105,896	D	$15.53	25,470,310	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	01/29/2026
	Boaz Weinstein	01/29/2026
	** 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 activity did Saba Capital Management report for ECAT?

Saba Capital Management, L.P. reported two sales of ECAT common stock. It sold 83,984 shares on January 27, 2026 at $15.54 and 105,896 shares on January 28, 2026 at $15.53, as disclosed in a Form 4 filing.

How many ECAT shares did Saba Capital Management sell and at what prices?

Saba Capital Management, L.P. sold 83,984 ECAT shares at $15.54 on January 27, 2026 and 105,896 shares at $15.53 on January 28, 2026, according to the reported non-derivative transactions.

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

After the reported sales, Saba Capital Management, L.P. reported 25,470,310 ECAT common shares beneficially owned indirectly. This figure reflects its holdings following the January 28, 2026 transaction disclosed in the Form 4.

What is Saba Capital Management’s relationship to BlackRock ESG Capital Allocation Term Trust (ECAT)?

Saba Capital Management, L.P. is reported as a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT). This status means it holds at least ten percent of the fund’s shares, triggering ongoing Section 16 reporting obligations.

Were there any derivative securities involved in Saba Capital’s ECAT Form 4 filing?

No derivative securities were reported in this Form 4. The filing’s Table II for derivative securities shows no entries, indicating the disclosed activity related only to non-derivative ECAT common stock transactions.

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

Saba Capital Management, L.P.’s ECAT holdings are reported as indirect ownership. The Form 4 tables classify the post-transaction beneficially owned common shares as indirectly held, rather than directly owned.