[Form 4] BlackRock ESG Capital Allocation Term Trust Insider Trading Activity

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported a sale of 5,776 shares of BlackRock ESG Capital Allocation Term Trust (ECAT) on 09/16/2025 at $16.51 per share. After the transaction the filer reports beneficial ownership of 27,849,571 shares held indirectly. The Form 4 is signed by representatives Zachary Gindes and Boaz Weinstein on 09/17/2025, and the filing indicates the reporting person is a director and a 10% owner.

Insights

Financial Analyst

TL;DR: Routine insider sale of a very small number of shares relative to large indirect holdings; appears to be compliance reporting.

The Form 4 documents a single non-derivative sale of 5,776 ECAT common shares at $16.51 on 09/16/2025 by Saba Capital Management, L.P. The filer continues to report substantial indirect beneficial ownership of 27,849,571 shares. There is no additional context in the filing about the reason for the sale or any derivative transactions. Given the small size of the sale relative to the reported holding, the transaction is unlikely to be material to ECAT's capitalization by itself; the filing primarily fulfils Section 16 disclosure 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

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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)
09/16/2025

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	09/16/2025		S		5,776	D	$16.51	27,849,571	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	09/17/2025
	Boaz Weinstein	09/17/2025
	** 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 did Saba Capital report for ECAT (BlackRock ESG Capital Allocation Term Trust)?

The filer reported a sale of 5,776 common shares of ECAT on 09/16/2025 at $16.51 per share and beneficial ownership of 27,849,571 shares following the sale.

Who filed the Form 4 for ECAT and how is the reporting person related to the issuer?

The Form 4 was filed by Saba Capital Management, L.P.. The filing indicates the reporting person is a director and a 10% owner.

Was the reported ECAT transaction a purchase or a sale?

It was a sale (transaction code S) of 5,776 shares at $16.51 per share.

When was the Form 4 signed and by whom?

The Form 4 shows signatures by Zachary Gindes and Boaz Weinstein dated 09/17/2025.

Does the filing show any derivative transactions or additional context for the sale?

No. Table II is empty and the filing contains no explanation of reasons for the sale beyond the transaction details.