BlackRock ESG Capital (NYSE: ECAT) holder Saba Capital reports share sales

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported selling common shares of the fund in two January transactions. On January 20, 2026, it sold 102,837 common shares at $15.39 per share, leaving 25,968,064 shares beneficially owned on an indirect basis. On January 21, 2026, it sold a further 169,776 common shares at $15.38 per share, after which it beneficially owned 25,798,288 common shares, also reported as indirect ownership.

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)
01/20/2026

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	01/20/2026		S		102,837	D	$15.39	25,968,064	I	-
Common Stock	01/21/2026		S		169,776	D	$15.38	25,798,288	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	01/22/2026
	Boaz Weinstein	01/22/2026
	** 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 report for ECAT on this Form 4?

The Form 4 shows that Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported two sales of common stock on January 20 and 21, 2026.

How many ECAT shares did Saba Capital sell on January 20, 2026?

On January 20, 2026, Saba Capital sold 102,837 shares of ECAT common stock at a price of $15.39 per share, reported as an indirect transaction.

How many ECAT shares did Saba Capital sell on January 21, 2026?

On January 21, 2026, Saba Capital sold 169,776 shares of ECAT common stock at a price of $15.38 per share, also reported as an indirect transaction.

How many ECAT shares did Saba Capital own after these transactions?

After the January 21, 2026 sale, Saba Capital reported beneficial ownership of 25,798,288 ECAT common shares, held on an indirect basis according to the Form 4.

What is Saba Capital’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) on this Form 4, with the role indicated in the relationship section.

Were these ECAT insider transactions reported as direct or indirect ownership?

Both transactions were reported under indirect ownership, with the Form 4 marking the ownership form as indirect and listing Saba Capital Management, L.P. as the reporting person.