Saba Capital trims ECAT (NYSE: ECAT) stake with open-market sales

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

Saba Capital Management sold 87,990 ECAT shares at $14.69 per share on April 17, 2026, and 39,758 shares at $14.51 per share on April 16, 2026. Both transactions were reported as open-market sales of common stock.

Q: Were Saba Capital’s ECAT transactions open-market sales or another type of trade?

Both ECAT transactions were classified as open-market sales of common stock, coded as “S” on Form 4. The filing describes them as sales in open market or private transactions, which is standard for dispositions executed through normal trading channels.

Q: Does this ECAT Form 4 filing show any option exercises or derivative positions?

The filing shows no derivative transactions or option exercises. All reported activity involves non-derivative ECAT common stock sales, and the derivativeSummary section is empty, indicating no remaining derivative positions disclosed in this particular Form 4.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

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. On April 17, 2026, it sold 87,990 shares at $14.69 per share, and on April 16, 2026, it sold 39,758 shares at $14.51 per share. After these indirect transactions, Saba Capital remained with 21,528,182 shares of ECAT, indicating it still holds a large position despite trimming its stake.

Insider Trade Summary

Net Seller: 127,748 shares ($1,869,462)

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role null

Sold 127,748 shs ($1.87M)

Type	Security	Shares	Price	Value
Sale	Common Stock	87,990	$14.69	$1.29M
Sale	Common Stock	39,758	$14.51	$577K

Holdings After Transaction: Common Stock — 21,528,182 shares (Indirect, -)

Footnotes (1)

Key Figures

Shares sold April 17, 2026: 87,990 shares Shares sold April 16, 2026: 39,758 shares Total shares sold: 127,748 shares +4 more

7 metrics

Shares sold April 17, 2026 87,990 shares Open-market sale of ECAT common stock at $14.69 per share

Shares sold April 16, 2026 39,758 shares Open-market sale of ECAT common stock at $14.51 per share

Total shares sold 127,748 shares Net sell activity across two open-market transactions

Price per share (April 17 sale) $14.69/share Common stock sale price on April 17, 2026

Price per share (April 16 sale) $14.51/share Common stock sale price on April 16, 2026

Shares held after transactions 21,528,182 shares Indirect ECAT common stock holdings following April 17, 2026

Number of sale transactions 2 transactions Both coded as open-market sales of non-derivative common stock

Key Terms

open-market sale, indirect ownership, ten percent owner, non-derivative

4 terms

open-market sale financial

"transaction_action: "open-market sale" of common stock"

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.

indirect ownership financial

"ownership_type: "indirect" with ownership code "I""

ten percent owner regulatory

"Saba Capital Management, L.P. is marked as a ten percent owner"

non-derivative financial

"transaction_type: "non-derivative" for common stock sales"

Form 4 Insider Transactions: What Each Field Means →

04/20/2026 - 01:00 PM

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

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)
04/16/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/16/2026		S		39,758	D	$14.51	21,616,172	I	-
Common Stock	04/17/2026		S		87,990	D	$14.69	21,528,182	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	04/20/2026
	Boaz Weinstein	04/20/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Saba Capital Management report in this ECAT Form 4 filing?

Saba Capital Management reported two open-market sales of BlackRock ESG Capital Allocation Term Trust (ECAT) common stock, totaling 127,748 shares. These were indirect sales and Saba Capital remained a large shareholder after the transactions, according to the reported post-transaction holdings.

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

Saba Capital Management sold 87,990 ECAT shares at $14.69 per share on April 17, 2026, and 39,758 shares at $14.51 per share on April 16, 2026. Both transactions were reported as open-market sales of common stock.

How many ECAT shares does Saba Capital hold after these reported sales?

After the reported sales, Saba Capital Management’s indirect holdings in ECAT common stock were 21,528,182 shares. This figure comes from the Form 4 totals showing shares beneficially owned following the April 17, 2026 transaction, indicating it remains a significant shareholder.

Were Saba Capital’s ECAT transactions open-market sales or another type of trade?

Both ECAT transactions were classified as open-market sales of common stock, coded as “S” on Form 4. The filing describes them as sales in open market or private transactions, which is standard for dispositions executed through normal trading channels.

Are Saba Capital’s ECAT holdings direct or indirect in this Form 4?

The Form 4 lists Saba Capital Management’s ECAT holdings as indirect ownership, marked with ownership code “I”. This means the shares are held through an entity or structure associated with Saba Capital, rather than in a direct personal capacity.

Does this ECAT Form 4 filing show any option exercises or derivative positions?

The filing shows no derivative transactions or option exercises. All reported activity involves non-derivative ECAT common stock sales, and the derivativeSummary section is empty, indicating no remaining derivative positions disclosed in this particular Form 4.