Saba Capital trims ECAT stake with two stock sales in February (ECAT)

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported two open-market sales of common stock. On February 9, 2026, it sold 96,973 shares at $15.55 per share. On February 10, 2026, it sold a further 64,101 shares at $15.60 per share.

After these transactions, Saba Capital Management, L.P. indirectly beneficially owned 24,345,110 shares of ECAT common stock.

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)
02/09/2026

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	02/09/2026		S		96,973	D	$15.55	24,409,211	I	-
Common Stock	02/10/2026		S		64,101	D	$15.6	24,345,110	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	02/11/2026
	Boaz Weinstein	02/11/2026
	** 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?

Saba Capital Management, L.P. reported selling ECAT common stock in two transactions. It sold 96,973 shares on February 9, 2026 at $15.55 and 64,101 shares on February 10, 2026 at $15.60, as disclosed in the Form 4 filing.

How many ECAT shares did Saba Capital sell on February 9, 2026?

On February 9, 2026, Saba Capital Management, L.P. sold 96,973 shares of BlackRock ESG Capital Allocation Term Trust common stock. The reported sale price was $15.55 per share, and the transaction was coded as an open-market or private sale (code "S").

What was the second ECAT stock sale reported by Saba Capital?

The second reported transaction occurred on February 10, 2026, when Saba Capital Management, L.P. sold 64,101 ECAT common shares. The filing shows a sale price of $15.60 per share and classifies the transaction with code "S" for a sale.

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

Following the reported transactions, Saba Capital Management, L.P. beneficially owned 24,345,110 shares of ECAT common stock indirectly. This figure is provided in the Form 4 as the amount of securities beneficially owned after the February 10, 2026 sale.

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

Saba Capital Management, L.P. is identified in the filing as a 10% owner of BlackRock ESG Capital Allocation Term Trust. This status requires it to report changes in beneficial ownership of ECAT common stock on Form 4 under Section 16 rules.

Were the ECAT transactions reported as direct or indirect ownership changes?

Both ECAT stock sales were reported as changes in indirectly held shares. The Form 4 lists the ownership form for the post-transaction holdings as "I" for indirect, with 24,345,110 shares beneficially owned indirectly after the February 10, 2026 sale.