Saba Capital sells 208K shares of BlackRock ESG

Saba Capital Management, L.P., a ten percent owner of BlackRock ESG Capital Allocation Term Trust, reported two open-market sales of the trust’s common stock.

Rhea-AI Filing Summary

Saba Capital Management, L.P., a ten percent owner of BlackRock ESG Capital Allocation Term Trust, reported two open-market sales of the trust’s common stock. It sold 103,706 shares on May 28, 2026 at $15.54 per share and 104,828 shares on May 29, 2026 at $15.64 per share, for total sales of 208,534 shares. After these indirect transactions, it reports holding 19,204,722 common shares.

Insights

Closed-end fund governance analyst

Saba Capital trimmed its ECAT stake with two routine open-market sales.

Saba Capital Management, L.P., identified as a ten percent owner of BlackRock ESG Capital Allocation Term Trust, executed two open-market sales totaling 208,534 common shares around $15.54–$15.64 per share. These are straightforward non-derivative stock sales.

Post-transaction holdings are 19,204,722 shares, indicating Saba retains a large position relative to the amount sold. The filing characterizes both trades as indirect ownership transactions and shows no derivative activity, suggesting a simple partial reduction rather than a complex restructuring.

Because the sales occur while maintaining a substantial remaining stake and there is no mention of trading plans or derivatives, these moves appear as ordinary portfolio management decisions based solely on the data provided.

Insider Trade Summary

Net Seller: 208,534 shares

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 208,534 shs ($3.25M)

Type	Security	Shares	Price	Value
Sale	Common Stock	104,828	$15.64	$1.64M
Sale	Common Stock	103,706	$15.54	$1.61M

Holdings After Transaction: Common Stock — 19,204,722 shares (Indirect, -)

Key Figures

Shares sold May 28, 2026: 103,706 shares Price May 28, 2026: $15.54/share Shares sold May 29, 2026: 104,828 shares +3 more

6 metrics

Shares sold May 28, 2026 103,706 shares Open-market sale at $15.54 per share

Price May 28, 2026 $15.54/share Sale of 103,706 common shares

Shares sold May 29, 2026 104,828 shares Open-market sale at $15.64 per share

Price May 29, 2026 $15.64/share Sale of 104,828 common shares

Total shares sold 208,534 shares Two open-market sales of ECAT common stock

Shares held after sales 19,204,722 shares Indirect common stock holdings post-transaction

Key Terms

open-market sale, ten percent owner, indirect ownership, Form 4

4 terms

open-market sale financial

"transaction_action": "open-market sale"

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.

ten percent owner regulatory

""is_ten_percent_owner": 1"

indirect ownership financial

""ownership_type": "indirect""

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many ECAT shares did Saba Capital Management sell?

Saba Capital Management sold a total of 208,534 ECAT common shares in two open-market transactions. The trades involved 103,706 shares at $15.54 and 104,828 shares at $15.64 per share on consecutive days.

What prices did Saba Capital receive for ECAT shares in this Form 4?

Saba Capital’s reported ECAT sales were executed at two prices: 103,706 shares at $15.54 per share and 104,828 shares at $15.64 per share. Both transactions are listed as open-market sales of common stock.

How many ECAT shares does Saba Capital hold after these transactions?

After the reported sales, Saba Capital reports holding 19,204,722 ECAT common shares indirectly. This post-transaction balance reflects the remaining position following the two open-market sales disclosed in the Form 4 filing data.

Were Saba Capital’s ECAT transactions direct or indirect holdings?

The Form 4 data classifies Saba Capital’s ECAT trades as indirect ownership transactions. Each sale entry lists ownership as indirect, with an ownership code of “I,” indicating the position is not held directly in Saba Capital’s own name.

What type of transactions did Saba Capital report for ECAT common stock?

Saba Capital reported two open-market sales of ECAT common stock, both coded as “S.” The description specifies “Sale in open market or private transaction,” confirming these were straightforward disposals of non-derivative common shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/01/2026 - 12:58 PM EDT Learn about SEC filing dates

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 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)
05/28/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/28/2026		S		103,706	D	$15.54	19,309,550	I	-
Common Stock	05/29/2026		S		104,828	D	$15.64	19,204,722	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	06/01/2026
	Boaz Weinstein	06/01/2026
	** 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)