Saba Capital sells 272K BlackRock ECAT shares

A 10% owner of ECAT reported open-market sales totaling 271,939 indirectly held common shares over two days in early September 2026.

Rhea-AI Filing Summary

BlackRock ESG Capital Allocation Term Trust (ECAT) had a significant shareholder, Saba Capital Management, L.P., report open-market sales of common stock. On September 3, 2026, Saba sold 209,500 shares at $15.27 per share, and on September 4, 2026 it sold 62,439 shares at $15.29 per share, all held indirectly. No Rule 10b5-1 trading plan is reported for these transactions.

Insider Trade Summary

Net Seller: 271,939 shares

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 271,939 shs ($4.15M)

Type	Security	Shares	Price	Value
Sale	Common Stock	62,439	$15.29	$955K
Sale	Common Stock	209,500	$15.27	$3.20M

Holdings After Transaction: Common Stock — 13,187,892 shares (Indirect, -)

Key Figures

Shares sold September 3, 2026: 209,500 shares Price per share September 3, 2026: $15.27 per share Shares sold September 4, 2026: 62,439 shares +2 more

5 metrics

Shares sold September 3, 2026 209,500 shares Open-market sale of ECAT common stock by Saba Capital Management

Price per share September 3, 2026 $15.27 per share Sale price for 209,500 ECAT shares

Shares sold September 4, 2026 62,439 shares Open-market sale of ECAT common stock by Saba Capital Management

Price per share September 4, 2026 $15.29 per share Sale price for 62,439 ECAT shares

Total shares sold 271,939 shares Combined ECAT common shares sold across both transactions

Key Terms

ten percent owner, indirect ownership, Rule 10b5-1, open-market sale

4 terms

ten percent owner regulatory

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

indirect ownership financial

"the ECAT common stock that was sold was reported as indirect ownership"

Rule 10b5-1 regulatory

"No Rule 10b5-1 trading plan is reported for these transactions"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

open-market sale market

"disposed of in open-market or private sale transactions"

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.

FAQ

What insider activity did ECAT disclose in this Form 4?

The filing reports that Saba Capital Management, L.P., a 10% owner of ECAT, sold a total of 271,939 shares of ECAT common stock in two open-market transactions on September 3 and 4, 2026, held through indirect ownership.

How many ECAT shares did Saba Capital Management sell on each date?

On September 3, 2026, Saba Capital Management sold 209,500 shares of ECAT common stock at $15.27 per share. On September 4, 2026, it sold an additional 62,439 shares at $15.29 per share.

Were Saba Capital Management’s ECAT share sales under a Rule 10b5-1 plan?

No. The filing’s Rule 10b5-1 checkbox is not marked as affirming a trading plan, so these ECAT share sales by Saba Capital Management are reported without being made pursuant to a Rule 10b5-1 trading plan.

What was the total number of ECAT shares sold by Saba Capital Management?

Across both reported transactions, Saba Capital Management sold a total of 271,939 shares of ECAT common stock, all categorized as indirectly held and disposed of in open-market or private sale transactions.

How is Saba Capital Management’s ownership in ECAT characterized?

Saba Capital Management, L.P. is identified as a ten percent owner of BlackRock ESG Capital Allocation Term Trust (ECAT). The reported transactions involve indirect ownership of the ECAT common stock that was sold.

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Available on EDGAR 09/08/2026 - 10:04 AM Accepted by SEC EDGAR 09/08/2026 - 10:03 AM 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)
09/03/2026

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	09/03/2026		S		209,500	D	$15.27	13,250,331	I	-
Common Stock	09/04/2026		S		62,439	D	$15.29	13,187,892	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	09/08/2026
	Boaz Weinstein	09/08/2026
	** 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)