[Form 4] BlackRock ESG Capital Allocation Term Trust Insider Trading Activity

Rhea-AI Filing Summary

Form 4 shows Saba Capital Management and Boaz Weinstein reported sales of BlackRock ESG Capital Allocation Term Trust (ECAT) common stock. The filing lists two dispositions: 91,395 shares sold at $16.55 and 67,373 shares sold at $16.56, leaving an indirect beneficial ownership of 28,144,498 shares after the second sale. Both reporting persons are identified as directors and 10% owners.

Positive

• Transparency maintained: Transactions are reported on Form 4, meeting disclosure requirements
• Substantial continuing stake: Post-sale indirect beneficial ownership remains ~28.1 million shares, indicating ongoing influence

Negative

• Insider dispositions: Total of 158,768 shares sold across two transactions
• Market selling pressure: Sales at ~$16.55 could exert downward pressure on short-term price if clustered with other sales

Insights

Securities Analyst

TL;DR: Insider sales were disclosed but large indirect ownership remains, suggesting portfolio rebalancing rather than full exit.

The reported transactions are two open-market dispositions totaling 158,768 shares at prices around $16.55. Despite the sales, the reporting persons retain a substantial indirect stake of over 28 million shares, which indicates continued significant economic interest. For investors, these filings document liquidity events by a major holder but do not on their own indicate a change in control or immediate governance shift.

Corporate Governance Expert

TL;DR: Director-level selling is material to monitor, but remaining holdings keep reporting persons influential.

The sellers are identified as a director and 10% owner, which makes their transactions relevant to governance oversight. The post-sale indirect ownership remains large, implying ongoing influence over the issuer. This disclosure fulfills Section 16 reporting requirements and provides transparency about insider liquidity. No other governance changes or new arrangements are disclosed in the form.

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)
09/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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	09/04/2025		S		91,395	D	$16.55	28,211,871	I	-
Common Stock	09/05/2025		S		67,373	D	$16.56	28,144,498	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

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)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	09/08/2025
	Boaz Weinstein	09/08/2025
	** 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 transactions were reported for ECAT on this Form 4?

The form reports two dispositions of ECAT common stock: 91,395 shares sold at $16.55 and 67,373 shares sold at $16.56.

Who filed the Form 4 for ECAT?

The reporting persons are Saba Capital Management, L.P. and Boaz Weinstein, each identified as a director and 10% owner.

How many ECAT shares remain beneficially owned after the reported sales?

After the reported transactions the filing shows 28,144,498 shares beneficially owned indirectly.

Do the Form 4 filings indicate any derivative transactions for ECAT?

No. Table II for derivative securities contains no reported transactions or holdings.

Are these transactions described as part of a Rule 10b5-1 plan?

The form includes the checkbox language for 10b5-1 plans but does not state that these specific transactions were made pursuant to such a plan.