Saba Capital Insider Sales Filed for BlackRock ECAT — Form 4 Details

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported two insider sales of BlackRock ESG Capital Allocation Term Trust (ECAT) common stock. On 09/30/2025 the reporting person sold 1,063 shares at $16.44, leaving 27,800,724 shares beneficially owned indirectly. On 10/01/2025 they sold 18,130 shares at $16.55, leaving 27,782,594 shares beneficially owned indirectly. The filer is identified as a Director and a 10% owner. The form is signed by Saba Capital Management, L.P., Zachary Gindes and Boaz Weinstein.

Positive

• None.

Negative

• Insider sales disclosed: The reporting person sold a total of 19,193 shares across 09/30/2025 and 10/01/2025.
• Reduction in beneficial ownership: Post-transactions beneficial holdings decreased from 27,800,724 to 27,782,594 shares (indirect).

Insights

Securities Analyst

TL;DR: Insider sales recorded by a director/10% owner; volumes are small relative to the total reported holdings.

The filing discloses two open-market sales totaling 19,193 shares across two days at prices of $16.44 and $16.55. Beneficial ownership remains large at over 27.7 million shares held indirectly, indicating the transactions were modest reductions of a substantial position. The disclosure is routine for Section 16 reporting and contains specific transaction dates, prices and post-transaction holdings.

Corporate Governance Expert

TL;DR: Form 4 shows routine compliance-level disclosure of insider sales by an entity connected to the issuer.

The document identifies the reporting entity as a Director and a 10% owner, and provides signatures from the reporting firm and two individuals. It lists exact share counts and sale prices, satisfying Section 16 reporting requirements. No amendments, derivative transactions, or additional disclosures are present.

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).

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)
09/30/2025

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	09/30/2025		S		1,063	D	$16.44	27,800,724	I	-
Common Stock	10/01/2025		S		18,130	D	$16.55	27,782,594	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	10/02/2025
	Boaz Weinstein	10/02/2025
	** 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 does the ECAT Form 4 report show?

The Form 4 reports two sales: 1,063 shares on 09/30/2025 at $16.44 and 18,130 shares on 10/01/2025 at $16.55.

Who filed the Form 4 for ECAT?

The filer is Saba Capital Management, L.P., signed by Zachary Gindes and Boaz Weinstein.

What is the reporting person’s relationship to ECAT?

The filing identifies the reporting person as a Director and a 10% owner of the issuer.

How many ECAT shares does the reporting person beneficially own after the sales?

After the 09/30/2025 sale the filing shows 27,800,724 shares indirectly owned; after the 10/01/2025 sale it shows 27,782,594 shares indirectly owned.

Are there any derivative transactions reported in this Form 4 for ECAT?

No. Table II for derivative securities contains no entries or transactions.