BlackRock ESG Capital (NYSE: ECAT) holder Saba Capital cuts stake via sales, in-kind distribution

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported several recent transactions in the trust’s common shares. On November 28, 2025, Saba sold 9,389 indirect shares at $16.02 each. On the same date, 334,659 indirect shares were reduced at a price of $0, described as a pro-rata distribution in-kind for no consideration. After these moves, its indirectly owned position was 26,391,751 shares. On December 1, 2025, Saba sold an additional 54,394 indirect shares at $16.03, leaving it with 26,337,357 ECAT shares held indirectly.

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
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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 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)
11/28/2025

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	11/28/2025		S		9,389	D	$16.02	26,726,410	I	-
Common Stock	11/28/2025		J(1)		334,659	D	$0	26,391,751	I	-
Common Stock	12/01/2025		S		54,394	D	$16.03	26,337,357	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:

1. Pro-rata distribution in-kind for no consideration.

	Saba Capital Management, L.P. By: Zachary Gindes	12/02/2025
	Boaz Weinstein	12/02/2025
	** 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.
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FAQ

What insider transactions did Saba Capital report for BlackRock ESG Capital Allocation Term Trust (ECAT)?

Saba Capital reported selling 9,389 ECAT common shares at $16.02 on November 28, 2025, a reduction of 334,659 shares via a pro-rata in-kind distribution that carried a price of $0 on the same date, and selling another 54,394 shares at $16.03 on December 1, 2025.

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

Following the reported transactions, Saba Capital indirectly beneficially owned 26,337,357 shares of BlackRock ESG Capital Allocation Term Trust common stock.

What is the nature of Saba Capital’s ownership in ECAT?

Saba Capital Management, L.P. is listed as a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), and the reported shares are held through indirect ownership.

What does the pro-rata in-kind distribution in the ECAT insider report mean?

The explanation notes that the 334,659 ECAT shares were reduced through a pro-rata distribution in-kind for no consideration, meaning the shares were distributed rather than sold for cash.

At what prices were ECAT shares sold in these Saba Capital transactions?

The ECAT common shares were reported sold at $16.02 per share on November 28, 2025 and at $16.03 per share on December 1, 2025.

Who signed the ECAT insider ownership report for Saba Capital?

The report was signed on behalf of Saba Capital Management, L.P. by Zachary Gindes, and separately by Boaz Weinstein, each dated December 2, 2025.