BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) holder trims stake

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported two open‑market sales of common stock. On January 15, 2026, it sold 80,452 shares at $15.97 per share. On January 16, 2026, it sold another 75,435 shares at $15.94 per share.

After these transactions, Saba Capital Management, L.P. reported beneficial ownership of 26,146,336 ECAT shares following the first sale and 26,070,901 shares following the second sale, all 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

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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)
01/15/2026

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	01/15/2026		S		80,452	D	$15.97	26,146,336	I	-
Common Stock	01/16/2026		S		75,435	D	$15.94	26,070,901	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	01/20/2026
	Boaz Weinstein	01/20/2026
	** 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.

FAQ

Who reported this insider transaction for ECAT?

Saba Capital Management, L.P. reported the transactions as a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT).

What type of security did Saba Capital trade in ECAT?

The transactions involved common stock of BlackRock ESG Capital Allocation Term Trust (ECAT).

How many ECAT shares did Saba Capital sell on January 15, 2026?

On January 15, 2026, Saba Capital sold 80,452 ECAT common shares at a price of $15.97 per share.

How many ECAT shares did Saba Capital sell on January 16, 2026?

On January 16, 2026, Saba Capital sold 75,435 ECAT common shares at a price of $15.94 per share.

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

After the January 15, 2026 sale, Saba Capital reported beneficial ownership of 26,146,336 ECAT shares, and after the January 16, 2026 sale it reported 26,070,901 shares, held indirectly.

Is the ECAT ownership reported as direct or indirect?

The Form 4 indicates Saba Capital's ECAT common stock holdings after both transactions are reported as indirect (I) ownership.

Was this ECAT Form 4 filed by one or multiple reporting persons?

The filing indicates it is a Form filed by one reporting person, identified as Saba Capital Management, L.P.