Saba Capital adds 303K BlackRock ESG Capital (ECAT) shares

Filing Impact

(Very High)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

Saba Capital Management, L.P., a more than ten percent owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported open-market purchases of the trust’s common shares. On April 1 and 2, it bought a combined 303,392 shares at $13.87 per share, bringing its direct holdings to 21,718,771 shares.

Insider Trade Summary

Net Buyer: 303,392 shares ($4,208,047)

Net Buy 2 txns

Insider Saba Capital Management, L.P.

Role 10% Owner

Bought 303,392 shs ($4.21M)

Type	Security	Shares	Price	Value
Purchase	BlackRock ESG Capital Allocation Term Trust (ECAT)	44,010	$13.87	$610K
Purchase	BlackRock ESG Capital Allocation Term Trust (ECAT)	259,382	$13.87	$3.60M

Holdings After Transaction: BlackRock ESG Capital Allocation Term Trust (ECAT) — 21,718,771 shares (Direct)

Footnotes (1)

Key Figures

Total shares bought: 303,392 shares Purchase price: $13.87 per share Shares bought on April 1: 259,382 shares +3 more

6 metrics

Total shares bought 303,392 shares Open-market purchases on April 1 and 2, 2026

Purchase price $13.87 per share Price for both reported ECAT transactions

Shares bought on April 1 259,382 shares Non-derivative open-market purchase

Shares bought on April 2 44,010 shares Non-derivative open-market purchase

Holdings after latest trade 21,718,771 shares Total ECAT shares directly owned following April 2, 2026 transaction

Net-buy direction 303,392 net shares bought Transaction summary shows net-buy with no sales

Key Terms

open-market purchase, non-derivative, ten percent owner, beneficial owner, +1 more

5 terms

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

non-derivative financial

"transaction_type": "non-derivative""

ten percent owner regulatory

""is_ten_percent_owner": 1"

beneficial owner regulatory

"a more than ten percent beneficial owner of ECAT"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

04/03/2026 - 04:42 PM

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

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)
04/02/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
BlackRock ESG Capital Allocation Term Trust (ECAT)	04/02/2026		P		44,010	D	$13.87	21,718,771	D
BlackRock ESG Capital Allocation Term Trust (ECAT)	04/01/2026		P		259,382	D	$13.87	21,762,781	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

	Saba Capital Management L.P. By: David Han	04/03/2026
	Boaz Weinstein	04/03/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Saba Capital Management report in this Form 4 for ECAT?

Saba Capital Management reported buying additional BlackRock ESG Capital Allocation Term Trust (ECAT) shares in the open market. The filing shows two recent purchases totaling 303,392 shares, increasing its already large position as a more than ten percent beneficial owner.

How many ECAT shares did Saba Capital buy in the latest transactions?

Saba Capital bought a total of 303,392 ECAT shares across two days. The transactions were open-market purchases, adding 259,382 shares on one day and 44,010 shares on the next, according to the share amounts disclosed in the filing’s transaction table.

At what price did Saba Capital purchase ECAT shares in this filing?

The Form 4 shows Saba Capital purchased ECAT shares at a price of $13.87 per share. Both reported transactions used the same per-share price, indicating consistent execution levels for these open-market purchases during the disclosed trading dates.

What is Saba Capital’s ECAT shareholding after these purchases?

After the reported purchases, Saba Capital’s direct holdings in ECAT total 21,718,771 shares. This post-transaction figure, shown in the filing, reflects its position immediately following the most recent open-market buy reported in the Form 4.

Were the ECAT transactions by Saba Capital buys or sales?

All reported ECAT transactions in this Form 4 are open-market purchases by Saba Capital. The filing uses transaction code “P” and describes them as purchases, with no sales, gifts, or derivative exercises disclosed in the transaction summary.

Does Saba Capital hold ECAT shares directly or indirectly in this report?

In this Form 4, Saba Capital’s ECAT holdings are reported as direct ownership. The transactions are marked with ownership code “D,” and the nature of ownership field does not indicate any indirect entities such as trusts or partnerships for these specific shares.