Saba Capital files Form 4 reporting ECAT share sales

Q: What is Saba Capital’s relationship to ECAT?

It is a 10% Owner of BlackRock ESG Capital Allocation Term Trust (ECAT).

Q: How many ECAT shares did Saba Capital report owning after the transactions?

Indirect beneficial ownership of 27,618,258 shares after the reported sales.

Q: Were the ECAT transactions direct or indirect holdings?

Holdings are reported as Indirect (I) beneficial ownership.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported open‑market sales of common shares over three dates. The transactions were: 13,647 shares at $16.62 on 10/09/2025, 26,858 shares at $16.59 on 10/10/2025, and 19,408 shares at $16.58 on 10/13/2025. Following these sales, Saba reported 27,618,258 shares beneficially owned indirectly.

Insights

Insider trimmed position by a very small amount; ownership remains large and indirect. Neutral signal.

The filing reports open‑market sales of **BlackRock ESG Capital Allocation Term Trust (ECAT)** shares by a reporting person over three days: 13,647 shares at $16.62 on 10/09/2025, 26,858 shares at $16.59 on 10/10/2025, and 19,408 shares at $16.58 on 10/13/2025. Total shares sold were 59,913. After these transactions, beneficial ownership is 27,618,258 shares, held indirectly.

This reduces the reported holder’s stake by about 0.22% relative to the pre‑sale level implied by the table, which is small against the remaining position. No derivative positions were reported in Table II. The signature block lists Saba Capital Management, L.P., with authorized signatories, and the form is dated 10/14/2025.

What it means: a large holder executed modest sales across several days at prices around $16.58–$16.62. Watch for subsequent Form 4s showing continued selling or any change in indirect ownership structure over the next few weeks, as repeated reductions could indicate a trend rather than a one‑off trim.

Insider Trade Summary

Net Seller: 59,913 shares ($994,172)

Net Sell 3 txns

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 59,913 shs ($994K)

Type	Security	Shares	Price	Value
Sale	Common Stock	19,408	$16.58	$322K
Sale	Common Stock	26,858	$16.59	$446K
Sale	Common Stock	13,647	$16.62	$227K

Holdings After Transaction: Common Stock — 27,618,258 shares (Indirect, -)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/14/2025 - 11:02 AM

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

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)
10/09/2025

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)
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)
Common Stock	10/09/2025		S		13,647	D	$16.62	27,664,524	I	-
Common Stock	10/10/2025		S		26,858	D	$16.59	27,637,666	I	-
Common Stock	10/13/2025		S		19,408	D	$16.58	27,618,258	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)
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: Zachary Gindes	10/14/2025
	Boaz Weinstein	10/14/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did Saba Capital disclose for ECAT in this Form 4?

Open‑market sales of ECAT common shares on 10/09/2025, 10/10/2025, and 10/13/2025, with updated indirect beneficial ownership.

How many ECAT shares did Saba Capital sell and at what prices?

13,647 shares at $16.62, 26,858 shares at $16.59, and 19,408 shares at $16.58.

What is Saba Capital’s relationship to ECAT?

It is a 10% Owner of BlackRock ESG Capital Allocation Term Trust (ECAT).

How many ECAT shares did Saba Capital report owning after the transactions?

Indirect beneficial ownership of 27,618,258 shares after the reported sales.

Were the ECAT transactions direct or indirect holdings?

Holdings are reported as Indirect (I) beneficial ownership.

Were any derivative securities involved in these ECAT transactions?

No derivative securities were reported in the disclosure.