[Form 4] BlackRock ESG Capital Allocation Term Trust Insider Trading Activity

Rhea-AI Filing Summary

BlackRock ESG Capital Allocation Term Trust (ECAT): Saba Capital Management, L.P., reported a Form 4 transaction as a 10% owner. On 11/03/2025, it sold 70,661 common shares at $16.40 per share. Following the sale, Saba Capital beneficially owned 27,227,642 shares, reported as indirect ownership. The filing was made by one reporting person.

Insights

Institutional Ownership Analyst

Large holder reported a small sale; ownership remains substantial. Neutral signal pending future activity.

This Form 4 discloses a sale of 70,661 common shares of BlackRock ESG Capital Allocation Term Trust (ECAT) on 11/03/2025 at $16.4 per share, coded "S" for open-market or private sale. Following the trade, the reporting person shows 27,227,642 shares beneficially owned on an indirect basis.

The reduction is small relative to reported holdings (about 0.26% of the holder’s post-transaction position), which suggests no material change in control or governance from this single event. The filing identifies the reporting person via signatures for Saba Capital Management, L.P. (by Zachary Gindes) and Boaz Weinstein, indicating a significant institutional holder remains in place.

What matters here is trend, not this one trade. A pattern of additional sales, amendments, or related ownership filings in the near term would be more informative. Watch upcoming Form 4s and any ownership updates around subsequent dates after 11/03/2025 to gauge direction and scale.

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 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)
11/03/2025

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	11/03/2025		S		70,661	D	$16.4	27,227,642	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	11/04/2025
	Boaz Weinstein	11/04/2025
	** 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 did Saba Capital report in ECAT's latest Form 4?

A sale of 70,661 ECAT common shares on 11/03/2025 at $16.40 per share.

How many ECAT shares does Saba Capital own after the transaction?

It beneficially owned 27,227,642 shares indirectly after the reported sale.

What is Saba Capital’s relationship to ECAT?

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

Was the ownership reported as direct or indirect?

The remaining 27,227,642 shares were reported as Indirect (I) ownership.

Who signed the Form 4 for Saba Capital?

The filing lists Saba Capital Management, L.P. by Zachary Gindes and Boaz Weinstein with a signature date of 11/04/2025.

Was the form filed by one or multiple reporting persons?

It was filed by one reporting person.