Saba Capital trims ECAT (NYSE: ECAT) stake with 69K-share sale

Rhea-AI Filing Summary

Saba Capital Management, L.P., a ten percent owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported open-market sales of the trust’s common stock. It sold 33,160 shares on May 19, 2026 at $15.11 per share and 35,876 shares on May 20, 2026 at $15.14 per share.

After these transactions, Saba Capital indirectly held 19,709,022 ECAT shares. The reported sales represent only a small portion of its overall position.

Insider Trade Summary

Net Seller: 69,036 shares ($1,044,210)

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role null

Sold 69,036 shs ($1.04M)

Type	Security	Shares	Price	Value
Sale	Common Stock	35,876	$15.14	$543K
Sale	Common Stock	33,160	$15.11	$501K

Holdings After Transaction: Common Stock — 19,709,022 shares (Indirect, -)

Footnotes (1)

Key Figures

Shares sold May 19, 2026: 33,160 shares Shares sold May 20, 2026: 35,876 shares Total shares sold: 69,036 shares +3 more

6 metrics

Shares sold May 19, 2026 33,160 shares Open-market sale at $15.11 per share

Shares sold May 20, 2026 35,876 shares Open-market sale at $15.14 per share

Total shares sold 69,036 shares Net-sell across reported transactions

Holdings after May 20 sale 19,709,022 shares Indirect ECAT common stock position following transactions

Sale price May 19, 2026 $15.11/share Open-market ECAT common stock sale

Sale price May 20, 2026 $15.14/share Open-market ECAT common stock sale

Key Terms

open-market sale, ten percent owner, indirectly held

3 terms

open-market sale financial

"reported open-market sales of the trust’s common stock"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

ten percent owner financial

"Saba Capital Management, L.P., a ten percent owner of BlackRock ESG Capital Allocation Term Trust"

indirectly held financial

"After these transactions, Saba Capital indirectly held 19,709,022 ECAT shares"

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Form 4 Insider Transactions: What Each Field Means →

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 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)
05/19/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/19/2026		S		33,160	D	$15.11	19,744,898	I	-
Common Stock	05/20/2026		S		35,876	D	$15.14	19,709,022	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	05/21/2026
	Boaz Weinstein	05/21/2026
	** 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)

FAQ

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

Saba Capital Management reported selling ECAT common stock in two open-market transactions, totaling 69,036 shares. These sales were made on May 19 and May 20, 2026 at prices slightly above $15 per share.

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

Saba Capital sold 33,160 ECAT shares at $15.11 and 35,876 shares at $15.14 per share. Together, these open-market sales totaled 69,036 common shares at prices just above $15.

How many ECAT shares does Saba Capital hold after these transactions?

After the reported sales, Saba Capital indirectly holds 19,709,022 ECAT common shares. This post-transaction figure shows that the 69,036 shares sold are a relatively small portion of its overall position in the trust.

Were Saba Capital’s ECAT transactions open-market buys or sells?

The transactions were open-market sales of ECAT common stock. Both are coded “S” on Form 4 and described as sales in open market or private transactions, reflecting a net-sell direction of 69,036 shares for the reporting period.

Are Saba Capital’s ECAT holdings direct or indirect after these sales?

Saba Capital’s reported ECAT holdings are indirect after these sales. The Form 4 lists the ownership type as indirect for the common stock position, indicating the shares are held through an entity or structure associated with Saba Capital.