Saba trims ECAT stake in two stock sales at BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT)

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust, reported two sales of ECAT common stock. On February 3, 2026, it sold 143,707 shares at $15.38 per share, leaving 24,824,510 shares indirectly beneficially owned. On February 4, 2026, it sold another 151,192 shares at $15.28 per share, leaving 24,673,318 shares indirectly beneficially owned.

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)
02/03/2026

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	02/03/2026		S		143,707	D	$15.38	24,824,510	I	-
Common Stock	02/04/2026		S		151,192	D	$15.28	24,673,318	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	02/05/2026
	Boaz Weinstein	02/05/2026
	** 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

What insider activity did Saba Capital report for ECAT?

Saba Capital Management, L.P. reported two sales of BlackRock ESG Capital Allocation Term Trust (ECAT) common stock on February 3 and 4, 2026. The transactions reduced its indirectly beneficially owned position but left it holding over 24.6 million ECAT shares afterward.

How many ECAT shares did Saba Capital sell on February 3, 2026?

On February 3, 2026, Saba Capital sold 143,707 ECAT common shares at a price of $15.38 per share. Following this transaction, it indirectly beneficially owned 24,824,510 ECAT shares, according to the Form 4 filing data.

What was the size and price of Saba Capital's February 4, 2026 ECAT trade?

On February 4, 2026, Saba Capital sold 151,192 ECAT shares at $15.28 per share. After this sale, its indirectly beneficially owned stake in BlackRock ESG Capital Allocation Term Trust stood at 24,673,318 common shares.

What is Saba Capital’s role in BlackRock ESG Capital Allocation Term Trust (ECAT)?

The Form 4 identifies Saba Capital Management, L.P. as a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT). This status means it holds a significant ownership stake and must report trades under Section 16 of the Securities Exchange Act.

Are Saba Capital's ECAT holdings direct or indirect after these trades?

After the reported transactions, Saba Capital’s 24,673,318 ECAT shares are shown as held with indirect ownership. The Form 4 classifies the ownership form as “I,” indicating the position is not held directly in the reporting person’s own name.

Did the Form 4 report any ECAT derivative securities for Saba Capital?

The filing’s Table II for derivative securities shows no entries for options, warrants, or other ECAT derivatives. Only non-derivative common stock transactions are reported, covering the two sale trades on February 3 and 4, 2026.