Saba Capital trims BlackRock ESG Capital Allocation Term Trust (ECAT) stake

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), reported an open-market sale of 156,858 shares of common stock on February 11, 2026 at $15.60 per share. After this indirect sale, it beneficially owned 24,188,252 shares.

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)
02/11/2026

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	02/11/2026		S		156,858	D	$15.6	24,188,252	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	02/12/2026
	Boaz Weinstein	02/12/2026
	** 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 transaction did Saba Capital report for ECAT?

Saba Capital Management, L.P. reported an open-market sale of 156,858 ECAT common shares at $15.60 per share. The transaction occurred on February 11, 2026, and is disclosed as an indirect sale by a 10% beneficial owner.

How many ECAT shares does Saba Capital own after this Form 4?

Following the reported sale, Saba Capital Management, L.P. beneficially owns 24,188,252 ECAT common shares indirectly. This figure reflects holdings after disposing of 156,858 shares in the open market on February 11, 2026, as reported in the Form 4 filing.

Was the ECAT insider transaction a purchase or a sale?

The ECAT insider transaction was a sale. Saba Capital Management, L.P. executed an open-market sale of 156,858 ECAT common shares at a price of $15.60 per share, with the transaction code listed as S for sale.

Who is the reporting person in this ECAT Form 4 filing?

The reporting person is Saba Capital Management, L.P., identified as a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT). The ownership is reported as indirect, and the Form 4 is filed by this single reporting person for the disclosed sale.

What does indirect ownership mean in Saba Capital’s ECAT filing?

In this Form 4, Saba Capital’s ECAT holdings are reported as indirect ownership, coded as I. This means the 24,188,252 shares following the transaction are held through an entity or structure associated with Saba Capital, rather than directly in its own name.

What is the significance of transaction code S in the ECAT Form 4?

Transaction code S in the ECAT Form 4 indicates a sale in the open market or a private transaction. Here, it shows Saba Capital Management, L.P. disposed of 156,858 common shares of ECAT at $15.60 per share on February 11, 2026.