10% owner 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 two open‑market sales of common stock. On February 5, 2026, it sold 131,090 shares at $15.11 per share. On February 6, 2026, it sold an additional 36,044 shares at $15.29 per share.

After these transactions, Saba Capital Management, L.P. beneficially owned 24,506,184 ECAT common shares, held indirectly. The filing reflects portfolio activity by a large shareholder rather than any change in the issuer’s business operations.

Insights

Institutional ownership analyst

Large ECAT holder trims position slightly in two open‑market sales.

Saba Capital Management, L.P., a 10% owner of ECAT, reported selling 131,090 and 36,044 common shares on February 5, 2026 and February 6, 2026 at prices of $15.11 and $15.29 respectively.

Following these trades, Saba Capital Management, L.P. beneficially owned 24,506,184 ECAT shares, reported as held indirectly. The transactions modestly reduce a large shareholder’s stake but do not, by themselves, indicate any stated change in strategy or in the underlying fund’s operations.

Subsequent ownership reports and future Forms 4 may show whether these sales are part of a broader portfolio rebalancing by Saba Capital Management, L.P. or more limited, routine trading activity.

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)
02/05/2026

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	02/05/2026		S		131,090	D	$15.11	24,542,228	I	-
Common Stock	02/06/2026		S		36,044	D	$15.29	24,506,184	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	02/09/2026
	Boaz Weinstein	02/09/2026
	** 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 did Saba Capital Management, L.P. report in its latest ECAT Form 4?

Saba Capital Management, L.P. reported selling ECAT common shares in two open-market transactions, then holding 24,506,184 shares indirectly. The filing details trade dates, share amounts, and prices, showing a modest reduction in its large ownership position.

How many BlackRock ESG Capital Allocation Term Trust (ECAT) shares did Saba Capital sell?

Saba Capital Management, L.P. sold 131,090 ECAT shares on February 5, 2026 and 36,044 shares on February 6, 2026. These trades were reported as open-market sales of non-derivative common stock on the Form 4 insider transaction report.

At what prices were the ECAT shares sold by Saba Capital Management, L.P.?

The ECAT shares were sold at $15.11 per share on February 5, 2026 and $15.29 per share on February 6, 2026. These per-share sale prices are disclosed in the non-derivative transaction table within the Form 4 filing.

How many ECAT shares does Saba Capital Management, L.P. own after these transactions?

After the reported sales, Saba Capital Management, L.P. beneficially owns 24,506,184 ECAT common shares. The Form 4 lists this figure in the “Amount of Securities Beneficially Owned Following Reported Transaction(s)” column, with ownership reported as indirect.

What is Saba Capital Management, L.P.’s relationship to BlackRock ESG Capital Allocation Term Trust (ECAT)?

Saba Capital Management, L.P. is reported as a 10% owner of ECAT. The Form 4 indicates it is not a director or officer but holds a significant beneficial ownership stake, triggering ongoing Section 16 reporting obligations for its share transactions.