Saba holds 23.7% of BlackRock ESG Term Trust

Saba Capital Management and affiliates filed Amendment No. 29 to their Schedule 13D on BlackRock ESG Capital Allocation Term Trust, updating ownership and board nomination plans.

Rhea-AI Filing Summary

Saba Capital Management and affiliates filed Amendment No. 29 to their Schedule 13D on BlackRock ESG Capital Allocation Term Trust, updating ownership and board nomination plans. They report beneficial ownership of 23,575,057 common shares, representing 23.73% of the class, based on 99,345,793 shares outstanding as of June 30, 2025.

The filing notes that approximately $350,453,100 was paid to acquire these shares using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings. Saba Capital Master Fund, Ltd. withdrew a prior nominee and now intends to nominate Lawrence Epstein as a Class I director and Wayne Threatt and Lihong Wang as Class III holdover seat nominees for the 2026 annual meeting, each under nomination agreements with Saba Capital.

Insights

Activist & governance analyst

Saba discloses a 23.7% stake in ECAT and updates its 2026 board nomination slate.

Saba Capital and related entities report beneficial ownership of 23,575,057 common shares, or 23.73% of BlackRock ESG Capital Allocation Term Trust, calculated against 99,345,793 shares outstanding as of June 30, 2025. The filing states roughly $350,453,100 was paid to build this position.

The amendment also shifts Saba’s governance strategy. Saba Capital Master Fund, Ltd. withdrew a prior nominee and now intends to nominate Lawrence Epstein as a Class I director and Wayne Threatt and Lihong Wang as Class III holdover seat nominees for the 2026 annual meeting, each under a nomination agreement with Saba Capital.

This combination of a large disclosed stake and a refreshed nominee slate signals an ongoing, structured engagement with the closed-end fund’s board. Future company and fund communications around the 2026 annual meeting may provide more detail on how these nomination intentions are addressed.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in BlackRock ESG Capital Allocation Term Trust does Saba Capital report in this ECAT Schedule 13D/A?

The filing reports that Saba Capital and related reporting persons beneficially own 23,575,057 common shares, equal to 23.73% of the outstanding class. This percentage is calculated against 99,345,793 shares outstanding as of June 30, 2025, from the issuer’s N-CSRS.

How much has Saba Capital paid to acquire its ECAT share position?

The amendment states that a total of approximately $350,453,100 was paid to acquire the reported common shares. Funds came from investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings, with positions in margin accounts pledged as collateral for any debit balances.

What board nomination changes does Saba Capital propose for BlackRock ESG Capital Allocation Term Trust (ECAT)?

Saba Capital Master Fund, Ltd. withdrew its proposed nomination of Kim Schawbel and now intends to nominate Lawrence Epstein as a Class I nominee and Wayne Threatt and Lihong Wang as Class III holdover seat nominees for the 2026 annual meeting, under nomination agreements with Saba Capital.

Who are the reporting persons in this ECAT Schedule 13D/A amendment?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba Capital acts as investment manager to funds and accounts, Saba GP is its general partner, and Mr. Weinstein is the managing member of the general partner of Saba Capital and affiliated entities.

How does Saba Capital describe the source of funds for its ECAT investment?

The filing explains that funds came from investor subscription proceeds, capital appreciation on those investments, and margin borrowings made in the ordinary course. Because multiple securities are held in margin accounts, the specific portion of margin used to purchase the ECAT common shares cannot be determined.

What voting and dispositive powers over ECAT shares do the Saba reporting persons have?

Each reporting person reports zero sole voting and dispositive power and 23,575,057 shares of shared voting and shared dispositive power. The funds and accounts advised by Saba Capital have the right to receive dividends and sale proceeds from the common shares held.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/27/2026 - 05:29 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 29)

BlackRock ESG Capital Allocation Term Trust

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

09262F100

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/25/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 09262F100

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 23,575,057.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 23,575,057.00

11

Aggregate amount beneficially owned by each reporting person

23,575,057.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.73 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 99,345,793 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.

SCHEDULE 13D

CUSIP No. 09262F100

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 23,575,057.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 23,575,057.00

11

Aggregate amount beneficially owned by each reporting person

23,575,057.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.73 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 99,345,793 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.

SCHEDULE 13D

CUSIP No. 09262F100

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 23,575,057.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 23,575,057.00

11

Aggregate amount beneficially owned by each reporting person

23,575,057.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.73 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 99,345,793 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: BlackRock ESG Capital Allocation Term Trust
(c)	Address of Issuer's Principal Executive Offices: 100 Bellevue Parkway, Wilmington, DELAWARE , 19809.
Item 1 Comment: This Amendment No. 29 amends Items 3, 4, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $350,453,100 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented as follows: On February 25, 2026, Saba Capital Master Fund, Ltd. submitted to the Issuer a supplement to the Notice to withdraw its proposed nomination of Kim Schawbel as a Class III Holdover Seat Nominee and provide notice of its intent to nominate Lawrence Epstein as a Class I Nominee and Wayne Threatt and Lihong Wang as Class III Holdover Seat Nominees (Mr. Epstein, Mr. Threatt and Mr. Wang, together, the "Additional Nominees"). In connection with the 2026 Annual Meeting, each of the Additional Nominees has entered into a nomination agreement with Saba Capital substantially in the form attached as Exhibit 14 to the Schedule 13D/A filed on February 19, 2026. The Nominee Agreement entered into by Ms. Schawbel and Saba Capital has terminated in accordance with its terms.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 99,345,793 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D/A on 2/19/26 by the Reporting Persons to 2/25/26, the date of the event which required filing of this Schedule 13D/A are set forth in Schedule A, and are incorporated herein by reference. All trades were effected in the open market.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 16 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	02/27/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	02/27/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	02/27/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823