BlackRock ESG Capital Allocation (ECAT): Saba Capital discloses 14.75% ownership stake

Rhea-AI Filing Summary

Saba Capital Management and related parties report a significant ownership position in BlackRock ESG Capital Allocation Term Trust. They beneficially own 14,675,673 Common Shares, representing 14.75% of the trust’s outstanding common shares, based on 99,468,307 shares outstanding as of December 31, 2025. The Common Shares were acquired for a total of approximately $218,160,029, using investor subscription proceeds, capital appreciation, and ordinary-course margin account borrowings. All recent trades referenced were effected in the open market between August 3, 2026 and August 12, 2026. Voting and dispositive power over these shares is shared among Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein.

Key Figures

Shares beneficially owned: 14,675,673 Common Shares Ownership percentage: 14.75% Shares outstanding baseline: 99,468,307 shares +5 more

8 metrics

Shares beneficially owned 14,675,673 Common Shares Beneficial ownership reported jointly by the reporting persons

Ownership percentage 14.75% Portion of ECAT common shares outstanding as of 12/31/25

Shares outstanding baseline 99,468,307 shares Common stock outstanding as of 12/31/25 per N-CSR filed 3/5/26

Total acquisition cost $218,160,029 Approximate amount paid to acquire the reported Common Shares

Shared voting power 14,675,673 shares Shares over which the reporting persons share voting power

Shared dispositive power 14,675,673 shares Shares over which the reporting persons share dispositive power

Amendment number Amendment No. 38 This filing amends prior Schedule 13D disclosures

Event date 08/12/2026 Date of the event requiring this Schedule 13D/A filing

Key Terms

Schedule 13D, beneficially owned, dispositive power, margin account borrowings, +2 more

6 terms

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13D to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially owned financial

"aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

dispositive power financial

"sole or shared power to dispose or to direct the disposition"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

margin account borrowings financial

"capital appreciation thereon and margin account borrowings made in the ordinary course of business"

debit balances financial

"pledged as collateral security for the repayment of debit balances in the account"

N-CSR regulatory

"as disclosed in the company's N-CSR filed 3/5/26"

A Form N-CSR is a regulatory filing that mutual funds and other registered investment companies send to the U.S. Securities and Exchange Commission and make available to shareholders; it includes the fund’s certified shareholder report with audited financial statements, performance data and management discussion. For investors, it’s like a fund’s official report card and financial statement combined — it helps you verify how the fund is performing, what risks and fees exist, and whether the manager’s explanations match the numbers.

FAQ

What stake in ECAT does Saba Capital report in this Schedule 13D/A?

Saba Capital and related reporting persons report beneficial ownership of 14,675,673 Common Shares of ECAT, representing 14.75% of the outstanding common shares, based on 99,468,307 shares outstanding as of December 31, 2025.

How much did Saba Capital pay for its ECAT shares?

The reporting persons state they paid a total of approximately $218,160,029 to acquire the ECAT Common Shares. Funds came from investor subscription proceeds, capital appreciation, and ordinary-course margin account borrowings secured by positions in those accounts.

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

The filing is jointly made by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. They share voting and dispositive power over 14,675,673 ECAT Common Shares, as described in the ownership tables.

Over what period were recent ECAT trades by Saba Capital executed?

The filing states that transactions in ECAT Common Shares from the prior amendment on August 3, 2026 through August 12, 2026, the event date triggering this amendment, are listed in Schedule A, and that all trades were executed in the open market.

Does Saba Capital have sole or shared voting power over its ECAT shares?

The reporting persons report 0 shares with sole voting or dispositive power and 14,675,673 shares with shared voting and shared dispositive power, indicating decisions over these ECAT shares are made jointly among the reporting persons.

What is the purpose of Saba Capital’s ECAT Schedule 13D/A Amendment No. 38?

Amendment No. 38 updates the disclosed ownership and related information, specifically amending Items 3, 5, and 7. The filer lists the source of funds, current interest in ECAT securities, and attaches a new Schedule A of recent open-market transactions.

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Available on EDGAR 08/13/2026 - 11:58 AM Accepted by SEC EDGAR 08/13/2026 - 11:58 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 38)

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)

08/12/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 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 14,675,673.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 14,675,673.00

11

Aggregate amount beneficially owned by each reporting person

14,675,673.00

12

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

13

Percent of class represented by amount in Row (11)

14.75 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 99,468,307 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/5/26.

SCHEDULE 13D

CUSIP Number(s): 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 14,675,673.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 14,675,673.00

11

Aggregate amount beneficially owned by each reporting person

14,675,673.00

12

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

13

Percent of class represented by amount in Row (11)

14.75 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 99,468,307 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/5/26.

SCHEDULE 13D

CUSIP Number(s): 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 14,675,673.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 14,675,673.00

11

Aggregate amount beneficially owned by each reporting person

14,675,673.00

12

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

13

Percent of class represented by amount in Row (11)

14.75 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 99,468,307 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/5/26.

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. 38 amends Items 3, 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 $218,160,029 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
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 99,468,307 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/5/26.
(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 8/3/26 by the Reporting Persons to 8/12/26, 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 25 - 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:	08/13/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/13/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/13/2026

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