Saba Capital reports 22.57% stake in ECAT

Saba Capital Management and related parties report beneficial ownership of 22,451,311 common shares of BlackRock ESG Capital Allocation Term Trust, equal to 22.57% of the fund’s outstanding shares.

Rhea-AI Filing Summary

Saba Capital Management and related parties report beneficial ownership of 22,451,311 common shares of BlackRock ESG Capital Allocation Term Trust, equal to 22.57% of the fund’s outstanding shares. The percentage is based on 99,468,307 shares outstanding as of 12/31/25, as disclosed in the trust’s N-CSR.

Saba reports paying approximately $333,748,145 in total to acquire the common shares, using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings. The filing also describes a conditional agreement to withdraw Saba’s nomination of Lawrence Epstein as a Class I board nominee, which depends on there being no more than nine seats up for election at the 2026 annual shareholder meeting and no board changes that disadvantage Saba’s nominated slate.

Insights

Governance and activism analyst

Saba discloses a 22.57% stake in ECAT and ties it to conditional board-nomination terms.

Saba Capital and related reporting persons disclose beneficial ownership of 22,451,311 common shares of BlackRock ESG Capital Allocation Term Trust, equaling 22.57% based on 99,468,307 shares outstanding as of 12/31/25. They report paying about $333,748,145 to build this position using fund capital and margin.

The filing also details a conditional agreement by Saba Capital Master Fund, Ltd. to withdraw the nomination of Lawrence Epstein as a Class I director candidate. The withdrawal applies only if no more than nine board seats are up for election and the board is not expanded, reclassified, or otherwise altered in ways that disadvantage Saba’s slate.

This combination of a sizable stake and conditional nomination terms highlights active engagement with the closed-end fund’s governance. Future company communications around the 2026 annual shareholder meeting may further clarify how the board composition and Saba’s nominations ultimately evolve.

FAQ

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

How large is Saba Capital’s stake in BlackRock ESG Capital Allocation Term Trust (ECAT)?

Saba Capital and affiliated reporting persons beneficially own 22,451,311 ECAT common shares, representing 22.57% of the fund’s outstanding shares. This percentage is calculated using 99,468,307 shares outstanding as of December 31, 2025, from the fund’s N-CSR filing.

How much did Saba Capital pay to acquire its ECAT position?

Saba reports paying approximately $333,748,145 in total to acquire the ECAT common shares covered in this filing. The funds came from investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings secured by positions in margin accounts.

What voting and dispositive power does Saba Capital report over ECAT shares?

The reporting persons disclose shared voting power over 22,451,311 ECAT shares and shared dispositive power over the same amount, with no sole voting or sole dispositive power. This means decisions to vote or sell these shares are made collectively under their arrangements.

What board nomination change does Saba Capital describe in this ECAT Schedule 13D/A?

Saba Capital Master Fund, Ltd. agreed to conditionally withdraw its nomination of Lawrence Epstein as a Class I director nominee. The withdrawal applies only if no more than nine board seats are up for election and the board is not changed in ways that disadvantage Saba’s slate.

How is Saba Capital’s ECAT ownership percentage calculated in this filing?

The filing states that the 22.57% ownership figure is based on 99,468,307 ECAT common shares outstanding as of December 31, 2025. That share count comes from the trust’s N-CSR filed on March 5, 2026, which the reporting persons cite as the benchmark.

Who are the reporting persons in Saba Capital’s ECAT Schedule 13D/A?

The joint filers are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba serves as investment manager to various funds, Saba GP is its general partner, and Mr. Weinstein is the managing member of the general partner.

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

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Accepted by SEC EDGAR 03/18/2026 - 01:13 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. 31)

BlackRock ESG Capital Allocation Term Trust

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

(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)

03/16/2026

(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 No.

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 22,451,311.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,451,311.00

11

Aggregate amount beneficially owned by each reporting person

22,451,311.00

12

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

13

Percent of class represented by amount in Row (11)

22.57 %

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 No.

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 22,451,311.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,451,311.00

11

Aggregate amount beneficially owned by each reporting person

22,451,311.00

12

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

13

Percent of class represented by amount in Row (11)

22.57 %

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 No.

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 22,451,311.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,451,311.00

11

Aggregate amount beneficially owned by each reporting person

22,451,311.00

12

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

13

Percent of class represented by amount in Row (11)

22.57 %

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. 31 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 $333,748,145 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	On March 16, 2026, Saba Capital Master Fund, Ltd. ("Saba") agreed to conditionally withdraw its proposed nomination of Lawrence Epstein as a Class I Nominee. The withdrawal of Mr. Epstein is subject to and conditioned upon there being no more than nine seats up for election at the Issuer's 2026 annual meeting of shareholders. Should the Issuer expand its Board, shuffle its Board classes, claim any of Saba's other nominees are invalid, or maneuver its Board in a way that disadvantages or mitigates the slate validly nominated by Saba, Mr. Epstein's nomination shall not be deemed withdrawn. If Mr. Epstein's nomination is withdrawn, the Nominee Agreement entered into by Mr. Epstein and Saba Capital will terminate 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 99,468,307 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 3/12/26 by the Reporting Persons to 3/16/26, 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 18 - 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:	03/18/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	03/18/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	03/18/2026

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