Saba Capital reports 20.3% ECAT stake in BlackRock ESG Term Trust (NYSE: ECAT)

Rhea-AI Filing Summary

Saba Capital Management and related parties filed Amendment No. 33 to their Schedule 13D on BlackRock ESG Capital Allocation Term Trust. They report beneficial ownership of 20,188,874 Common Shares, representing 20.3% of the outstanding shares, based on 99,468,307 shares outstanding as of 12/31/25.

Saba’s funds and accounts paid approximately $300,116,072 in total to acquire these shares, using investor subscription proceeds, related capital appreciation, and ordinary-course margin borrowings. All recent trades from 4/27/26 through 5/8/26 were executed in the open market, and Saba-advised funds are entitled to dividends and sale proceeds on the shares.

Insights

Closed-end fund governance analyst

Saba discloses a sizable 20.3% stake in ECAT.

Saba Capital and affiliates report owning 20,188,874 Common Shares of BlackRock ESG Capital Allocation Term Trust, equal to 20.3% of shares outstanding as of 12/31/25. The filing updates prior Schedule 13D disclosures with new ownership and funding details.

The total cost basis of about $300,116,072 reflects substantial capital committed via investor subscriptions, appreciation, and margin borrowings. All recent trades between 4/27/26 and 5/8/26 were open-market transactions, indicating position adjustments rather than a single block transaction.

The filing confirms that funds and accounts advised by Saba Capital receive dividends and sale proceeds on these shares. Future company and shareholder communications may clarify how this large ownership position influences voting outcomes and any interactions regarding the trust’s capital allocation or term structure.

Key Figures

Beneficial ownership: 20,188,874 Common Shares Ownership percentage: 20.3% Outstanding shares baseline: 99,468,307 shares +5 more

8 metrics

Beneficial ownership 20,188,874 Common Shares Shares beneficially owned by each reporting person

Ownership percentage 20.3% Percent of ECAT Common Shares outstanding as of 12/31/25

Outstanding shares baseline 99,468,307 shares ECAT Common Shares outstanding as of 12/31/25 from N-CSR

Total acquisition cost $300,116,072 Approximate total paid to acquire the reported Common Shares

Shared voting power 20,188,874 shares Shares over which reporting persons share voting power

Shared dispositive power 20,188,874 shares Shares over which reporting persons share dispositive power

Amendment number 33 Amendment No. 33 to Schedule 13D

Event date 05/08/2026 Date of event requiring the Schedule 13D/A filing

Key Terms

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

6 terms

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G 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 amount beneficially owned by each reporting person 20,188,874.00"

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.

margin account borrowings financial

"and margin account borrowings made in the ordinary course of business."

dispositive power financial

"Shared Dispositive Power 20,188,874.00"

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.

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.

Common Shares financial

"A total of approximately $300,116,072 was paid to acquire the Common Shares reported herein."

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 33)

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)

05/08/2026

(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 20,188,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,188,874.00

11

Aggregate amount beneficially owned by each reporting person

20,188,874.00

12

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

13

Percent of class represented by amount in Row (11)

20.3 %

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 20,188,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,188,874.00

11

Aggregate amount beneficially owned by each reporting person

20,188,874.00

12

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

13

Percent of class represented by amount in Row (11)

20.3 %

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 20,188,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,188,874.00

11

Aggregate amount beneficially owned by each reporting person

20,188,874.00

12

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

13

Percent of class represented by amount in Row (11)

20.3 %

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. 33 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 $300,116,072 was paid to acquire the Common Shares reported herein.
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 4/27/26 by the Reporting Persons to 5/8/26, 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 7.	Material to be Filed as Exhibits.
	Exhibit 20 - 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:	05/11/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	05/11/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	05/11/2026

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

FAQ

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

Saba Capital and related reporting persons beneficially own 20,188,874 Common Shares of BlackRock ESG Capital Allocation Term Trust, representing 20.3% of the outstanding shares. This percentage is based on 99,468,307 shares outstanding as of December 31, 2025, from the trust’s N-CSR filing.

How much did Saba Capital pay to acquire its ECAT Common Shares?

Saba Capital’s funds and accounts paid approximately $300,116,072 in total to acquire the ECAT Common Shares. The money came from investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings, with the positions in margin accounts pledged as collateral for any debit balances.

What percentage ownership basis did Saba Capital use for its ECAT Schedule 13D/A?

The reported 20.3% ownership of ECAT is calculated using 99,468,307 Common Shares outstanding as of December 31, 2025. That share count comes from the trust’s N-CSR filed March 5, 2026, and serves as the denominator for the Schedule 13D/A ownership percentages.

How does Saba Capital hold and trade its ECAT Common Shares?

Saba Capital advises funds and accounts that hold ECAT Common Shares, with the funds entitled to dividends and sale proceeds. Some shares are held in margin accounts, where the positions are pledged as collateral. Recent trades between April 27 and May 8, 2026, occurred in the open market.

Who are the reporting persons in this ECAT Schedule 13D/A Amendment No. 33?

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 Saba Capital’s general partner.

What voting and dispositive powers does Saba report over ECAT shares?

The reporting persons disclose shared voting power over 20,188,874 Common Shares and shared dispositive power over the same amount. They report no sole voting or sole dispositive power. This shared authority reflects how the Saba-advised funds and accounts control voting and disposition decisions collectively.