Saba holds 25.97% of BlackRock ESG Capital Allocation Term Trust (ECAT)

Rhea-AI Filing Summary

Saba Capital Management and affiliates report a large position in BlackRock ESG Capital Allocation Term Trust. The Schedule 13D/A (Amendment No. 26) shows that Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein collectively beneficially own 25,798,288 common shares, representing 25.97% of the trust’s outstanding common shares, based on 99,345,793 shares outstanding as of 6/30/25. The filing states that approximately $383,502,360 was paid to acquire these shares, using investor subscription proceeds, related capital appreciation and margin borrowings in the ordinary course of business. The funds and accounts advised by Saba Capital are entitled to dividends and sale proceeds on the shares, and recent trading activity from 11/25/25 to 1/21/26 is listed in an attached schedule.

Insights

Closed-end fund governance analyst

Saba discloses a 25.97% economic stake in ECAT, signaling substantial influence potential.

The filing shows that Saba Capital Management, its general partner and Boaz R. Weinstein together report beneficial ownership of 25,798,288 common shares of BlackRock ESG Capital Allocation Term Trust, equal to 25.97% of shares outstanding as of 6/30/25. This level of ownership can be significant in a closed‑end fund context because it represents a sizeable voting bloc on matters that come before shareholders.

The disclosure notes that about $383,502,360 was paid to acquire the position, funded by investor capital, appreciation and margin borrowings, which indicates meaningful capital at work. The amendment updates Items 3, 5 and 7, including transaction detail in Schedule A from 11/25/25 through 1/21/26. While the filing lists the stake and funding sources, it states the purpose of transaction as not applicable, so any future governance or portfolio implications would depend on subsequent shareholder actions or additional disclosures.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 26)

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)

01/21/2026

(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 25,798,288.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 25,798,288.00

11

Aggregate amount beneficially owned by each reporting person

25,798,288.00

12

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

13

Percent of class represented by amount in Row (11)

25.97 %

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 25,798,288.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 25,798,288.00

11

Aggregate amount beneficially owned by each reporting person

25,798,288.00

12

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

13

Percent of class represented by amount in Row (11)

25.97 %

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 25,798,288.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 25,798,288.00

11

Aggregate amount beneficially owned by each reporting person

25,798,288.00

12

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

13

Percent of class represented by amount in Row (11)

25.97 %

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. 26 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 $383,502,360 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 99,345,793 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 11/25/25 by the Reporting Persons to 1/21/26, 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. Unless otherwise indicated, 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 12 - 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:	01/22/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	01/22/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	01/22/2026

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

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

The filing reports that Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein beneficially own 25,798,288 common shares of BlackRock ESG Capital Allocation Term Trust, representing 25.97% of the outstanding common shares based on 99,345,793 shares outstanding as of 6/30/25.

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

According to the filing, a total of approximately $383,502,360 was paid to acquire the common shares of BlackRock ESG Capital Allocation Term Trust reported in this Schedule 13D/A.

How were Saba Capital’s ECAT purchases funded?

The filing states that funds for purchasing ECAT common shares came from investor subscription proceeds, the capital appreciation on those investments, and margin account borrowings made in the ordinary course of business, with positions in the margin accounts pledged as collateral.

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 serves 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.

What is the significance of Amendment No. 26 to Saba’s ECAT Schedule 13D?

Amendment No. 26 specifically amends Items 3, 5 and 7, updating the source and amount of funds, the interest in ECAT securities, and attaching Schedule A, which lists transactions in ECAT common shares from 11/25/25 through 1/21/26.

Do Saba Capital and its clients receive dividends and sale proceeds from their ECAT shares?

Yes. The filing explains that the funds and accounts advised by Saba Capital have the right to receive dividends and proceeds of sales from the ECAT common shares reported in the Schedule 13D/A.

What is the date of the event that triggered this ECAT Schedule 13D/A filing?

The date of the event requiring this Schedule 13D/A amendment for BlackRock ESG Capital Allocation Term Trust (ECAT) is listed as 01/21/2026.