BlackRock ESG Capital Allocation (ECAT) stake at 22.7% held by Saba

Rhea-AI Filing Summary

Saba Capital Management, its general partner, and Boaz R. Weinstein report beneficial ownership of 22,595,026 common shares of BlackRock ESG Capital Allocation Term Trust, equal to 22.72% of the fund’s outstanding stock. The percentage is based on 99,468,307 shares outstanding as of 12/31/25. The group states it has shared voting and dispositive power over all reported shares, held through funds and accounts it advises. Approximately $335,884,529 was paid to acquire these shares, funded by investor subscriptions, capital appreciation, and ordinary-course margin borrowings. All recent trades from 2/27/26 to 3/11/26 were executed in the open market, and the funds and accounts advised by Saba Capital are entitled to dividends and sale proceeds. This Amendment No. 30 updates Items 3, 5, and 7 of the prior Schedule 13D.

Insights

Fund ownership analyst

Saba Capital now controls 22.72% of BlackRock ESG Capital Allocation Term Trust through open-market purchases.

Saba Capital and related entities disclose beneficial ownership of 22,595,026 common shares of BlackRock ESG Capital Allocation Term Trust, representing 22.72% of shares outstanding as of 12/31/25. They report shared voting and dispositive power over the entire position.

The filing shows about $335,884,529 invested, funded by client subscriptions, capital appreciation, and routine margin borrowings. All recent transactions between 2/27/26 and 3/11/26 occurred in the open market. The funds and accounts advised by Saba Capital receive dividends and sale proceeds from these holdings.

This amendment, the 30th, primarily refreshes ownership levels and funding details in Items 3, 5, and 7. Subsequent company or ownership filings may further clarify any future changes in stake size or intentions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 30)

BlackRock ESG Capital Allocation Term Trust

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

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)

03/11/2026

(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 Number(s):

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 22,595,026.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,595,026.00

11

Aggregate amount beneficially owned by each reporting person

22,595,026.00

12

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

13

Percent of class represented by amount in Row (11)

22.72 %

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):

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 22,595,026.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,595,026.00

11

Aggregate amount beneficially owned by each reporting person

22,595,026.00

12

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

13

Percent of class represented by amount in Row (11)

22.72 %

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):

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 22,595,026.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,595,026.00

11

Aggregate amount beneficially owned by each reporting person

22,595,026.00

12

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

13

Percent of class represented by amount in Row (11)

22.72 %

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. 30 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 $335,884,529 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 2/27/26 by the Reporting Persons to 3/11/26, 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 17 - 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:	03/12/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	03/12/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	03/12/2026

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 did Saba Capital disclose about its stake in BlackRock ESG Capital Allocation Term Trust (ECAT)?

Saba Capital Management, its general partner, and Boaz R. Weinstein disclosed beneficial ownership of 22,595,026 common shares of BlackRock ESG Capital Allocation Term Trust, equal to 22.72% of outstanding shares, based on 99,468,307 shares reported outstanding as of December 31, 2025.

How many BlackRock ESG Capital Allocation Term Trust (ECAT) shares does Saba Capital own and what percentage is this?

Saba Capital and its related reporting persons beneficially own 22,595,026 common shares of BlackRock ESG Capital Allocation Term Trust. This holding represents 22.72% of the fund’s outstanding common stock, calculated using 99,468,307 shares outstanding as of December 31, 2025, from the issuer’s N-CSR.

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

Saba Capital reports paying a total of approximately $335,884,529 to acquire the BlackRock ESG Capital Allocation Term Trust common shares it beneficially owns. The funds came from investor subscription proceeds, capital appreciation on those investments, and ordinary-course margin borrowings secured by positions in the margin accounts.

What is the source of funds for Saba Capital’s BlackRock ESG Capital Allocation Term Trust investment?

The investment was funded by subscription proceeds from investors in Saba-managed funds and accounts, the capital appreciation on those investments, and margin account borrowings made in the ordinary course of business. Positions in the margin accounts serve as collateral for any debit balances that may arise over time.

How were recent ECAT share transactions by Saba Capital executed?

The filing states that all transactions in BlackRock ESG Capital Allocation Term Trust common shares from the prior amendment filed on February 27, 2026, through March 11, 2026, were executed in the open market. Specific trade details for this period are contained in Schedule A, referenced as Exhibit 17.

Who receives dividends and sale proceeds from Saba Capital’s ECAT holdings?

The funds and accounts advised by Saba Capital have the right to receive dividends and proceeds from any sales of BlackRock ESG Capital Allocation Term Trust common shares. Saba Capital acts as investment manager, with shared voting and dispositive power over the reported shares on behalf of these client vehicles.

What does Amendment No. 30 to Saba Capital’s ECAT Schedule 13D change?

Amendment No. 30 specifically updates Items 3, 5, and 7 of Saba Capital’s Schedule 13D on BlackRock ESG Capital Allocation Term Trust. It refreshes ownership percentages, funding sources, and exhibit references, reflecting recent open-market purchases and the current 22.72% beneficial ownership stake disclosed by the reporting persons.