Saba reports 18.03% stake in BlackRock ESG Capital Allocation Term Trust (ECAT)

Rhea-AI Filing Summary

Saba Capital Management and affiliates have filed Amendment No. 35 to their Schedule 13D on BlackRock ESG Capital Allocation Term Trust (ECAT). The group reports beneficial ownership of 17,930,744 common shares, representing 18.03% of the trust’s outstanding common stock based on 99,468,307 shares as of 12/31/25.

Saba Capital, its general partner Saba Capital Management GP, LLC, and Boaz R. Weinstein share voting and dispositive power over these shares, with no sole voting or dispositive authority reported. Approximately $266,548,023 was paid to acquire the position, funded by investor subscription proceeds, related appreciation, and ordinary-course margin borrowings. All recent trades referenced were executed in the open market.

Insights

Activist ownership analyst

Saba reports an 18.03% stake in ECAT, signaling a large, coordinated holder.

Saba Capital, its general partner, and Boaz R. Weinstein jointly report beneficial ownership of 17,930,744 ECAT shares, equal to 18.03% of the common stock based on 99,468,307 shares outstanding as of 12/31/25. All voting and dispositive power is reported as shared rather than sole.

The filing notes approximately $266,548,023 was paid to acquire this position, funded by investor subscriptions, capital appreciation, and ordinary-course margin borrowings secured by portfolio holdings. Recent transactions from the prior amendment dated 6/3/26 through 6/25/26 were executed in the open market, with details listed in an attached schedule.

This amendment mainly updates ownership and funding details and confirms that the reporting persons have not been subject to recent criminal or civil securities proceedings. Future filings or public communications would be needed to understand any strategic intentions, as the purpose-of-transaction section is marked not applicable in this amendment.

Key Figures

Beneficially owned shares: 17,930,744 shares Ownership percentage: 18.03% Shares outstanding baseline: 99,468,307 shares +3 more

6 metrics

Beneficially owned shares 17,930,744 shares Common shares of ECAT reported by Saba Capital group

Ownership percentage 18.03% Portion of ECAT common stock beneficially owned based on 12/31/25 shares outstanding

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

Total acquisition cost $266,548,023 Approximate amount paid to acquire reported ECAT shares

Amendment number Amendment No. 35 Number of this Schedule 13D amendment on ECAT

Date of event 06/25/2026 Date of event triggering this Schedule 13D/A filing

Key Terms

beneficial owner, Schedule 13D, margin account borrowings, dispositive power, +1 more

5 terms

beneficial owner financial

"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"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this"

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.

margin account borrowings financial

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

dispositive power financial

"Sole Dispositive Power 0.00 10 | Shared Dispositive Power 17,930,744.00"

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.

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Available on EDGAR 06/29/2026 - 06:05 PM Accepted by SEC EDGAR 06/29/2026 - 06:04 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. 35)

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)

06/25/2026

(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 17,930,744.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,930,744.00

11

Aggregate amount beneficially owned by each reporting person

17,930,744.00

12

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

13

Percent of class represented by amount in Row (11)

18.03 %

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 17,930,744.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,930,744.00

11

Aggregate amount beneficially owned by each reporting person

17,930,744.00

12

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

13

Percent of class represented by amount in Row (11)

18.03 %

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 17,930,744.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,930,744.00

11

Aggregate amount beneficially owned by each reporting person

17,930,744.00

12

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

13

Percent of class represented by amount in Row (11)

18.03 %

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. 35 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 $266,548,023 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 6/3/26 by the Reporting Persons to 6/25/26, 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 22 - 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:	06/29/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	06/29/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	06/29/2026

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 stake does Saba Capital report in BlackRock ESG Capital Allocation Term Trust (ECAT)?

Saba Capital and related reporting persons disclose beneficial ownership of 17,930,744 ECAT common shares, representing 18.03% of the trust’s outstanding stock. This percentage is calculated using 99,468,307 shares outstanding as of 12/31/25, as disclosed in the issuer’s N-CSR.

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

The filing states that Saba Capital and related entities paid a total of approximately $266,548,023 to acquire the ECAT common shares reported. Funds came from investor subscription proceeds, capital appreciation on those investments, and ordinary-course margin account borrowings secured by portfolio securities.

How is voting and dispositive power over ECAT shares allocated for Saba Capital?

The reporting persons disclose zero sole voting and dispositive power and 17,930,744 shares of shared voting and shared dispositive power. This means decisions to vote or sell the ECAT shares are made collectively under shared authority rather than by any single reporting person alone.

What share count did Saba Capital use to calculate its 18.03% ECAT ownership?

The 18.03% ownership figure is based on 99,468,307 ECAT common shares outstanding as of 12/31/25. That outstanding share count comes from the issuer’s N-CSR filed on 3/5/26, which the reporting persons cite as the basis for their percentage calculation.

Did Saba Capital’s ECAT trades occur in the open market?

Yes. The filing explains that all ECAT common share transactions by the reporting persons from the prior amendment on 6/3/26 through 6/25/26 were effected in the open market. Individual trade details for this period are included in Schedule A, referenced as an exhibit.

What is the purpose of Saba Capital’s ECAT Schedule 13D/A Amendment No. 35?

This amendment mainly updates Items 3, 5, and 7, covering funding sources, interest in the securities, and exhibits. The purpose-of-transaction section is marked not applicable, so the filing focuses on ownership levels, trade history, and how the position was financed rather than announcing a new strategic action.