Saba Capital holds 12.66% of BlackRock ECAT

Saba-related entities report a 12.66% beneficial stake in ECAT, with shared voting and dispositive power over 12.6 million common shares acquired for about $187 million.

Available on EDGAR 09/21/2026 - 03:38 PM EDT Accepted by SEC EDGAR 09/21/2026 - 03:36 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

BlackRock ESG Capital Allocation Term Trust (ECAT) is the subject of an amended Schedule 13D (Amendment No. 40) reporting that funds and accounts advised by Saba Capital Management, L.P. beneficially own 12,588,023 common shares, representing 12.66% of ECAT’s common shares outstanding as of June 30, 2026.

Saba Capital, Saba Capital Management GP, LLC and Boaz R. Weinstein report shared voting and dispositive power over all of these shares and no sole power. Approximately $187,126,237 was paid to acquire the reported position, funded by investor subscription proceeds, capital appreciation and ordinary-course margin borrowings. This amendment updates Items 3, 5 and 7 and incorporates recent open‑market transactions in Schedule A.

Key Figures

Beneficially owned shares: 12,588,023 shares Beneficial ownership percentage: 12.66% Shares outstanding baseline: 99,468,307 shares +5 more

8 metrics

Beneficially owned shares 12,588,023 shares Common shares of ECAT beneficially owned by each reporting person

Beneficial ownership percentage 12.66% Portion of ECAT common shares outstanding as of June 30, 2026

Shares outstanding baseline 99,468,307 shares ECAT common stock outstanding as of June 30, 2026 from N-CSRS

Total consideration paid $187,126,237 Approximate amount paid to acquire the reported ECAT common shares

Shared voting power 12,588,023 shares Shares over which each reporting person has shared voting power

Shared dispositive power 12,588,023 shares Shares over which each reporting person has shared dispositive power

Amendment number 40 This is Amendment No. 40 to the Schedule 13D on ECAT

Event date September 18, 2026 Date of the event requiring this Schedule 13D amendment

Key Terms

beneficial owner, shared voting power, shared dispositive power, margin account borrowings, +2 more

6 terms

beneficial owner regulatory

"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.

shared voting power regulatory

"Shared Voting Power 12,588,023.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power regulatory

"Shared Dispositive Power 12,588,023.00"

margin account borrowings financial

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

Schedule 13D regulatory

"previously filed a statement on Schedule 13D 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.

N-CSRS regulatory

"as disclosed in the company's N-CSRS filed 9/3/26"

FAQ

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

What percentage of BlackRock ESG Capital Allocation Term Trust (ECAT) does Saba Capital report owning?

Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein report beneficial ownership of 12.66% of ECAT’s common shares, based on 99,468,307 shares outstanding as of June 30, 2026, as disclosed in the company’s N‑CSRS filed September 3, 2026.

How many ECAT shares are beneficially owned by the Saba reporting group?

The reporting group beneficially owns 12,588,023 ECAT common shares. Each of Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein reports the same aggregate amount, with shared voting and shared dispositive power over these shares and no sole power.

How much did Saba-related entities pay to acquire their ECAT stake?

They state that a total of approximately $187,126,237 was paid to acquire the ECAT common shares reported. Funds came from investor subscription proceeds, capital appreciation thereon, and ordinary‑course margin account borrowings, with positions in the margin accounts pledged as collateral.

What is the source of funds for Saba’s investment in ECAT (symbol ECAT)?

The purchase of ECAT common shares was funded by subscription proceeds from investors, the capital appreciation on those investments, and margin account borrowings made in the ordinary course of business, with securities in the margin accounts pledged as collateral for any debit balances.

Do the Saba reporting persons have sole or shared voting power over ECAT shares?

Each reporting person discloses 0 shares with sole voting or dispositive power and 12,588,023 shares with shared voting power and shared dispositive power. Voting and disposition authority is therefore reported on a shared basis across the reporting group.

What period of ECAT trading activity is referenced in this Amendment No. 40?

The reporting persons state that transactions in ECAT common shares from the prior amendment filed on September 2, 2026 through September 18, 2026, the date of the event requiring this amendment, are listed in Schedule A, and that all such trades were effected in the open market.

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

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 40)

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)

09/18/2026

(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 12,588,023.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,588,023.00

11

Aggregate amount beneficially owned by each reporting person

12,588,023.00

12

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

13

Percent of class represented by amount in Row (11)

12.66 %

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 6/30/26, as disclosed in the company's N-CSRS filed 9/3/26.

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 12,588,023.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,588,023.00

11

Aggregate amount beneficially owned by each reporting person

12,588,023.00

12

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

13

Percent of class represented by amount in Row (11)

12.66 %

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 6/30/26, as disclosed in the company's N-CSRS filed 9/3/26.

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 12,588,023.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,588,023.00

11

Aggregate amount beneficially owned by each reporting person

12,588,023.00

12

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

13

Percent of class represented by amount in Row (11)

12.66 %

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 6/30/26, as disclosed in the company's N-CSRS filed 9/3/26.

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. 40 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 $187,126,237 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 6/30/26, as disclosed in the company's N-CSRS filed 9/3/26.
(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 9/2/26 by the Reporting Persons to 9/18/26, 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 27 - 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:	09/21/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/21/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/21/2026

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