Saba boosts BlackRock ESG Capital Allocation (NYSE: ECAT) stake to 24.84%

Rhea-AI Filing Summary

Saba Capital Management and affiliates report a significant ownership position in BlackRock ESG Capital Allocation Term Trust. They disclose beneficial ownership of 24,673,318 common shares, representing 24.84% of the fund’s outstanding shares, based on 99,345,793 shares outstanding as of June 30, 2025.

The filing, Amendment No. 27 to a Schedule 13D, is jointly made by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. All reported shares are held with shared voting and dispositive power through funds and accounts advised by Saba Capital.

Saba states that approximately $366,779,210 was paid to acquire these shares, using investor subscription proceeds, capital appreciation and margin borrowings in the ordinary course, with all recent trades executed in the open market. The amendment specifically updates information on funding, ownership details and the transaction schedule.

Insights

Closed-end fund and activism analyst

Saba now controls 24.84% of ECAT, signaling a major holder position but no stated new agenda.

The filing shows Saba Capital and related entities beneficially own 24,673,318 common shares of BlackRock ESG Capital Allocation Term Trust, or 24.84% of shares outstanding as of June 30, 2025. All voting and dispositive powers are reported as shared across the reporting persons.

Roughly $366,779,210 was paid to acquire these shares, funded by investor subscriptions, capital appreciation and ordinary-course margin borrowings. The amendment updates ownership and transaction details but states the purpose of transaction as not applicable, so no explicit new strategic or governance objective is disclosed here.

The disclosure that all recent trades were executed in the open market from the prior amendment date through February 4, 2026 indicates ongoing accumulation or adjustment via market purchases. Future company communications and subsequent ownership filings may provide more clarity on any intentions associated with this sizable position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 27)

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)

02/04/2026

(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 24,673,318.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 24,673,318.00

11

Aggregate amount beneficially owned by each reporting person

24,673,318.00

12

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

13

Percent of class represented by amount in Row (11)

24.84 %

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 24,673,318.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 24,673,318.00

11

Aggregate amount beneficially owned by each reporting person

24,673,318.00

12

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

13

Percent of class represented by amount in Row (11)

24.84 %

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 24,673,318.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 24,673,318.00

11

Aggregate amount beneficially owned by each reporting person

24,673,318.00

12

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

13

Percent of class represented by amount in Row (11)

24.84 %

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. 27 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 $366,779,210 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 1/22/26 by the Reporting Persons to 2/4/26, 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 13 - 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:	02/05/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	02/05/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	02/05/2026

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

Saba Capital and affiliated reporting persons disclose beneficial ownership of 24,673,318 common shares of BlackRock ESG Capital Allocation Term Trust, representing 24.84% of outstanding shares, based on 99,345,793 shares outstanding as of June 30, 2025, per the issuer’s N-CSRS filing.

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

The reporting persons state they paid a total of approximately $366,779,210 to acquire the ECAT common shares reported in this Schedule 13D/A amendment. Funding came from investor subscription proceeds, capital appreciation on those investments, and ordinary-course margin borrowings secured by positions in the margin accounts.

Who are the reporting persons in the ECAT Schedule 13D/A Amendment No. 27?

The amendment is jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and individual reporting person Boaz R. Weinstein. They collectively refer to themselves as the reporting persons and disclaim that the filing should be construed as an admission of beneficial ownership for purposes of Section 13.

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

Each reporting person lists zero sole voting and dispositive power, and shared voting and shared dispositive power over 24,673,318 ECAT common shares. These powers are exercised through funds and accounts advised by Saba Capital, which also have the right to receive dividends and sale proceeds.

How were recent ECAT trades by Saba Capital executed according to the filing?

The filing explains that all transactions in ECAT common shares from the prior amendment dated January 22, 2026, through February 4, 2026, were executed in the open market. Specific trade details for this period are included in Schedule A, which is incorporated by reference as an exhibit.

What does Amendment No. 27 to Saba’s ECAT Schedule 13D change?

Amendment No. 27 specifically updates Items 3, 5, and 7. These sections address the source and amount of funds used to acquire ECAT shares, the reporting persons’ current beneficial ownership and related powers, and the exhibit list, including Schedule A with recent transaction details.