Saba reports 16.96% stake in BlackRock ECAT

Rhea-AI Filing Summary

Saba Capital Management, Saba Capital Management GP and Boaz R. Weinstein jointly report beneficial ownership of 16,865,321 common shares of BlackRock ESG Capital Allocation Term Trust, representing 16.96% of the outstanding shares based on 99,468,307 shares outstanding as of December 31, 2025.

The reporting persons state that approximately $250,710,064 was paid to acquire these shares, using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings, with margin accounts pledging portfolio securities as collateral. They also report open-market transactions in the shares between June 29, 2026 and July 20, 2026, the date that triggered this amendment.

Filing Explained

The amendment confirms shared voting and disposition authority over 16,865,321 shares while stating no transaction purpose or securities contracts.

As an amended Schedule 13D ownership report for a holder above 5%, this filing updates Items 3, 5, and 7 after the July 20, 2026 event; the reporting persons disclose shared voting and shared dispositive power over 16,865,321 common shares.

In plain terms, the three named reporting persons report a shared block rather than separate sole voting or disposition positions: each lists zero sole power and 16,865,321 shared power.

Item 4 states that the purpose of the transaction is not applicable, and Item 6 states that related contracts, arrangements, understandings, or relationships are not applicable; the filing therefore does not state a transaction purpose or securities contract in those items.

The funds and accounts advised by Saba Capital are reported as having the right to receive dividends and sale proceeds from the shares.

Key Figures

Beneficial ownership: 16,865,321 common shares Percent of class: 16.96% Shares outstanding: 99,468,307 shares +3 more

6 metrics

Beneficial ownership 16,865,321 common shares Shares of BlackRock ESG Capital Allocation Term Trust reported as beneficially owned by the reporting persons

Percent of class 16.96% Ownership percentage based on 99,468,307 ECAT shares outstanding as of December 31, 2025

Shares outstanding 99,468,307 shares ECAT common shares outstanding as of December 31, 2025, cited from the issuer’s N-CSR

Aggregate purchase cost $250,710,064 Approximate total amount paid to acquire the ECAT common shares reported

Event date 07/20/2026 Date of the event requiring the filing of this Schedule 13D/A amendment

Amendment number 36 This filing is identified as Amendment No. 36 to the Schedule 13D

Key Terms

beneficial owner, margin account borrowings, dispositive power, open market, +1 more

5 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.

margin account borrowings financial

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

dispositive power regulatory

"sole or shared power to dispose or to direct the disposition"

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.

open market market

"All trades were effected in the open market"

An open market is a system where buying and selling of goods, services, or financial assets happen freely without restrictions or special controls. For investors, it means they can trade assets easily and quickly, which helps determine fair prices based on supply and demand. This environment encourages transparency and competition, making it easier to buy or sell with confidence.

subscription proceeds financial

"Funds for the purchase of the Common Shares were derived from the subscription proceeds"

FAQ

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

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

The reporting group discloses beneficial ownership of 16.96% of BlackRock ESG Capital Allocation Term Trust (ECAT), based on 99,468,307 shares outstanding as of December 31, 2025, as referenced from the issuer’s N-CSR filed on March 5, 2026.

How many ECAT shares does Saba Capital report beneficially owning?

The reporting persons state they beneficially own 16,865,321 common shares of BlackRock ESG Capital Allocation Term Trust (ECAT). This total reflects shares over which they have shared voting and shared dispositive power, with no sole voting or dispositive power reported.

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

They report paying a total of approximately $250,710,064 to acquire the ECAT common shares. The funds came from investor subscription proceeds, capital appreciation and margin account borrowings made in the ordinary course of business, with portfolio securities pledged as collateral.

Who are the reporting persons in the ECAT Schedule 13D/A amendment?

The amendment is jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba Capital acts as investment manager, Saba GP as general partner, and Mr. Weinstein is the managing member of the general partner of Saba Capital.

How was Saba’s ECAT ownership percentage calculated and as of what date?

The 16.96% ownership figure is calculated using 99,468,307 ECAT common shares outstanding as of December 31, 2025. That outstanding share count is cited from BlackRock ESG Capital Allocation Term Trust’s N-CSR filed on March 5, 2026.

What trading activity in ECAT shares does Saba Capital report for this amendment period?

They reference transactions in ECAT common shares from June 29, 2026 through July 20, 2026, the event date for this amendment. All trades in this period were executed in the open market and are detailed in Schedule A, which is incorporated by reference.

What are the sources of funds for Saba Capital’s ECAT investment?

Funds for purchasing ECAT shares came from subscription proceeds from investors, capital appreciation in the funds, and margin account borrowings in the ordinary course. Securities in the margin accounts, including ECAT, serve as collateral for any debit balances.

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

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Available on EDGAR 07/22/2026 - 06:10 PM Accepted by SEC EDGAR 07/22/2026 - 06:10 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. 36)

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)

07/20/2026

(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 16,865,321.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 16,865,321.00

11

Aggregate amount beneficially owned by each reporting person

16,865,321.00

12

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

13

Percent of class represented by amount in Row (11)

16.96 %

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 16,865,321.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 16,865,321.00

11

Aggregate amount beneficially owned by each reporting person

16,865,321.00

12

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

13

Percent of class represented by amount in Row (11)

16.96 %

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 16,865,321.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 16,865,321.00

11

Aggregate amount beneficially owned by each reporting person

16,865,321.00

12

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

13

Percent of class represented by amount in Row (11)

16.96 %

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. 36 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 $250,710,064 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 6/29/26 by the Reporting Persons to 7/20/26, 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 23 - 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:	07/22/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	07/22/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	07/22/2026

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