ECAT: Saba Capital discloses 26.84M-share position in 13D/A

Rhea-AI Filing Summary

Saba Capital Management and its affiliates have significantly increased their stake in BlackRock ESG Capital Allocation Term Trust (ECAT). The amended Schedule 13D/A (Amendment No. 25) reports that Saba Capital, Saba Capital Management GP, LLC, and Boaz R. Weinstein collectively beneficially own 26,842,444 common shares, representing 27.02% of ECAT’s outstanding common stock, based on 99,345,793 shares outstanding as of 6/30/25.

The filing states that approximately $399,024,176 was paid to acquire the ECAT common shares, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings. All reported shares are held with shared voting and shared dispositive power, and the positions are owned by funds and accounts advised by Saba Capital, which are entitled to dividends and sale proceeds.

Insights

Closed-end fund & activism analyst

Saba now reports a 27.02% ECAT stake, signaling a major holder position.

Saba Capital, its general partner, and Boaz R. Weinstein collectively report beneficial ownership of 26,842,444 ECAT common shares, or 27.02% of the class, based on 99,345,793 shares outstanding as of 6/30/25. All of these shares are held with shared voting and shared dispositive power across funds and accounts advised by Saba Capital.

The filing notes that approximately $399,024,176 was paid to acquire the position, funded by investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings, with ECAT and other securities pledged in margin accounts. Item 4, which would describe a specific transaction purpose, is marked not applicable in this amendment, so the update focuses on ownership levels rather than a new stated agenda.

This is Amendment No. 25, indicating an actively updated position history. The disclosure that Saba-advised funds receive dividends and sale proceeds, and that recent trades within the sixty days prior to 11/24/25 were in the open market, helps clarify that this is a large, market-built stake whose ongoing evolution will be reflected in future ownership reports.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 25)

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)

11/24/2025

(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 26,842,444.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,842,444.00

11

Aggregate amount beneficially owned by each reporting person

26,842,444.00

12

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

13

Percent of class represented by amount in Row (11)

27.02 %

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 26,842,444.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,842,444.00

11

Aggregate amount beneficially owned by each reporting person

26,842,444.00

12

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

13

Percent of class represented by amount in Row (11)

27.02 %

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 26,842,444.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,842,444.00

11

Aggregate amount beneficially owned by each reporting person

26,842,444.00

12

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

13

Percent of class represented by amount in Row (11)

27.02 %

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. 25 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 $399,024,176 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 by the Reporting Persons within the past sixty days prior to 11/24/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(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 11 - 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:	11/25/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	11/25/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	11/25/2025

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

The filing reports that the Saba reporting group beneficially owns 26,842,444 ECAT common shares, representing 27.02% of the outstanding common stock based on 99,345,793 shares as of 6/30/25.

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

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, who are jointly filing as a group for ECAT common shares.

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

The filing states that a total of approximately $399,024,176 was paid to acquire the ECAT common shares beneficially owned by the Saba reporting group.

How was the purchase of ECAT shares funded by Saba Capital?

Funds for the ECAT purchases came from subscription proceeds from investors, capital appreciation, and margin account borrowings made in the ordinary course of business, with positions in the margin accounts pledged as collateral.

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

Each reporting person reports 0 shares with sole voting or dispositive power and 26,842,444 shares with shared voting and shared dispositive power.

What is the reference share count used to calculate Saba’s ECAT ownership percentage?

The 27.02% ownership figure is based on 99,345,793 ECAT common shares outstanding as of 6/30/25, as disclosed in the trust’s N-CSRS filed on 9/4/25.

Does this ECAT Schedule 13D/A amendment state a new purpose for Saba’s investment?

Item 4, which covers the purpose of transaction, is marked Not Applicable in this amendment, indicating no new purpose disclosure in this update.