Saba Capital Management, L.P. 4

What Happened
Saba Capital Management, L.P., reported as a 10% owner of BlackRock ESG Capital Allocation Term Trust (ECAT), sold a total of 272,613 shares in two dispositions: 102,837 shares on 2026-01-20 at $15.39 each ($1,582,661) and 169,776 shares on 2026-01-21 at $15.38 each ($2,611,155). Combined proceeds from the two sales were approximately $4,193,816. These were sales (dispositions), not purchases.

Key Details

• Transaction dates and prices:
  • 2026-01-20 — 102,837 shares at $15.39, proceeds $1,582,661
  • 2026-01-21 — 169,776 shares at $15.38, proceeds $2,611,155
• Total shares sold: 272,613; total proceeds ≈ $4,193,816.
• Transaction type: Dispositions (S) — open market or private sale as reported.
• Shares owned after the transaction: Not specified in the information provided.
• Footnotes/plan: No 10b5-1 plan, tax-withholding, or other special footnotes disclosed in the supplied data.
• Filing date: Form filed 2026-01-22 — appears to be timely relative to the trade dates.

Context
Saba Capital is an institutional 10% owner, not an individual executive; such institutional sales can reflect portfolio rebalancing or liquidity needs and do not necessarily signal a change in company fundamentals. For retail investors, purchases tend to be more informative of insider conviction than routine sales; this filing documents dispositions only.