Form 4: Saba Capital Management Reports Significant Sale of BlackRock California Municipal Income Trust Shares

Saba Capital Management, L.P. and Boaz Weinstein reported the sale of 25,849 shares of BlackRock California Municipal Income Trust common stock at $10.83 per share, reducing their beneficial ownership to 4,629,832 shares.

Summary

• Saba Capital Management, L.P. and Boaz Weinstein, identified as a 10% owner and director, reported a transaction involving BlackRock California Municipal Income Trust (BFZ).
• On July 9, 2025, 25,849 shares of common stock were disposed of through a sale.
• The shares were sold at a price of $10.83 per share.
• Following this transaction, Saba Capital Management, L.P. and Boaz Weinstein beneficially own 4,629,832 shares of common stock.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 4

Explanation: The document reports an insider sale by a 10% owner and director. While conducted under a pre-planned Rule 10b5-1 arrangement, which often indicates diversification or personal financial planning rather than a negative view on the company, insider sales can still be perceived neutrally to slightly negatively by the market.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Saba Capital Management, L.P. and Boaz Weinstein, identified as a 10% owner and director of BlackRock California Municipal Income Trust, sold 25,849 shares of the company's common stock.

Stakeholder Impact

• Shareholders may observe the insider sale, which, despite being pre-planned under Rule 10b5-1, could influence market sentiment regarding the stock.

Key Dates

Keywords

SEC Form 4, Insider Trading, Stock Sale, BFZ, BlackRock California Municipal Income Trust, Saba Capital Management, Boaz Weinstein, 10b5-1