# EDGAR Filing Document

**Accession Number:** 0001864843
**File Stem:** 0001193125-25-133593
**Filing Date:** 2025-6
**Character Count:** 9652
**Document Hash:** d5ff53bafd670a054780877560c63603
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133593.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001193125-25-133593

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ESG Capital Allocation Term Trust
- **CENTRAL INDEX KEY:** 0001864843

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-23701
- **FILM NUMBER:** 251017056

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** (800) 882-0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock ESG Capital Allocation Trust
- **DATE OF NAME CHANGE:** 20210527

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14A INFORMATION** 

**Proxy Statement Pursuant to Section 14(a) of the** 

**Securities Exchange Act of 1934** 

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))** 

☐ Definitive Proxy Statement

☒ Definitive Additional Materials

☐ Soliciting Material Pursuant to § 240.14a-12

**BLACKROCK ESG CAPITAL ALLOCATION TERM TRUST** 

**(Name of Registrant as Specified In Its Charter)** 

**(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)** 

Payment of Filing Fee (Check the appropriate box):

☒ No fee required.

☐ Fee paid previously with preliminary materials.

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

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![LOGO](g23068dsp002.jpg)

PrivConf_BlackRock_ECAT Letter 5_FINAL_124073899.1_ -.pdf Your vote matters BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) ECAT offers shareholders enhanced liquidity options Monthly Annually At Term You receive monthly We take actions to support You can choose to receive distributions the share price and have the full value of your ECAT committed to an annual investment at net asset A holder of 1,000 ECAT shares discount management value in 2033 has received $6,560 in program distributions since inception1 Your ECAT investment has grown ~200% more than its peers since 20232 Growth of $10,000 $18,000 $16,000 $16,720 $14,000 $12,000 $13,590 $10,000 $8,000 ECAT Peer Median This year, a hedge fund is attempting to replace your Board and BlackRock as manager. Vote on the enclosed WHITE card today to protect your investment: Proposal 1: vote "FOR" your Class I, Class II and Class III Board Member Nominees Proposal 2: vote "AGAINST" the proposal to terminate BlackRock as your manager TX] 23068-002 02Jun25 17:38 Page 2 1BlackRock data as of March 7, 2025. A portion of the distribution rate includes a return of capital. A return of capital distribution may involve a return of the shareholder's original investment; 2 Morningstar data as of March 7, 2025. Chart reflects cumulative market price return since January 1, 2023. Peer group data reflects the median of the Morningstar Closed-End Tactical Allocation category, excluding BlackRock funds.

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![LOGO](g23068dsp003.jpg)

THIS VOTING INSTRUCTION FORM IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING "FOR" PROPOSAL 1 AND "AGAINST" PROPOSAL 2. 1. To Elect the Class I, Class II and Class III Board Member Nominees. Against Abstain 1a. Cynthia L. Egan (Class I) 1b. Lorenzo A. Flores (Class I) 1c. Stayce D. Harris (Class I) 1d. Catherine A. Lynch (Class I) 1e. R. Glenn Hubbard (Class II) 1f. W. Carl Kester (Class II) 1g. John M. Perlowski (Class II) 1h. Robert Fairbairn (Class III) 1i. J. Phillip Holloman (Class III) 1j. Arthur P. Steinmetz (Class III) For stain 2. If properly presented at the meeting, a proposal submitted by a hedge fund managed by Saba Capital Management, L.P. to terminate the investment management agreement between the Trust and BlackRock Advisors, LLC. Voting is simple Vote online Vote by phone Vote by mail By scanning the QR code or By calling number on your By completing and returning using the website provided on enclosed WHITE proxy card your enclosed WHITE your enclosed WHITE proxy or using the ProxyVote app proxy card in the postage card paid envelope provided ! ONLY RETURN THE WHITE PROXY CARD YOU RECEIVE ON BEHALF OF BLACKROCK If you have already sent back a proxy card received from another shareholder, you can still change your vote by promptly voting on the WHITE proxy card, which will replace the proxy card you previously completed. ? If you have any questions about the proposals to be voted, please feel free to contact Georgeson LLC, toll free at 1-866-441-6128

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![LOGO](g23068dsp004.jpg)

The Fund has adopted a managed distribution plan (the "Plan") to support a level monthly distribution of income, capital gains and/or return of capital. The fixed amounts distributed per share are subject to change at the discretion of the Board. Under its Plan, the Fund will distribute all available net income to its shareholders, consistent with its investment objectives and as required by the Internal Revenue Code of 1986, as amended (the "Code"). If sufficient income (inclusive of net investment income and short-term capital gains) is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return capital to its shareholders in order to maintain a level distribution. The Fund's estimated sources of the distribution paid this month and for its current fiscal year are as follows: Estimated Allocations as of April 30, 20251 Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital $0.303590 $0.020000 (7%) $0 (0%) $0 (0%) $0.283590 (93%) Estimated Allocations for the Fiscal Year through April 30, 20251 Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital $1.224230 $0.037283 (3%) $0 (0%) $0 (0%) $1.186947 (97%) 1 The Fund estimates that it has distributed more than its income and net-realized capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income." When distributions exceed total return performance, the difference will reduce the Fund's NAV per share. The amounts and sources of distributions reported are only estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Fund Performance and Distribution Rate Information\* Average annual total return (in relation to NAV) Annualized current distribution rate expressed as Cumulative total return (in relation to NAV) for Cumulative fiscal year distributions as a for the 5-year period ending on 3/31/2025 a percentage of NAV as of 3/31/2025 the fiscal year through 3/31/2025 percentage of NAV as of 3/31/2025 5.70% 22.39% (2.06)% 5.66% \* The Fund launched within the past 5 years; the performance and distribution rate information presented for the Fund reflects data from inception to 3/31/2025. Important information about the Fund This material is not an advertisement and is intended for existing shareholder use only. This document and the information contained herein relates solely to BlackRock ESG Capital Allocation Term Trust (ECAT). The information contained herein does not relate to, and is not relevant to, any other fund or product sponsored or distributed by BlackRock or any of its affiliates. This document is not an offer to sell any securities and is not a solicitation of an offer to buy any securities. Common shares for the closed-end fund identified above are only available for purchase and sale at current market price on a stock exchange. A closed-end fund's dividend yield, market price and net asset value (NAV) will fluctuate with market conditions. The information for this Fund is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and NAV of a fund's shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount.© 2025 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc., or its affiliates. All other trademarks are those of their respective owners. June 2025 \| BlackRock 23068 ESG Capital -002 Allocation Term Trust (ECAT) Not FDIC Insured • May Lose Value • No Bank Guarantee ECAT_2025_FL5