# EDGAR Filing Document

**Accession Number:** 0001864843
**File Stem:** 0001193125-25-142075
**Filing Date:** 2025-6
**Character Count:** 6237
**Document Hash:** 353412782a4623165bc77630bcbeb859
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-142075.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001193125-25-142075

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**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:** 251053503

**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 ☐

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| | |
|:---|:---|
| Check the appropriate box: |  |
|  ☐ Preliminary Proxy Statement | ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
|  <br> ☐ Definitive Proxy Statement | ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
|  ☒ 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):

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| |
|:---|
|  ☒ 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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**Glass Lewis Recommends Shareholders Vote for ECAT Board Nominees and** 

**Against Saba's Proposal to Terminate BlackRock as Investment Adviser at Upcoming Annual Meeting** 

*Glass Lewis Recommends Shareholders Vote on the* ***<u>WHITE</u>*** *Proxy Card* 

*Proposal 1: Vote* ***<u>FOR</u>*** *All ECAT Board Nominees* 

*Proposal 2: Vote* ***<u>AGAINST</u>*** *Terminating BlackRock as ECAT Manager* 

June 17, 2025 – NEW YORK – BlackRock Advisors LLC ("BlackRock") announced today that Glass Lewis, a leading independent proxy advisory firm, recommended that shareholders vote on the **<u>WHITE</u>** proxy card **<u>FOR</u>** all of the Board nominees of BlackRock ESG Allocation Term Trust (NYSE: ECAT) (the "Fund") and **<u>AGAINST</u>** the proposal put forth by a dissident shareholder to terminate BlackRock as investment adviser ahead of the Fund's annual meeting on June 26, 2025.

In issuing its report, Glass Lewis rejected all of the nominees and the termination proposal put forth by the dissident, and recommended that shareholders do **<u>NOT</u>** vote on the dissident's gold proxy card.

Important statements by Glass Lewis in issuing its voting recommendation include<sup>1</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Put simply, if the fundamental aim is board-level responsiveness centered on enhanced value for shareholders, it seems difficult to argue incremental board turnover – much less near-complete reshaping in favor of nominees seeming to offer little in the way of relevant expertise and substantially no plan for the Trust – is well warranted here."* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"We continue to believe it is difficult to suggest the foregoing performance framework, cast against ECAT's relatively brief trading history (the fund was created in September 2021), is particularly consistent with the need to turn over the substantial entirety of the sitting board."* 

ECAT's Board of Trustees and BlackRock have continued to take shareholder-friendly actions to enhance long-term value, including increasing distribution rates significantly since inception and implementing discount management and share repurchase programs. As a result, ECAT was the top performing Fund in its peer group in 2023<sup>2</sup> and continues to deliver superior shareholder returns, outperforming its peers and benchmark<sup>3</sup>.

**VOTE FOR ALL BOARD NOMINEES AND AGAINST TERMINATION ON THE <u>WHITE</u> PROXY CARD TODAY** 

Only your latest dated proxy will count at the meeting. Please do **<u>NOT</u>** send back any proxy card other than the one you receive from BlackRock as this will cancel your prior vote for the Board nominees.

If you have already sent back a gold proxy card, you can still change your vote by **(1)** using the website provided on the **<u>WHITE</u>** proxy card; **(2)** calling the toll-free number provided on the **<u>WHITE</u>** proxy card; or **(3)** promptly completing, signing, dating and returning the **<u>WHITE</u>** proxy card. Any of these actions will replace the proxy card you previously completed.

If you have any questions about the nominees or proposal(s) to be voted on, please call Georgeson LLC, the firm assisting us in the solicitation of proxies, toll free at (866) 441-6128.

<sup>1</sup> Permission to use quotes was neither sought nor obtained.

<sup>2</sup> Morningstar data as of March 31, 2024.

<sup>3</sup> Morningstar data as of March 31, 2025. Reflects cumulative market price return. Peer group is comprised of funds in the Morningstar Closed-End Tactical Allocation category, excluding BlackRock funds.

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The Fund's letters, proxy statement and proxy card for the annual meeting of shareholders to be held on June 26, 2025 are available at <u>https://www.proxy-direct.com/blk-34442</u>. More information about ECAT may be found here: <u>https://www.blackrock.com/us/financial-professionals/investments/products/closed-end-funds/ecat</u>.

###

**Press Contact** 

Office: +1 646 310 0852

GroupCorpCommsAMRS@blackrock.com