BFZ BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST Insider Trading

Saba Capital sells 136,042 BFZ shares at $10.69; holds 3.11M shares post-sale

Saba Capital Management executed a sale of 136,042 shares on 2025-09-08 at $10.69, representing a -4.2% reduction from its prior 3.24M share position. This is the third consecutive sale at BFZ within three days (prior sales on 2025-09-05 and 2025-09-04), suggesting a deliberate unwinding rather than a single-event transaction. The current price of $10.75 is -11.9% from the 52-week high and trading in the lower half of the 52-week range of $10.20–$12.20. Across Saba's open-market history, the insider's cross-ticker track record shows 11 prior buys and 9 prior sells, indicating a balanced approach; however, no prior sells at BFZ have reached measurable 90-day outcomes yet, so this pattern of three consecutive sales lacks precedent in the same-ticker record for outcome validation.

Saba Capital Management (10% owner) sold 367,416 shares of BFZ for $3,881,500.97; holdings reduced from 3.61M to 3.24M shares.

Saba Capital Management executed 2 separate sales totaling 367,416 shares for $3,881,500.97 at a blended average price of $10.56 on September 4–5, 2025, reducing its stake by 10.2% to 3,243,450 shares. The current price of $10.70 is 12.3% below the 52-week high of $12.20, placing the sale near the lower end of the annual range. Across the insider's cross-ticker history, there are 12 prior buys and 8 prior sells, but same-ticker timing outcomes at BFZ are not yet measurable. The sales represent a material reduction in an already significant 10% shareholder position, warranting investor monitoring of any accompanying disclosures regarding intent or market outlook.

10% owner Saba Capital liquidates 100,000 shares (2.5% of holdings) at $10.60 blended; stock down 13.3% from 52-week high

Saba Capital Management, L.P. executed 2 separate sales totaling 100,000 shares for $1,060,176.50 across 2025-08-07 and 2025-08-08 at a blended average price of $10.60, reducing its BFZ stake by 2.5% to 3,902,195 shares post-transaction. The stock currently trades at $10.58, -13.3% from its 52-week high of $12.20, suggesting the insider's exit occurred near depressed valuation levels relative to recent trading range. This is the fourth reported sale by Saba at BFZ in just 6 days (2025-07-22, 2025-07-23, 2025-08-05, 2025-08-06, and now 2025-08-07/08), establishing a pattern of consistent liquidation activity at this security. Investors should note the cumulative effect of these near-consecutive dispositions against the backdrop of 90-day price weakness of -2.8%.

10% owner Saba Capital sells 100,483 shares of BFZ in 2 transactions at $10.56–$10.59, reducing stake 2.4%

Saba Capital Management filed two separate sales totaling 100,483 shares for $1,063,140.03, executed at prices of $10.56 on 2025-08-05 and $10.59 on 2025-08-06. The blended average price of $10.58 is just 0.2% below the current price of $10.60, and the stock is down 13.1% from its 52-week high. Prior sales at BFZ (2025-08-07, 2025-07-23, and 2025-07-22) show measurable outcomes are not yet available. The insider's cross-ticker track record shows 5 prior sells with unspecified realized returns; however, holdings of 4,002,195 shares remain substantial post-transaction, indicating this represents a modest 2.4% reduction in a large position.

Saba Capital (10% owner) sells 107,686 shares (107.7K) of BFZ for $1.1M as stock down 14.4% from 52-week high

Saba Capital executed 2 separate sales totaling 107,686 shares for $1,126,036.96 on July 22-23, 2025, reducing its position from 4,500,326 shares to 4,392,640 shares (a 2.4% reduction). The sales occurred at an average price of $10.46, while the current price is $10.44 and the stock has declined 14.4% from its 52-week high of $12.20. This represents the insider's only prior recorded open-market sale versus 19 prior purchases across its portfolio, making this the first known liquidation activity from this substantial shareholder. Given the timing relative to the stock's recent weakness (down 3.6% in 30 days, down 2.5% in 90 days), the transaction merits monitoring for potential shifts in the insider's assessment of the security.

Saba Capital adds 50,569 shares of BFZ at $10.23; holdings reach 4,802,929 shares (4.80M), -14.3% from 52-week high

Saba Capital Management, as a 10% owner of BlackRock California Municipal Income Trust (BFZ), purchased 50,569 shares on 2025-04-11 at $10.23, increasing holdings to 4,802,929 shares. The purchase occurred when BFZ was trading at -14.3% below its 52-week high and down -5.5% over 30 days, providing a specific entry point during a period of weakness. This represents the 21st open-market buy across the insider's cross-ticker history, consistent with an accumulation posture. The modest +1.1% net change to holdings and the modest total value of $517,320.87 relative to the massive existing position suggests continued incremental deployment rather than a dramatic conviction signal.

Saba Capital Management sold 103,231 shares of BFZ at $11.17 on 2025-01-29; retains 5,026,079 shares (-2.0%).

Saba Capital Management, a 10% owner, executed a discretionary sale of 103,231 shares at $11.17, reducing holdings by 2.0% to 5,026,079 shares post-transaction. The sale occurred near the 52-week low of $11.17 and well below the 52-week high of $12.20 (-7.6% from peak). Across Saba's full cross-ticker open-market history, the insider shows a strong bias toward accumulation (17 prior buys versus 3 prior sells), suggesting this sale represents a minor portfolio adjustment rather than a signal of lost conviction in the position. The transaction was executed at the exact floor of the 52-week trading range, offering limited insight into forward direction given the absence of timing-specific context.

Director Harris Stayce D. purchases 10 shares of BFZ at $11.79, initiating position amid price decline from 52-week high.

Director Harris Stayce D. initiated a new position in BlackRock California Municipal Income Trust, purchasing 10 shares at $11.79 on 2024-10-29, representing his first holding in this security. The transaction occurs with BFZ trading at $11.71 (current price), roughly 4.0% below its 52-week high of $12.20 and down 3.1% over the prior 30 days. His broader open-market history shows 20 prior buys across other securities, establishing a consistent pattern of acquisitive activity. The modest size and newly-initiated nature of this position limits immediate inference about portfolio conviction or tactical significance.