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

 

 

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☐	Soliciting Material Pursuant to § 240.14a-12

BLACKROCK ESG CAPITAL ALLOCATION TERM TRUST

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Your voice, your vote ESG Capital Allocation Term Trust (ECAT) Vote the The Board of Trustees, who has overseen ECAT’s strong financial WHITE performance since inception, faces a contested election this year. Make your voice heard by voting on the enclosed WHITE card today: card today FOR your Class I, Class II and Class III Board Member Nominees MONTHLY PAYOUT ! BY NOT VOTING, YOU RISK SIGNIFICANT CHANGES TO YOUR INVESTMENT AND HOW TO VOTE 1. To Elect the Class I, Class II and Class III Board Member Nominees. FOR AGAINST ABSTAIN FOR AGAINST ABSTAIN 1.1. Cynthia L. Egan (Class I) 1.6. John M. Perlowski (Class II) 1.2. Lorenzo A. Flores (Class I) 1.7. Robert Fairbairn (Class III) 1.3. Stayce D. Harris (Class I) 1.8. J. Phillip Holloman (Class III) 1.4. R. Glenn Hubbard (Class II) 1.9. Arthur P. Steinmetz (Class III) 1.5. W. Carl Kester (Class II) ECAT has outperformed and continues to deliver for you1 Growth of $10,000 $20,000 $19,272 $18,000 233% $16,000 Growth in monthly payout since the Fund’s inception2 $14,000 $15,566 $12,000 $10,000 $8,000 #1 Lowest discount to net asset value among competitor funds3 ECAT Peer Median 1 Morningstar data as of April 30, 2026. 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; 2 Reflects growth in Distribution Rate target as a % of NAV from Fund inception to April 30, 2026; 3 Reflects 1-year average discount

Make your voice heard today. Vote on the enclosed WHITE card to support your Fund: “FOR” the Proposal to elect Class I, Class II and Class III Board Member Nominees Voting is simple Vote online Vote by phone Vote by mail By scanning the QR code or By calling the number on your By completing and returning using the website provided on enclosed WHITE card or your enclosed WHITE card your enclosed WHITE card using the ProxyVote app in the postage paid envelope provided ! ONLY RETURN THE WHITE CARD YOU RECEIVE ON BEHALF OF BLACKROCK If you have already sent back a card received from another shareholder, you can still change your vote by promptly voting on the WHITE card, which will replace the card you previously completed. ? If you have any questions about the proposals to be voted upon, please feel free to contact BlackRock’s proxy solicitor – Georgeson LLC – toll free at 1-866-961-8444. 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. 2026 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. May 2026 | BlackRock ESG Capital Allocation Term Trust (ECAT) Not FDIC Insured May Lose Value No Bank Guarantee ECAT_2026_FL5