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    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
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        <entityName>HILLTOP SECURITIES INC.</entityName>
        <issuerAddress>
            <street1>1201 ELM STREET</street1>
            <street2>SUITE 3500</street2>
            <city>DALLAS</city>
            <stateOrCountry>TX</stateOrCountry>
            <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
            <zipCode>75270-2180</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>214-953-4000</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>SOUTHWEST SECURITIES, INC.</previousName>
            <previousName>HILLTOP SECURITIES INC.</previousName>
            <previousName>SWS SECURITIES INC.</previousName>
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        <entityType>Corporation</entityType>
        <yearOfInc>
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            <relatedPersonName>
                <firstName>Hillel</firstName>
                <middleName>Arnold</middleName>
                <lastName>Feinberg</lastName>
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                <street1>1201 ELM STREET</street1>
                <street2>SUITE 3500</street2>
                <city>DALLAS</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
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            </relatedPersonRelationshipList>
            <relationshipClarification>Chairman Emeritus</relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <middleName>Scott</middleName>
                <lastName>Sobel</lastName>
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                <street1>1201 ELM STREET</street1>
                <street2>SUITE 3500</street2>
                <city>DALLAS</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
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                <middleName>Bonnell</middleName>
                <lastName>Alexander</lastName>
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                <street2>SUITE 3500</street2>
                <city>DALLAS</city>
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                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
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                <relationship>Director</relationship>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>John</middleName>
                <lastName>Marz</lastName>
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                <street1>1201 ELM STREET</street1>
                <street2>SUITE 3500</street2>
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                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
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                <relationship>Director</relationship>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>King</middleName>
                <lastName>Medanich</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1201 ELM STREET</street1>
                <street2>SUITE 3500</street2>
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                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Martin</firstName>
                <middleName>Bradley</middleName>
                <lastName>Winges</lastName>
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                <street2>SUITE 3500</street2>
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                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
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            <relatedPersonRelationshipList>
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                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President and Chief Executive Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>Richard</middleName>
                <lastName>Muschalek</lastName>
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            <relatedPersonAddress>
                <street1>1201 ELM STREET</street1>
                <street2>SUITE 3500</street2>
                <city>DALLAS</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
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                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Administrative Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joseph</firstName>
                <middleName>Michael</middleName>
                <lastName>Edge</lastName>
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            <relatedPersonAddress>
                <street1>1201 ELM STREET</street1>
                <street2>SUITE 3500</street2>
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                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
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                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Laura</firstName>
                <lastName>Leventhal</lastName>
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                <street2>SUITE 3500</street2>
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                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Treasurer and Chief Accounting Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>Anthony</middleName>
                <lastName>Cogliano</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1201 ELM STREET</street1>
                <street2>SUITE 3500</street2>
                <city>DALLAS</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Compliance Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Brian</firstName>
                <middleName>Lane</middleName>
                <lastName>Wittneben</lastName>
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            <relatedPersonAddress>
                <street1>1201 ELM STREET</street1>
                <street2>SUITE 3500</street2>
                <city>DALLAS</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Counsel and Secretary</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>Andrew</middleName>
                <lastName>Lyons</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1201 ELM STREET</street1>
                <street2>SUITE 3500</street2>
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                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75270-2180</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Assistant Secretary</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Banking and Financial Services</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2019-12-20</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Senior Secured Commercial Paper Notes - Series 2019-1</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Hilltop Securities Inc.</associatedBDName>
                <associatedBDCRDNumber>6220</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1201 ELM STREET</street1>
                    <street2>SUITE 3500</street2>
                    <city>DALLAS</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75270-2180</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>300000000</totalOfferingAmount>
            <totalAmountSold>19350000</totalAmountSold>
            <totalRemaining>280650000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>6</totalNumberAlreadyInvested>
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        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>24188</dollarAmount>
                <isEstimate>true</isEstimate>
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            <findersFees>
                <dollarAmount>0</dollarAmount>
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            <clarificationOfResponse></clarificationOfResponse>
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                <dollarAmount>0</dollarAmount>
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            <clarificationOfResponse></clarificationOfResponse>
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        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>HILLTOP SECURITIES INC.</issuerName>
                <signatureName>/s/ Michael Cogliano</signatureName>
                <nameOfSigner>Michael Cogliano</nameOfSigner>
                <signatureTitle>Chief Compliance Officer</signatureTitle>
                <signatureDate>2019-12-23</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
