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            <street2>Suite 3400</street2>
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            <stateOrCountry>TX</stateOrCountry>
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            <previousName>HILLTOP SECURITIES INC.</previousName>
            <previousName>SWS SECURITIES INC.</previousName>
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                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75201</zipCode>
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                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
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                <relationship>Director</relationship>
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            <relationshipClarification>President and Chief Executive Officer</relationshipClarification>
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            <relatedPersonName>
                <firstName>Joseph</firstName>
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                <lastName>Edge</lastName>
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        <relatedPersonInfo>
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            <relatedPersonRelationshipList>
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                <relationship>Director</relationship>
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        <relatedPersonInfo>
            <relatedPersonName>
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                <lastName>Coya</lastName>
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            <relationshipClarification>Chief Compliance Officer</relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
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                <lastName>Wittneben</lastName>
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    <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>true</isAmendment>
                <previousAccessionNumber>0000891055-24-000023</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2021-03-17</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>High Yield Secured Commercial Paper Notes - Series 2019-2</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Hilltop Securities Inc.</associatedBDName>
                <associatedBDCRDNumber>6220</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>717 N. Harwood Street</street1>
                    <street2>Suite 3400</street2>
                    <city>Dallas</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75201</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>1120859000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>25</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>520457</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/ Kim Smith</signatureName>
                <nameOfSigner>Kim Smith</nameOfSigner>
                <signatureTitle>Managing Director</signatureTitle>
                <signatureDate>2025-05-16</signatureDate>
            </signature>
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</edgarSubmission>
