Information Required of Brokers and Dealers (Form X-17A-5)

Report for the Period Beginning	01-01-2025
and Ending	12-31-2025
Type of Registrant	Broker-dealer
	OTC derivatives dealer

Material Weakness
Does this submission include an accountant's report covering the compliance report that indentifies one or more material weaknesses?	Yes No

Name of Broker-dealer

HILLTOP SECURITIES INC.

Address of Principal Place of Business (Do not use P.O. Box No.)

Address 1	717 N. Harwood Street
Address 2	Suite 3400
City	Dallas
State/Country	TEXAS
Mailing Zip/ Portal Code	75201

Name and Telephone Number of Person to Contact in Regard to this Report

Name	Laura Leventhal
Telephone Number	214-859-1026

Independent Public Accountant

Name - if individual, state last, first, and middle name	PricewaterhouseCoopers, LLP
Address 1	2121 N. Pearl Street
City	Dallas
State/Country	TEXAS
Mailing Zip/ Postal Code	75201
Check One	Certified Public Accountant Certified Public Accountant not resident in United States or any of its possessions

Oath or Affirmation

I, M. Bradley Winges, swear (or affirm) that, to the best of my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of HILLTOP SECURITIES INC., as of 12-31-2025, are true and correct. I further swear (or affirm) that neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified solely as that of a customer, except as follows:

Signature	M. Bradley Winges
Title	President and Chief Executive Officer

Notary Public

Checking this box acknowledges that this oath or affirmation has been notarized.