# EDGAR Filing Document

**Accession Number:** 0000891055
**File Stem:** 0000891055-26-000007
**Filing Date:** 2026-2
**Character Count:** 32254
**Document Hash:** a7882a6e07ab13df863e7dab9eac42c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000891055-26-000007.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0000891055-26-000007

**CONFORMED SUBMISSION TYPE**: MA-A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HILLTOP SECURITIES INC.
- **CENTRAL INDEX KEY:** 0000891055

**ORGANIZATION NAME:**
- **EIN:** 751382137
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA-A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-00632
- **FILM NUMBER:** 26781814

**BUSINESS ADDRESS:**
- **STREET 1:** 717 N. HARWOOD STREET
- **STREET 2:** SUITE 3400
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-859-1540

**MAIL ADDRESS:**
- **STREET 1:** 717 HARWOOD STREET
- **STREET 2:** SUITE 3400
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHWEST SECURITIES, INC.
- **DATE OF NAME CHANGE:** 20151015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HILLTOP SECURITIES INC.
- **DATE OF NAME CHANGE:** 20151006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHWEST SECURITIES, INC.
- **DATE OF NAME CHANGE:** 20030217

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0000891055

**Filer CCC:** XXXXXXXX

**Contact Name:** Lesley Burton

**Contact Phone:** 214-859-1721

**Contact Email:** lesley.burton@hilltopsecurities.com

**Notification Emails:** Heidi.Kalisch@hilltopsecurities.com, lesley.burton@hilltopsecurities.com, Registration@hilltopsecurities.com

### Type of Filing

**Selected Filing Type:** Annual Update

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** HILLTOP SECURITIES INC.

**&nbsp;&nbsp;&nbsp;Organization CRD No.:** 6220

**&nbsp;&nbsp;&nbsp;Is applicant a Sole Proprietor?:** No

**&nbsp;&nbsp;&nbsp;Has the municipal legal name changed since the last filing?:** No

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** No

**&nbsp;&nbsp;&nbsp;Does the applicant have any additional DBA names?:** No

**C. IRS Employer Identification Number:** 75-1382137

**D. Registrations:**

- **Municipal Advisor (Temporary):** SEC File No: 866-00617

- **Municipal Advisor:** SEC File No: 867-00632

- **Broker-Dealer:** SEC File No: 008-45123, CRD No: 6220

- **SEC-Registered Investment Adviser:** SEC File No: 801-55529, CRD No: 6220

**Additional Registrations:**

- **National Futures Association:** 0086118

**E. Principal Office and Place of Business:** 717 N. Harwood St., SUITE 3400, DALLAS, TX, 75201

**Telephone Number:** 214-859-6687

**Additional Offices of Employment:**

- **Office #1 (Add):** 2700 Via Fortuna, Suite 410, Austin, TX, 78746 | Phone: 512-481-2000

- **Office #2 (Add):** 54 Canal Street, Suite 320, Boston, MA, 02114 | Phone: 617-619-4400

- **Office #3 (Add):** 485 Madison Ave, Suite 1800, New York, NY, 10022 | Phone: 212-642-4350

- **Office #4 (Amend):** 777 Main Street, Suite 1525, Fort Worth, TX, 76102 | Phone: 817-332-9710

- **Office #5 (Add):** 700 MILAM STREET, Suite 1200, Houston, TX, 77002 | Phone: 713-651-9850

**Mailing Address is Different from Principal Office:** No

**F. Website:** www.hilltopsecurities.com

**G. Chief Compliance Officer (CCO):**

**Name:** Scott Andrew Coya

**Address:** 717 N. Harwood Street, Suite 3400, Dallas, TX, 75201

**Phone Number:** 214-859-6687

**Email:** scott.coya@hilltopsecurities.com

**H. Business Affiliates:**

- **Name:** MOMENTUM INDEPENDENT NETWORK INC.

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** HILLTOP SECURITIES INSURANCE AGENCY INC.

  - **Issuing Agency:** Texas Department of Insurance

  - **Jurisdiction:** TX

- **Name:** SOUTHWEST FINANCIAL INSURANCE AGENCY, INC.

- **Name:** FIRST SOUTHWEST HOLDINGS, LLC

- **Name:** FIRST SOUTHWEST LEASING COMPANY

- **Name:** HILLTOP SECURITIES ASSET MANAGEMENT, LLC

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** PLAINSCAPITAL BANK

- **Name:** FSC ASSET ADMINISTRATOR, LLC

**I. Location of Books and Records:** Yes

### Item 2: Form of Organization

**A. Applicant's form of organization:** Corporation

**B. Month of Applicant's Annual Fiscal Year End:** December

**C. State, Other U.S. Jurisdiction, or Foreign Jurisdiction Under Which Applicant is Organized:** DE

**D. Date of Organization:** 12-31-1991

**E. Is the applicant a public reporting company?:** No

### Item 3: Successions

**Is the applicant succeeding to the business of a registered municipal advisor?** No

### Item 4: Information About Applicant's Business

**A. Number of Employees:** 818

**B. Municipal Advisory Activities - Employees:** 123

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 123

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 13

**D. Public Relations Company?:** No

**E. Soliciting on Behalf of an Affiliate - Number of firms:** 0

**F. Types of Clients - Number of clients served as municipal advisor:** 533

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities, Non-profit organizations, Corporations or other businesses

**G. Solicitation of Municipal Entities and Obligated Persons - Municipal Entities:** 0

**&nbsp;&nbsp;&nbsp;Obligated Persons:** 0

**&nbsp;&nbsp;&nbsp;Total Solicited:** 0

**H. Types of Persons Solicited:** 
Not Applicable
, Not Applicable

**I. Compensation Arrangements (Municipal Advisory):** 
Hourly Charges
Fixed Fees
Contingent Fees
, Hourly Charges, Fixed Fees, Contingent Fees

**J. Compensation Arrangements (Solicitation):** 
Not Applicable
, Not Applicable

**K. Does the applicant receive compensation in the context of its municipal advisory business from other than its municipal entity or obligated person clients?:** No

**L. Applicant Business Relating to Municipal Securities:** Advice Insurance Of MS, Advice Investment Of Proceeds MS, Advice ME Investments, Advice ME Other Investments, Advice Guaranteed IC, Advice Use Of MD, Advice On Selection, Brokerage Of MEI, Other

### Item 5: Other Business Activities

- **Broker-Dealer:** Actively Engaged: Yes, Primary Business: Yes

- **Insurance:** Actively Engaged: Yes, Primary Business: —

- **Investment Advisor:** Actively Engaged: Yes, Primary Business: Yes

**Is applicant engaged in any other non-municipal advisor business?** No

### Item 6: Financial Industry and Other Activities of Associated Persons

**Types of associated persons:** Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Insurance company or agency

**Total Associated Persons:** 0

### Item 7: Participation or Interest in Client Transactions

- **Buy or sell municipal securities from or to municipal advisory clients for the firm's own account?:** Yes

- **Buy or sell municipal securities from or to third-parties on behalf of clients?:** Yes

- **Enter into derivatives transactions with clients for the firm's own account?:** No

- **Recommend to clients to buy/sell securities in which the firm has a financial interest?:** Yes

- **Recommend to clients products/services of an affiliated person?:** Yes

- **Recommend to clients securities of an issuer with which the firm has other relationships?:** Yes

- **Have discretionary authority to buy/sell municipal securities for clients?:** No

- **Have discretionary authority to buy/sell any other securities or investments for clients?:** No

- **Have discretionary authority to determine the broker-dealer to be used for client transactions?:** No

- **Have discretionary authority to determine the commission paid to a broker-dealer?:** No

- **Recommend broker-dealers to clients?:** Yes

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** Yes

- **Compensate any person for client referrals?:** No

- **Receive compensation from any person for client referrals?:** No

### Item 8: Owners, Officers, and Other Control Persons

**A. (2) Does any person not named in Item 1-A or Schedules A, B, or C, directly or indirectly, control the applicant's management or policies?** No

**B. (1) Is any person in Schedule A, B, or C, or in Section 8-A of Schedule D a public reporting company?** No

### Item 9: Disclosure Information

**Criminal Disclosure:**

- **Applicant/Advisory Affiliate Convicted/Pled Guilty to Felony?:** No

- **Applicant/Advisory Affiliate Charged with Felony?:** No

- **Organization Convicted/Pled Guilty to Felony?:** No

- **Organization Charged with Felony?:** No

**Regulatory Disclosure:**

- **SEC/CFTC Found False Statement?:** No

- **SEC/CFTC Found Violation?:** Yes

- **SEC/CFTC Found Cause of Denial/Suspension?:** No

- **SEC/CFTC Entered Order?:** Yes

- **SEC/CFTC Imposed Civil Penalty?:** Yes

- **SRO Found Unethical Conduct?:** Yes

- **SRO Found Violation?:** Yes

- **SRO Found Cause of Denial/Suspension?:** No

- **SRO Barred/Suspended/Fined > $2,500?:** Yes

- **SRO Denied/Suspended/Revoked Registration?:** Yes

- **Foreign Authority Found False Statement?:** No

- **Foreign Authority Found Violation?:** Yes

- **Foreign Authority Found Cause of Suspension?:** No

- **Foreign Authority Disciplined?:** Yes

- **Authorization to Act as Attorney/Accountant Revoked?:** Yes

- **Subject of a Regulatory Complaint?:** No

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** No

- **Found to Have Violated Regulations?:** No

- **Civil Proceeding Dismissed Pursuant to Settlement?:** No

- **Named in Civil Proceeding Alleging Violation?:** No

### Item 10: Small Businesses

**Does the applicant have annual receipts of less than $7,000,000?** No

**Is the applicant affiliated with a person that has annual receipts of more than $7,000,000?** No

### Schedule A: Direct Owners and Executive Officers

| Name                             | Title/Status                                                                                     | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| HILLTOP SECURITIES HOLDINGS, LLC | PARENT                                                                                           | 01-01-2015      | E - 75% or more   | Yes               | 47-2373402   |  |
| Laura Bonnell Alexander          | Board Director                                                                                   | 08-01-2017      | NA - less than 5% | Yes               |  | 2900382      |
| Joseph Michael Edge              | Chief Financial Officer / Board Director                                                         | 01-01-2016      | NA - less than 5% | Yes               |  | 4326551      |
| David King Medanich              | Board Director                                                                                   | 08-01-2017      | NA - less than 5% | Yes               |  | 1030727      |
| Laura NMN Leventhal              | Executive Vice President - Chief Financial, Accounting and Principal Financial Officer/Treasurer | 12-01-2011      | NA - less than 5% | Yes               |  | 1175259      |
| John Richard Muschalek           | Board Director                                                                                   | 03-02-2015      | NA - less than 5% | Yes               |  | 2226859      |
| Hillel Arnold Feinberg           | Chairman Emeritus                                                                                | 02-01-2019      | NA - less than 5% | Yes               |  | 205642       |
| Romeo NMN Pineda                 | Principal Operations Officer                                                                     | 03-01-2022      | NA - less than 5% | Yes               |  | 2193669      |
| Brian Lane Wittneben             | General Counsel                                                                                  | 03-01-2016      | NA - less than 5% | Yes               |  | 4861905      |
| Martin Bradley Winges            | President & CEO                                                                                  | 02-20-2019      | NA - less than 5% | Yes               |  | 1929509      |
| Jonathan Scott Sobel             | Chairman of the Board                                                                            | 07-01-2019      | NA - less than 5% | Yes               |  | 1540818      |
| Scott Andrew Coya                | Chief Compliance Officer                                                                         | 01-10-2022      | NA - less than 5% | Yes               |  | 2511281      |

### Schedule B: Indirect Owners

| Owning Entity                       | Name                  | Title/Status   | Date Acquired   | Ownership Code   | Control Person?   | IRS Number   |
|:---|:---|:---|:---|:---|:---|:---|
| HILLTOP SECURITIES HOLDINGS, L.L.C. | HILLTOP HOLDINGS INC. | PARENT         | 01-01-2015      | E - 75% or more  | No                | 84-1477939   |

### Schedule C: Amendments to Schedules A and B

| Type   | Ownership   | Owning Entity                       | Name                             | Title/Status                                                                                     | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Direct      |  | HILLTOP SECURITIES HOLDINGS, LLC | PARENT                                                                                           | 01-01-2015      | E - 75% or more   | Yes               | 47-2373402   |  |
| Amend  | Indirect    | HILLTOP SECURITIES HOLDINGS, L.L.C. | HILLTOP HOLDINGS INC.            | PARENT                                                                                           | 01-01-2015      | E - 75% or more   | Yes               | 84-1477939   |  |
|  | Direct      |  | Laura Bonnell Alexander          | Board Director                                                                                   | 08-01-2017      | NA - less than 5% | Yes               |  | 2900382      |
|  | Direct      |  | Joseph Michael Edge              | Chief Financial Officer / Board Director                                                         | 01-01-2016      | NA - less than 5% | Yes               |  | 4326551      |
|  | Direct      |  | David King Medanich              | Board Director                                                                                   | 08-01-2017      | NA - less than 5% | Yes               |  | 1030727      |
|  | Direct      |  | Laura NMN Leventhal              | Executive Vice President - Chief Financial, Accounting and Principal Financial Officer/Treasurer | 12-01-2011      | NA - less than 5% | Yes               |  | 1175259      |
|  | Direct      |  | John Richard Muschalek           | Board Director                                                                                   | 03-02-2015      | NA - less than 5% | Yes               |  | 2226859      |
|  | Direct      |  | Hillel Arnold Feinberg           | Chairman Emeritus                                                                                | 02-01-2019      | NA - less than 5% | Yes               |  | 205642       |
|  | Direct      |  | Romeo NMN Pineda                 | Principal Operations Officer                                                                     | 03-01-2022      | NA - less than 5% | Yes               |  | 2193669      |
|  | Direct      |  | Brian Lane Wittneben             | General Counsel                                                                                  | 03-01-2016      | NA - less than 5% | Yes               |  | 4861905      |
|  | Direct      |  | Martin Bradley Winges            | President & CEO                                                                                  | 02-20-2019      | NA - less than 5% | Yes               |  | 1929509      |
|  | Direct      |  | Jonathan Scott Sobel             | Chairman of the Board                                                                            | 07-01-2019      | NA - less than 5% | Yes               |  | 1540818      |
|  | Direct      |  | Scott Andrew Coya                | Chief Compliance Officer                                                                         | 01-10-2022      | NA - less than 5% | Yes               |  | 2511281      |
| NewAdd | Direct      |  | Michael George Bartolotta        | Board Director                                                                                   | 12-01-2025      | NA - less than 5% | Yes               |  | 1620103      |
| NewAdd | Direct      |  | David Paul Holleran              | Chief Operating Officer                                                                          | 12-01-2019      | NA - less than 5% | Yes               |  | 4799113      |
| NewAdd | Direct      |  | Clare Elizabeth Graca            | Chief Administrative Officer                                                                     | 08-01-2020      | NA - less than 5% | Yes               |  | 7288277      |

### Disclosure Reporting Pages (DRPs)

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 17587

  - **Filed On (AP):** Form ADV/BD/U4 for SWS Financial Services, Inc.

  - **Disclosure Number:** 1448513

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2, 9-E4)**

  - **Associated Person:** —

  - **CRD Number:** 17587

  - **Filed On (AP):** Form ADV/BD/U4 for SWS Financial Services, Inc.

  - **Disclosure Number:** 1420717

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 17587

  - **Filed On (AP):** Form ADV/BD/U4 for SWS Financial Services, Inc

  - **Disclosure Number:** 1415300

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 17587

  - **Filed On (AP):** Form ADV/BD/U4 for SWS Financial Services, Inc.

  - **Disclosure Number:** 1356813

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 17587

  - **Filed On (AP):** Form ADV/BD/U4 for SWS Financial Services, Inc.

  - **Disclosure Number:** 1180757

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 17587

  - **Filed On (AP):** Form ADV/BD/U4 for SWS Financial Services, Inc.

  - **Disclosure Number:** 874524

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc

- **CRD Number:** 6220

- **Disclosure Number:** 1711690

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1683746

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc

- **CRD Number:** 6220

- **Disclosure Number:** 1670666

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1651368

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2)**

  - **Associated Person:** Daniel Roger Leland

  - **CRD Number:** 1157737

  - **Filed On (AP):** Form ADV/BD/U4 for Daniel Roger Leland

  - **Disclosure Number:** 1237888

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1634119

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-D4)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1610125

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1596258

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1559909

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1554276

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1551778

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1548764

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1502892

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1501746

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1484418

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1515123

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1412327

**Regulatory DRP for: Applicant (Responding to Questions: 9-E1, 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 8327

  - **Filed On (AP):** Form ADV/BD/U4 for M.L. Stern & Co., LLC.

  - **Disclosure Number:** 1399197

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

  - **Associated Person:** —

  - **CRD Number:** 8327

  - **Filed On (AP):** Form ADV/BD/U4 for M.L. Stern & Co., LLC.

  - **Disclosure Number:** 1399196

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

  - **Associated Person:** —

  - **CRD Number:** 8327

  - **Filed On (AP):** Form ADV/BD/U4 for M.L. Stern & Co., LLC.

  - **Disclosure Number:** 1399195

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 8327

  - **Filed On (AP):** Form ADV/BD/U4 for M.L. Stern & Co., LLC.

  - **Disclosure Number:** 1399194

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 8327

  - **Filed On (AP):** Form ADV/BD/U4 for M.L. Stern & Co., LLC.

  - **Disclosure Number:** 1399193

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 8327

  - **Filed On (AP):** Form ADV/BD/U4 for M.L. Stern & Co., LLC.

  - **Disclosure Number:** 1399192

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 8327

  - **Filed On (AP):** Form ADV/BD/U4 for M.L. Stern & Co., LLC.

  - **Disclosure Number:** 1399191

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1399190

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1391908

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1369405

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1311653

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1305995

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1276052

**Regulatory DRP for: Applicant (Responding to Questions: 9-F)**

  - **Associated Person:** William Noran Thompson

  - **CRD Number:** 2632089

  - **Filed On (AP):** Form ADV/BD/U4 for William Norman Thompson

  - **Disclosure Number:** 1265080

**Regulatory DRP for: Applicant (Responding to Questions: 9-D1, 9-D5)**

  - **Associated Person:** James Harrell Ross

  - **CRD Number:** 815598

  - **Filed On (AP):** Form ADV/BD/U4 for James Harrell Ross

  - **Disclosure Number:** 84364

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1257908

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1237911

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1236936

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1180771

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1174436

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1163876

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1135146

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1098286

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1096578

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1052773

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1019547

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 735988

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 570678

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 570659

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 570598

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 182419

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 113221

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 113219

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 113218

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 113217

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 113216

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 113215

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 113214

**Regulatory DRP for: Applicant (Responding to Questions: 9-E3)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Southwest Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 1729428

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for HILLTOP SECURITIES INC.

- **CRD Number:** 6220

- **Disclosure Number:** 1864063

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for HILLTOP SECURITIES INC.

- **CRD Number:** 6220

- **Disclosure Number:** 1864063

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for HILLTOP SECURITIES INC.

- **CRD Number:** 6220

- **Disclosure Number:** 1884520

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for HILLTOP SECURITIES INC.

- **CRD Number:** 6220

- **Disclosure Number:** 1887690

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for HILLTOP SECURITIES INC

- **CRD Number:** 6220

- **Disclosure Number:** 1909750

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Hilltop Securities, Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 2139984

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Hilltop Securities Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 2353465

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Hilltop Securities Inc.

- **CRD Number:** 6220

- **Disclosure Number:** 2139984

### Execution Page

**Signature:** Lesley F. Burton

**Signer Name:** Lesley Fay Burton

**Title:** AVP/Compliance Officer

**Date:** 02-23-2026

**CRD Number:** 6220