[SCHEDULE 13D/A] HILLTOP HOLDINGS INC. SEC Filing

Q: What is the participation rate on the BNS Buffered Enhanced Participation Notes?

The notes pay 149% of any positive basket return at maturity.

Q: How much downside protection do investors have?

There is a 10% buffer ; if the basket falls ≤10%, investors receive full principal.

Q: When do the notes mature and will they pay interest before then?

Maturity is July 7, 2027 ; the notes bear no periodic interest .

Q: What is the initial estimated value versus the issue price?

BNS estimated the value at $968.53 per $1,000 , lower than the 100% issue price.

Q: Are the notes insured or covered by deposit insurance schemes?

No. The notes are not insured by CDIC, FDIC or any other agency .

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

SCHEDULE 13D/A

Rhea-AI Filing Summary

The Bank of Nova Scotia (BNS) is offering $1,057,000 of Buffered Enhanced Participation Basket-Linked Notes maturing July 7, 2027. The unsecured senior notes provide no periodic interest and their value at maturity is entirely linked to the performance of a weighted equity basket: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%). The initial basket level is 100; the final level is measured on the valuation date of July 5, 2027.

Return profile:

If the final basket level > initial level, holders receive principal plus 149% participation of the basket’s gain.
If the basket declines ≤10% (final level ≥90), investors receive full principal (10% buffer).
If the basket declines >10%, repayment is reduced by approximately 1.1111% for every 1% decline beyond the buffer, exposing investors to up to 100% loss of principal.

The initial estimated value is $968.53 per $1,000 note, below the 100% issue price, reflecting selling commissions (1.50%) and hedging/structuring costs. Proceeds to BNS are 98.5% of face. The notes will not be listed on any exchange; Scotia Capital (USA) Inc. and Goldman Sachs & Co. LLC may make a market but are not obligated.

Key terms:

Participation rate: 149%
Buffer level: 90% of initial basket
Buffer rate: ~111.11%
Trade date / issue date: Jul 3 2025 / Jul 11 2025 (T+5 settlement)
Maturity: Jul 7 2027 (≈24 months)
Denominations: $1,000 and multiples thereof
Calculation agent: Scotia Capital Inc. (affiliate of issuer)

Risks disclosed: credit risk of BNS; market risk of basket components; lack of liquidity; potential total loss beyond the 10% buffer; issuer’s internal funding rate makes economic terms less favorable than conventional debt; conflicts of interest in hedging and market-making; no dividend participation; currency movements not hedged; initial price exceeds estimated value.

The notes suit investors seeking leveraged upside to a diversified international equity basket, willing to forgo income and accept credit and market risks as well as limited secondary liquidity.

La Bank of Nova Scotia (BNS) offre 1.057.000 dollari in Note Senior Non Garantite Buffered Enhanced Participation Basket-Linked con scadenza il 7 luglio 2027. Queste note senior non garantite non prevedono interessi periodici e il loro valore a scadenza dipende interamente dalla performance di un paniere azionario ponderato: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) e S&P/ASX 200 (8%). Il livello iniziale del paniere è 100; il livello finale sarà misurato il 5 luglio 2027.

Profilo di rendimento:

Se il livello finale del paniere > livello iniziale, i detentori ricevono il capitale più una partecipazione del 149% al rialzo del paniere.
Se il paniere scende di ≤10% (livello finale ≥90), gli investitori ricevono il capitale pieno (buffer del 10%).
Se il paniere scende di >10%, il rimborso viene ridotto di circa l'1,1111% per ogni 1% di calo oltre il buffer, esponendo gli investitori a una perdita fino al 100% del capitale.

Il valore stimato iniziale è di 968,53 dollari per ogni nota da 1.000 dollari, inferiore al prezzo di emissione del 100%, a causa di commissioni di vendita (1,50%) e costi di copertura/strutturazione. Il ricavato netto per BNS è il 98,5% del valore nominale. Le note non saranno quotate in borsa; Scotia Capital (USA) Inc. e Goldman Sachs & Co. LLC possono fare mercato ma non sono obbligati.

Termini chiave:

Tasso di partecipazione: 149%
Livello buffer: 90% del paniere iniziale
Rapporto buffer: ~111,11%
Data di negoziazione / emissione: 3 luglio 2025 / 11 luglio 2025 (regolamento T+5)
Scadenza: 7 luglio 2027 (circa 24 mesi)
Tagli: 1.000 dollari e multipli
Agente di calcolo: Scotia Capital Inc. (affiliata all’emittente)

Rischi dichiarati: rischio di credito di BNS; rischio di mercato dei componenti del paniere; scarsa liquidità; possibile perdita totale oltre il buffer del 10%; il tasso interno di finanziamento dell’emittente rende i termini economici meno favorevoli rispetto al debito convenzionale; conflitti di interesse nella copertura e nel market making; nessuna partecipazione ai dividendi; movimenti valutari non coperti; prezzo iniziale superiore al valore stimato.

Le note sono adatte a investitori che cercano un’esposizione leveraged a un paniere azionario internazionale diversificato, disposti a rinunciare al reddito e ad accettare rischi di credito, di mercato e una liquidità secondaria limitata.

El Bank of Nova Scotia (BNS) ofrece 1.057.000 dólares en Notas Senior No Garantizadas Buffered Enhanced Participation Basket-Linked con vencimiento el 7 de julio de 2027. Estas notas senior no garantizadas no pagan intereses periódicos y su valor al vencimiento está completamente vinculado al desempeño de una cesta ponderada de acciones: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) y S&P/ASX 200 (8%). El nivel inicial de la cesta es 100; el nivel final se medirá el 5 de julio de 2027.

Perfil de rendimiento:

Si el nivel final de la cesta > nivel inicial, los tenedores reciben el principal más una participación del 149% en la ganancia de la cesta.
Si la cesta baja ≤10% (nivel final ≥90), los inversores reciben el principal completo (buffer del 10%).
Si la cesta baja >10%, el reembolso se reduce aproximadamente un 1,1111% por cada 1% de caída más allá del buffer, exponiendo a los inversores a una pérdida de hasta el 100% del principal.

El valor estimado inicial es de 968,53 dólares por cada nota de 1.000 dólares, por debajo del precio de emisión del 100%, reflejando comisiones de venta (1,50%) y costos de cobertura/estructuración. Los ingresos netos para BNS son el 98,5% del valor nominal. Las notas no estarán listadas en ninguna bolsa; Scotia Capital (USA) Inc. y Goldman Sachs & Co. LLC pueden hacer mercado pero no están obligados.

Términos clave:

Tasa de participación: 149%
Nivel de buffer: 90% de la cesta inicial
Tasa de buffer: ~111,11%
Fecha de negociación / emisión: 3 de julio de 2025 / 11 de julio de 2025 (liquidación T+5)
Vencimiento: 7 de julio de 2027 (aprox. 24 meses)
Denominaciones: 1.000 dólares y múltiplos
Agente de cálculo: Scotia Capital Inc. (afilada al emisor)

Riesgos divulgados: riesgo crediticio de BNS; riesgo de mercado de los componentes de la cesta; falta de liquidez; posible pérdida total más allá del buffer del 10%; la tasa interna de financiamiento del emisor hace que los términos económicos sean menos favorables que la deuda convencional; conflictos de interés en cobertura y creación de mercado; sin participación en dividendos; movimientos de divisas no cubiertos; precio inicial superior al valor estimado.

Las notas son adecuadas para inversores que buscan una exposición apalancada a una cesta internacional diversificada de acciones, dispuestos a renunciar a ingresos y aceptar riesgos crediticios, de mercado y una liquidez secundaria limitada.

노바스코샤은행(BNS)은 2027년 7월 7일 만기인 1,057,000달러 규모의 버퍼드 인핸스드 참여 바스켓 연계 노트를 제공합니다. 이 무담보 선순위 노트는 정기 이자를 지급하지 않으며, 만기 시 가치는 가중치가 부여된 주식 바스켓의 성과에 전적으로 연동됩니다: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), 스위스 마켓 지수 (11%), S&P/ASX 200 (8%). 초기 바스켓 수준은 100이며, 최종 수준은 2027년 7월 5일 평가일에 측정됩니다.

수익 구조:

최종 바스켓 수준이 초기 수준보다 높으면, 투자자는 원금과 함께 바스켓 상승분의 149% 참여를 받습니다.
바스켓이 10% 이하 하락(최종 수준 90 이상)하면 투자자는 원금을 전액 회수합니다 (10% 버퍼 적용).
바스켓이 10% 이상 하락하면, 버퍼를 초과하는 1% 하락마다 약 1.1111%씩 상환금이 줄어들어 최대 원금 전액 손실 위험이 있습니다.

초기 예상 가치는 1,000달러 노트당 968.53달러로, 100% 발행가 대비 낮으며 판매 수수료(1.50%)와 헤지/구조화 비용이 반영된 금액입니다. BNS의 순수익은 액면가의 98.5%입니다. 이 노트는 거래소에 상장되지 않으며, Scotia Capital (USA) Inc.와 Goldman Sachs & Co. LLC가 시장 조성을 할 수 있으나 의무는 없습니다.

주요 조건:

참여율: 149%
버퍼 수준: 초기 바스켓의 90%
버퍼 비율: 약 111.11%
거래일 / 발행일: 2025년 7월 3일 / 2025년 7월 11일 (T+5 결제)
만기: 2027년 7월 7일 (약 24개월)
액면 단위: 1,000달러 및 그 배수
계산 대리인: Scotia Capital Inc. (발행사 계열사)

공시된 위험: BNS 신용 위험; 바스켓 구성요소의 시장 위험; 유동성 부족; 10% 버퍼를 초과하는 전액 손실 가능성; 발행사의 내부 자금 조달률로 인해 경제적 조건이 일반 채무보다 불리함; 헤지 및 시장 조성에서 이해 상충 가능성; 배당 참여 없음; 환율 변동 미헤지; 초기 가격이 추정 가치보다 높음.

이 노트는 배당 수익을 포기하고 신용 및 시장 위험과 제한된 2차 유동성을 감수하면서 다양한 국제 주식 바스켓에 레버리지 상승 노출을 원하는 투자자에게 적합합니다.

La Bank of Nova Scotia (BNS) propose 1 057 000 $ en billets senior non garantis liés à un panier avec participation renforcée et buffer, arrivant à échéance le 7 juillet 2027. Ces billets senior non garantis ne versent pas d’intérêts périodiques et leur valeur à l’échéance dépend entièrement de la performance d’un panier d’actions pondéré : EURO STOXX 50 (38 %), TOPIX (26 %), FTSE 100 (17 %), Swiss Market Index (11 %) et S&P/ASX 200 (8 %). Le niveau initial du panier est de 100 ; le niveau final sera mesuré à la date d’évaluation du 5 juillet 2027.

Profil de rendement :

Si le niveau final du panier > niveau initial, les détenteurs reçoivent le capital plus une participation de 149 % à la hausse du panier.
Si le panier baisse de ≤10 % (niveau final ≥90), les investisseurs récupèrent le capital intégral (buffer de 10 %).
Si le panier baisse de >10 %, le remboursement est réduit d’environ 1,1111 % pour chaque baisse de 1 % au-delà du buffer, exposant les investisseurs à une perte pouvant atteindre 100 % du capital.

La valeur estimée initiale est de 968,53 $ par billet de 1 000 $, inférieure au prix d’émission de 100 %, en raison des commissions de vente (1,50 %) et des coûts de couverture/structuration. Les produits nets pour BNS s’élèvent à 98,5 % de la valeur nominale. Les billets ne seront pas cotés en bourse ; Scotia Capital (USA) Inc. et Goldman Sachs & Co. LLC peuvent faire le marché mais n’y sont pas obligés.

Conditions clés :

Taux de participation : 149 %
Niveau du buffer : 90 % du panier initial
Taux du buffer : ~111,11 %
Date de négociation / émission : 3 juillet 2025 / 11 juillet 2025 (règlement T+5)
Échéance : 7 juillet 2027 (environ 24 mois)
Montants : 1 000 $ et multiples
Agent de calcul : Scotia Capital Inc. (filiale de l’émetteur)

Risques divulgués : risque de crédit de BNS ; risque de marché des composants du panier ; manque de liquidité ; perte totale possible au-delà du buffer de 10 % ; le taux interne de financement de l’émetteur rend les conditions économiques moins favorables que la dette conventionnelle ; conflits d’intérêts dans la couverture et la tenue de marché ; pas de participation aux dividendes ; mouvements de change non couverts ; prix initial supérieur à la valeur estimée.

Ces billets conviennent aux investisseurs recherchant une exposition à effet de levier sur un panier d’actions internationales diversifié, prêts à renoncer aux revenus et à accepter les risques de crédit, de marché et une liquidité secondaire limitée.

Die Bank of Nova Scotia (BNS) bietet 1.057.000 USD in unbesicherten Senior-Notes mit Buffered Enhanced Participation Basket-Linked, Fälligkeit am 7. Juli 2027, an. Diese unbesicherten Senior-Notes zahlen keine periodischen Zinsen und ihr Rückzahlungswert ist vollständig an die Entwicklung eines gewichteten Aktienkorbs gebunden: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) und S&P/ASX 200 (8%). Der Anfangswert des Korbs beträgt 100; der Endwert wird am Bewertungstag, dem 5. Juli 2027, ermittelt.

Renditeprofil:

Liegt der Endwert des Korbs über dem Anfangswert, erhalten die Inhaber den Nennwert plus eine 149%ige Partizipation am Gewinn des Korbs.
Fällt der Korb um ≤10% (Endwert ≥90), erhalten Anleger den vollen Nennwert zurück (10% Buffer).
Fällt der Korb um >10%, wird die Rückzahlung um ca. 1,1111% für jeden 1% Rückgang über den Buffer hinaus reduziert, was ein Totalverlustrisiko bis 100% des Nennwerts bedeutet.

Der geschätzte Anfangswert beträgt 968,53 USD je 1.000 USD-Note, unter dem 100% Ausgabepreis, bedingt durch Verkaufsprovisionen (1,50%) und Absicherungs-/Strukturierungskosten. Der Nettoerlös für BNS beträgt 98,5% des Nennwerts. Die Notes werden nicht an einer Börse notiert; Scotia Capital (USA) Inc. und Goldman Sachs & Co. LLC können einen Markt stellen, sind dazu aber nicht verpflichtet.

Wichtige Bedingungen:

Partizipationsrate: 149%
Buffer-Level: 90% des Anfangskorbs
Buffer-Rate: ~111,11%
Handels-/Ausgabetag: 3. Juli 2025 / 11. Juli 2025 (T+5 Abwicklung)
Fälligkeit: 7. Juli 2027 (ca. 24 Monate)
Stückelung: 1.000 USD und Vielfache davon
Berechnungsagent: Scotia Capital Inc. (Tochter des Emittenten)

Offengelegte Risiken: Kreditrisiko von BNS; Marktrisiko der Korbkomponenten; mangelnde Liquidität; potenzieller Totalverlust über den 10%-Buffer hinaus; interne Finanzierungsrate des Emittenten verschlechtert wirtschaftliche Konditionen gegenüber konventionellen Schuldtiteln; Interessenkonflikte bei Absicherung und Market Making; keine Dividendenbeteiligung; Währungsbewegungen nicht abgesichert; anfänglicher Preis über dem geschätzten Wert.

Die Notes eignen sich für Anleger, die eine gehebelte Beteiligung an einem diversifizierten internationalen Aktienkorb suchen, bereit sind auf laufende Erträge zu verzichten und Kredit- sowie Marktrisiken sowie eingeschränkte Sekundärliquidität zu akzeptieren.

Positive

149% participation rate offers leveraged upside compared with direct basket ownership.
10% downside buffer protects principal against modest market declines.
Diversified international basket spanning Eurozone, Japan, UK, Switzerland and Australia reduces single-market risk.

Negative

Initial estimated value ($968.53) is below issue price, highlighting embedded fees and funding costs.
Principal at risk beyond 10% decline; losses accelerate at ~111% rate, up to total loss.
No secondary listing and market-making only on a best-efforts basis constrain liquidity.
Unsecured credit exposure to BNS; notes not covered by CDIC or FDIC insurance.
No coupon or dividend entitlement, resulting in negative carry for income-focused investors.

Insights

TL;DR — 149% upside leverage with 10% buffer, but full downside beyond buffer and liquidity/valuation concerns.

The note offers enhanced participation versus direct equity exposure, attractive for bullish investors over a two-year horizon. The fixed 149% payout on gains magnifies returns if the basket rises, while the 10% buffer provides limited protection. However, investors face accelerated losses (111.11% rate) past the buffer, receive no coupons, and could lose all capital. The initial estimated value is 3.1% below issue price, indicating embedded costs. No exchange listing and reliance on dealer market-making restrict exit flexibility. Credit exposure to BNS remains, though the notes rank pari passu with other senior unsecured debt. Overall impact neutral: terms are standard for retail structured notes.

TL;DR — Provides equity-linked return in bond format, but valuation discount and issuer credit risk limit appeal.

From a portfolio viewpoint, the instrument replaces interest income with contingent equity participation. While the 10% buffer tempers mild declines, stress scenarios demonstrate rapid capital erosion. The 1.50% underwriting fee plus internal funding spread explain the $968.53 initial value, meaning investors pay above model price. Absence of CDIC/FDIC insurance and lack of listing reduce defensive characteristics relative to traditional bonds. Given the short 24-month tenor, correlation among European and Asian indices can raise volatility. I view the note as a tactical vehicle rather than a core holding; impact on BNS credit metrics is immaterial, impact to investors is balanced.

Profilo di rendimento:

Se il livello finale del paniere > livello iniziale, i detentori ricevono il capitale più una partecipazione del 149% al rialzo del paniere.
Se il paniere scende di ≤10% (livello finale ≥90), gli investitori ricevono il capitale pieno (buffer del 10%).
Se il paniere scende di >10%, il rimborso viene ridotto di circa l'1,1111% per ogni 1% di calo oltre il buffer, esponendo gli investitori a una perdita fino al 100% del capitale.

Termini chiave:

Tasso di partecipazione: 149%
Livello buffer: 90% del paniere iniziale
Rapporto buffer: ~111,11%
Data di negoziazione / emissione: 3 luglio 2025 / 11 luglio 2025 (regolamento T+5)
Scadenza: 7 luglio 2027 (circa 24 mesi)
Tagli: 1.000 dollari e multipli
Agente di calcolo: Scotia Capital Inc. (affiliata all’emittente)

Perfil de rendimiento:

Si el nivel final de la cesta > nivel inicial, los tenedores reciben el principal más una participación del 149% en la ganancia de la cesta.
Si la cesta baja ≤10% (nivel final ≥90), los inversores reciben el principal completo (buffer del 10%).
Si la cesta baja >10%, el reembolso se reduce aproximadamente un 1,1111% por cada 1% de caída más allá del buffer, exponiendo a los inversores a una pérdida de hasta el 100% del principal.

Términos clave:

Tasa de participación: 149%
Nivel de buffer: 90% de la cesta inicial
Tasa de buffer: ~111,11%
Fecha de negociación / emisión: 3 de julio de 2025 / 11 de julio de 2025 (liquidación T+5)
Vencimiento: 7 de julio de 2027 (aprox. 24 meses)
Denominaciones: 1.000 dólares y múltiplos
Agente de cálculo: Scotia Capital Inc. (afilada al emisor)

수익 구조:

최종 바스켓 수준이 초기 수준보다 높으면, 투자자는 원금과 함께 바스켓 상승분의 149% 참여를 받습니다.
바스켓이 10% 이하 하락(최종 수준 90 이상)하면 투자자는 원금을 전액 회수합니다 (10% 버퍼 적용).
바스켓이 10% 이상 하락하면, 버퍼를 초과하는 1% 하락마다 약 1.1111%씩 상환금이 줄어들어 최대 원금 전액 손실 위험이 있습니다.

주요 조건:

참여율: 149%
버퍼 수준: 초기 바스켓의 90%
버퍼 비율: 약 111.11%
거래일 / 발행일: 2025년 7월 3일 / 2025년 7월 11일 (T+5 결제)
만기: 2027년 7월 7일 (약 24개월)
액면 단위: 1,000달러 및 그 배수
계산 대리인: Scotia Capital Inc. (발행사 계열사)

Profil de rendement :

Si le niveau final du panier > niveau initial, les détenteurs reçoivent le capital plus une participation de 149 % à la hausse du panier.
Si le panier baisse de ≤10 % (niveau final ≥90), les investisseurs récupèrent le capital intégral (buffer de 10 %).
Si le panier baisse de >10 %, le remboursement est réduit d’environ 1,1111 % pour chaque baisse de 1 % au-delà du buffer, exposant les investisseurs à une perte pouvant atteindre 100 % du capital.

Conditions clés :

Taux de participation : 149 %
Niveau du buffer : 90 % du panier initial
Taux du buffer : ~111,11 %
Date de négociation / émission : 3 juillet 2025 / 11 juillet 2025 (règlement T+5)
Échéance : 7 juillet 2027 (environ 24 mois)
Montants : 1 000 $ et multiples
Agent de calcul : Scotia Capital Inc. (filiale de l’émetteur)

Renditeprofil:

Liegt der Endwert des Korbs über dem Anfangswert, erhalten die Inhaber den Nennwert plus eine 149%ige Partizipation am Gewinn des Korbs.
Fällt der Korb um ≤10% (Endwert ≥90), erhalten Anleger den vollen Nennwert zurück (10% Buffer).
Fällt der Korb um >10%, wird die Rückzahlung um ca. 1,1111% für jeden 1% Rückgang über den Buffer hinaus reduziert, was ein Totalverlustrisiko bis 100% des Nennwerts bedeutet.

Wichtige Bedingungen:

Partizipationsrate: 149%
Buffer-Level: 90% des Anfangskorbs
Buffer-Rate: ~111,11%
Handels-/Ausgabetag: 3. Juli 2025 / 11. Juli 2025 (T+5 Abwicklung)
Fälligkeit: 7. Juli 2027 (ca. 24 Monate)
Stückelung: 1.000 USD und Vielfache davon
Berechnungsagent: Scotia Capital Inc. (Tochter des Emittenten)

07/08/2025 - 05:11 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 17)

HILLTOP HOLDINGS INC.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

432748101

(CUSIP Number)

Jennifer Wisinski
Haynes and Boone, LLP, 2801 N. Harwood Street, Suite 2300
Dallas, TX, 75201
(214) 651-5000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/07/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Stock, par value $0.01 per share

(b)

Name of Issuer:

HILLTOP HOLDINGS INC.

(c)

Address of Issuer's Principal Executive Offices:

6565 HILLCREST AVE., DALLAS, TEXAS , 75205.

Item 1 Comment:

This Amendment No. 17 to Schedule 13D (this "Amendment") relates to shares of common stock, par value $0.01 per share ("Common Stock"), of Hilltop Holdings Inc., a Maryland corporation ("Hilltop"). This Amendment amends the Schedule 13D, as previously amended, filed with the Securities and Exchange Commission ("SEC") by Gerald J. Ford, a United States citizen, Diamond A Financial, LP, a Texas limited partnership, Diamond HTH Stock Company, LP, a Texas limited partnership, Diamond HTH Stock Company GP, LLC, a Texas limited liability company, and Turtle Creek Revocable Trust by furnishing the information set forth below. Except as otherwise specified in this Amendment, all previous Items are unchanged. Capitalized terms used herein which are not defined herein have the meanings given to them in the Schedule 13D, as previously amended, filed with the SEC.

Item 4.

Purpose of Transaction

This Amendment is being filed to (i) update the Reporting Persons' holdings and percentages previously disclosed, (ii) supplement the prior filings made by the Reporting Persons on Schedule 13D as it relates to Mr. Ford's status and relationship with Hilltop, and (iii) supplement the Reporting Persons' prior statements regarding plans and proposals. Hilltop previously disclosed in its Form 8-K filed with the SEC on April 25, 2025 in part the following: "Board of Directors On April 24, 2025, the Board of Directors of Hilltop Holdings Inc. (the "Company") appointed Mr. Gerald J. Ford as Chairman Emeritus effective immediately. As Chairman Emeritus, Mr. Gerald J. Ford will be invited to attend and participate in meetings of the Board of Directors of the Company but will not be eligible to vote on matters brought before the Board of Directors. In conjunction with that appointment, the Board of Directors of the Company appointed, effective immediately, Mr. Jeremy B. Ford as Chairman of the Board and Mr. Tracy Bolt as lead independent director. The Board of Directors also reduced the number of directors of the Company to fourteen directors." Mr. Ford delivered written notice to Hilltop of his resignation as Chairman Emeritus, effective July 8, 2025. As a result of Mr. Ford no longer serving on the Board, not being invited to attend and participate in meetings of the Board and not being eligible to vote on any matters brought before the Board, Mr. Ford no longer has any direct control over Hilltop or any involvement in the management or operations of Hilltop. Although the Reporting Persons have historically voted shares of Common Stock held by them consistent with the recommendations of the Board of Directors of Hilltop, the Reporting Persons are evaluating how they will vote their shares of Common Stock at the upcoming annual meeting of Hilltop shareholders, currently scheduled for July 24, 2025. With respect to the election of directors, any withheld vote by a Reporting Person will have no effect on the result of such vote. In addition, this Amendment supplements the Reporting Persons' Schedule 13D to reflect changes in investment portfolio management and estate planning by the Reporting Persons following the commencement of litigation by certain of Mr. Ford's children, as described below. The Reporting Persons intend to sell some or substantially all the shares of Common Stock beneficially owned by them from time to time as they determine appropriate, subject to compliance with applicable law and Hilltop's charter. Sales of shares of Common Stock may be made by each Reporting Person, at any time and from time to time, without prior notice, in open market transactions (including, without limitation, under Rule 144), in privately negotiated transactions or otherwise. Each Reporting Person may also acquire additional securities of Hilltop from time to time. Subject to the foregoing, each Reporting Person expects to evaluate on an ongoing basis Hilltop's financial condition and prospects and its interest in, and intentions with respect to, Hilltop and its investment in the securities of Hilltop, which review may be based on various factors, including, without limitation, Hilltop's business and financial condition, results of operations and prospects, general economic and industry conditions, the price and availability of shares of Common Stock, the conditions of the securities markets in general and those for Hilltop's securities in particular, the relative attractiveness of alternative business and investment opportunities, and other future developments. Accordingly, each Reporting Person reserves the right to change its intentions, as it deems appropriate. No assurance can be provided that any Reporting Person will elect to sell shares of Common Stock, or the timing or terms of any such sale. On July 1, 2025, Mr. Ford's son Jeremy B. Ford, the Chairman of the Board and Chief Executive Officer of Hilltop, in his individual capacity, and along with three other of Mr. Ford's six children, in their respective capacities as trustees of trusts that Mr. Ford established for their benefit, filed a lawsuit in the First Division of the Business Court of Texas against the Reporting Persons alleging, among other things, that Jeremy B. Ford is entitled to exercise control over Diamond HTH Stock Company GP, LLC which would thereby result in Jeremy B. Ford having voting and dispositive power over the Common Stock beneficially owned by the Reporting Persons. Except as described herein, the Reporting Persons do not have any present plans or intentions which would result in or relate to any of the matters set forth in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 5.

Interest in Securities of the Issuer

(a)

Item 5 is hereby amended and restated in its entirety as follows: (a)-(b) Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each Reporting Person may be deemed to be a member of a group with respect to Hilltop or securities of Hilltop for the purposes of Section 13(d) or 13(g) of the Act. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of Hilltop or otherwise with respect to Hilltop or any securities of Hilltop or (ii) a member of any syndicate or group with respect to Hilltop or any securities of Hilltop.

(b)

As of July 7, 2025, the Reporting Persons may be deemed to beneficially own the shares of Common Stock as set forth on Exhibit 99.B hereto.

(c)

Other than as set forth on Exhibit 99.C hereto, there have been no transactions in the class of securities reported on that were affected by the Reporting Persons during the past sixty days or since the most recent filing of Schedule 13D, whichever is less.

(d)

Not applicable.

(e)

Not applicable.

Item 7.

Material to be Filed as Exhibits.

Item 7 is hereby amended and supplemented as follows: "The following exhibits are filed as additional exhibits to the Schedule 13D: Exhibit Number Description of Exhibit 99.A Joint Filing Agreement (incorporated herein by reference to Exhibit 99.A to the Schedule 13D filed on October 6, 2017, by the Reporting Persons with the SEC (File No. 005-79781)). 99.B Beneficial Ownership of the Reporting Persons in the Securities of Hilltop Holdings Inc. 99.C Recent Transactions by the Reporting Persons in the Securities of Hilltop Holdings Inc.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Gerald J. Ford

Signature:	/s/ Gerald J. Ford
Name/Title:	Gerald J. Ford
Date:	07/08/2025

Diamond A Financial, LP

Signature:	Diamond HTH Stock Company, LP
Name/Title:	General Partner
Date:	07/08/2025

Signature:	Diamond HTH Stock Company GP, LLC
Name/Title:	General Partner
Date:	07/08/2025

Signature:	/s/ Gerald J. Ford
Name/Title:	Gerald J. Ford, Sole Member
Date:	07/08/2025

Diamond HTH Stock Company, LP

Signature:	Diamond HTH Stock Company GP, LLC
Name/Title:	General Partner
Date:	07/08/2025

Signature:	/s/ Gerald J. Ford
Name/Title:	Gerald J. Ford, Sole Member
Date:	07/08/2025

Diamond HTH Stock Company GP, LLC

Signature:	/s/ Gerald J. Ford
Name/Title:	Gerald J. Ford, Sole Member
Date:	07/08/2025

Turtle Creek Revocable Trust

Signature:	/s/ Gerald J. Ford
Name/Title:	Gerald J. Ford, Trustee
Date:	07/08/2025

Source: View Original Filing on SEC EDGAR

FAQ

What is the participation rate on the BNS Buffered Enhanced Participation Notes?

The notes pay 149% of any positive basket return at maturity.

How much downside protection do investors have?

There is a 10% buffer; if the basket falls ≤10%, investors receive full principal.

Which indices make up the basket and what are their weightings?

EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%), S&P/ASX 200 (8%).

When do the notes mature and will they pay interest before then?

Maturity is July 7, 2027; the notes bear no periodic interest.

What is the initial estimated value versus the issue price?

BNS estimated the value at $968.53 per $1,000, lower than the 100% issue price.

Are the notes insured or covered by deposit insurance schemes?

No. The notes are not insured by CDIC, FDIC or any other agency.

[SCHEDULE 13D/A] HILLTOP HOLDINGS INC. SEC Filing

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FAQ

What is the participation rate on the BNS Buffered Enhanced Participation Notes?

How much downside protection do investors have?

Which indices make up the basket and what are their weightings?

When do the notes mature and will they pay interest before then?

What is the initial estimated value versus the issue price?

Are the notes insured or covered by deposit insurance schemes?

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[SCHEDULE 13D/A] HILLTOP HOLDINGS INC. SEC Filing

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Structured Products Analyst neutral

Fixed-Income Portfolio Manager neutral

FAQ

What is the participation rate on the BNS Buffered Enhanced Participation Notes?

How much downside protection do investors have?

Which indices make up the basket and what are their weightings?

When do the notes mature and will they pay interest before then?

What is the initial estimated value versus the issue price?

Are the notes insured or covered by deposit insurance schemes?

NYSE:HTH

HTH Rankings

HTH Latest News

HTH Latest SEC Filings

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