This article examined, in a sample of 219 HIV-positive Latino men who have sex with men (MSM), a set of three variables that can shape the context of sexual encounters between men and influence sexual risk behaviors: disclosure of positive HIV serostatus, seroconcordance of partners, and relationship between partners. Participants from Boston, New York, and Washington completed a survey in English or Spanish using computer-assisted self-interview technology with audio enhancement. At the bivariate level, disclosure, seroconcordance, and partner relationship were all interrelated, as well as associated with the likelihood of unprotected intercourse. Unprotected anal intercourse with the most recent partner was more likely when the partner (a) knew that the participant was HIV-positive, (b) was the participant's main partner, and (c) was himself also HIV-positive. A logistic set regression revealed that the set of three variables added significantly to the prediction of unprotected anal intercourse, beyond demographic variables of income, education, and age. In the multivariate model, however, of the three, only seroconcordance achieved significance. The importance of a contextual approach to understanding sexual risk behavior was discussed.