X0202 4 2007-07-17 0 0001335249 HIGHBURY FINANCIAL INC HBRF 0001301396 Context Capital Management, LLC 4365 EXECUTIVE DRIVE SUITE 850 SAN DIEGO CA 92121 0 0 1 0 0001389347 Context Advantage Master Fund, L.P. P.O. BOX 1343GT, STRATHVALE HOUSE GROUND FLOOR, NORTH CHURCH STREET GEORGE TOWN, GRAND CAYMAN E9 KY1-1108 CAYMAN ISLANDS 0 0 1 0 0001245878 ROSEN MICHAEL S CONTEXT CAPITAL MANAGEMENT LLC 4365 EXECUTIVE DRIVE, SUITE 850 SAN DIEGO CA 92121 0 0 1 0 0001227681 FERTIG WILLIAM D CONTEXT CAPITAL MANAGEMENT, LLC 4365 EXECUTIVE DRIVE, SUITE 850 SAN DIEGO CA 92121 0 0 1 0 Common Stock Warrants (right to buy) 5 2007-07-17 4 S 0 25000 1.58 D 2007-01-25 2010-01-25 Common Stock 25000 1802892 I See footnotes The reporting persons are Context Capital Management, LLC, a Delaware limited liability company ("LLC"), Context Advantage Master Fund, L.P., a Cayman Islands limited partnership ("LP"), Michael S. Rosen and William D. Fertig. LLC is a registered investment adviser. Mr. Rosen and Mr. Fertig are the control persons of LLC. LP is an investment fund of which LLC is the general partner. LLC, LP, Mr. Rosen and Mr. Fertig are filing this Form jointly. LLC, Mr. Rosen and Mr. Fertig constitute a group within the meaning of Rule 13d-5(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), but disclaim membership in a group with any other person. LP is filing this Form jointly with the other reporting persons, but not as a member of a group, and expressly disclaims membership in a group. In addition, the filing of this Form on behalf of LP should not be construed as an admission that LP is, and LP disclaims that it is, the beneficial owner, as defined in Rule 13d-3 under the 1934 Act, of any of the securities covered by this Form. These securities are held directly by LP and by other investment funds and accounts of which LLC is the investment adviser or general partner, for the benefit of the investors in that partnership, those funds and those accounts. LP directly holds 595,000 shares of common stock and 1,076,850 warrants. All of the securities reported here are indirectly beneficially owned by LLC, Rosen and Fertig, who disclaim beneficial ownership of such securities except to the extent of their pecuniary interest therein. Context Capital Managment, LLC 2007-07-18 Context Advantage Master Fund, L.P. 2007-07-18 Michael S. Rosen 2007-07-18 William D. Fertig 2007-07-18