The Blackstone Group

(BX) - Get Report

lost $827 million in the fourth quarter, citing "lower fair values" of the companies it owns in its private equity portfolio.

Blackstone's loss compares to $509 million in the previous quarter. It also announced it would not pay a dividend to investors in what it calls its "units." Blackstone's publicly traded equity is somewhat different from that of many companies, and holders of its units have less control over the firm than is typical.

Though Blackstone's loss is not surprising, in light of the global economic crisis, its stock fell more than 8% to $3.55 in early trading Friday, but more recently was down a penny top $3.86.

Blackstone also announced that Chairman and CEO Steve Schwartzman would not receive a bonus in 2008. Schwartzman was the 40th richest American in 2007, according to

Forbes

. The move by Schwartzman echoes those by CEOs of other large financial companies, including

Goldman Sachs

(GS) - Get Report

,

Morgan Stanley

(MS) - Get Report

and

JPMorgan Chase

(JPM) - Get Report

.