The Blackstone Group L.P. (Blackstone Group) has reported negative total revenues of $349.4 million for the year-end 2008, compared with the total revenues of $3 billion in the previous year. It also reported net loss of $1.2 billion for the year-end 2008, compared with the net income of $1.6 billion in the previous year.
For the full year 2008, total reportable segment revenues were a negative $(442.1) million as compared to total pro forma adjusted reportable segment revenues of $3.12 billion in 2007. Lower fair values of portfolio investments across the corporate private equity, real estate and marketable alternative asset management segments contributed to the negative revenues, partially offset by strong results in our financial advisory businesses and strong growth in management fees from fee paying assets under management. For the fourth quarter 2008, total reportable segment revenues were negative $(621.4) million as compared to negative $(229.2) million for the third quarter 2008 and $366.9 million for the fourth quarter 2007.
Economic net income was a loss of $(1.33) billion for the full year 2008 as compared to pro forma adjusted economic net income of $2.12 billion for the full year 2007. Adjusted cash flow from operations for the full year 2008 was $128.8 million as compared to pro forma adjusted cash flow from operations of $1.52 billion for the full year 2007.
Net fee related earnings from operations for the full year 2008 was $427.7 million as compared to pro forma adjusted net fee related earnings from operations of $386.7 million for the full year 2007, an increase of $41.0 million or 11%. Net fee related earnings from operations for the fourth quarter 2008 were $117.9 million as compared to $151.8 million in the third quarter 2008 and $139.8 million in the fourth quarter 2007.
Economic net income was a loss of $(827.1) million for the fourth quarter 2008 as compared to a loss of $(509.3) million in the third quarter 2008 and $128.2 million for the fourth quarter 2007. Adjusted Cash Flow from Operations in the fourth quarter 2008 was $(19.3) million as compared to Adjusted Cash Flow from Operations of $244.5 million for the fourth quarter 2007.
Blackstone Group remains well positioned from a capital and liquidity perspective, with $503.7 million in available cash as of December 31, 2008 and $767.6 million in cash as of January 31, 2009 after paying off the entire $250 million balance on its revolving credit facility.
GAAP results for the full year 2008 included negative Revenues of $(349.4) million, other loss of $(872.3) million and loss before benefit for taxes of $(1.20) billion. For the full year 2007, revenues were $3.05 billion, Other Income was $5.42 billion and income before provision for taxes totaled $1.65 billion. On a GAAP basis, net cash flow provided by operating activities was $2.16 billion for the full year 2008 as compared to net cash flow used in operating activities of $(850.3) million for the prior year.
GAAP results for the fourth quarter 2008 included negative revenues of $(611.3) million, other loss of $(295.6) million and loss before benefit for taxes of $(406.3) million. For the fourth quarter 2007, revenues were $345.0 million, other income was $16.4 million and loss before provision for taxes totaled $(161.4) million. On a GAAP basis, net cash flow provided by operating activities was $1.46 billion for the fourth quarter 2008 as compared to $243.8 million for the fourth quarter 2007.