Fixed Assets, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Fixed assets, net consisted of the following (in thousands):



	December 31, 2024		December 31, 2023
Leasehold improvements, furniture and fixtures, and other fixed assets	$	254,337	$	245,262
Software, including software development costs	64,680		56,883
Computer and communications equipment	41,144		37,693
Total, cost	360,161		339,838
Accumulated depreciation and amortization	(193,432)		(161,803)
Total, net	$	166,729	$	178,035

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $39.8 million, $39.2 million and $42.4 million, respectively. Newmark recorded impairment charges of $3.3 million, $3.2 million and $14.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Impairment charges are included as a part of “Depreciation and amortization” on the accompanying consolidated statements of operations.

Capitalized software development costs for the years ended December 31, 2024, 2023 and 2022 were $6.3 million, $12.5 million and $12.3 million, respectively. Amortization of software development costs totaled $7.9 million, $7.1 million and $5.4 million, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying consolidated statements of operations.