Fixed Assets, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

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



	March 31, 2025		December 31, 2024
Leasehold improvements, furniture and fixtures, and other fixed assets	$	252,817	$	254,337
Software, including software development costs	67,469		64,680
Computer and communications equipment	41,690		41,144
Total, cost	361,976		360,161
Accumulated depreciation and amortization	(203,013)		(193,432)
Total, net	$	158,963	$	166,729

Depreciation expense for the three months ended March 31, 2025 and 2024 was $15.2 million and $11.4 million, respectively. Newmark recorded impairment charges of $6.4 million and $1.8 million for the three months ended March 31, 2025 and 2024, respectively. Impairment charges are included as a part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.

Capitalized software development costs for the three months ended March 31, 2025 and 2024 were $2.4 million and $2.0 million, respectively. Amortization of software development costs totaled $2.0 million and $0.9 million, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.