Fixed Assets, Net

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

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



	June 30, 2025		December 31, 2024
Leasehold improvements, furniture and fixtures, and other fixed assets	$	261,464	$	254,337
Software, including software development costs	69,860		64,680
Computer and communications equipment	42,553		41,144
Total, cost	373,877		360,161
Accumulated depreciation and amortization	(214,611)		(193,432)
Total, net	$	159,266	$	166,729

Depreciation expense was $10.4 million and $9.2 million for the three months ended June 30, 2025 and 2024, respectively, and $25.6 million and $20.6 million for the six months ended June 30, 2025 and 2024, respectively. Newmark recorded impairment charges of $0.1 million and $0.3 million for the three months ended June 30, 2025 and 2024, respectively, and $6.5 million and $2.1 million for the six months ended June 30, 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 were $1.8 million and $1.1 million for the three months ended June 30, 2025 and 2024, respectively, and $4.2 million and $3.1 million for the six months ended June 30, 2025 and 2024, respectively. Amortization of software development costs totaled $2.0 million and $0.9 million for the three months ended June 30, 2025 and 2024, respectively, and $4.0 million and $1.8 million for the six months ended June 30, 2025 and 2024, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.