Fixed Assets, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

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



	March 31, 2026		December 31, 2025
Leasehold improvements, furniture and fixtures, and other fixed assets	$	267,662	$	266,585
Software, including software development costs	78,252		76,567
Computer and communications equipment	47,147		45,117
Total, cost	393,061		388,269
Accumulated depreciation and amortization	(238,637)		(231,779)
Total, net	$	154,424	$	156,490

Depreciation expense for the three months ended March 31, 2026 and 2025 was $12.2 million and $15.2 million, respectively. Newmark recorded impairment charges of $2.2 million and $6.4 million for the three months ended March 31, 2026 and 2025, 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, 2026 and 2025 were $5.2 million and $2.4 million, respectively. Amortization of software development costs totaled $2.1 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.