Fixed Assets, Net

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

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



	September 30, 2022		December 31, 2021
Leasehold improvements, furniture and fixtures, and other fixed assets	$	199,557	$	184,704
Software, including software development costs	43,687		32,851
Computer and communications equipment	29,680		27,382
Total, cost	272,924		244,937
Accumulated depreciation and amortization	(124,380)		(109,181)
Total, net	$	148,544	$	135,756

Depreciation expense for the three months ended September 30, 2022 and 2021 was $12.2 million and $6.4 million, respectively, and $27.3 million and $16.5 million for the nine months ended September 30, 2022 and 2021, respectively. Newmark recorded $2.7 million and $3.5 million impairment for the three and nine months ended September 30, 2022, respectively. Newmark did not record any impairment for the three and nine months ended September 30, 2021. The impairment charge is 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 September 30, 2022 was $7.1 million. There were no capitalized software development costs recorded for the three months ended September 30, 2021. Capitalized software development costs were $9.1 million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization of software development costs totaled $0.8 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively and $1.5 million and $1.0 million for the nine months ended September 30, 2022 and 2021,

respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.