Fixed Assets, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

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



	December 31, 2022		December 31, 2021
Leasehold improvements, furniture and fixtures, and other fixed assets	$	207,020	$	184,704
Software, including software development costs	48,112		32,851
Computer and communications equipment	31,586		27,382
Total, cost	286,718		244,937
Accumulated depreciation and amortization	(131,079)		(109,181)
Total, net	$	155,639	$	135,756

Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $42.4 million, $22.0 million and $22.9 million, respectively. Newmark recorded an impairment charge of $14.0 million, $0.0 million and $6.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. The impairment charge is 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, 2022, 2021 and 2020 were $12.3 million, $0.7 million and $2.0 million, respectively. Amortization of software development costs totaled $2.1 million, $1.3 million and $1.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying consolidated statements of operations.