Fixed Assets, Net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

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



	September 30, 2023		December 31, 2022
Leasehold improvements, furniture and fixtures, and other fixed assets	$	237,635	$	207,020
Software, including software development costs	55,814		48,112
Computer and communications equipment	36,739		31,586
Total, cost	330,188		286,718
Accumulated depreciation and amortization	(153,354)		(131,079)
Total, net	$	176,834	$	155,639

Depreciation expense for the three months ended September 30, 2023 and 2022 was $10.2 million and $12.2 million, respectively, and $28.9 million and $27.3 million for the nine months ended September 30, 2023 and 2022, respectively. Newmark recorded an impairment charge of $1.0 million and $2.4 million for the three and nine months ended September 30, 2023, respectively. Newmark recorded $2.7 million and $3.5 million of impairment for the three and nine months ended September 30, 2022, respectively. 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, 2023 and 2022 were $3.4 million and $7.1 million, respectively, and $9.7 million and $9.1 million for the nine months ended September 30, 2023 and 2022, respectively. Amortization of software development costs totaled $0.7 million and $0.8 million for the three months ended September 30, 2023 and 2022, respectively, and $2.0 million and $1.5 million for the nine months ended September 30, 2023 and 2022, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.