Fixed Assets, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

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



	December 31, 2023		December 31, 2022
Leasehold improvements, furniture and fixtures, and other fixed assets	$	245,262	$	207,020
Software, including software development costs	56,883		48,112
Computer and communications equipment	37,693		31,586
Total, cost	339,838		286,718
Accumulated depreciation and amortization	(161,803)		(131,079)
Total, net	$	178,035	$	155,639

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $39.2 million, $42.4 million and $22.0 million, respectively. Newmark recorded an impairment charge of $3.2 million, $14.0 million and $0.0 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023, 2022 and 2021 were $12.5 million, $12.3 million and $0.7 million, respectively. Amortization of software development costs totaled $2.9 million, $2.1 million and $1.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying consolidated statements of operations.