Fixed Assets, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

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



	March 31, 2024		December 31, 2023
Leasehold improvements, furniture and fixtures, and other fixed assets	$	246,185	$	245,262
Software, including software development costs	59,238		56,883
Computer and communications equipment	38,049		37,693
Total, cost	343,472		339,838
Accumulated depreciation and amortization	(169,787)		(161,803)
Total, net	$	173,685	$	178,035

Depreciation expense for the three months ended March 31, 2024 and 2023 was $11.4 million and $9.2 million, respectively. Newmark recorded an impairment charge of $1.8 million and $0.9 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 and 2023 were $2.0 million and $2.9 million, respectively. Amortization of software development costs totaled $0.9 million and $0.6 million for the three months ended March 31, 2024 and 2023, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.