Fixed Assets, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

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



	September 30, 2024		December 31, 2023
Leasehold improvements, furniture and fixtures, and other fixed assets	$	258,089	$	245,262
Software, including software development costs	62,673		56,883
Computer and communications equipment	40,122		37,693
Total, cost	360,884		339,838
Accumulated depreciation and amortization	(187,611)		(161,803)
Total, net	$	173,273	$	178,035

Depreciation expense for the three months ended September 30, 2024 and 2023 was $9.6 million and $10.2 million, respectively, and $30.3 million and $28.9 million for the nine months ended September 30, 2024 and 2023, respectively. Newmark recorded impairment charges of $1.1 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $3.1 million and $2.4 million for the nine months ended September 30, 2024 and 2023, respectively. Impairment charges are 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, 2024 and 2023 were $2.1 million and $3.4 million, respectively, and $5.2 million and $9.7 million for the nine months ended September 30, 2024 and 2023, respectively. Amortization of software development costs totaled $0.9 million and $0.7 million for the three months ended September 30, 2024 and 2023, respectively, and $2.7 million and $2.0 million for the nine months ended September 30, 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.