Fixed Assets, Net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

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



	March 31, 2023		December 31, 2022
Leasehold improvements, furniture and fixtures, and other fixed assets	$	225,162	$	207,020
Software, including software development costs	50,707		48,112
Computer and communications equipment	32,750		31,586
Total, cost	308,619		286,718
Accumulated depreciation and amortization	(137,705)		(131,079)
Total, net	$	170,914	$	155,639

Depreciation expense for the three months ended March 31, 2023 and 2022 was $9.2 million and $6.7 million, respectively. Newmark recorded an impairment charge of $0.9 million and $0.0 million for the three months ended March 31, 2023 and 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 March 31, 2023 and 2022 were $2.9 million and $0.3 million, respectively. Amortization of software development costs totaled $0.6 million and $0.3 million for the three months ended March 31, 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.