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Fixed Assets, Net
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Fixed Assets, Net Fixed Assets, Net
Fixed assets, net consisted of the following (in thousands):
September 30, 2025December 31, 2024
Leasehold improvements, furniture and fixtures, and other fixed assets$263,869 $254,337 
Software, including software development costs72,788 64,680 
Computer and communications equipment43,246 41,144 
Total, cost379,903 360,161 
Accumulated depreciation and amortization(222,826)(193,432)
Total, net$157,077 $166,729 
 
Depreciation expense was $9.9 million and $9.6 million for the three months ended September 30, 2025 and 2024, respectively, and $35.5 million and $30.3 million for the nine months ended September 30, 2025 and 2024, respectively. Newmark recorded impairment charges of $0.1 million and $1.1 million for the three months ended September 30, 2025 and 2024, respectively, and $6.6 million and $3.1 million for the nine months ended September 30, 2025 and 2024, 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 were $2.1 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively, and $6.3 million and $5.2 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization of software development costs totaled $2.0 million and $0.9 million for the three months ended September 30, 2025 and 2024, respectively, and $6.0 million and $2.7 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.