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Fixed Assets, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Fixed Assets, Net Fixed Assets, Net
Fixed assets, net consisted of the following (in thousands):
December 31, 2025December 31, 2024
Leasehold improvements, furniture and fixtures, and other fixed assets$266,585 $254,337 
Software, including software development costs76,567 64,680 
Computer and communications equipment45,117 41,144 
Total, cost388,269 360,161 
Accumulated depreciation and amortization(231,779)(193,432)
Total, net$156,490 $166,729 
 
Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $46.4 million, $39.8 million and $39.2 million, respectively. Newmark recorded impairment charges of $7.2 million, $3.3 million and $3.2 million for the years ended December 31, 2025, 2024 and 2023. Impairment charges are 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, 2025, 2024 and 2023 were $9.6 million, $6.3 million and $12.5 million, respectively. Amortization of software development costs totaled $8.0 million, $7.9 million and $7.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying consolidated statements of operations.