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Fixed Assets, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Fixed Assets, Net Fixed Assets, Net
Fixed assets, net consisted of the following (in thousands):
June 30, 2026December 31, 2025
Leasehold improvements, furniture and fixtures, and other fixed assets$274,450 $266,585 
Software, including software development costs83,358 76,567 
Computer and communications equipment48,931 45,117 
Total, cost406,739 388,269 
Accumulated depreciation and amortization(245,793)(231,779)
Total, net$160,946 $156,490 
 
Depreciation expense was $13.1 million and $10.4 million for the three months ended June 30, 2026 and 2025, respectively, and $25.3 million and $25.6 million for the six months ended June 30, 2026 and 2025, respectively. Newmark recorded impairment charges of $3.4 million and $0.1 million for the three months ended June 30, 2026 and 2025, respectively, and $5.6 million and $6.5 million for the six months ended June 30, 2026 and 2025, 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 $3.3 million and $1.8 million for the three months ended June 30, 2026 and 2025, respectively, and $8.6 million and $4.2 million for the six months ended June 30, 2026 and 2025, respectively. Amortization of software development costs totaled $2.3 million and $2.0 million for the three months ended June 30, 2026 and 2025, respectively, and $4.4 million and $4.0 million for the six months ended June 30, 2026 and 2025, respectively. Amortization of software development costs is included as part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.