Equipment and Leasehold Improvements

12 Months Ended

Dec. 31, 2025

Equipment and Leasehold Improvements

Equipment and Leasehold Improvements

5. Equipment and Leasehold Improvements

The carrying value of equipment and leasehold improvements by classification was as follows for the periods indicated. Equipment and leasehold improvements are included in other assets in the consolidated balance sheets.

	As of December 31,
	2025		2024
Software	$	62,491	$	58,896
Computer equipment		20,863		20,307
Leasehold improvements		8,264		8,264
Other equipment		3,132		3,132
Furniture and fixtures		4,628		4,628
Total cost		99,378		95,227
Less accumulated depreciation and amortization		92,297		90,687
Equipment and leasehold improvements, net	$	7,081	$	4,540

Depreciation and amortization expense for the years ended December 31, 2025, 2024, and 2023 was $5,830, $11,505 and $7,840, respectively and is included in underwriting, operating and related expenses.