Property and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

6. Property and Equipment, net

Property and equipment, net consisted of the following as of December 31, 2025 and 2024 (in thousands):

	As of December 31,
	2025		2024
Leasehold improvements	$	55,465	$	54,088
Office furniture and fixtures	4,616		4,445
Computer software and hardware	10,504		9,363
Internally developed software	1,341		545
Equipment	218		191
Work in process	690		619
Property and equipment, gross	72,834		69,251
Less: Accumulated depreciation	(40,747)		(32,142)
Property and equipment, net	$	32,087	$	37,109

Depreciation expense totaled $8.5 million, $8.5 million, and $8.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. We had no disposals or retirements during the year ended December 31, 2025. We disposed of $1.3 million and $1.4 million worth of fully depreciated property and equipment during the years ended December 31, 2024 and 2023, respectively.