Property and Equipment

12 Months Ended

Dec. 31, 2022

Property and Equipment

Property and Equipment

7. Property and Equipment

Property and equipment consist of the following (in thousands):

		As of December 31,
	Depreciable Life	2022		2021
Leasehold improvements	Shorter of estimated useful life or life of lease	$	8,335	$	5,989
Office furniture, fixtures and equipment	2 - 10 years		12,404		16,115
Total property and equipment			20,739		22,104
Less accumulated depreciation			(10,946)		(9,418)
Total property and equipment, net		$	9,793	$	12,686

Depreciation expense was $2.4 million, $2.2 million and $1.8 million for the years ended December 31, 2022, 2021 and 2020, respectively.