Property and Equipment

12 Months Ended

Dec. 31, 2023

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	2023		2022
Leasehold improvements	Shorter of estimated useful life or life of lease	$	8,404	$	8,335
Office furniture, fixtures and equipment	2 - 10 years		13,361		12,404
Total property and equipment			21,765		20,739
Less accumulated depreciation			(13,132)		(10,946)
Total property and equipment, net		$	8,633	$	9,793

Depreciation expense was $2.5 million, $2.4 million and $2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.