Property and Equipment

12 Months Ended

Dec. 31, 2024

Property and Equipment

Property and Equipment

6. Property and Equipment

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

		As of December 31,
	Depreciable Life	2024		2023
Leasehold improvements	Shorter of estimated useful life or life of lease	$	9,838	$	8,404
Office furniture, fixtures and equipment	2 - 10 years		13,264		13,361
Total property and equipment			23,102		21,765
Less accumulated depreciation			(15,524)		(13,132)
Total property and equipment, net		$	7,578	$	8,633

Depreciation expense was $2.4 million, $2.5 million and $2.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.