Fixed and Intangible Assets

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Fixed and Intangible Assets

4.FIXED AND INTANGIBLE ASSETS

Equipment and leasehold improvements, net consists of the following:

	December 31,		December 31,
	2024		2023
Office equipment	$	22,154	$	18,931
Furniture and fixtures		16,842		16,143
Leasehold improvements		75,295		69,910
Construction in progress		2,556		1,714
Total		116,847		106,698
Less: Accumulated depreciation and amortization		(51,396)		(42,895)
Equipment and leasehold improvements, net	$	65,451	$	63,803

Depreciation and amortization expenses for fixed assets totaled $10,444, $8,317 and $7,975 for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024 and December 31, 2023, there were $954 and $1,151 of costs capitalized, net of $1,917 and $1,720 of accumulated amortization, respectively, within prepaid expenses and other assets on our consolidated statements of financial condition related to the implementation of cloud computing arrangements. The amortization expense of the capitalized costs was $197, $488, and $488 for the years ended December 31, 2024, 2023 and 2022, respectively. The amortization expense was recorded within communication, technology and information services on the consolidated statements of operations.

During the year ended December 31, 2023, the Company recognized impairment charges of $558 on certain leasehold improvements. See Note 12 for further details.