Fixed and Intangible Assets

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

FIXED AND INTANGIBLE ASSETS

Equipment and leasehold improvements, net consists of the following:


	March 31,		December 31,
	2025		2024
Office equipment	$	22,141	$	22,154
Furniture and fixtures		16,954		16,842
Leasehold improvements		76,485		75,295
Construction in progress		3,517		2,556
Total		119,097		116,847
Less: Accumulated depreciation and amortization		(53,321)		(51,396)
Equipment and leasehold improvements, net	$	65,776	$	65,451

Depreciation and amortization expenses for fixed assets totaled $2,779 and $2,375 for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025 and December 31, 2024, there were $907 and $954 of costs capitalized, net of $1,964 and $1,917 of accumulated amortization, respectively, within prepaid expenses and other assets on our condensed consolidated statements of financial condition related to the implementation of cloud computing arrangements. The amortization expense of the capitalized costs was $47 and $58 for the three months ended March 31, 2025 and 2024, respectively. The amortization expense was recorded within communication, technology and information services on the condensed consolidated statements of operations.