Fixed and Intangible Assets

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

FIXED AND INTANGIBLE ASSETS

Equipment and leasehold improvements, net consists of the following:


	September 30,		December 31,
	2025		2024
Equipment	$	28,606	$	22,154
Furniture and fixtures		20,362		16,842
Leasehold improvements		77,345		75,295
Construction in progress		17,189		2,556
Total		143,502		116,847
Less: Accumulated depreciation and amortization		(59,395)		(51,396)
Equipment and leasehold improvements, net	$	84,107	$	65,451

Depreciation and amortization expenses for fixed assets totaled $2,976 and $2,802 for the three months ended September 30, 2025 and 2024, respectively, and $8,515 and $7,611 for the nine months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025 and December 31, 2024, there were $814 and $954 of costs capitalized, net of $2,057 and $1,917 of accumulated amortization, respectively, within prepaid expenses and other assets on the Company's condensed consolidated statements of financial condition related to the implementation of cloud computing arrangements. The amortization expense of the capitalized costs was $47 and $47 for the three months ended September 30, 2025 and 2024, respectively, and $140 and $151 for the nine months ended September 30, 2025 and 2024, respectively. The amortization expense was recorded within communication, technology and information services on the condensed consolidated statements of operations.