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BALANCE SHEET COMPONENTS
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS
Property and equipment, net
Property and equipment, net, consist of the following as of December 31, 2024 and 2023 (in thousands):
 
December 31,December 31,
20242023
Internal-use software $85,808 $61,482 
Computer and software5,406 5,013 
Furniture and equipment878 843 
Leasehold improvements1,080 949 
Property and equipment, gross93,172 68,287 
Less: accumulated depreciation and amortization(55,198)(26,730)
Property and equipment, net$37,974 $41,557 
The Company capitalized $24.3 million, $28.1 million and $29.4 million, of internally developed costs during the year ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and December 31, 2023, internally developed software costs balances, included in property and equipment, net, are $36.1 million and $38.9 million, respectively.
Depreciation and amortization expense was $28.8 million, $19.1 million and $6.3 million for the year ended December 31, 2024, 2023 and 2022, respectively.
During each of the year ended December 31, 2024, 2023 and 2022, the Company wrote off certain internally developed software, and reported $3.2 million, $2.5 million, $3.2 million, respectively, of impairment loss in the statements of operations. No impairment losses related to property and equipment were recorded during the year ended December 31, 2024, 2023 and 2022.

Intangible Assets

Acquired intangible assets subject to amortization consist of investment management agreements, license, developed technology and trade name are recorded net of amortization and included within intangible assets on the consolidated balance sheets. The gross and net carrying values and accumulated amortization are as follows (in thousands):

December 31, 2024December 31, 2023
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueGross Carrying ValueAccumulated AmortizationNet Carrying Value
Investment management agreements$6,200 $(387)$5,813 $— $— $— 
License5,500 (458)5,042 — — — 
Developed technology5,500 (3,813)1,687 3,700 (1,850)1,850 
Trade name1,700 (1,421)279 1,400 (700)700 
Total intangible assets$18,900 $(6,079)$12,821 $5,100 $(2,550)$2,550 
Amortization expense was and $3.5 million, $2.6 million and $0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Expected future amortization expense for intangible assets is as follows (in thousands):
December 31, 2024
2025$4,600 
20264,600 
20273,621 
2028— 
2029
— 
  Total
$12,821 
Prepaid and other current assets
Prepaid and other current assets, consist of the following as of December 31, 2024 and 2023 (in thousands):

December 31,December 31,
20242023
Prepaid expenses$7,557 $6,715 
Related party receivables15,180 7,896 
Other current assets2,207 3,423 
Total prepaid expenses and other current assets$24,944 $18,034 

Accrued expenses and other liabilities
Accrued expenses and other liabilities consist of the following as of December 31, 2024 and 2023 (in thousands):

December 31,December 31,
20242023
Employee payables$16,327 $10,353 
Contingent consideration from the Theorem acquisition6,090 — 
Other short-term liabilities22,945 18,209 
Total accrued expenses and other liabilities$45,362 $28,562