Property and Equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

6. Property and Equipment, net

Property and equipment, net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):


	As of
	March 31, 2023		December 31, 2022
Leasehold improvements	$	50,973	$	45,959
Office furniture and fixtures	3,698		3,476
Computer hardware	9,326		9,689
Computer software	820		1,353
Equipment	188		242
Property and equipment, gross	65,005		60,719
Less: accumulated depreciation	(19,128)		(18,864)
Property and equipment, net	$	45,877	$	41,855

Depreciation expense totaled $2.0 million and $1.4 million for the three months ended March 31, 2023 and 2022, respectively. We disposed of or retired $1.4 million worth of fully depreciated property and equipment during the three months ended March 31, 2023. There were no disposals or retirements during the three months ended March 31, 2022.