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Property and Equipment, net
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net
6. Property and Equipment, net

Property and equipment, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):

As of
September 30, 2024December 31, 2023
Leasehold improvements$54,660 $53,313 
Office furniture and fixtures4,484 3,825 
Computer software and hardware
9,424 10,491 
Internally developed software
758 — 
Equipment193 194 
Property and equipment, gross69,519 67,823 
Less: accumulated depreciation(30,329)(25,141)
Property and equipment, net$39,190 $42,682 
Depreciation expense totaled $2.2 million and $6.4 million for the three and nine months ended September 30, 2024, respectively. Depreciation expense totaled $2.0 million and $5.9 million for the three and nine months ended September 30, 2023, respectively. We disposed of $1.0 million and $1.3 million worth of fully depreciated equipment during the three and nine months ended September 30, 2024, respectively. We had no disposals or retirements during the three months ended September 30, 2023 and disposed of $1.4 million worth of fully depreciated property and equipment during the nine months ended September 30, 2023.