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Property and Equipment, net
 12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023 (in thousands):

As of December 31,
20242023
Leasehold improvements$54,088 $53,313 
Office furniture and fixtures4,445 3,825 
Computer software and hardware
9,363 10,491 
Internally developed software
545 — 
Equipment191 194 
Work in process
619 — 
Property and equipment, gross69,251 67,823 
Less: Accumulated depreciation(32,142)(25,141)
Property and equipment, net$37,109 $42,682 

Depreciation expense totaled $8.5 million, $8.0 million, and $5.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. During the years ended December 31, 2024, 2023, and 2022, we disposed of or retired $1.3 million, $1.4 million, and $1.0 million worth of fully depreciated property and equipment, respectively.