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Property and Equipment, net
 9 Months Ended
Sep. 30, 2025
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, 2025 and December 31, 2024 (in thousands):

As of
September 30, 2025December 31, 2024
Leasehold improvements$55,449 $54,088 
Office furniture and fixtures4,621 4,445 
Computer software and hardware
9,878 9,363 
Internally developed software
1,341 545 
Equipment210 191 
Work in process
458 619 
Property and equipment, gross71,957 69,251 
Less: accumulated depreciation(38,789)(32,142)
Property and equipment, net$33,168 $37,109 
Depreciation expense totaled $2.1 million and $6.5 million for the three and nine months ended September 30, 2025, respectively. Depreciation expense totaled $2.2 million and $6.4 million for the three and nine months ended September 30, 2024, respectively. We had no disposals or retirements during the three and nine months ended September 30, 2025. 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.