Property and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

6. Property and Equipment, Net

As of June 30, 2026 and December 31, 2025, property and equipment, net consisted of the following:


	As of June 30, 2026			As of December 31, 2025
	(dollars in thousands)
Capitalized equipment	$	7,425		$	7,445
Capitalized internal-use software		23,857			22,701
Capitalized website development		80,783			66,355
Furniture and fixtures		8,069			10,294
Leasehold improvements		77,506			86,127
		197,640			192,922
Less accumulated depreciation and amortization		(68,090	)		(59,970	)
Total	$	129,550		$	132,952

For the three months ended June 30, 2026 and 2025 and for the six months ended June 30, 2026 and 2025, depreciation and amortization expense, excluding amortization of intangible assets, amortization of capitalized hosting arrangements, disposals, write-offs, and impairments, was $7.7 million, $5.6 million, $14.6 million, and $11.0 million, respectively.

During the six months ended June 30, 2026, the Company impaired $1.0 million of capitalized website development costs, inclusive of $0.5 million recognized in cost of revenue and $0.5 million recognized in operating expense, in the Unaudited Condensed Consolidated Income Statements. These impairments were related to certain developed technology that the Company decided to cease investment.

During the six months ended June 30, 2026, as a result of the impairment for the 121 First Street lease, the Company impaired $4.5 million of leasehold improvements and furniture and fixtures. For further discussion of the lease impairment, refer to Note 9 of these Unaudited Condensed Consolidated Financial Statements.