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Property and Equipment
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment are recorded at cost and consist of the following:
As of March 31, 2021As of December 31, 2020
 (in thousands)
Computer equipment and software$14,368 $13,438 
Furniture and fixtures9,655 9,655 
Leasehold improvements 50,427 50,336 
Total74,450 73,429 
Less accumulated depreciation(23,309)(20,315)
Property and equipment, net$51,141 $53,114 
Depreciation expense was $3.0 million and $2.7 million for the three months ended March 31, 2021 and 2020, respectively.