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Property, Equipment, and Software Development Costs | 12 Months Ended
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Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
Property, Equipment, and Software Development Costs | Property, Equipment, and Software Development Costs Property and equipment consist of the following (in thousands):
| December 31,
| 2025 |  | 2024
Computer equipment | $ | 3,256 |  |  | $ | 3,080 |
Leasehold improvements | 17,138 |  |  | 5,859 |
Furniture and fixtures | 5,518 |  |  | 2,687 |
Other | 551 |  |  | — |
Property and equipment | 26,463 |  |  | 11,626 |
Less: Accumulated depreciation | (3,029) |  |  | (9,675) |
Property and equipment, net | $ | 23,434 |  |  | $ | 1,951 |
Depreciation expense was $1.7 million, $1.6 million, $2.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. Software development costs consist of the following (in thousands):
| December 31,
| 2025 |  | 2024
Capitalized software development costs | $ | 48,358 |  |  | $ | 34,288 |
Less: Accumulated amortization | (24,165) |  |  | (18,087) |
Capitalized software development costs, net | $ | 24,193 |  |  | $ | 16,201 |
The Company capitalized software development costs of $15.1 million and $9.8 million during the years ended December 31, 2025 and 2024, respectively. Capitalized software development costs include software under development of $10.2 million and $7.7 million as of December 31, 2025 and 2024, respectively. Capitalized software amortization expense recognized in cost of revenue for the years ended December 31, 2025, 2024, and 2023 was $4.4 million, $4.1 million, and $3.0 million, respectively. Capitalized software amortization expense recognized in depreciation and amortization expenses for the years ended December 31, 2025, 2024, and 2023 was $2.2 million, $1.7 million, and $0.8 million, respectively. Impairment charges recognized in research and development for the years ended December 31, 2025, 2024, and 2023 were $0.5 million, $0.6 million, and $0.2 million, respectively.

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- Definition The entire disclosure for intangible assets and long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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