v3.25.2
Property, Equipment and Software, Net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Equipment and Software, Net Property, Equipment and Software, Net
Property, equipment and software, net, consist of the following:
June 30, 2025December 31, 2024
Software (1)
$239,698 $222,000 
Land and building (2)
75,573 — 
Leasehold improvements30,699 30,699 
Computer equipment (3)
5,713 22,216 
Furniture and fixtures5,554 5,554 
Total property, equipment and software357,237 280,469 
Accumulated depreciation and amortization(110,953)(112,937)
Total property, equipment and software, net$246,284 $167,532 
(1)    Includes $32.4 million and $43.4 million of development in progress for internally-developed software and $7.5 million and $7.1 million of development in progress to customize purchased software as of June 30, 2025 and December 31, 2024, respectively.
(2)    In April 2025, the Company acquired an office building which will be used as the Company’s headquarters beginning in the second quarter of 2026. See “Note 17. Leases” for additional information.
(3)    During the first quarter of 2025, the Company retired $16.8 million of fully depreciated computer equipment as part of its migration onto a cloud-based hosting platform.

Depreciation and amortization expense on property, equipment and software was $14.8 million and $27.9 million for the second quarter and first half of 2025, respectively. Depreciation and amortization expense on property, equipment and software was $12.2 million and $23.9 million for the second quarter and first half of 2024, respectively.