Property, Equipment and Capitalized Software

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Equipment and Capitalized Software

5. Property, Equipment and Capitalized Software

Property, equipment and capitalized software consist of the following:


	December 31,
(in thousands)		2025			2024
Software		$	168,673		$	140,680
Computer hardware			55,124			51,367
Leasehold improvements			16,165			16,342
Furniture, fixtures, and other			5,812			4,553
Total property and equipment			245,774			212,942
Less: accumulated depreciation and amortization			(129,916	)		(115,179	)
Total property and equipment, net		$	115,858		$	97,763

Depreciation expense was $30.7 million, $27.3 million, and $22.0 million related to property and equipment for the years ended December 31, 2025, 2024, and 2023, respectively.