Property and equipment are recorded at cost and consist of the following (in thousands):




	As of March 31, 2026		As of December 31, 2025
Computer equipment and software	$	23,375	$	23,728
Furniture and fixtures	11,942		11,893
Leasehold improvements	61,456		61,456
Total	96,773		97,077
Less accumulated depreciation	(66,281)		(65,087)
Property and equipment, net	$	30,492	$	31,990

We recorded depreciation expense of $2.4 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, we wrote off $0.8 million of fully depreciated computer equipment and software, in accordance with our policy as described in Note 2, Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2025.