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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2020
Property Plant And Equipment [Abstract]  
Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following:

 

 

 

December 31,

 

(in thousands)

 

2020

 

 

2019

 

Computer equipment

 

$

2,047

 

 

$

1,338

 

Furniture and fixtures

 

 

8,371

 

 

 

556

 

Leasehold improvements

 

 

14,769

 

 

 

1,233

 

Total property and equipment

 

 

25,187

 

 

 

3,127

 

Less: Accumulated depreciation

 

 

(2,130

)

 

 

(1,267

)

Total property and equipment, net

 

$

23,057

 

 

$

1,860

 

 

For the years ended December 31, 2020, 2019 and 2018, depreciation expense was $1.4 million, $0.7 million and $0.3 million, respectively.

During the fourth quarter of 2020, $21.8 million of capitalized costs, principally comprised of furniture and fixtures and leasehold improvements related to the Company’s new office facility in Santa Monica, California were ready for their intended use and were placed into service.