Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets as follows:
Asset ClassUseful Life Years
Furniture and fixtures
2-7
Office equipment and software
1-4
Aircraft and other vehicles
5
Buildings
39
Property and equipment, net consisted of the following as of December 31, 2025 and 2024 (in thousands):
As of
December 31,
20252024
Furniture and fixtures$40,681 $32,232 
Aircraft and other vehicles(1)
14,758 14,075 
Office equipment and software10,954 3,373 
Buildings and land13,989 13,989 
Total property and equipment80,382 63,669 
Less: Accumulated depreciation(25,705)(23,980)
Property and equipment, net$54,677 $39,689 
(1)In September 2024, the Company purchased an aircraft for corporate use at a purchase price of $13.5 million.
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About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.