Investments in debt securities are held by certain insurance subsidiaries and are reported at fair value as other assets in the consolidated balance sheets. All investments are classified as available-for-sale and include the following as of January 31, 2026 and February 1, 2025:

Realized gains and losses on investments are determined on a specific identification basis. There were no material net realized gains or losses during Fiscal 2026, Fiscal 2025 or Fiscal 2024. The Company, as required by law, had investments on deposit with various state insurance departments as of January 31, 2026 with a carrying value of $3.8 million (February 1, 2025: $3.8 million).

During Fiscal 2023, the Company acquired a 25% interest in Sasmat Retail, S.L. (“Sasmat”) for $17.1 million in cash. Sasmat is a Spanish jewelry retailer that operates through both online and brick and mortar retail operations. Under the terms of the agreement, the Company has the option to acquire the remaining 75% of Sasmat exercisable at the earlier of June 2026 or upon Sasmat reaching certain revenue targets as defined in the agreement. The Company is applying the equity method of accounting to the Sasmat investment. During Fiscal 2026 and Fiscal 2025, the Company provided loans totaling $2.0 million and $8.4 million, respectively, to Sasmat with maturities up to 2030, or earlier, should the Company exercise its option noted above. The Sasmat investment and loans are recorded within other assets in the consolidated balance sheets. The Sasmat investment and loans did not have a material impact on the Company’s consolidated statements of operations during the periods presented.