| PREPAID EXPENSE AND OTHER ASSETS |
NOTE 4—PREPAID EXPENSE AND OTHER ASSETS Prepaid expense and other current assets consisted of the following: | | | | | | | | | JANUARY 31, | | FEBRUARY 1, | | | 2026 | | 2025 | | | | (in thousands) | Value added tax (VAT) receivable | | $ | 39,169 | | $ | 9,866 | Prepaid expenses | | | 30,355 | | | 29,595 | Vendor deposits | | | 26,230 | | | 20,441 | Capitalized catalog costs | | | 23,274 | | | 30,162 | Federal and state tax receivable(1) | | | 11,528 | | | 24,729 | Capitalized cloud computing costs | | | 11,344 | | | 9,851 | Right of return asset for merchandise | | | 6,423 | | | 6,237 | Tenant allowance receivable | | | 5,633 | | | 12,668 | Promissory notes receivable, including interest(2) | | | 1,164 | | | 3,674 | Other current assets | | | 29,354 | | | 30,620 | Total prepaid expense and other current assets | | $ | 184,474 | | $ | 177,843 |
| (1) | As of January 31, 2026 and February 1, 2025, includes $4.3 million and $19 million, respectively, related to a federal tax receivable from a carryback claim. |
| (2) | Represents promissory notes, including principal and accrued interest, due from an affiliate of the managing member of the Aspen LLCs. Refer to Note 8—Variable Interest Entities. |
Other non-current assets consisted of the following: | | | | | | | | | JANUARY 31, | | FEBRUARY 1, | | | 2026 | | 2025 | | | | (in thousands) | Landlord assets under construction—net of tenant allowances | | $ | 156,252 | | $ | 138,701 | Initial direct costs prior to lease commencement | | | 81,066 | | | 80,897 | Capitalized cloud computing costs—net | | | 31,224 | | | 22,738 | Other deposits | | | 12,234 | | | 7,754 | Deferred financing fees | | | 3,377 | | | 1,512 | Vendor deposits—non-current | | | 3,336 | | | 2,684 | Other non-current assets | | | 14,344 | | | 17,100 | Total other non-current assets | | $ | 301,833 | | $ | 271,386 |
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