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INCOME TAXES | 3 Months Ended
--- | ---
Mar. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | 10. INCOME TAXES The current and deferred components of the provision for income taxes are as follows (unaudited):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Current: |  |  |  |  |  |  |
Cayman Islands | $ | — |  |  | $ | — |  |  |  |  |
Bermuda | — |  |  | — |  |  |  |  |
United States: | — |  |  | — |  |  |  |  |
Federal | 244 |  |  | 300 |  |  |  |  |
State and local | 390 |  |  | 578 |  |  |  |  |
Other Non-U.S. including Pillar Two top-up tax | 1,542 |  |  | 146 |  |  |  |  |
Total current provision | 2,176 |  |  | 1,024 |  |  |  |  |
Deferred: |  |  |  |  |  |  |
Cayman Islands | — |  |  | — |  |  |  |  |
Bermuda | 4,441 |  |  | 3,439 |  |  |  |  |
United States: | — |  |  | — |  |  |  |  |
Federal | 1,226 |  |  | 768 |  |  |  |  |
State and local | 378 |  |  | (358) |  |  |  |  |
Other Non-U.S. | 14,638 |  |  | 699 |  |  |  |  |
Total deferred provision | 20,683 |  |  | 4,548 |  |  |  |  |
Total provision for income taxes | $ | 22,859 |  |  | $ | 5,572 |  |  |  |  |
The Company is an exempted entity domiciled in the Cayman Islands where income taxes are not imposed. The Company has previously been classified as a “passive foreign investment company” for U.S. income tax purposes, resulting in income tax obligations for certain of our shareholders. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business. Our effective tax rate differs from the Cayman Islands statutory rate of 0% primarily due to a significant portion of our income being subject to tax in jurisdictions where we operate. As of and for the three months ended March 31, 2025, we had not established a liability for uncertain tax positions as no such positions existed. In general, our tax returns and the tax returns of our corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2021. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.

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