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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recognized income tax expense of $3 and $95 for the three and six months ended June 30, 2025 compared to $0 for the same respective periods in 2024 . The effective tax rate on the Company's net income differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S.
A valuation allowance has been established against the net U.S. and International deferred tax assets which is primarily attributable to net operating losses in the respective regions. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. and International net deferred tax assets as more evidence is needed regarding the utilization of these losses.
At June 30, 2025, the Company has available net operating loss carry-forwards of $454,825 (December 31, 2024: $358) for income tax purposes. Approximately $374,241 (December 31, 2024: $0) of net operating loss ("NOL") carryforwards expire in various years beginning in 2029. As of June 30, 2025, approximately $80,584 or 17.7% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law (December 31, 2024 - $358 or 100.0%).