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OTHER ASSETS, NET | 9 Months Ended
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Sep. 30, 2011
OTHER ASSETS, NET |
OTHER ASSETS, NET |
14 - OTHER ASSETS, NET Other assets consist of deferred financing costs, which include fees, commissions and legal expenses associated with securing loan facilities and other debt offerings. Total net deferred financing costs consist of the following as of September 30, 2011 and December 31, 2010:
|  | September 30, 2011 |  | December 31, 2010 |
2007 Credit Facility |  | $ | 10,074 |  | $ | 10,074 |
$100 Million Term Loan Facility |  | 1,318 |  | 1,318 |
$253 Million Term Loan Facility |  | 3,567 |  | 3,529 |
2010 Notes |  | 3,637 |  | 3,637 |
2010 Baltic Trading Credit Facility |  | 3,027 |  | 2,940 |
Total deferred financing costs |  | 21,623 |  | 21,498 |
Less: accumulated amortization |  | 6,930 |  | 4,561 |
Total |  | $ | 14,693 |  | $ | 16,937 |
Amortization expense for deferred financing costs for the three months ended September 30, 2011 and 2010 was $796 and $589, respectively. Amortization expense for deferred financing costs for the nine months ended September 30, 2011 and 2010 was $2,368 and $1,191, respectively. This amortization expense is recorded as a component of interest expense in the Condensed Consolidated Statements of Operations.

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