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OTHER ASSETS, NET

3 Months Ended

Mar. 31, 2012

15 - 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 and amending existing loan facilities. Total net deferred financing costs consist of the following as of March 31, 2012 and December 31, 2011:

	March 31, 2012		December 31, 2011

2007 Credit Facility	$	13,231	$	13,189
$100 Million Term Loan Facility	1,594		1,578
$253 Million Term Loan Facility	4,127		4,113
2010 Notes	3,637		3,637
2010 Baltic Trading Credit Facility	3,027		3,027
Total deferred financing costs	25,616		25,544
Less: accumulated amortization	8,729		7,749
Total	$	16,887	$	17,795

Amortization expense for deferred financing costs for the three months ended March 31, 2012 and 2011 was $980 and $778, respectively. This amortization expense is recorded as a component of interest expense in the Condensed Consolidated Statements of Operations.