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. These costs are amortized over the life of the related debt and are included in interest expense. As of December 31, 2012 and 2011, the Company has deferred financing fees associated with the 2007 Credit Facility, the $100 Million Term Loan Facility, the $253 Million Term Loan Facility, the debt portion of the 2010 Notes and the 2010 Baltic Trading Credit Facility. (Refer to Note 9 — Long-Term Debt and Note 10 — Convertible Senior Notes)

Total net deferred financing costs consist of the following as of December 31, 2012 and 2011:

	December 31, 2012		December 31, 2011

2007 Credit Facility	$	29,568	$	13,189
$100 Million Term Loan Facility	1,783		1,578
$253 Million Term Loan Facility	4,708		4,113
2010 Notes	3,637		3,637
2010 Baltic Trading Credit Facility	3,027		3,027
Total deferred financing costs	42,723		25,544
Less: accumulated amortization	13,162		7,749
Total	$	29,561	$	17,795

Amortization expense for deferred financing costs for the years ended December 31, 2012, 2011 and 2010 was $5,413, $3,188 and $1,967, respectively. This amortization expense is recorded as a component of interest expense in the Consolidated Statements of Operations.