15 — DEFERRED FINANCING COSTS

Deferred financing costs 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. Refer to Note 9 — Debt for further information regarding the existing loan facilities.

Total net deferred financing costs consist of the following as of March 31, 2015 and December 31, 2014:

	Successor		Successor
	March 31, 2015		December 31, 2014

$100 Million Term Loan Facility	$	1,492	$	1,492
$253 Million Term Loan Facility	3,135		3,135
2015 Revolving Credit Facility	26		—
Baltic Trading $148 Million Credit Facility	3,456		3,233
Baltic Trading $22 Million Term Loan Facility	544		529
Baltic Trading $44 Million Term Loan Facility	758		758
2014 Baltic Trading Term Loan Facilities	1,866		1,853
Total deferred financing costs	11,277		11,000
Less: accumulated amortization	1,216		729
Total	$	10,061	$	10,271

Amortization expense for deferred financing costs for the Successor Company and the Predecessor Company for the three months ended March 31, 2015 and 2014 was $487 and $2,220, respectively. This amortization expense is recorded as a component of Interest expense in the Condensed Consolidated Statements of Operations.

Baltic Trading entered into the Baltic Trading $148 Million Credit Facility on December 31, 2014, which was used to refinance the outstanding indebtedness under the 2010 Baltic Trading Credit Facility. As such, on December 31, 2014, the net unamortized deferred financing costs associated with the 2010 Baltic Trading Credit Facility are being amortized over the life of the Baltic Trading $148 Million Credit Facility. (Refer to Note 9 — Debt)