ZAIS (ZAIS) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	ZAIS Group Holdings, Inc.
Entity Central Index Key	1,562,214
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ZAIS
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,870,917
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,000,000

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 75,198	$ 7,664
Income and fees receivable	2,509	4,283
Investments in affiliated securities, at fair value	0	104
Due from related parties	1,022	648
Fixed assets, net	1,015	1,091
Prepaid expenses	2,214	1,543
Deferred tax asset	2,603	0
Other assets	3,232	3,310
Total Assets	178,333	1,319,539
Liabilities
Notes payable of consolidated CDOs, at fair value	1,252	0
Compensation payable	1,578	6,094
Due to related parties	174	32
Other liabilities	3,146	3,050
Total Liabilities	$ 23,988	$ 837,898
Commitments and Contingencies (Note 14)
Redeemable Non-controlling Interests	$ 61,626	$ 452,925
Equity
Additional paid-in capital	58,834	0
Retained earnings (Accumulated deficit)	(3,770)	18,189
Accumulated other comprehensive income (loss)	321	186
Total stockholders’ equity, ZAIS Group Holdings, Inc.	55,386	18,376
Total Equity	92,719	28,716
Total Liabilities, Redeemable Non-controlling Interests and Equity	178,333	1,319,539
Common Class A [Member]
Equity
Common Stock	1	1
Common Class B [Member]
Equity
Common Stock	0	0
Consolidated Entities [Member]
Assets
Cash and cash equivalents	18,637	94,212
Restricted cash	2,201	30,265
Investments, at fair value	35,799	1,126,737
Investments in affiliated securities, at fair value	28,072	31,457
Derivative assets, at fair value	2,287	6,648
Other assets	3,544	11,577
Liabilities
Notes payable of consolidated CDOs, at fair value	0	749,719
Securities sold, not yet purchased	10,829	19,308
Derivative liabilities, at fair value	1,138	5,785
Due to broker	0	21,047
Other liabilities	5,871	32,863
Equity
Non-controlling interests	10,788	10,340
ZAIS Group Parent, LLC [Member]
Equity
Non-controlling interests	$ 26,545	$ 0

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	180,000,000	180,000,000
Common Stock, Shares, Issued	13,870,917	0
Common Stock, Shares, Outstanding	13,870,917	0
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Shares, Issued	20,000,000	0
Common Stock, Shares, Outstanding	20,000,000	0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Revenues
Management fee income		$ 4,020	$ 5,069		$ 7,714	$ 10,403
Incentive income		1,213	35,845		2,121	36,790
Other revenues		106	228		137	369
Total Revenues		6,704	58,160		13,181	105,295
Expenses
Compensation and benefits		7,361	18,126		13,931	28,110
General, administrative and other		4,764	4,579		9,101	7,614
Depreciation and amortization		146	143		208	236
Total Expenses		12,716	23,666		24,754	123,923
Other income (loss)
Net gain (loss) on investments		0	9		0	(21)
Other income (expense)		9	(101)		7	60
Total Other Income (Loss)		783	(1,950)		1,991	67,832
Income (loss) before income taxes		(5,229)	32,544		(9,582)	49,204
Income tax (benefit) expense		(1,682)	(304)		(2,583)	14
Consolidated net income (loss), net of tax		(3,547)	32,848		(6,999)	49,190
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		291	43		483	(201)
Total Comprehensive Income (Loss)		(3,256)	32,891		(6,516)	48,989
Allocation of Consolidated Net Income (Loss), net of tax
Non-controlling interests in Consolidated Funds		2,231	0		6,745	0
Stockholders’ equity, ZAIS Group Holdings, Inc.		(2,947)	0		(3,770)	0
profit (Loss)		(3,547)	32,848		(6,999)	49,190
Allocation of Total Comprehensive Income (Loss)
Stockholders’ equity, ZAIS Group Holdings, Inc.		(2,753)	0		(3,449)	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest		$ (3,256)	$ 32,891		$ (6,516)	$ 48,989
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Basic		$ (0.21)	$ 2.90		$ (0.47)	$ 3.83
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Diluted		$ (0.21)	$ 2.90		$ (0.53)	$ 3.83
Weighted average shares of Class A common stock outstanding:
Basic		13,870,917	7,000,000	[1],[2]	8,046,665	7,000,000	[1],[2]
Diluted	[1]	20,870,917	7,000,000		15,046,665	7,000,000
Consolidated Entities [Member]
Revenues
Income of Consolidated Funds		$ 1,365	$ 17,018		$ 3,209	$ 57,733
Expenses
Expenses of Consolidated Funds		445	818		1,514	87,963
Other income (loss)
Net gain (loss) on investments		774	(1,858)		1,984	67,793
Allocation of Consolidated Net Income (Loss), net of tax
Redeemable non-controlling interests		1,217	10,656		2,240	20,252
Non-controlling interests in Consolidated Funds		414	1,885		1,276	2,141
Allocation of Total Comprehensive Income (Loss)
Redeemable non-controlling interests		1,217	10,692		2,240	20,226
Non-controlling interests in Consolidated Funds		414	1,885		1,276	2,141
ZAIS Group Parent, LLC [Member]
Allocation of Consolidated Net Income (Loss), net of tax
Redeemable non-controlling interests		(2,231)	20,307		(6,745)	26,797
Allocation of Total Comprehensive Income (Loss)
Non-controlling interests in Consolidated Funds		$ (2,134)	$ 20,314		$ (6,583)	$ 26,622
[1]	Number of diluted shares outstanding takes into account non-controlling interests in ZAIS Group Parent, LLC that may be exchanged for Class A common stock under certain circumstances. Refer to Note 2 for the details around the number of units used to calculate earnings per share for periods prior to the Business Combination
[2]	Refer to Note 2 for the details around the number of units used to calculate earnings per share for periods prior to the Business Combination

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity, Non-controlling Interests and Redeemable Non-controlling Interests - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Class B [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling Interests in Consolidated Funds [Member]	Redeemable Non-controlling Interests [Member]	Additional Paid-in Capital [Member]	Retained earnings / (Accumulated deficit) [Member]	Non-controlling interests in ZAIS Group Parent, LLC [Member]
Beginning of the period at Dec. 31, 2014	$ 28,716	$ 1	$ 0	$ 186	$ 10,340	$ 452,925	$ 0	$ 18,189	$ 0
Beginning of the period (in shares) at Dec. 31, 2014		0	0
Distribution-in-kind	(1,145)	$ 0	$ 0	0	0	0	0	(1,145)	0
Equity-based compensation	63	0	0	0	0	0	0	63	0
Capital transfer	(370)	0	0	0	0	1,515	0	(370)	0
Equity transferred from HF2 Financial Management, Inc.	19	0	0	0	0	0	19	0	0
Recapitalization as a result of Business Combination	73,516	$ 0	$ 0		0	0	73,516		0
Recapitalization as a result of Business Combination (in shares)		13,870,917	20,000,000
Distributions to non-controlling interest in ZAIS Group Parent, LLC	0	$ 0	$ 0	(186)	0	0	(13,416)	(16,737)	30,339
Capital contributions	0	0	0	0	0	2,540	0	0	0
Capital distributions	(1,202)	0	0	0	(828)	0	0	0	(374)
Stock-based compensation charges	1,941	0	0		0	0	1,136		742
Consolidated Net Income (loss)	(9,239)	0	0	0	1,276	2,240	0	(3,770)	(6,745)
Rebalancing of ownership between the Company and non-controlling interests in ZAIS Group Parent, LLC	0	0	0	0	0	0	(2,421)	0	2,421
Comprehensive income (loss)	483	0	0	321	0	0	0	0	162
End of the period at Jun. 30, 2015	92,719	$ 1	$ 0	321	10,788	61,626	58,834	(3,770)	26,545
End of the period (in shares) at Jun. 30, 2015		13,870,917	20,000,000
Cumulative effect of adoption of ASU 2015-02 (See Note 3)	$ 0	$ 0	$ 0	$ 0	$ 0	$ (397,594)	$ 0	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - Class of Stock [Domain] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities
Consolidated net income (loss)	$ (6,999)	$ 49,190
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	208	236
Net (gain) loss on investments	0	21
Non-cash stock-based compensation	1,941	0
Operating cash flows due to changes in:
Income and fees receivable	8,714	981
Due from related parties	(79)	393
Prepaid expenses	(671)	(212)
Other assets	80	(67)
Deferred tax asset	(2,603)	0
Compensation payable	(4,516)	175
Due to related parties	142	0
Other liabilities	96	(1,451)
Consolidated Funds related items:
Net Cash Provided by (Used in) Operating Activities	(7,108)	103,225
Cash Flows from Investing Activities Continuing Operations
Purchases of fixed assets, net	(131)	(86)
Proceeds from investments in affiliates	18	0
Change in restricted cash	(413)	(60,518)
Net Cash Provided by (Used in) Investing Activities	(526)	(60,604)
Cash Flows from Financing Activities
Net proceeds from Business Combination	73,516	0
Equity transferred from HF2 Financial Management, Inc.	19	0
Distributions/redemptions to non-controlling interests in Consolidated Funds, net of change in redemptions payable	(1,264)	(78,196)
Net payments on notes payable of consolidated CDOs	0	(247,178)
Proceeds from issuance of notes payable of consolidated CDOs	0	306,429
Proceeds from issuance of notes payable	1,250	0
Contributions from non-controlling interests in Consolidated Funds	1,540	5,863
Distributions to non-controlling interests of ZGP	(374)	(10,800)
Net Cash Provided by (Used in) Financing Activities	74,687	(23,882)
Net increase(decrease) in cash and cash equivalents denominated in foreign currency	481	0
Net increase(decrease) in cash and cash equivalents	67,534	18,739
Cash and cash equivalents, beginning of period	7,664	8,432
Cash and cash equivalents, end of period	75,198	27,171
Supplemental Disclosure of Cash Flow Information
Interest	462	80,962
Income tax (benefit) expense	0	14
Total Assets of Consolidated Funds	1,232,254	0
Total Liabilities of Consolidated Funds	834,661	0
Consolidated Entities [Member]
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Net (gain) loss on investments	(1,984)	(67,793)
Consolidated Funds related items:
Purchases of investments and investments in affiliated securities	(167,883)	(477,597)
Proceeds from sale of investments and investments in affiliated securities	173,192	523,560
Amortization of premium and discount	(117)	(4,143)
Net realized (gains) losses on investments	(762)	47,366
Net change in unrealized gain/loss on investments	(2,327)	(70,026)
Net change in unrealized gain/loss on notes payable	0	(72,010)
Change in cash and cash equivalents	(8,974)	64,579
Change in due from affiliates	0	3,698
Change in other assets	(2,249)	6,042
Change in due to broker	0	20,630
Change in other liabilities	5,699	$ 11,860
Cash Flows from Financing Activities
Cash and cash equivalents, beginning of period	94,212
Cash and cash equivalents, end of period	$ 18,637

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization ZAIS Group Holdings, Inc. (“ZAIS”) is a holding company conducting substantially all of its operations through ZAIS Group, LLC (“ZAIS Group”), an investment advisory and asset management firm focused on specialized credit which commenced operations in July 1997 and is headquartered in Red Bank, New Jersey and has an office in London. ZAIS Group is a wholly-owned consolidated subsidiary of ZAIS Group Parent, LLC (“ZGP”), a majority-owned consolidated subsidiary of ZAIS. ZGP became the sole member and 100 ZAIS Group is an investment advisor registered with the SEC under the Investment Advisors Act of 1940 and is also registered with the Commodity Futures Trading Commission as a Commodity Pool Operator and Commodity Trading Advisor. ZAIS Group provides investment advisory and asset management services to private funds, separately managed accounts, structured vehicles and ZAIS Financial Corp., a publicly traded Mortgage REIT, (collectively, the “ZAIS Managed Entities”). The ZAIS Managed Entities predominantly invest in residential mortgage loans and corporate bank loans, as well as a range of specialized credit assets such as collateral loan obligations (“CLOs”), collateral debt obligations (together with CLOs referred to as “CDOs”), residential mortgage-backed securities (“RMBS”), and commercial mortgage-backed securities (“CMBS”). ZAIS Group had approximately $4.359 billion of assets under management (“AUM”) as of June 30, 2015. ZAIS Group also serves as the general partner to certain ZAIS Managed Entities, which are generally organized as pass-through entities for U.S. federal income tax purposes. The Company’s primary sources of revenues are (i) management fee income, which is based predominantly on the assets under management of the ZAIS Managed Entities (ii) incentive income, which is based on the investment performance of the ZAIS Managed Entities and (iii) income of the consolidated ZAIS Managed Entities (the “Consolidated Funds”) which is based on the income generated from the portfolios of the Consolidated Funds, a majority of which is allocated to redeemable non-controlling interests and non-controlling interests in Consolidated Funds. All of the management fee income and incentive income earned by ZAIS Group from the Consolidated Funds is eliminated in consolidation. On March 20, 2015, ZAIS made a decision to terminate the business operations of its Shanghai subsidiary. ZAIS Group ceased conducting regular business activities in Shanghai. The office is now closed. Final clearance from the relevant government authorities on the plan of liquidation is expected in late 2015 or early 2016. Recapitalization as a Result of a Business Combination On October 5, 2012, HF2 Financial Management Inc. (“HF2”) was formed as a blank check company whose objective was to acquire, through a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination, one or more businesses or entities. On September 16, 2014, HF2 entered into an Investment Agreement, as defined in the Closing 8-K, with ZGP and the members of ZGP (including Christian Zugel and certain related parties, collectively, the “ZGP Founder Members”), under which HF2 agreed to contribute cash to ZGP and to cause the transfer of all of its outstanding shares of Class B Common Stock, par value $ 0.000001 On March 9, 2015, the stockholders of HF2 approved the Business Combination and the transaction closed on March 17, 2015 (the “Closing”). In connection with the Closing, HF2 changed its name to ZAIS Group Holdings, Inc. Please refer to Note 2 - "Business Combination" below for additional information. Prior to the Closing, HF2 was a shell company with no operations. Upon the Closing, ZAIS became a holding company whose assets primarily consist of an approximate 66.5

Business Combination

Business Combination	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	2. Business Combination Basis of Presentation and Accounting Treatment of the Business Combination Upon the Closing, ZAIS acquired approximately 66.5 Each share of Class B Common Stock is entitled to 10 votes and there are currently 20,000,000 shares of Class B Common Stock outstanding. The Business Combination was structured as an “Up-C” transaction. Generally, in an Up-C transaction involving an operating business, a publicly traded entity taxable as a corporation for U.S. federal income tax purposes acquires an interest in a partnership or limited liability company (taxable as a partnership for U.S. federal income tax purposes) that is conducting an operating business. The historic owners of the operating business continue to own an interest in the operating business through a continuing interest in the partnership or limited liability company and may have the ability to exchange their partnership or limited liability company interests for stock in the publicly traded entity under specified circumstances in accordance with the terms of an exchange agreement. Pursuant to the Business Combination, HF2, a publicly traded corporation taxable as a corporation for U.S. federal income tax purposes, became a holding company the assets of which consist primarily of its majority membership interest in ZGP, a partnership for U.S. federal income tax purposes. ZGP, in turn, is the sole member of ZAIS Group, an operating business. The accounting for the reorganization and recapitalization follows the rules for a reverse acquisition as enumerated in the Accounting Standards Codification, Section 805. In a reverse acquisition, the acquirer for accounting purposes is the target for legal purposes (in this case, ZGP) and the target for accounting purposes is the acquirer for legal purposes (in this case, HF2). The accounting acquirer in a reverse acquisition measures the consideration transferred using the hypothetical amount of equity interests it would have had to issue to keep the accounting target’s owners in the same ownership position they are in after the reverse acquisition. The accounting acquirer adjusts the amount of legal capital in the consolidated financial statements to reflect the legal capital of the accounting target and measures the non-controlling interest using the pre-combination carrying amounts of the accounting acquirer’s net assets and the non-controlling interests’ proportionate share in those pre-combination carrying amounts. No goodwill or other intangible assets were recorded as a result of the Business Combination. For accounting purposes, ZGP is considered the acquirer and has accounted for the Business Combination as a reorganization and recapitalization. ZGP was determined to be the acquirer based on the following facts and circumstances: • ZGP retained effective control. There is no change in control since ZGP’s operations comprise the ongoing operations of the combined entity; • ZGP is the sole member of ZAIS Group and ZAIS Group’s senior management became the senior management of the combined entity. The officers of the newly combined company consist primarily of ZAIS Group executives, including the Chief Executive Officer, Chief Financial Officer and General Counsel; • The ZGP Founder Members own a majority voting interest in the combined entity through the Class B Common Stock that is held in the ZGH Class B Voting Trust. Mr. Christian Zugel, a ZGP Founder Member, the former managing member of ZGP and the founder and Chief Investment Officer of ZAIS Group, is the sole initial trustee. Mr. Zugel has voting and investment power over the shares of the Class B Common Stock held in the ZGH Class B Voting Trust and therefore is able to elect all of the combined entity’s board of directors. Accordingly, the Business Combination does not constitute the acquisition of a business for purposes of ASC 805. As a result, the assets and liabilities of ZGP and ZAIS are carried at historical cost and ZAIS has not recorded any step-up in basis or any intangible assets or goodwill as a result of the Business Combination. All direct costs attributable to the Business Combination were recorded as reductions to additional paid-in-capital. Since the Business Combination is accounted for as a recapitalization of ZGP, the financial statements presented herein for periods prior to the Business Combination are those of ZGP. In the consolidated financial statements, the recapitalization of the number of shares of common stock attributable to the Business Combination is reflected retroactive to December 31, 2014. Accordingly, the number of shares of common stock that was used to calculate ZAIS’s earnings per share for all periods prior to the Business Combination was 7,000,000 Cash in HF2’sTrust $ 184,760,079 Payment of HF2 redemptions (102,282,526) Payment for HF2’s Expenses (4,311,157) Net Cash Received by ZGP from Business Combination 78,166,396 Less: Ramsey incentive fee and fees to underwriters (4,650,000) Net proceeds from Business Combination $ 73,516,396 In connection with the Business Combination, HF2 redeemed 9,741,193 102,282,526 Number of Shares of Class A Common Stock of ZAIS HF2 public shares outstanding prior to the Business Combination 23,592,150 Less: redemption of HF2 public shares (9,741,193) Total HF2 shares outstanding immediately prior to the effective date of the Business Combination 13,850,957 Common shares issued as consideration to transaction underwriter 150,000 Shares cancelled from HF2 founders’ allocation (130,040) Total shares of Class A common stock of ZAIS outstanding at closing, March 17, 2015 13,870,917 Number of Class A Units of ZGP Class A Units of ZGP acquired by ZAIS 13,870,917 Class A Units of ZGP retained by ZGP Founder Members 7,000,000 Total Class A Units of ZGP outstanding at closing, March 17, 2015 20,870,917 There were no additional shares of common stock of ZAIS or Class A Units of ZGP issued during the period from the Closing through June 30, 2015. On April 30, 2015, non-employee directors of ZAIS, collectively, were awarded 30,000 During the first five 2,800,000 12.50 21.50 ZGP may also issue up to 6,800,000 five Of these Class B Units, 1,600,000 Class B-0 Units vest on the later of the date of grant and the second anniversary of the Closing. The remaining 5,200,000 Class B-1, Class B-2, Class B-3 and Class B-4 Units (together the “Additional Employee Units”) vest in three equal installments 12.50 21.50 As of June 30, 2015, there are 1,402,792 The ZGP Founder Members’ Class A Units and all of the vested Class B Units (but not any unvested Class B Units) may be exchanged for shares of Class A Common Stock of ZAIS on a one-for-one basis (subject to certain adjustments to the exchange ratio) or, at ZAIS’s option, cash or a combination of Class A Common Stock and cash, pursuant to the Exchange Agreement that ZAIS entered into with ZGP, the ZGP Founder Members and the other parties thereto. The Exchange Agreement contains certain restrictions on the ability of holders of Class A Units and Class B Units to exchange such units for Class A Common Stock of ZAIS. Subject to certain limited exceptions, including in connection with a change in control of the Company, there is a two-year lock-up period before any exchanges of Class A Units or Class B Units are permitted. Subsequent to the Closing, ZGP paid Neil Ramsey, an affiliate of NAR Special Global, LLC and of dQuant Special Opportunities Fund, L.P. (together, the “Ramsey Investors”), each of which are significant stockholders of ZAIS, an incentive fee of $ 3.4 65

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	3. Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") to reflect the financial position, results of operations and cash flows of the Company. These financial statements have been prepared on a going concern basis, which assumes the realization of assets and satisfaction of liabilities in the normal course of business. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company's most recent audited consolidated financial statements and related notes for the fiscal year ended December 31, 2014, which are included in the Closing 8-K. In the opinion of management, all adjustments considered necessary have been made for a fair presentation of the results of these interim periods. The Company currently operates as one business segment. The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results may ultimately differ from those estimates. In February 2015, the FASB issued ASU 2015-02 Consolidation (Topic 810): Amendments to the Consolidation Analysis Variable Interest Entities (“VIE”) Voting Interest Entities (“VOE”) The non-controlling interests within the consolidated statements of financial condition are comprised of: i) redeemable non-controlling interests reported outside of the permanent capital section when investors have the right to redeem their interests from a Consolidated Fund or ZAIS Group; ii) equity attributable to non-controlling interests in Consolidated Funds reported inside the permanent capital section when the investors do not have the right to redeem their interests and iii) equity attributable to non-controlling interests in ZGP. The Company records redeemable non-controlling interests and non-controlling interests in the Consolidated Funds (excluding CDO) to reflect the economic interests in those funds held by investors other than interests attributable to ZAIS Group. Subsequent to March 31, 2014, redeemable non-controlling interests represents investors in the Consolidated Funds who generally have the right to withdraw their capital after the end of a lock-up period as defined in the respective governing documents. Investors may withdraw their capital prior to the expiration of the lock-up period in certain limited circumstances that are beyond the control of ZAIS Group, such as instances in which retaining the equity interest could cause the investor to violate a law, regulation or rule. Prior to March 31, 2014, redeemable non-controlling interests also included membership interests held in ZAIS Group by employees and former employees of ZAIS Group. Non-controlling interests in ZGP includes a portion of the management fee income received from ZAIS Financial Corp. that is payable to holders of Class B interests in ZAIS Group’s consolidated subsidiary, ZAIS REIT Management, LLC. The consolidated financial statements included herein are the financial statements of ZAIS and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation, including ZAIS’s investment in ZGP and ZGP’s investment in ZAIS Group. The Company's fiscal year ends on December 31. The operating results for the interim period presented are not necessarily indicative of the results that may be expected for the Company's fiscal year ending December 31, 2015. The consolidated financial statements include non-controlling interests in ZGP which is primarily comprised of Class A Units of ZGP held by the ZGP Founder Members. The Company’s consolidated financial statements also include variable interest entities for which ZAIS Group is considered the primary beneficiary, and certain entities that are not considered variable interest entities in which ZAIS Group has a controlling financial interest. Effective January 1, 2015 pursuant to Accounting Standards Codification (“ASC”) Topic 810, as amended by ASU 2015-02, these entities include ZAIS Opportunity Domestic Feeder Fund, LP, ZAIS Atlas Master Fund, LP, ZAIS Atlas Fund, LP and ZAIS Value-Added Real Estate Fund I, LP. For all periods prior to January 1, 2015, these entities include ZAIS Opportunity Master Fund, Ltd., ZAIS Opportunity Domestic Feeder Fund, LP, ZAIS Opportunity Fund, Ltd., ZAIS Atlas Fund, LP, ZAIS Value-Added Real Estate Fund I, LP and certain CDOs. After the adoption of ASC Topic 810, as amended by ASU 2015-02, there were no CDOs required to be consolidated in the Company’s financial statements for the six months ended June 30, 2015 and prior to the adoption of ASC Topic 810, as amended by ASU 2015-02, there were ten CDOs consolidated in the Company’s financial statements for the year ended December 31, 2014. The cumulative effect of the adoption of ASU 2015-02 was a $ 397,594 The consolidated financial statements reflect the assets, liabilities, investment income, expenses and cash flows of the Consolidated Funds on a gross basis. Except for CDOs, the majority of the economic interests in the Consolidated Funds, which are held by third-party investors, are reflected as non-controlling interests in the consolidated financial statements. For CDOs, the majority of the economic interests in these vehicles, which are held by outside parties, are reported as notes payable of consolidated CDOs in the consolidated financial statements. The notes payable issued by the CDOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CDOs, ZAIS Group may earn investment management fees, including, in some cases, subordinated management fees and contingent incentive fees. All of the management fee income and incentive income earned by ZAIS Group from the Consolidated Funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by the non-controlling interests, income allocated to the non-controlling interests has been reduced, and the income allocated to ZGP has been increased by the amounts eliminated, of which ZAIS is allocated its pro-rata share as a member of ZGP. ZAIS Group does not recognize any incentive income based on the investment performance of ZAIS Managed Entities until the incentive income is (i) contractually receivable, (ii) fixed or determinable (also referred to as “crystallized”) and (iii) all related contingencies have been removed and collection is reasonably assured, (see policy disclosed under Management Fee Income, Incentive Income, and Other Income). Similarly, for any Consolidated Funds, the corresponding potential incentive expense based on the investment performance of the Consolidated Funds has not yet been deducted from the investor capital balances until the above criteria have been met. Therefore, the corresponding potential incentive income based on the investment performance of the Consolidated Funds that has not yet been recognized by ZAIS Group is included in non-controlling interests in the consolidated financial statements. The Consolidated Funds are deemed to be investment companies under U.S. GAAP, and therefore, the Company has retained the specialized investment company accounting of these consolidated entities in its consolidated financial statements. VIE Model Prior to the adoption of ASU 2015-02, for entities in which the Company has a variable interest, the Company determines whether, if by design, (i) the entity has equity investors who lack, as a group, the characteristics of a controlling financial interest, (ii) the entity does not have sufficient equity at risk to finance its expected activities without additional subordinated financial support from other parties, (iii) the entity is structured with non-substantive voting rights or (iv) the equity holders do not have the obligation to bear potential losses or the right to receive potential gains. If an entity has at least one of these characteristics, it is considered a VIE, and is consolidated by its primary beneficiary. For entities managed by ZAIS Group that qualify for the deferral under ASU 2010-10, Amendments to Statement 167 for Certain Investment Funds Subsequent to the adoption of ASU 2015-02, for entities in which the Company has a variable interest, the Company determines whether, (i) the entity does not have enough equity to finance its activities without additional subordinated financial support, (ii) the at-risk equity holders, as a group lack (a) the power, through voting or similar rights, to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb an entity’s expected losses, or (c) the right to receive an entity’s expected residual returns, or (iii) the entity is structured with non-substantive voting rights. If an entity has at least one of these characteristics, it is considered a VIE, and is consolidated by its primary beneficiary. VOE Model For entities where ZAIS Group has a variable interest, but are determined not to be a VIE, the Company makes a consolidation determination based on the entity’s legal structure. For corporate structures, including companies domiciled in the Cayman Islands, the Company consolidates those entities in which ZAIS Group has a voting interest of greater than 50% and has control over the significant operating, financial and investing decisions of the entity. For limited partnerships and limited liability companies, the Company consolidates entities in which it is a general partner or managing member, and third-party investors have no substantive rights to participate in the ongoing governance and operating activities or substantive kick-out rights. The determination of whether an entity is a VIE or a VOE is based on the facts and circumstances for each individual entity. Cash and Cash Equivalents The Company considers highly liquid, short-term interest-bearing instruments of sufficient credit quality with original maturities of three months or less, and other instruments readily convertible into cash, to be cash equivalents. The Company’s deposits with financial institutions may exceed federally insurable limits of $ 250,000 Cash equivalents generally consist of excess cash that is swept daily into a money market fund, or into weekly or monthly term deposit accounts to earn short-term interest, or maintained as a short-term deposit. Additionally, the Company may from time-to-time invest in United States government obligations to manage excess liquidity. These investments are carried at fair value, as the Company has elected the fair value option in order to include any gains or losses within consolidated net income (loss). These investments are also recorded as cash equivalents in the consolidated statement of financial condition. At June 30, 2015 and December 31, 2014, the Company had approximately $ 29,737,000 2,687,000 44,024,000 0 U.S. GAAP permits entities to choose to measure certain eligible financial assets, financial liabilities and firm commitments at fair value (the “Fair Value Option”), on an instrument-by-instrument basis. The election to use the Fair Value Option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. The Fair Value Option is irrevocable and requires changes in fair value to be recognized in earnings. For ZAIS Group’s direct investments in the ZAIS Managed Entities that are not consolidated, and would otherwise be accounted for under the equity method, the Fair Value Option has been elected. In estimating the fair value for financial instruments for which the Fair Value Option has been elected, the Company uses the valuation methodologies as discussed in Note 5. ZAIS Group’s sources of revenue are (i) management fees, (ii) incentive fees and (iii) income of Consolidated Funds. The management fee and incentive fee revenues are derived from ZAIS Group’s advisory agreements with the ZAIS Managed Entities. Certain investments held by employees, executives and other related parties in the ZAIS Managed Entities are not subject to management fees or incentive fees/allocations and therefore do not generate revenue for ZAIS Group. All of the management fee income and incentive income earned by ZAIS Group from the Consolidated Funds are eliminated in consolidation. Income of Consolidated Funds is based on the income generated from the portfolios of the Consolidated Funds, a majority of which is allocated to redeemable non-controlling interests and non-controlling interests in Consolidated Funds. ZAIS Group earns management fees and incentive fees for investment advisory services provided to the ZAIS Managed Entities. Management fees are accrued as earned, and are calculated and paid monthly, quarterly or annually, depending on the applicable agreement. Revenue is accrued as earned for data, funding and analytical services provided to outside parties and affiliated funds. In the event management fee income is received before it is earned, deferred revenue is recorded and is included in other liabilities in the consolidated statements of financial condition. In addition to the management fee income mentioned above, subordinated management fee income may be earned from the CDOs. The subordinated management fee income is additional revenue earned for the same service, but has a lower priority in the CDO vehicle’s cash flows. The subordinated management fee income is contingent upon the economic performance of the respective CDO’s investments. If the CDOs experience a certain level of investment defaults, these fees may not be paid. There is no recovery by the CDOs of previously paid subordinated fees. Subordinated management fee income is recognized when collection is reasonably assured. When collection is not reasonably assured, the subordinated management fee income is recognized as payments are received. Incentive income is recognized when it is (i) contractually receivable, (ii) fixed or determinable (also referred to as “crystallized”) and (iii) all related contingencies have been removed and collection is reasonably assured, which generally occurs in the quarter of, or the quarter immediately prior to, the payment of the incentive to ZAIS Group by the ZAIS Managed Entities. The criteria for revenue recognition related to incentive income is typically met only after all contributed capital and the preferred return, if any, on that capital have been distributed to the ZAIS Managed Entities’ investors for vehicles with private equity style fee arrangements, and is typically met only after any profits exceed a high-water mark for vehicles with hedge fund style fee arrangements. Income of Consolidated Funds is discussed in the section on Policies of Consolidated Funds. Income and fees receivable primarily includes management fees and incentive fees due from ZAIS Managed Entities, excluding the Consolidated Funds, and does not include any allowance for doubtful accounts. The Company did not recognize any bad debt expense for the three and six months ended June 30, 2015 and June 30, 2014. The Company believes all income and fee receivable balances are fully collectible. Compensation and benefits is comprised of salaries, payroll taxes, employer contributions to welfare plans, discretionary and guaranteed cash bonuses and other contractual compensation programs payable to ZAIS Group employees. Compensation and benefits is generally recognized over the related service period. On an annual basis, compensation and benefits comprise a significant portion of total expenses, with discretionary cash bonuses, guaranteed cash bonuses and other contractual compensation programs generally comprising a significant portion of total compensation and benefits. Under the ZAIS Group, LLC Income Unit Plan (the “Income Unit Plan”), a portion of net operating income of ZAIS Group (after making certain adjustments) was due to certain employees of ZAIS Group. These amounts are accrued as compensation expense in the period incurred. This plan was terminated with an effective date of December 31, 2014. Compensation and benefits relating to the issuance of cash-based and equity-based awards to certain employees is measured at fair value on the grant date. Equity-based compensation awards to employees that are settled in shares are classified as equity instruments. The fair value of an equity settled award is determined on the date of grant and is not subsequently remeasured. Cash settled awards are classified as liabilities and are remeasured to fair value at each balance sheet date as long as the award is outstanding. Changes in fair value are reflected as compensation expense. Compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis, adjusted for estimated forfeitures of awards not expected to vest. The compensation expense for awards that do not require future service is recognized immediately. Upon the end of the service period, compensation expense is adjusted to account for actual forfeiture rates. Refer to Note 10 for additional details regarding equity awards granted by the Company. Compensation and benefits also includes compensation directly related to incentive income in the form of percentage interests (also referred to as “Points”) awarded to certain employees associated with the operation and management of certain ZAIS Managed Entities in the form of compensation agreements (“Points Agreements”). Under the Points Agreements, ZAIS Group has an obligation to pay certain employees and former employees a fixed percentage of the incentive income earned from the referenced entities. Amounts payable pursuant to these arrangements are recorded as compensation expense when they become probable and reasonably estimable. The determination of when the Points become probable and reasonably estimable is based on the assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of certain ZAIS Managed Entities for which Points Agreements have been awarded. Points are expensed no later than the period in which the underlying income is recognized. Payment of the Points generally occurs in the same period the related income is received. Most recipients’ rights to receive payments related to their Points Agreement are subject to forfeiture risks. There are currently outstanding Points Agreements relating to two ZAIS Managed Entities and ZAIS Group does not anticipate awarding additional Points Agreements. Pursuant to ZAIS’s 2015 Stock Incentive Plan, non-employee directors of ZAIS are eligible to receive RSUs as a component of compensation for their service as directors of ZAIS. The awards are unvested at the time they are granted and, as such, are not entitled to any dividends or other material rights until such RSUs vest. The RSUs vest in full on the one year anniversary of the grant date. Upon vesting ZAIS will issue the recipient shares of Class A Common Stock equal to the number of vested RSUs. In accordance with ASC 718, "Compensation - Stock Compensation” Fixed assets consist of furniture and fixtures, office equipment, leasehold improvements and software, and are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization on furniture and fixtures, office equipment and software is calculated using either the double declining balance method or straight-line method over an estimated useful life of three to five years. Amortization of leasehold improvements is calculated using the straight-line method over the lesser of the lease terms or the life of the asset.. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The costs associated with maintenance and repairs are recorded as other operating expenses when incurred. Goodwill of approximately $ 2,669,000 Assets and liabilities of foreign subsidiaries that have non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. Results of foreign operations are translated at the weighted-average exchange rate for each reporting period. Translation adjustments are included as a component of accumulated other comprehensive income (loss) until realized. Gains or losses resulting from foreign currency transactions are included in general, administrative and other in the consolidated statements of comprehensive income (loss). The Company accounts for income taxes using the asset and liability method as prescribed in FASB guidance on Accounting for Income Taxes The measurement of current and deferred income tax assets and liabilities is based on provisions of enacted tax laws and involves uncertainties in the application of tax regulations in the U.S. and other tax jurisdictions. Because the Company’s interpretation of complex tax law may impact the measurement of current and deferred income taxes, actual results may differ from these estimates under different assumptions regarding the application of tax law. Prior to the reorganization and recapitalization due to the Business Combination, no provision was made for U.S. federal income taxes in ZGP’s accompanying consolidated financial statements since ZGP and its subsidiaries were pass-through entities for U.S. income tax purposes and profits and losses were allocated to the partners who were individually responsible for reporting such amounts. ZGP’s foreign subsidiaries, however, paid income taxes in the respective foreign jurisdictions, which were included in income tax (benefit) expense on the consolidated statements of comprehensive income (loss). Following the reorganization, ZGP and its subsidiaries continue to operate as pass-through entities for U.S. income tax purposes. ZAIS is subject to U.S. corporate federal, state and local income taxes which are included in income tax (benefit) expense on the consolidated statements of comprehensive income (loss) along with income taxes related to the foreign subsidiaries. Pursuant to FASB guidance on Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement on Accounting for Income Taxes The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax (benefit) expense within the consolidated statements of comprehensive income (loss). Certain ZAIS Managed Entities, in which ZAIS Group has only a minority ownership interest or no ownership interest, are consolidated in the Company’s consolidated financial statements. The majority ownership interests in the Consolidated Funds are held by the investors in the Consolidated Funds, and these interests are included in non-controlling interests in the consolidated statements of financial condition. The management fees and incentive income from the Consolidated Funds are eliminated in consolidation, and the income allocated to ZAIS and ZGP Founder Members has been increased by the amounts eliminated. The Consolidated Funds are considered investment companies for U.S. GAAP purposes. Pursuant to specialized accounting guidance for investment companies, and the retention of that guidance in the Company’s consolidated financial statements, the investments held by the Consolidated Funds are reported at their fair values . Restricted cash represents the Consolidated Funds’ cash held by counterparties as collateral against the Consolidated Funds’ derivatives or repurchase agreements. Cash held by counterparties as collateral is not available to the Consolidated Funds for general operating purposes, but may be applied against amounts due to derivative or securities repurchase agreement counterparties or returned to the Consolidated Funds when the collateral requirements are exceeded or at the maturity of the derivatives or securities repurchase agreements. Due to broker represents the Consolidated Funds’ payable to a broker for unsettled purchases as of June 30, 2015. Investments at Fair Value Investments and investments in affiliated securities are held at fair value. Please see Note 5 for information regarding the valuation of these assets. In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity The notes payable of Consolidated CDOs are measured using the fair value of the financial assets, as further described in Note 5. The Company’s consolidated net income (loss) reflects the Company’s economic interests in the CDOs, including (1) changes in the fair value of the beneficial interests retained by the Company and (2) beneficial interests that represent compensation for services. The Consolidated Funds may enter into short sales whereby a security is sold that it does not own in anticipation of a decline in the value of that security. To enter a short sale, the Consolidated Funds may need to borrow the security for delivery to the buyer. On each day the short sale is open, the liability for the obligation to replace the borrowed security is marked to market, and an unrealized gain or loss equal to the difference between the price at which the security was sold and the cost of replacing the security is recorded. The liability in respect to securities sold short, traded on an exchange, is stated at the last reported sales price on the day of valuation; other securities traded in the over-the-counter market, and listed securities, for which no sale was reported on that date, are stated at the last quoted ask price. While the transaction is open, the Consolidated Funds will also incur an expense for any accrued interest payable to the lender of that security and for borrowing charges for certain positions. A gain or loss is realized and included within net gains (losses) of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss). The Consolidated Funds recognize investor redemptions as liabilities when the amount requested in the redemption notice becomes fixed and determinable. Net assets related to redemption notices received for which the dollar amount is not fixed will remain in the net assets of the Consolidated Funds until the amount is determined. As a result, redemptions paid after the end of a reporting period, but based upon capital balances as of the end of the respective reporting period that the redemption relates to are reflected as redemptions payable. Investment transactions are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined on the specific-identification basis. Dividends received on equity tranches of structured products are recorded upon receipt and adjusted for any return of capital using the effective interest rate method over the lives of such securities. Interest income is recorded on the accrual basis. Any discounts and premiums on fixed income securities purchased are accreted or amortized into income or expense using the effective interest rate method over the lives of such securities. The effective interest rates are calculated using projected cash flows, including the impact of paydowns on each of the aforementioned securities. Any paydown gains and losses are presented as an adjustment to interest income. The Consolidated Funds may, from time to time, acquire assets or liabilities that protect against adverse movements in interest rates or credit performance (each a “Hedge Agreement”) with counterparties. The Consolidated Funds and the counterparty to each Hedge Agreement agree to make periodic payments on a specified notional amount. The payments can be made for a specified period of time, or may be triggered by a pre-determined credit event. The periodic payments may be based on a fixed or variable interest rate; the change in fair value of a specified security, basket of securities or index; or the return generated by a security. The consolidated CDOs, at December 31, 2014, also had a portfolio of credit default swaps which are utilized to obtain synthetic exposure to credit risk. These swaps are used as trading instruments, and not for hedging purposes. The Consolidated Funds recognize all derivatives as assets or liabilities in the consolidated statements of financial condition at fair value. Changes in fair value are recognized in the consolidated statements of comprehensive income (loss). In connection with their derivative activities, the Consolidated Funds have elected not to offset fair value amounts recognized for cash collateral against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement. At June 30, 2015 and December 31, 2014, the Consolidated Funds have cash collateral receivables of approximately $2,201,000 and $30,265,000, respectively with counterparties under the same master netting arrangement and is included in restricted cash in the consolidated statements of financial condition. The Consolidated Funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying consolidated financial statements because individual investors are responsible for taxes on their proportionate share of the taxable income. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue Recognition

Investments in Affiliates

Investments in Affiliates	6 Months Ended
	Jun. 30, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	4. Investments in Affiliates The Company applied the Fair Value Option to its interests in the ZAIS Managed Entities that are not consolidated, and would have otherwise been subject to the equity method of accounting. As of and for the six months ended June 30, 2015, the Company did not hold any interests in the ZAIS Managed Entities that are not consolidated. At December 31, 2014, the fair value of these investments was approximately $ 104 1 At December 31, 2014, no equity investment, individually or in the aggregate, held by the Company exceeded 10% of the total consolidated assets or income.

Fair Value of Investments

Fair Value of Investments	6 Months Ended
	Jun. 30, 2015
Assets, Fair Value Disclosure [Abstract]
Fair Value Disclosures [Text Block]	5. Fair Value of Investments The “Fair Value Measurements and Disclosures” Topic of the FASB ASC defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under U.S. GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. Fair value under U.S. GAAP represents an exit price in the normal course of business, not a forced liquidation price. If the Company was forced to sell assets in a short period to meet liquidity needs, the prices it receives could be substantially less than their recorded fair values. The Company follows the fair value measurement and disclosure guidance under U.S. GAAP, which establishes a hierarchical disclosure framework. This framework prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment, the characteristics specific to the investment and the state of the marketplace including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices in an orderly market generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. In all cases, an instrument’s level within the hierarchy is based upon the market pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk or liquidity of the instrument. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires significant judgment and considers factors specific to the investment. Assets and liabilities that are measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 — Fair value is determined based on quoted prices for identical assets or liabilities in an active market. Assets and liabilities included in Level 1 include listed securities. As required in the fair value measurement and disclosure guidance under U.S. GAAP, the Company does not adjust the quoted price for these investments. The hierarchy gives highest priority to Level 1. Level 2 — Fair value is determined based on inputs other than quoted prices that are observable for the asset or liability either directly or indirectly as of the reporting date. Assets and liabilities which are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives, including foreign exchange forward contracts whose values are based on the following: · Quoted prices for similar assets or liabilities in active markets. · Quoted prices for identical or similar assets or liabilities in nonactive markets. · Pricing models whose inputs are observable for substantially the full term of the asset or liability. · Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. Level 3 — Fair value is determined based on inputs that are unobservable for the investment and includes situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value require significant management judgment or estimation and the Company may use models or other valuation methodologies to arrive at fair value. Investments that are included in this category generally include distressed debt, less liquid corporate debt securities, non-investment grade residual interests in securitizations, collateralized debt obligations and certain derivative contracts. The hierarchy gives the lowest priority to Level 3. The Company has established a valuation process that applies for all levels of investments in the valuation hierarchy to ensure that the valuation techniques are consistent and verifiable. The valuation process includes discussions between the valuation team, portfolio management team and the valuation committee (the “Valuation Committee”). The Valuation Committee consists of senior members of ZAIS Group and is co-chaired by the Chief Risk Officer and Chief Financial Officer of ZAIS Group. The Valuation Committee meets to review and approve the results of the valuation process which are used in connection with the preparation of quarterly and annual financial statements and provides the ZAIS Group management advisory committee with periodic reports. The Valuation Committee also meets on an ad hoc basis, as needed. The Valuation Committee is responsible for oversight and review of the written valuation policies and procedures and ensuring that they are applied consistently. The lack of an established, liquid secondary market for some of the Company’s holdings may have an adverse effect on the market value of those holdings and on the Company’s ability to dispose of them. Additionally, the public markets for the Company’s holdings may experience periods of volatility and periods of reduced liquidity and the Company’s holdings may be subject to certain other transfer restrictions that may further contribute to illiquidity. Such illiquidity may adversely affect the price and timing of liquidations of the Company’s holdings. The following is a description of the valuation techniques used to measure fair value and the classification of these instruments pursuant to the fair value hierarchy: Investments in affiliated funds and securities The Company measures the fair value of its investments in affiliated funds and securities at the net asset value per share (or its equivalent) (“NAV”). If the investment can be redeemed at its NAV at the measurement date, the Company classifies the investment as Level 2. If the investment cannot be redeemed at its NAV as of the measurement date but the investment may be redeemable at a future date, the Company considers the length of time until the investment will become redeemable in determining whether to classify the investment as Level 2 or Level 3. Net gains or losses on investments in affiliated funds and securities are included in net gain (loss) on investments in the consolidated statements of comprehensive income (loss). Investments The Company determines the fair value of investments in CDOs, RMBS and CMBS, corporate bonds, mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) generally using third party valuation services. ZAIS Group verifies that the quotes received from the valuation services are reflective of fair value as defined in U.S. GAAP, generally by comparing to trading activity for similar asset classes, pricing research provided by banks and brokers, the indicative broker quotes and results from ZAIS Group’s proprietary models. If the values from the third party valuation services are insufficient or unavailable, fair value is determined using observable market data, indicative broker quotes or proprietary models that incorporate market based inputs but also include unobservable inputs. Some of the significant unobservable inputs used are constant prepayment rates, constant default rates, delinquency rates, security ratings, discount rates, credit spreads, and yields. The proprietary models convert future projected cash flows to a single discounted present value. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires significant judgment and considers factors specific to the investment. The Company also employs valuation agents for marks on leveraged loans in connection with CDOs under management and independent valuation agents for certain commercial real estate investments. The Company determines fair value of investments in Exchange Traded Funds (“ETF”) using quoted market prices. Net gains or losses on investments are included in net gain (loss) on investments in the consolidated statements of comprehensive income (loss). Credit Default Swaps A credit default swap contract is an agreement between a Consolidated Fund and a counterparty where one party to the contract either buys protection (short the underlying credit) or sells protection (long the underlying credit) on an index or subset of an index or a single tranche of an index or a single name entity. The buyer of protection pays a fixed coupon in exchange for receiving one or more payments by the other party upon the occurrence of certain credit triggering events related to the specified instrument. The seller of protection receives a fixed coupon as compensation for making one or more payments upon the occurrence of certain triggering events. An index or a single name entity trading at a premium (price is above par) is one in which the current spread is tighter (lower) than the stated coupon, and so the buyer of protection will receive upfront the current premium to par and pays the stated coupon going forward. An index or a single name entity trading at a discount (price is below par) is one in which the current spread is wider (higher) than the stated coupon, and so the buyer of protection will pay upfront the current discount to par and pay the stated coupon going forward. On a tranche trade, the buyer may pay upfront points which represent the present value of expected future cash flows of the tranche and/or may pay a running coupon on the tranche. The credit default swap contracts are marked to market based upon the valuation policies previously discussed. Changes in the fair value of the credit default swap contracts are reported in net gains (losses) of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss). Interest Rate Swaps An interest rate swap is an agreement between a Consolidated Fund and a counterparty to exchange periodic interest payments where one party to the contract makes a fixed rate payment in exchange for a floating rate payment from the other party. The dollar amount each party pays is an agreed-upon periodic interest rate multiplied by some predetermined dollar principal (notional amount). No principal (notional amount) is exchanged between the two parties at trade initiation date. Only interest payments are exchanged. The Consolidated Funds utilize proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swap agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 in the fair value hierarchy. The Consolidated Funds' interest rate swap agreements are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. At June 30, 2015 and December 31, 2014, no credit valuation adjustment was made in determining the fair value of the derivative. Changes in the fair value of the contract are reported in net gains (losses) of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss). Options The Consolidated Funds are authorized to purchase or write options. When the Consolidated Funds purchase an option, an amount equal to the premium paid is reflected as an asset. The amount of the asset is subsequently marked to market to reflect the current value of the option purchased and the change in fair value is reported in net gains (losses) of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss). When the Consolidated Funds write an option, an amount equal to the premium received is reflected as a liability. The amount of the liability is subsequently marked to market to reflect the current value of the option written and the change in fair value is reported as net change in net gains of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss). When an option is exercised, the related premium paid (or received) is added to (or subtracted from) the gain or loss recognized on the transaction. When an option expires (or the Consolidated Funds enter into a closing transaction), the Consolidated Fund realizes a gain (loss) on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). Written and purchased options are non-income producing investments. Swaptions The Consolidated Funds may write swaption contracts (“Swaptions”) to manage exposure to fluctuations in interest rates and credit spreads and to enhance portfolio yield. Swaptions written by the Consolidated Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call Swaption is exercised, the writer will enter into a swap and is obligated to pay a fixed rate of interest and receive a floating rate of interest or receive protection payments on a credit index in exchange. If a written put Swaption is exercised, the writer will enter into a swap and is obligated to pay a floating rate of interest or make protection payments on a credit index and receive a fixed rate in exchange. Swaptions are marked to market based upon quotations from market makers, and the change in fair value is reported in net gains (losses) of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss). When the Consolidated Funds write a Swaption, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the Swaption. A gain or loss is recognized when Swaptions expire or are closed. Premiums received from writing Swaptions that expire are treated by the Consolidated Funds as realized gains from Swaptions written. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. The Consolidated Funds bear the market risk on Swaptions arising from any change in index values or interest rates. The Consolidated Funds utilize proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swaption agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 in the fair value hierarchy. The Consolidated Funds’ Swaptions are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. At June 30, 2015 and December 31, 2014, no credit valuation adjustment was made in determining the fair value of the derivative. Total Return Swap A total return swap contract is an agreement between a Consolidated Fund and a counterparty where one party to the contract exchanges the return on a security for a floating rate index plus a spread. The return on the security includes income such as coupons and the change in its value. The total return swap contracts are marked to market based upon quotations from market makers, and the change in fair value is reported in net gains (losses) of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss). Foreign Exchange Forward Contracts The Consolidated Funds are authorized to enter into foreign exchange forward contracts as a hedge against specific transactions or portfolio positions. A foreign exchange forward contract is marked to reflect the current value of the contract, based upon quoted market prices, and the change in fair value is reported in net gains (losses) of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss). Cashflow Swap A cashflow swap contract is an agreement between two counterparties, whereby the counterparty will fund a portion of the amounts payable on certain CDO notes payable or certain other derivative contracts if the cash flows from the underlying investments are insufficient to pay such amounts. The cashflow swap contracts are marked to market based upon quotations from market makers, and the change in fair value is reported in net gains (losses) of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss). Notes Payable of Consolidated CDOs As a result of the adoption of ASU 2015-02, the CDOs are no longer required to be consolidated effective January 1, 2015. The following policy applies for all periods prior to January 1, 2015. In accordance with ASU 2014-13, the Company can elect to measure both the financial assets and the financial liabilities of the CDOs in its consolidated financial statements using the more observable of the fair value of the financial assets or the fair value of the financial liabilities. The notes payable of Consolidated CDOs’ are measured using the fair value of the financial assets. Upon adoption of ASU 2014-13, the notes are measured as (1) the sum of the fair value of the financial assets and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. Investment in Affiliates Under U.S. GAAP, the Company is permitted, as a practical expedient, to estimate the fair value of its investments in other investment companies using the NAV (or its equivalent) of the related investment company. Accordingly, the Company utilizes the practical expedient in valuing its investments in the unconsolidated ZAIS Managed Entities, which is an amount equal to the sum of the Company’s proportionate interest in the capital accounts of the affiliated funds at fair value. The fair value of the assets and liabilities of the ZAIS Managed Entities are determined by the Company in accordance with its valuation policies described above. The resulting net gains or losses on investments are included in net gain (loss) on investments in the consolidated statements of comprehensive income (loss). At June 30, 2015, all of the Company’s investments in the ZAIS Managed Entities were required to be consolidated. At December 31, 2014, the Company held investments in one unconsolidated ZAIS Managed Entity. The valuation of the investment in this entity represents the amount the Company would receive at June 30, 2015 and December 31, 2014, respectively, if it were to liquidate its investments in the fund. ZAIS Group has the ability to liquidate its investments according to the provisions of the respective fund’s operative agreements. June 30, 2015 ( Dollars in thousands ) Level 1 Level 2 Level 3 Total Assets, at fair value Investments, at fair value Collateralized loan obligations $ — $ — $ 9,731 $ 9,731 Residential mortgage-backed securities — — 13,365 13,365 Exchange traded funds 2,001 — — 2,001 Real estate investment — — 10,702 10,702 Total investments, at fair value 2,001 — 33,798 35,799 Investments in affiliated securities, at fair value — 28,072 — 28,072 Derivative assets, at fair value Credit default swaps — 5 — 5 Interest rate swaps — 292 — 292 Swaptions — 1,990 — 1,990 Total derivative assets, at fair value — 2,287 — 2,287 Total assets, at fair value $ 2,001 $ 30,359 $ 33,798 $ 66,158 Liabilities, at fair value Securities sold, not yet purchased Exchange traded funds $ 10,829 $ — $ — $ 10,829 Derivative liabilities, at fair value Credit default swaps — 141 — 141 Interest rate swaps 922 922 Total return swaps — 75 — 75 Total derivative liabilities, at fair value — 1,138 — 1,138 Total liabilities, at fair value $ 10,829 $ 1,138 $ — $ 11,967 The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy levels at December 31, 2014: December 31, 2014 ( Dollars in thousands ) Level 1 Level 2 Level 3 Total Assets, at fair value Investments in affiliates $ — $ 104 $ — $ 104 Investments, at fair value Collateralized debt obligations — — 359,211 359,211 Commercial mortgage-backed securities — — 4,535 4,535 Corporate bonds — 7,857 — 7,857 Residential mortgage-backed securities — — 78,275 78,275 Asset-backed securities and other — — 63,174 63,174 High yield corporate loans — — 613,685 613,685 Total investments, at fair value — 7,857 1,118,880 1,126,737 Investments in affiliated securities, at fair value — 31,457 — 31,457 Derivative assets, at fair value Options — 56 — 56 Forward currency contracts — 3,794 — 3,794 Credit default swaps — — 2,798 2,798 Total derivative assets, at fair value — 3,850 2,798 6,648 Total assets, at fair value $ — $ 43,268 $ 1,121,678 $ 1,164,946 Liabilities, at fair value Notes payable of consolidated CDOs, at fair value Notes payable of consolidated CDOs $ — $ — $ 749,719 $ 749,719 Securities sold, not yet purchased Corporate bonds — 19,308 — 19,308 Derivative liabilities, at fair value Credit default swaps — — 5,399 5,399 Cashflow swaps — 386 — 386 Total derivative liabilities, at fair value — 386 5,399 5,785 Total liabilities, at fair value $ — $ 19,694 $ 755,118 $ 774,812 June 30, 2015 ( Dollars in thousands ) Change in Unrealized Total Gains/Losses Realized Relating to Beginning and Ending Assets and Balance Sales/ Change in Transfers Balance Liabilities January 1, Purchases/ Redemptions/ Unrealized to (from) June 30, Still Held at 2015 Issuances Settlements Gains (Losses) Level 3 2015 June 30, 2015 Collateralized loan obligations $ 9,626 $ 3,499 $ (3,777) $ 383 $ — $ 9,731 $ 241 Mortgage-backed securities 9,472 8,166 (4,195) (78) — 13,365 158 Real estate investment 9,722 — — 980 — 10,702 980 Total assets, at fair value $ 28,820 $ 11,665 $ (7,972) $ 1,285 $ — $ 33,798 $ 1,379 The following table summarizes the changes in the Company’s Level 3 assets and liabilities for the year ended December 31, 2014: December 31, 2014 ( Dollars in thousands ) Change in Unrealized Gains/Losses Total Relating to Realized Assets and Beginning and Ending Liabilities Balance Sales/ Change in Transfers Balance Still Held at January 1, Purchases/ Redemptions/ Unrealized to (from) December 31, December 31, 2014 Issuances Settlements Gains (Losses) Level 3 2014 2014 Collateralized debt obligations $ 707,718 $ 112,518 $ (461,995) $ 970 $ — $ 359,211 $ (47,146) Commercial mortgage-backed securities 6,738 2,862 (5,424) 359 — 4,535 (116) Residential mortgage-backed securities 63,091 32,391 (21,545) 4,338 — 78,275 461 Asset-backed securities and other 95,281 63,295 (113,524) 18,122 — 63,174 1,847 High yield corporate loans - 782,501 (160,810) (8,006) — 613,685 (7,285) Collateralized loan obligations 26,460 14,500 (39,000) (1,960) — — — Total return swaps 2,727 — (110) (2,617) — — — Credit default swaps 2,300 3,245 (3,912) 1,165 — 2,798 550 Total assets, at fair value $ 904,315 $ 1,011,312 $ (806,320) $ 12,371 $ — $ 1,121,678 $ (51,689) Notes payable of consolidated CDOs $ 730,348 $ 635,315 $ (510,600) $ (105,344) $ — $ 749,719 $ (74,344) Total return swaps — — (196) 196 — — — Credit default swaps 20,187 26,197 (22,391) (18,594) — 5,399 (2,359) Total liabilities, at fair value $ 750,535 $ 661,512 $ (533,187) $ (123,742) $ — $ 755,118 $ (76,703) The Company records transfers between Level 1, Level 2 and Level 3, if any, at the beginning of the period. There were no transfers between Level 1, Level 2 and Level 3 during the six months ended June 30, 2015 and the year ended December 31, 2014. Fair Value at June 30, Valuation Unobservable Amount/ Weighted Investment Type 2015 Techniques Input Percentage Min Max Average (Dollars in thousands) Investments, at fair value Collateralized loan obligations 9,731 Broker quoted Not applicable. Residential mortgage-backed securities – Agency IO 1,536 Discounted cash flow model Yield 8.03 8.03 N/A Residential mortgage-backed securities – Agency Inverse IO 425 Discounted cash flow model Yield 5.45 5.45 N/A Residential mortgage-backed securities 11,404 Broker quoted Not applicable. Real estate investment 10,702 Capitalization Rate Method Capitalization Rate 7.00 Total assets, at fair value $ 33,798 Fair Value at December 31, Valuation Unobservable Amount/ Weighted Investment Type 2014 Techniques Input Percentage Min Max Average (Dollars in thousands) Investments, at fair value Collateralized debt obligations $ 59,623 Discounted cash flow model Discount margin (bps) 253 2,138 776 Constant prepayment rate 10 % 35 % N/A (1) Constant default rate 0 % 4 % N/A (1) Loss severity 30 % 70 % N/A (1) Reinvestment price 100 Reinvestment spread 3.75 Collateralized debt obligations 299,588 Broker quoted Not applicable. Commercial mortgage-backed securities 4,535 Broker quoted Not applicable. Residential mortgage-backed securities 17,085 Discounted cash flow model Discount margin (bps) 308 1,975 666 Constant prepayment rate 1 % 28 % 10 % Constant default rate 0 % 22 % 3 % Loss severity 0 % 150 % 78 % Residential mortgage-backed securities 61,190 Broker quoted Not applicable. Asset-backed securities and other 63,174 Broker quoted Not applicable. High yield corporate loans 613,685 Broker quoted Not applicable. Derivative assets, at fair value Credit default swaps 2,798 Broker quoted Not applicable. Total assets, at fair value $ 1,121,678 Liabilities Notes payable of consolidated CDOs, at fair value $ 749,719 ASU 2014-13 (2) Not applicable. Derivative liabilities, at fair value Credit default swaps 5,399 Broker quoted Not applicable. Total liabilities, at fair value $ 755,118 (1) Weighted Average Constant Prepayment Rate, Weighted Average Constant Default Rate and Weighted Average Loss Severity are flat percentages applied to the respective assets to project future cash flows. (2) Valued per ASU 2014-13 as described in Note 3.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Derivatives In the normal course of business, the Consolidated Funds utilize derivative contracts in connection with their proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Consolidated Funds’ derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit and foreign currency exchange rate and equity price risks. In addition to its primary underlying risks, the Consolidated Funds are also subject to additional counterparty risks due to the inability of their counterparties to meet the terms of their contracts. The Consolidated Funds may enter into various swap contracts, including currency swaps, interest rate swaps, total return swaps and credit default swaps, as part of their investment strategies, to hedge against unfavorable changes in the value of investments and to protect against adverse movements in interest rates or credit performance. Generally, a swap contract is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified notional amount of the underlying assets. The payment flows are usually netted against each other, with the difference being paid by one party to the other. During the term of the swap contract, changes in fair value are recognized as a net unrealized gain (loss) by marking the contracts at fair value. Additionally, the Consolidated Funds record a realized gain (loss) when a swap contract is terminated, and when periodic payments are received or made at the end of each measurement period. The fair value of open swap contracts reported in the consolidated statements of financial condition may differ from what would be realized in the event the Consolidated Funds terminated their positions in the contracts. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the aggregate fair value of swap contracts in an unrealized gain position, as well as any collateral posted with the counterparty. The risk is mitigated by having a master netting arrangement between each Consolidated Fund and the applicable counterparty and by the posting of collateral by the counterparty to the applicable Consolidated Fund to cover the Consolidated Funds’ exposure to the counterparty. As discussed in Note 2 to the consolidated financial statements, the Consolidated Funds have elected not to offset fair value amounts. Therefore, the Consolidated Funds consider the creditworthiness of the counterparty to each swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in the fair value of the underlying investments. June 30, 2015 ( Dollars and notional amounts in thousands ) Derivative Assets Derivative Liabilities Financial Primary Underlying Statement Fair Financial Statement Fair Risk Location Notional Value Location Notional Value Interest rate contracts Derivative assets, at fair value 162,850 $ 2,282 Derivative liabilities, at fair value 84,250 $ 922 Credit contracts Derivative assets, at fair value 1,000 5 Derivative liabilities, at fair value 1,000 141 Equity contracts Derivative assets, at fair value — — Derivative liabilities, at fair value 5,000 75 Gross derivative instruments 163,850 $ 2,287 90,250 $ 1,138 December 31, 2014 ( Dollars and notional amounts in thousands ) Derivative Assets Derivative Liabilities Financial Primary Underlying Statement Fair Financial Statement Fair Risk Location Notional Value Location Notional Value Interest rate contracts Derivative assets, at fair value — $ — Derivative liabilities, at fair value 201,612 $ 386 Credit contracts Derivative assets, at fair value 72,265 2,798 Derivative liabilities, at fair value 180,172 5,399 Foreign exchange contracts Derivative assets, at fair value 201,400 3,850 Derivative liabilities, at fair value — — Gross derivative instruments 273,665 $ 6,648 381,784 $ 5,785 Three Months Ended June 30, 2015 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ (399) $ 26 $ (373) Credit contracts (7) (9) (16) Equity contracts — 87 87 Total $ (406) $ 104 $ (302) Three Months Ended June 30, 2014 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ 750 $ 2,021 $ 2,771 Credit contracts (78) (5,272) (5,350) Equity contracts (4,011) 698 (3,313) Foreign exchange contracts 39 (12) 27 Total $ (3,300) $ (2,565) $ (5,865) Six Months Ended June 30, 2015 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ (593) $ 364 $ (229) Credit contracts 16 (19) (3) Equity contracts — 75 75 Total $ (577) $ 420 $ (157) Six Months Ended June 30, 2014 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ — $ 909 $ 909 Credit contracts (479) (4,816) (5,295) Equity contracts (4,011) 698 (3,313) Foreign exchange contracts (63) 87 24 Total $ (4,553) $ (3,122) $ (7,675) At June 30, 2015, the Consolidated Funds did not hold financial instruments where they were considered to be a seller of credit derivatives. At December 31, 2014, the Consolidated Funds held financial instruments where it is considered to be a seller of credit derivatives under U.S. GAAP. The Consolidated Funds’ written credit derivatives include credit default swaps. The Company believes credit ratings on issuers of underlying reference obligations, together with the period of expiration, are the best indicators of payment/performance risk on written credit derivative contracts. A reference obligation is considered investment grade if its credit rating is BBB- or higher, as rated by Standard & Poor’s (“S&P”). December 31, 2014 ( Dollars and notional amounts in thousands ) Fair Value Asset Notional Amount (Liability) Less than 1 – 5 Over CDS Type Credit Rating 1 year years 5 years Total Investment Grade Index Tranche Not rated — 11,000 — 11,000 $ 925 Bespoke-Mezzanine Not rated 22,000 92,000 — 114,000 (471) High Yield Index Tranche Not rated — 15,000 — 15,000 (889) High Yield Single Name Not rated — 4,000 — 4,000 357 CDO Tranche on Corporate Debt Investment Grade — 19,500 33,000 52,500 (1,407) CDO Tranche on Corporate Debt Non-Investment Grade — 9,000 5,172 14,172 5,172 CDO Tranche on Corporate Debt Not rated — 8,000 — 8,000 343 Total 22,000 158,500 38,172 218,672 $ 4,030 June 30, 2015 ( Notional amounts in thousands ) Long Exposure Short Exposure Average Number of Average Number of Yearly Contracts at Yearly Contracts at Notional June 30, Notional June 30, Primary Underlying Risk Amounts 2015 Amounts 2015 Interest rate contracts 150,800 9 86,375 11 Credit contracts 500 1 1,000 1 Equity contracts — — 2,500 1 Total 151,300 10 89,875 13 December 31, 2014 ( Notional amounts in thousands ) Long Exposure Short Exposure Average Number of Average Number of Yearly Contracts at Yearly Contracts at Notional December 31, Notional December 31, Primary Underlying Risk Amounts 2014 Amounts 2014 Interest rate contracts 327,500 — 150,708 1 Credit contracts 69,670 34 19,168 8 Foreign exchange contracts 100,000 1 1,275 1 Total 497,170 35 171,151 10 Offsetting of Derivatives The Consolidated Funds are required to disclose the impact of offsetting assets and liabilities included in the consolidated statements of financial condition to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on their financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement, or meet the following right of setoff criteria: the amounts owed by the Consolidated Funds to another party are determinable, the Consolidated Funds have the right to set off the amounts owed with the amounts owed by the other party, the Consolidated Funds intend to set off and the Consolidated Funds’ right of setoff is enforceable by law. At June 30, 2015 and December 31, 2014, the Consolidated Funds hold certain derivative instruments that are eligible for offset in the consolidated statements of financial condition and are subject to master netting arrangements. A master netting arrangement allows each applicable Consolidated Fund and the related counterparty to net derivative assets of each Consolidated Fund or collateral held on behalf of each Consolidated Fund against derivative liabilities or payment obligations of each Consolidated Fund to the counterparty. These arrangements also allow each Consolidated Fund and the applicable counterparty to net any derivative liabilities of each Consolidated Fund or collateral sent to each Consolidated Fund against derivatives assets or counterparty payment obligations to each Consolidated Fund. There are no master netting arrangements between the Consolidated Funds. Balances are presented on a gross basis in the consolidated statements of financial condition prior to the application of the impact of fair value and collateral netting. Offsetting Derivative Assets June 30, 2015 ( Dollars in thousands ) Net Amounts of Gross Amounts Not Offset Gross Assets in the Consolidated Amounts Presented in Statements of Financial Offset in the the Condition Gross Consolidated Consolidated Amounts of Statements Statements of Cash Recognized of Financial Financial Financial Collateral Net Description Assets Condition Condition Instruments Received Amount Investments in derivatives, at fair value $ 2,287 $ — $ 2,287 $ (216) $ — $ 2,071 Total $ 2,287 $ — $ 2,287 $ (216) $ — $ 2,071 Offsetting Derivative Liabilities June 30, 2015 ( Dollars in thousands ) Net Amounts of Gross Amounts Not Offset Gross Liabilities in the Consolidated Amounts Presented in Statements of Financial Offset in the the Condition Gross Consolidated Consolidated Amounts of Statements Statements of Cash Recognized of Financial Financial Financial Collateral Net Description Liabilities Condition Condition Instruments Pledged Amount Investments in derivatives, at fair value $ 1,138 $ — $ 1,138 $ (216) $ (922) $ — Total $ 1,138 $ — $ 1,138 $ (216) $ (922) $ — December 31, 2014 ( Dollars in thousands ) Net Amounts of Gross Amounts Not Offset Gross Assets in the Consolidated Amounts Presented in Statements of Financial Offset in the the Condition Gross Consolidated Consolidated Amounts of Statements Statements of Cash Recognized of Financial Financial Financial Collateral Net Description Assets Condition Condition Instruments Received Amount Investments in derivatives, at fair value $ 6,648 $ — $ 6,648 $ (2,119) $ — $ 4,529 Total $ 6,648 $ — $ 6,648 $ (2,119) $ — $ 4,529 Offsetting Derivative Liabilities December 31, 2014 ( Dollars in thousands ) Net Amounts of Gross Amounts Not Offset Gross Liabilities in the Consolidated Amounts Presented in Statements of Financial Offset in the the Condition Gross Consolidated Consolidated Amounts of Statements Statements of Cash Recognized of Financial Financial Financial Collateral Net Description Liabilities Condition Condition Instruments Pledged Amount Investments in derivatives, at fair value $ 5,785 $ — $ 5,785 $ (2,119) $ (1,801) $ 1,865 Total $ 5,785 $ — $ 5,785 $ (2,119) $ (1,801) $ 1,865

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity Disclosure [Text Block]	7. Variable Interest Entities In the ordinary course of business, ZAIS Group sponsors the formation of VIEs that can be broadly classified into the following categories: hedge funds, hybrid private equity funds and securitized structures (CDOs). ZAIS Group generally serves as the investment advisor or collateral manager with certain investment-related, decision-making authority for these entities. The Company has not recorded any liabilities with respect to VIEs that are not consolidated. Certain ZAIS Managed Entities, including the CDOs, are VIEs. Funds Prior to the adoption of ASU 2015-02, substantially all of the ZAIS Managed Entities qualified for the deferral granted under ASU 2010-10, Amendments to Statement 167 for Certain Investment Funds In adopting ASU 2015-02, the Company re-evaluated all of the ZAIS Managed Entities for consolidation. As a result of the re-evaluation the Company is no longer required to consolidate ZAIS Opportunity Master Fund, Ltd. and ZAIS Opportunity Fund, Ltd. as it has been determined that the Company’s fee is no longer considered a variable interest. However, as a result of the re-evaluation, the Company is now required to consolidate ZAIS Atlas Master Fund, LP since it has been determined that the Company is the related party most-closely associated with the entity. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. For VIEs that are investment companies subject to ASU 2010-10, the primary beneficiary of the VIE is generally the variable interest holder that absorbs a majority of the expected losses of the VIE, receives a majority of the expected residual returns of the VIE, or both. The Company generally is not the primary beneficiary of VIEs created to manage assets for clients unless the Company’s ownership interest, including interests of related parties, is substantial. The primary beneficiary of a VIE is defined as the variable interest holder that has a controlling financial interest. A controlling financial interest is defined as (i) the power to direct activities of the VIE that most significantly impacts its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. If no single party satisfies both criteria, but the Company and its related parties satisfy the criteria on a combined basis, then the primary beneficiary is the entity out of the related party group that is most closely associated to the VIE. The consolidation analysis can generally be performed qualitatively, however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Securitized Structures ZAIS Group acts as collateral manager for CDOs that are VIEs. These are entities that issue collateralized notes which offer investors the opportunity for returns that vary commensurately with the risks they assume. The notes issued by the CDOs are generally backed by asset portfolios consisting of loans, other debt or other derivatives. ZAIS Group receives collateral management fees (which in some cases are waived in lieu of certain ZAIS Managed Entities owning the equity tranches) for acting as the collateral manager for these structures and, subject to hurdle rates, may earn incentive income based on the performance of the vehicles. Prior to the adoption of ASU 2015-02, the deferral granted under ASU 2010-10 did not apply to securitized structures. Accordingly, the determination of whether ZAIS Group was the primary beneficiary that would consolidate these entities was based on a determination of whether ZAIS Group had (i) the power to direct the activities of the entity that most significantly impact its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Prior to the adoption of the ASU 2015-02, ZAIS Group determined that it possessed the power to direct the activities of the CDOs (with the exception of CLOs that were still in the warehouse stage) that most significantly impact their economic performance through its role as the collateral manager. In addition, ZAIS Group determined that it had the right to receive benefits from the CDOs that could potentially be significant, on a quantitative and qualitative basis. As a result, the Company consolidated certain securitized structures that ZAIS Group manages. CLOs that are still in the warehouse phase are VIEs. ZAIS Group did not consider itself to be the primary beneficiary of these entities because it does not have the power to direct the activities that most significantly impact the economic performance of these structures. Therefore, the CLOs that were still in the warehouse phase prior to January 1, 2015 have not been consolidated by the Company. In adopting ASU 2015-02, the Company re-evaluated all of its CDOs that are VIEs. The Company determined that it is no longer the primary beneficiary of these entities because under ASU 2015-02, ZAIS Group’s fee arrangements are commensurate with the level of effort performed and include only customary terms that do not represent variable interests. The Company considered investments its related parties have in the CDOs when determining if ZAIS Group’s fee represented a variable interest. The Company has concluded that for all CDOs its fee does not represent a variable interest and, accordingly, has deconsolidated the CDOs as of January 1, 2015. June 30, 2015 December 31, 2014 Funds CDOs Funds Total (Dollars in thousands) Assets Assets of Consolidated Funds Cash and cash equivalents $ 18,637 $ 34,399 $ 58,971 $ 93,370 Restricted cash 2,201 — 30,265 30,265 Investments, at fair value 35,799 789,410 327,605 1,117,015 Investments in affiliated securities, at fair value 28,072 — 34,762 34,762 Derivative assets, at fair value 2,287 509 6,139 6,648 Other assets 3,544 9,832 1,766 11,598 Total Assets $ 90,540 $ 834,150 $ 459,508 $ 1,293,658 Liabilities Liabilities of Consolidated Funds Notes payable of consolidated CDOs, at fair value $ — $ 784,481 $ — $ 784,481 Derivative liabilities, at fair value 1,138 2,374 3,411 5,785 Securities sold, not yet purchased 10,829 — 19,308 19,308 Due to broker — 21,047 4,600 25,647 Other liabilities 5,896 26,248 2,441 28,689 Total Liabilities $ 17,863 $ 834,150 $ 29,760 $ 863,910 The assets presented in the table above belong to the investors in those entities, are available for use only by the entity to which they belong and are not available for use by the Company. The Consolidated Funds have no recourse to the general credit of ZAIS Group with respect to any liability. The Company also consolidates entities that are not VIEs, the assets and liabilities of which are not included in the table above. ZAIS Group has a minimal direct ownership, if any, in the non-consolidated entities that are VIEs and its involvement is generally limited to providing asset management services. ZAIS Group’s exposure to loss from these entities is limited to a decrease in the management fees and incentive income that has been earned and accrued, as well as any direct equity ownership in the VIEs. The net assets of these VIEs were approximately $ 81.8 104,000

Management Fee Income and Incen

Management Fee Income and Incentive Income	6 Months Ended
	Jun. 30, 2015
Management Fee Income and Incentive Income [Abstract]
Management Fee Income and Incentive Income [Text Block]	8. Management Fee Income and Incentive Income ZAIS Group manages certain funds and accounts from which it may earn incentive income based on hedge fund-style and private equity-style fee arrangements. Funds and accounts with hedge fund-style fee arrangements are those that pay an incentive fee/allocation, that may be subject to a hurdle, to ZAIS Group on an annual basis. Funds and accounts with private equity-style fee arrangements are those that pay an incentive fee/allocation based on a priority of payments under which investor capital must be returned and a preferred return must be paid to the investor prior to any payments of incentive-based income to ZAIS Group. Management fees earned by ZAIS Group for funds and accounts with hedge fund-style fee arrangements generally range from 0.50 1.25 0.25 0.50 0.15 0.50 1.50 20 For funds and accounts with hedge fund-style fee arrangements, incentive income earned generally ranges from 10 20 For funds and accounts with private equity-style fee arrangements, incentive income earned by ZAIS Group is generally 20 For CDOs, incentive income earned generally ranges from 10 20 Three months Ended June 30, 2015 ( Dollars in thousands ) Gross Net Amount Elimination Amount Management Fee Income Hedge funds $ 1,610 $ (61) $ 1,549 Managed accounts 1,042 — 1,042 Private equity funds 575 — 575 ZAIS Financial Corp. 854 — 854 Total $ 4,081 $ (61) $ 4,020 Incentive Income Hedge funds $ 612 $ — $ 612 Managed accounts 463 — 463 Private equity funds 138 — 138 Total $ 1,213 $ — $ 1,213 Three months Ended June 30, 2014 ( Dollars in thousands ) Gross Net Amount Elimination Amount Management Fee Income Hedge funds $ 892 $ (856) $ 36 Managed accounts 2,910 — 2,910 Private equity funds 1,917 (362) 1,555 ZAIS Financial Corp. 568 — 568 Total $ 6,287 $ (1,218) $ 5,069 Incentive Income Hedge funds $ 247 $ 4 $ 251 Managed accounts 827 — 827 Private equity funds 35,463 (696) 34,767 Total $ 36,537 $ (692) $ 35,845 Six Months Ended June 30, 2015 ( Dollars in thousands ) Gross Net Amount Elimination Amount Management Fee Income Hedge funds $ 3,230 $ (120) $ 3,110 Managed accounts 2,186 — 2,186 Private equity funds 990 — 990 ZAIS Financial Corp. 1,428 — 1,428 Total $ 7,834 $ (120) $ 7,714 Incentive Income Hedge funds $ 625 $ — $ 625 Managed accounts 463 — 463 Private equity funds 1,033 — 1,033 Total $ 2,121 $ — $ 2,121 Six months Ended June 30, 2014 ( Dollars in thousands ) Gross Net Amount Elimination Amount Management Fee Income Hedge funds $ 904 $ (868) $ 36 Managed accounts 5,871 — 5,871 Private equity funds 9,978 (6,613) 3,365 ZAIS Financial Corp. 1,131 — 1,131 Total $ 17,884 $ (7,481) $ 10,403 Incentive Income Hedge funds $ 339 $ (88) $ 251 Managed accounts 827 — 827 Private equity funds 45,369 (9,657) 35,712 Total $ 46,535 $ (9,745) $ 36,790 At June 30, 2015, approximately $ 1,897,000 612,000 1,871,000 2,412,000

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	9. Debt Obligations Notes Payable On March 17, 2015, in conjunction with the closing of the Business Combination, ZAIS issued two promissory notes with an aggregate principal balance of $ 1,250,000 Notes Payable of Consolidated CDOs Prior to adopting ASU 2015-02, the Company consolidated the CDOs that ZAIS Group manages. As a result, the senior and subordinated notes issued by the CDOs are included in the Company’s consolidated statements of financial condition. Notes payable of the consolidated CDOs are collateralized by the assets held by the CDOs, and the assets of one CDO may not be used to satisfy the liabilities of another. This collateral generally consists of loans, other debt and other derivatives. The stated maturity dates for the notes issued by the CDOs range from 2019 to 2057. 749,719,000 December 31, 2014 ( Dollars in thousands ) Cash and cash equivalents $ 34,399 Investments, at fair value: Collateralized debt obligations 138,637 Commercial mortgage-backed securities 1,606 Residential mortgage-backed securities 13,174 Asset-backed securities and other 22,308 High yield corporate loans 613,685 789,410 Derivative assets (liabilities), net, at fair value (1,864) Other assets (liabilities), net (37,464) Notes payable of consolidated CDOs, at fair value 784,481 Elimination of Consolidated Funds’ investments in CDOs (34,762) Notes payable of consolidated CDOs, at fair value (net of eliminations) $ 749,719 As discussed in Note 3, the Company has elected to carry these notes at fair value in its consolidated statements of financial condition. Accordingly, the Company measured the fair value of notes payable (as a group including both the senior and subordinated notes) as (1) the sum of the fair value of the financial assets and the carrying value of any non-financial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The Company allocated the resulting amount to the different classes of notes based on the CDOs’ waterfall on an as liquidated basis. December 31, 2014 ( Dollars in thousands ) Weighted Weighted Average Borrowings Fair Average Maturity in Outstanding Value Interest Rate Years Senior Secured Notes $ 892,112 $ 749,344 1.74 % 17.80 Subordinated Notes 58,802 375 N/A 21.76 Total $ 950,914 $ 749,719

Compensation

Compensation	6 Months Ended
	Jun. 30, 2015
Share-based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	10. Compensation Employees are eligible to receive discretionary incentive cash compensation (the “Bonus Award”) on an annual basis. The amount of the Bonus Award is based on, among other factors, both individual performance and the financial results of ZAIS Group. For certain employees, as documented in an underlying agreement (the “Bonus Agreement”), the Bonus Award may be further subject to a retention-based payout schedule that generally provides for 30 681,000 2,735,000 1,459,000 5,615,000 5,001,000 ZAIS Group has entered into Points Agreements with certain of its employees whereby certain employees and former employees have been granted rights to participate in a portion of the incentive income received from certain ZAIS Managed Entities. For the three months ended June 30, 2015 and June 30, 2014, the Company recorded compensation expense of approximately $ 32,000 7,692,000 32,000 7,784,000 In 2013, ZAIS Group established the Income Unit Plan. Under the Income Unit Plan, certain employees were entitled to receive a fixed percentage of ZAIS Group’s distributable income, as defined in the Income Unit Plan agreement. Payout of 85 30 2,070,000 4,140,000 Stock-Based Compensation In conjunction with the close of the Business Combination on March 17, 2015, ZGP authorized 1,600,000 "Compensation - Stock Compensation” Weighted Average Grant Number of Date Fair B-0 units Value per Unit Offered – Upon Closing of Business Combination 1,369,119 $ 9.70 Awards not accepted due to resignation (16,327) 9.70 Net granted – Upon Closing of Business Combination 1,352,792 9.70 Granted – Post-Closing of Business Combination 50,000 8.80 Forfeited — — Vested — — Balance at June 30, 2015 1,402,792 $ 9.67 The total compensation expense expected to be recognized in all future periods associated with the B-0 units, considering estimated forfeitures of 4 11,191,000 1.72 1,567 1,828 Pursuant to ZAIS’s 2015 Stock Incentive Plan, non-employee directors of ZAIS are eligible to receive RSUs as a component of compensation for their service as directors of ZAIS. The awards are unvested at the time they are granted, as such, are not entitled to any dividends or distributions from ZAIS or other material rights until such RSUs vest. The RSUs vest in full on the one year anniversary of the grant date. Upon vesting ZAIS will issue the recipient shares of Class A Common Stock equal to the number of vested RSUs. In accordance with ASC 718, "Compensation - Stock Compensation” Weighted Average Grant Number of Date Fair RSUs Value per Unit Granted 30,000 $ 9.85 Forfeited — — Vested — — Balance at June 30, 2015 30,000 $ 9.85 The total expense expected to be recognized in all future periods associated with the RSUs, considering estimated forfeitures of 0 246,000 0.84 49,000

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	11. Income Taxes ZAIS is taxable as a corporation for U.S. tax purposes. The Company’s effective tax rate includes a rate benefit attributable to the fact that the Company’s subsidiaries operate as limited liability companies and limited partnerships which are treated as pass-through entities for U.S. federal and state income tax purposes. Accordingly, the Company’s consolidated financial statements include U.S. federal, state and local income taxes on the Company’s allocable share of the consolidated results of operations, as well as taxes payable to jurisdictions outside the U.S. The tax liability or benefit related to the partnership income or loss not allocable to the Company rests with the equity holders owning such non-controlling interests in ZAIS subsidiaries. As such, the non-controlling interest’s tax liability or benefit is not reflected in ZAIS’s unaudited consolidated financial statements. As a result of the significant variations in the customary relationship between income tax expense and pre-tax accounting income, the Company is unable to estimate the annual effective tax rate for 2015. Consequently, the actual effective tax rate for the interim period is being utilized. The Company’s foreign operations are conducted in “pass-through” entities for U.S. income tax purposes. The Company provides for U.S. income taxes on a current basis for those earnings. The Company’s foreign subsidiaries pay income taxes in the respective foreign jurisdictions, which are included in provision for income taxes. The Company recorded income tax (benefit) expense of $ (1,682,000) (2,583,000) (304,000) 14,000 As of June 30, 2015, the Company had total deferred tax assets of $ 2,603 Deferred tax assets are included in deferred tax assets on the accompanying consolidated statements of financial condition Additionally at June 30, 2015, the Company had deferred tax assets of $ 784,000 784,000 The Company’s effective tax rates were 38.92% and 27.17% for the three and six months ended June 30, 2015, respectively. The difference between the U.S. federal statutory rate of 35.0% and the effective tax rates reflected above principally relates to (i) the effect of income and loss included in pre-tax operating income related to non-controlling interests that are not taxable to the Company, (ii) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate, (iii) and other permanent differences. In the period prior to the Business Combination, the earnings of the Company related to the operations of ZGP, which is taxed as a partnership for U.S. income tax purposes. Effective Tax Rate Effective Tax Rate Pre-Tax Income 35.00 % 35.00 % State and Local Income Tax, Net of Fed Benefit 5.57 % 3.89 % Other Permanent Differences 0.00 % 0.00 % Redeemable non-controlling interests 8.15 % 8.18 % Non-controlling interests in Consolidated Funds 2.77 % 4.66 % Non-controlling interests in ZGP -12.57 % -24.56 % Total 38.92 % 27.17 % As of June 30, 2015, and June 30, 2014 the Company did not have any unrecognized tax benefits.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	12. Related Party Transactions ZAIS Group offers a range of alternative and traditional investment strategies through private accounts and pooled investment vehicles. ZAIS Group earns substantially all of its management fee income and incentive income from the ZAIS Managed Entities, which are considered related parties as the Company manages the operations of, and makes investment decisions for, these entities. The Company considers ZAIS Group’s principals, executives, employees and all ZAIS Managed Entities to be affiliates and related parties. ZAIS Group invests in some of its subsidiaries and some of the ZAIS Managed Entities. Investments in subsidiaries and certain ZAIS Managed Entities that are consolidated are eliminated. Investments in certain ZAIS Managed Entities not consolidated are further described in Note 3. On September 30, 2014, ZGP made a distribution-in-kind to its members of its full partnership interest in ZAIS Value-Added Real Estate Fund I, LP, a Consolidated Fund. The value of the partnership interest at the time of the distribution was approximately $ 5,310,000 approximately $ 30,949,000 35,304 Additionally, ZAIS Group did not charge management fees or earn incentive income on ZAIS CLO 1 and ZAIS CLO 2 since investments were made in these entities by ZAIS Managed Entities, with existing fee arrangements, representing 100% of the equity tranche of ZAIS CLO 1 and ZAIS CLO 2. The total amounts of asset under management that are not being charged fees are approximately $ 558,288,000 431,858,000 From time to time, ZAIS Group may pay related research expenses directly to vendors, and subsequently invoices these costs to the respective ZAIS Managed Entities based upon certain criteria. At June 30, 2015 and December 31, 2014, approximately $ 804 400 In an effort to simplify the corporate structure of ZAIS Group’s operations, ZAISGroup International, LLP transferred, as of August 12, 2014, its business assets, liabilities, operations and staff, as well as its FCA authorization, to a new company named ZAIS Group (UK) Limited. ZAIS Group (UK) Limited is a wholly-owned subsidiary of ZAIS Group, and carries out the same roles and functions from the same premises, and with the same personnel, as ZAISGroup International, LLP had previously carried out. ZGP has entered into a two-year Consulting Agreement with Mr. Ramsey through an entity controlled by Mr. Ramsey (the “Consulting Agreement”), under the terms of which, among other things, Mr. Ramsey will provide consulting services to ZGP, its senior management team and ZAIS, as requested by ZGP’s managing member, from time to time during the 24-month period beginning on, the closing of the Business Combination. Mr. Ramsey may not compete against ZGP during the term of the Consulting Agreement, and for two years following its termination. In consideration for his undertakings under the Consulting Agreement, ZGP will pay Mr. Ramsey a consulting fee of $ 500,000 ZAIS Group is a party to a consulting agreement with Tracy Rohan, Mr. Zugel’s sister-in-law, pursuant to which Ms. Rohan provides services to ZAIS Group relating to event planning, promotion, web and print branding and related services. Pursuant to the consulting agreement, Ms. Rohan earned approximately $ 29,000 32,000 58,000 63,000 Related Party Transactions of Consolidated Funds For the three months ended June 30, 2014, ZAIS Opportunity Master Fund, Ltd. entered into purchase and sale transactions with Deutsche Bank Securities, Inc., an entity affiliated with the Board of Directors for the ZAIS Opportunity Master Fund, Ltd. Total purchases at fair value of approximately $ 0 4,000 459,000 Also, for the six months ended June 30, 2014, ZAIS Opportunity Master Fund, Ltd. entered into purchase and sale transactions with Deutsche Bank Securities, Inc., an entity affiliated with the Board of Directors for the ZAIS Opportunity Master Fund, Ltd. Total purchases at fair value of approximately $0, and total sales at fair value of approximately $4,000, with net losses of approximately $ 459,000

Fixed Assets

Fixed Assets	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	13. Fixed Assets June 30, December 31, 2015 2014 ( Dollars in thousands ) Office equipment $ 3,160 $ 3,073 Leasehold improvements 944 938 Furniture and fixtures 584 569 Software 428 402 5,116 4,982 Less accumulated depreciation and amortization (4,101) (3,891) Total $ 1,015 $ 1,091 For the three months ended June 30, 2015 and June 30, 2014, depreciation and amortization expense amounted to approximately $ 146 143 208 236

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	14. Commitments and Contingencies Lease Obligations ZAIS Group is obligated under operating lease agreements for office space expiring through October 2017. The Company recognizes expense related to its operating leases on a straight-line basis over the lease term. Period Amount ( Dollars in thousands ) Six Months Ending December 31, 2015 $ 470 Year Ending December 31, 2016 940 Year Ending December 31, 2017 730 $ 2,140 Rent expense is amortized on a straight-line basis and is included in general, administrative and other in the consolidated statements of comprehensive income (loss). For the three months ended June 30, 2015 and June 30, 2014, rent expense amounted to approximately $ 282,000 421,000 818,000 837,000 Litigation From time to time, ZAIS Group may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any contingencies that would require accrual or disclosure in the financial statements at June 30, 2015. Other Contingencies In the normal course of business, ZAIS Group enters into contracts that provide a variety of indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to ZAIS Group under these arrangements could involve future claims that may be made against ZAIS Group. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	15. Segment Reporting The ZAIS Managed Entities segment is currently the Company’s only reportable segment, and represents the Company’s core business, as substantially all of the Company’s operations are conducted through this segment. The ZAIS Managed Entities segment provides investment advisory and asset management services to ZAIS Group’s private funds, structured vehicles, separately managed accounts and ZAIS Financial Corp., a publicly traded Mortgage REIT.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	16. Earnings Per Share Shares of Class B common stock have no impact on the calculation of consolidated net income (loss) per share of Class A common stock as holders of Class B common stock do not participate in net income or dividends, and thus, are not participating securities. The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share: Three Three Six Six Months Ended Months Ended Months Ended Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands, except shares and per share data) Numerator: Consolidated Net Income (Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic) $ (2,947) $ 20,307 (1) $ (3,770) $ 26,797 (1) Effect of dilutive securities: Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP (2,231) — (6,745) — Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management, LLC Class B Members (2) (283) — (283) — Income tax (benefit) expense (3) 1,027 — 2,871 — Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities $ (4,434) $ 20,307 $ (7,927) $ 26,797 Denominator: Weighted average number of shares of Class A Common Stock 13,870,917 7,000,000 (5) 8,046,665 7,000,000 (5) Effect of dilutive securities: Weighted average number of Class A Units of ZGP 7,000,000 — 7,000,000 — Dilutive number of B-0 Units and RSUs (4) — — — — Diluted weighted average shares outstanding (6) 20,870,917 7,000,000 15,046,665 7,000,000 Consolidated Net Income (Loss), net of tax, per Class A common share – Basic $ (0.21) $ 2.90 $ (0.47) $ 3.83 Consolidated Net Income (Loss), net of tax, per Class A common share – Diluted $ (0.21) $ 2.90 $ (0.53) $ 3.83 (1) Consolidated Net Income (Loss), net of tax for all periods prior to the Business Combination is attributable to ZGP Founder Members (2) Amount represents portion of the management fee income received from ZAIS Financial Corp. that is payable to holders of Class B interests in ZAIS Group’s consolidated subsidiary ZAIS REIT Management, LLC. (3) Income tax (benefit) / expense is calculated using an assumed tax rate of 40.85%. (4) The treasury stock method is used to calculate incremental Class A common shares on potentially dilutive Class A common shares resulting from unvested Class B-0 Units granted in connection with and subsequent to the Business Combination and unvested RSUs granted to non-employee directors. These units are anti-dilutive and, consequently, have been excluded from the computation of diluted weighted average shares outstanding. (5) Refer to Note 2 for the details around the number of units used to calculate earnings per share for periods prior to the Business Combination (6) Number of diluted shares outstanding takes into account non-controlling interests of ZAIS Group Parent, LLC that may be exchanged for Class A Common Stock under certain circumstances.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2015
Statement of Financial Position [Abstract]
Consolidated Funds on the Company’s Financial Position [Text Block]	17. Supplemental Financial Information June 30, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 75,198 $ — $ — $ 75,198 Income and fees receivable 2,509 — — 2,509 Investments in affiliates, at fair value 263 — (263) — Due from related parties 1,047 — (25) 1,022 Fixed assets, net 1,015 — — 1,015 Prepaid expenses 2,214 — — 2,214 Deferred tax assets 2,603 — — 2,603 Other assets 3,232 — — 3,232 Assets of Consolidated Funds Cash and cash equivalents — 18,637 — 18,637 Restricted cash — 2,201 — 2,201 Investments, at fair value — 35,799 — 35,799 Investments in affiliated securities, at fair value — 28,072 — 28,072 Derivative assets, at fair value — 2,287 — 2,287 Other assets — 3,544 — 3,544 Total Assets $ 88,081 $ 90,540 $ (288) $ 178,333 Liabilities, Redeemable Non-controlling Interests and Equity Liabilities Notes payable $ 1,252 $ — $ — $ 1,252 Compensation payable 1,578 — — 1,578 Due to related parties 174 — — 174 Other liabilities 3,146 — — 3,146 Liabilities of Consolidated Funds Notes payable of consolidated CDOs, at fair value — — — — Securities sold, not yet purchased — 10,829 — 10,829 Derivative liabilities, at fair value — 1,138 — 1,138 Other liabilities — 5,896 (25) 5,871 Total Liabilities 6,150 17,863 (25) 23,988 Commitments and Contingencies (Note 14) Redeemable Non-controlling Interests — 61,875 (249) 61,626 Equity Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 58,834 — — 58,834 Retained earnings (Accumulated deficit) (3,770) — — (3,770) Accumulated other comprehensive income (loss) 321 — — 321 Total stockholders’ equity, ZAIS Group Holdings, Inc. 55,386 — — 55,386 Non-controlling interests in ZAIS Group Parent, LLC 26,545 — — 26,545 Non-controlling interests in Consolidated Funds — 10,802 (14) 10,788 Total Equity 81,931 10,802 (14) 92,719 Total Liabilities, Redeemable Non-controlling Interests and Equity $ 88,081 $ 90,540 $ (288) $ 178,333 December 31, 2014 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 7,664 $ — $ — $ 7,664 Income and fees receivable 11,223 — (6,940) 4,283 Investments in affiliates, at fair value 1,752 — (1,648) 104 Due from related parties 968 — (320) 648 Fixed assets, net 1,091 — — 1,091 Prepaid expenses 1,543 — — 1,543 Other assets 3,310 — — 3,310 Assets of Consolidated Funds Cash and cash equivalents — 94,212 — 94,212 Restricted cash — 30,265 — 30,265 Investments, at fair value — 1,126,737 — 1,126,737 Investments in affiliated securities, at fair value — 66,219 (34,762) 31,457 Derivative assets, at fair value — 6,648 — 6,648 Other assets — 11,599 (22) 11,577 Total Assets $ 27,551 $ 1,335,680 $ (43,692) $ 1,319,539 Liabilities, Redeemable Non-controlling Interests and Equity Liabilities Compensation payable $ 6,094 $ — $ — $ 6,094 Due to related parties 32 — — 32 Other liabilities 3,050 — — 3,050 Liabilities of Consolidated Funds Notes payable of consolidated CDOs, at fair value — 784,481 (34,762) 749,719 Securities sold, not yet purchased — 19,308 — 19,308 Derivative liabilities, at fair value — 5,785 — 5,785 Due to broker — 21,047 — 21,047 Other liabilities — 40,144 (7,281) 32,863 Total Liabilities 9,176 870,765 (42,043) 837,898 Commitments and Contingencies (Note 14) Redeemable Non-controlling Interests — 452,925 — 452,925 Equity Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital — — — — Retained earnings (Accumulated deficit) 18,188 1,650 (1,649) 18,189 Accumulated other comprehensive income (loss) 186 — — 186 Total stockholders’ equity, ZAIS Group Holdings, Inc. 18,375 1,650 (1,649) 18,376 Non-controlling interests in ZAIS Group Parent, LLC — — — — Non-controlling interests in Consolidated Funds — 10,340 — 10,340 Total Equity 18,375 11,990 (1,649) 28,716 Total Liabilities, Redeemable Non-controlling Interests and Equity $ 27,551 $ 1,335,680 $ (43,692) $ 1,319,539 Three months Ended June 30, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 4,081 $ — $ (61) $ 4,020 Incentive income 1,213 — — 1,213 Other revenues 106 — — 106 Income of Consolidated Funds — 1,365 — 1,365 Total Revenues 5,400 1,365 (61) 6,704 Expenses Compensation and benefits 7,361 — — 7,361 General, administrative and other 4,764 — — 4,764 Depreciation and amortization 146 — — 146 Expenses of Consolidated Funds — 505 (60) 445 Total Expenses 12,271 505 (60) 12,716 Other Income (loss) Net gain (loss) on investments 2 — (2) — Other income (expense) 9 — — 9 Net gains of Consolidated Funds’ investments — 774 — 774 Total Other Income (loss) 11 774 (2) 783 Income (loss) before income taxes (6,860) 1,634 (3) (5,229) Income tax (benefit) expense (1,682) — — (1,682) Consolidated net income (loss) , net of tax (5,178) 1,634 (3) (3,547) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 291 — — 291 Total Comprehensive Income (Loss) $ (4,887) $ 1,634 $ (3) $ (3,256) Three months Ended June 30, 2014 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 6,287 $ — $ (1,218) $ 5,069 Incentive income 36,537 — (692) 35,845 Other revenues 245 — (17) 228 Income of Consolidated Funds — 10,181 6,837 17,018 Total Revenues 43,069 10,181 4,910 58,160 Expenses Compensation and benefits 18,126 — — 18,126 General, administrative and other 4,579 — — 4,579 Depreciation and amortization 143 — — 143 Expenses of Consolidated Funds — 11,484 (10,666) 818 Total Expenses 22,848 11,484 (10,666) 23,666 Other Income (loss) Net gain (loss) on investments 1,444 — (1,435) 9 Other income (expense) (101) — — (101) Net gains of Consolidated Funds’ investments — (129,093) 127,235 (1,858) Total Other Income (loss) 1,343 (129,093) 125,800 (1,950) Income (loss) before income taxes 21,564 (130,396) 141,376 32,544 Income tax (benefit) expense (304) — — (304) Consolidated net income (loss) , net of tax 21,868 (130,396) 141,376 32,848 Other Comprehensive Income (Loss) , net of tax Foreign currency translation adjustment 43 — — 43 Total Comprehensive Income (Loss) $ 21,911 $ (130,396) $ 141,376 $ 32,891 Six months Ended June 30, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 7,834 $ — $ (120) $ 7,714 Incentive income 2,121 — — 2,121 Other revenues 137 — — 137 Income of Consolidated Funds — 3,209 — 3,209 Total Revenues 10,092 3,209 (120) 13,181 Expenses Compensation and benefits 13,931 — — 13,931 General, administrative and other 9,101 — — 9,101 Depreciation and amortization 208 — — 208 Expenses of Consolidated Funds — 1,633 (119) 1,514 Total Expenses 23,240 1,633 (119) 24,754 Other Income (loss) Net gain (loss) on investments 45 — (45) — Other income (expense) 7 — — 7 Net gains of Consolidated Funds’ investments — 1,984 — 1,984 Total Other Income 52 1,984 (45) 1,991 Income (loss) before income taxes (13,096) 3,560 (46) (9,582) Income tax (benefit) expense (2,583) — — (2,583) Consolidated net income (loss) , net of tax (10,513) 3,560 (46) (6,999) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 483 — — 483 Total Comprehensive Income (Loss) $ (10,030) $ 3,560 $ (46) $ (6,516) Six months Ended June 30, 2014 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 17,884 $ — $ (7,481) $ 10,403 Incentive income 46,535 — (9,745) 36,790 Other revenues 407 — (38) 369 Income of Consolidated Funds — 52,290 5,443 57,733 Total Revenues 64,826 52,290 (11,821) 105,295 Expenses Compensation and benefits 28,110 — — 28,110 General, administrative and other 7,614 — — 7,614 Depreciation and amortization 236 — — 236 Expenses of Consolidated Funds — 117,017 (29,054) 87,963 Total Expenses 35,960 117,017 (29,054) 123,923 Other Income (loss) Net gain (loss) on investments 1,618 — (1,639) (21) Other income (expense) 60 — — 60 Net gains of Consolidated Funds’ investments — (58,850) 126,643 67,793 Total Other Income 1,678 (58,850) 125,004 67,832 Income (loss) before income taxes 30,544 (123,577) 142,237 49,204 Income tax (benefit) expense 14 — — 14 Consolidated net income (loss) , net of tax 30,530 (123,577) 142,237 49,190 Other Comprehensive Income (Loss) , net of tax Foreign currency translation adjustment (201) — — (201) Total Comprehensive Income (Loss) $ 30,329 $ (123,577) $ 142,237 $ 48,989

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") to reflect the financial position, results of operations and cash flows of the Company. These financial statements have been prepared on a going concern basis, which assumes the realization of assets and satisfaction of liabilities in the normal course of business. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company's most recent audited consolidated financial statements and related notes for the fiscal year ended December 31, 2014, which are included in the Closing 8-K. In the opinion of management, all adjustments considered necessary have been made for a fair presentation of the results of these interim periods. The Company currently operates as one business segment.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results may ultimately differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02 Consolidation (Topic 810): Amendments to the Consolidation Analysis Variable Interest Entities (“VIE”) Voting Interest Entities (“VOE”)
Non-Controlling Interests, Policy [Policy Text Block]	Non-Controlling Interests The non-controlling interests within the consolidated statements of financial condition are comprised of: i) redeemable non-controlling interests reported outside of the permanent capital section when investors have the right to redeem their interests from a Consolidated Fund or ZAIS Group; ii) equity attributable to non-controlling interests in Consolidated Funds reported inside the permanent capital section when the investors do not have the right to redeem their interests and iii) equity attributable to non-controlling interests in ZGP. The Company records redeemable non-controlling interests and non-controlling interests in the Consolidated Funds (excluding CDO) to reflect the economic interests in those funds held by investors other than interests attributable to ZAIS Group. Subsequent to March 31, 2014, redeemable non-controlling interests represents investors in the Consolidated Funds who generally have the right to withdraw their capital after the end of a lock-up period as defined in the respective governing documents. Investors may withdraw their capital prior to the expiration of the lock-up period in certain limited circumstances that are beyond the control of ZAIS Group, such as instances in which retaining the equity interest could cause the investor to violate a law, regulation or rule. Prior to March 31, 2014, redeemable non-controlling interests also included membership interests held in ZAIS Group by employees and former employees of ZAIS Group. Non-controlling interests in ZGP includes a portion of the management fee income received from ZAIS Financial Corp. that is payable to holders of Class B interests in ZAIS Group’s consolidated subsidiary, ZAIS REIT Management, LLC.
Consolidation, Policy [Policy Text Block]	The consolidated financial statements included herein are the financial statements of ZAIS and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation, including ZAIS’s investment in ZGP and ZGP’s investment in ZAIS Group. The Company's fiscal year ends on December 31. The operating results for the interim period presented are not necessarily indicative of the results that may be expected for the Company's fiscal year ending December 31, 2015. The consolidated financial statements include non-controlling interests in ZGP which is primarily comprised of Class A Units of ZGP held by the ZGP Founder Members. The Company’s consolidated financial statements also include variable interest entities for which ZAIS Group is considered the primary beneficiary, and certain entities that are not considered variable interest entities in which ZAIS Group has a controlling financial interest. Effective January 1, 2015 pursuant to Accounting Standards Codification (“ASC”) Topic 810, as amended by ASU 2015-02, these entities include ZAIS Opportunity Domestic Feeder Fund, LP, ZAIS Atlas Master Fund, LP, ZAIS Atlas Fund, LP and ZAIS Value-Added Real Estate Fund I, LP. For all periods prior to January 1, 2015, these entities include ZAIS Opportunity Master Fund, Ltd., ZAIS Opportunity Domestic Feeder Fund, LP, ZAIS Opportunity Fund, Ltd., ZAIS Atlas Fund, LP, ZAIS Value-Added Real Estate Fund I, LP and certain CDOs. After the adoption of ASC Topic 810, as amended by ASU 2015-02, there were no CDOs required to be consolidated in the Company’s financial statements for the six months ended June 30, 2015 and prior to the adoption of ASC Topic 810, as amended by ASU 2015-02, there were ten CDOs consolidated in the Company’s financial statements for the year ended December 31, 2014. The cumulative effect of the adoption of ASU 2015-02 was a $ 397,594 The consolidated financial statements reflect the assets, liabilities, investment income, expenses and cash flows of the Consolidated Funds on a gross basis. Except for CDOs, the majority of the economic interests in the Consolidated Funds, which are held by third-party investors, are reflected as non-controlling interests in the consolidated financial statements. For CDOs, the majority of the economic interests in these vehicles, which are held by outside parties, are reported as notes payable of consolidated CDOs in the consolidated financial statements. The notes payable issued by the CDOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CDOs, ZAIS Group may earn investment management fees, including, in some cases, subordinated management fees and contingent incentive fees. All of the management fee income and incentive income earned by ZAIS Group from the Consolidated Funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by the non-controlling interests, income allocated to the non-controlling interests has been reduced, and the income allocated to ZGP has been increased by the amounts eliminated, of which ZAIS is allocated its pro-rata share as a member of ZGP. ZAIS Group does not recognize any incentive income based on the investment performance of ZAIS Managed Entities until the incentive income is (i) contractually receivable, (ii) fixed or determinable (also referred to as “crystallized”) and (iii) all related contingencies have been removed and collection is reasonably assured, (see policy disclosed under Management Fee Income, Incentive Income, and Other Income). Similarly, for any Consolidated Funds, the corresponding potential incentive expense based on the investment performance of the Consolidated Funds has not yet been deducted from the investor capital balances until the above criteria have been met. Therefore, the corresponding potential incentive income based on the investment performance of the Consolidated Funds that has not yet been recognized by ZAIS Group is included in non-controlling interests in the consolidated financial statements. The Consolidated Funds are deemed to be investment companies under U.S. GAAP, and therefore, the Company has retained the specialized investment company accounting of these consolidated entities in its consolidated financial statements.
Variable Interest Entities [Policy Text Block]	VIE Model Prior to the adoption of ASU 2015-02, for entities in which the Company has a variable interest, the Company determines whether, if by design, (i) the entity has equity investors who lack, as a group, the characteristics of a controlling financial interest, (ii) the entity does not have sufficient equity at risk to finance its expected activities without additional subordinated financial support from other parties, (iii) the entity is structured with non-substantive voting rights or (iv) the equity holders do not have the obligation to bear potential losses or the right to receive potential gains. If an entity has at least one of these characteristics, it is considered a VIE, and is consolidated by its primary beneficiary. For entities managed by ZAIS Group that qualify for the deferral under ASU 2010-10, Amendments to Statement 167 for Certain Investment Funds Subsequent to the adoption of ASU 2015-02, for entities in which the Company has a variable interest, the Company determines whether, (i) the entity does not have enough equity to finance its activities without additional subordinated financial support, (ii) the at-risk equity holders, as a group lack (a) the power, through voting or similar rights, to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb an entity’s expected losses, or (c) the right to receive an entity’s expected residual returns, or (iii) the entity is structured with non-substantive voting rights. If an entity has at least one of these characteristics, it is considered a VIE, and is consolidated by its primary beneficiary.
Voting Interest Entities [Policy Text Block]	VOE Model For entities where ZAIS Group has a variable interest, but are determined not to be a VIE, the Company makes a consolidation determination based on the entity’s legal structure. For corporate structures, including companies domiciled in the Cayman Islands, the Company consolidates those entities in which ZAIS Group has a voting interest of greater than 50% and has control over the significant operating, financial and investing decisions of the entity. For limited partnerships and limited liability companies, the Company consolidates entities in which it is a general partner or managing member, and third-party investors have no substantive rights to participate in the ongoing governance and operating activities or substantive kick-out rights. The determination of whether an entity is a VIE or a VOE is based on the facts and circumstances for each individual entity.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers highly liquid, short-term interest-bearing instruments of sufficient credit quality with original maturities of three months or less, and other instruments readily convertible into cash, to be cash equivalents. The Company’s deposits with financial institutions may exceed federally insurable limits of $ 250,000 Cash equivalents generally consist of excess cash that is swept daily into a money market fund, or into weekly or monthly term deposit accounts to earn short-term interest, or maintained as a short-term deposit. Additionally, the Company may from time-to-time invest in United States government obligations to manage excess liquidity. These investments are carried at fair value, as the Company has elected the fair value option in order to include any gains or losses within consolidated net income (loss). These investments are also recorded as cash equivalents in the consolidated statement of financial condition. At June 30, 2015 and December 31, 2014, the Company had approximately $ 29,737,000 2,687,000 44,024,000 0
Investment, Policy [Policy Text Block]	Investments in Affiliates U.S. GAAP permits entities to choose to measure certain eligible financial assets, financial liabilities and firm commitments at fair value (the “Fair Value Option”), on an instrument-by-instrument basis. The election to use the Fair Value Option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. The Fair Value Option is irrevocable and requires changes in fair value to be recognized in earnings. For ZAIS Group’s direct investments in the ZAIS Managed Entities that are not consolidated, and would otherwise be accounted for under the equity method, the Fair Value Option has been elected. In estimating the fair value for financial instruments for which the Fair Value Option has been elected, the Company uses the valuation methodologies as discussed in Note 5.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition ZAIS Group’s sources of revenue are (i) management fees, (ii) incentive fees and (iii) income of Consolidated Funds. The management fee and incentive fee revenues are derived from ZAIS Group’s advisory agreements with the ZAIS Managed Entities. Certain investments held by employees, executives and other related parties in the ZAIS Managed Entities are not subject to management fees or incentive fees/allocations and therefore do not generate revenue for ZAIS Group. All of the management fee income and incentive income earned by ZAIS Group from the Consolidated Funds are eliminated in consolidation. Income of Consolidated Funds is based on the income generated from the portfolios of the Consolidated Funds, a majority of which is allocated to redeemable non-controlling interests and non-controlling interests in Consolidated Funds.
Management Fee Income, Incentive Income and Other Income, Policy [Policy Text Block]	Management Fee Income, Incentive Income and Other Income ZAIS Group earns management fees and incentive fees for investment advisory services provided to the ZAIS Managed Entities. Management fees are accrued as earned, and are calculated and paid monthly, quarterly or annually, depending on the applicable agreement. Revenue is accrued as earned for data, funding and analytical services provided to outside parties and affiliated funds. In the event management fee income is received before it is earned, deferred revenue is recorded and is included in other liabilities in the consolidated statements of financial condition. In addition to the management fee income mentioned above, subordinated management fee income may be earned from the CDOs. The subordinated management fee income is additional revenue earned for the same service, but has a lower priority in the CDO vehicle’s cash flows. The subordinated management fee income is contingent upon the economic performance of the respective CDO’s investments. If the CDOs experience a certain level of investment defaults, these fees may not be paid. There is no recovery by the CDOs of previously paid subordinated fees. Subordinated management fee income is recognized when collection is reasonably assured. When collection is not reasonably assured, the subordinated management fee income is recognized as payments are received. Income of Consolidated Funds is discussed in the section on Policies of Consolidated Funds.
Receivables, Policy [Policy Text Block]	Income and Fees Receivable Income and fees receivable primarily includes management fees and incentive fees due from ZAIS Managed Entities, excluding the Consolidated Funds, and does not include any allowance for doubtful accounts. The Company did not recognize any bad debt expense for the three and six months ended June 30, 2015 and June 30, 2014. The Company believes all income and fee receivable balances are fully collectible.
Compensation Related Costs, Policy [Policy Text Block]	Compensation and benefits is comprised of salaries, payroll taxes, employer contributions to welfare plans, discretionary and guaranteed cash bonuses and other contractual compensation programs payable to ZAIS Group employees. Compensation and benefits is generally recognized over the related service period. On an annual basis, compensation and benefits comprise a significant portion of total expenses, with discretionary cash bonuses, guaranteed cash bonuses and other contractual compensation programs generally comprising a significant portion of total compensation and benefits. Under the ZAIS Group, LLC Income Unit Plan (the “Income Unit Plan”), a portion of net operating income of ZAIS Group (after making certain adjustments) was due to certain employees of ZAIS Group. These amounts are accrued as compensation expense in the period incurred. This plan was terminated with an effective date of December 31, 2014. Compensation and benefits relating to the issuance of cash-based and equity-based awards to certain employees is measured at fair value on the grant date. Equity-based compensation awards to employees that are settled in shares are classified as equity instruments. The fair value of an equity settled award is determined on the date of grant and is not subsequently remeasured. Cash settled awards are classified as liabilities and are remeasured to fair value at each balance sheet date as long as the award is outstanding. Changes in fair value are reflected as compensation expense. Compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis, adjusted for estimated forfeitures of awards not expected to vest. The compensation expense for awards that do not require future service is recognized immediately. Upon the end of the service period, compensation expense is adjusted to account for actual forfeiture rates. Refer to Note 10 for additional details regarding equity awards granted by the Company. Compensation and benefits also includes compensation directly related to incentive income in the form of percentage interests (also referred to as “Points”) awarded to certain employees associated with the operation and management of certain ZAIS Managed Entities in the form of compensation agreements (“Points Agreements”). Under the Points Agreements, ZAIS Group has an obligation to pay certain employees and former employees a fixed percentage of the incentive income earned from the referenced entities. Amounts payable pursuant to these arrangements are recorded as compensation expense when they become probable and reasonably estimable. The determination of when the Points become probable and reasonably estimable is based on the assessment of numerous factors, particularly those related to the profitability, realizations, distribution status, investment profile and commitments or contingencies of certain ZAIS Managed Entities for which Points Agreements have been awarded. Points are expensed no later than the period in which the underlying income is recognized. Payment of the Points generally occurs in the same period the related income is received. Most recipients’ rights to receive payments related to their Points Agreement are subject to forfeiture risks. There are currently outstanding Points Agreements relating to two ZAIS Managed Entities and ZAIS Group does not anticipate awarding additional Points Agreements. Pursuant to ZAIS’s 2015 Stock Incentive Plan, non-employee directors of ZAIS are eligible to receive RSUs as a component of compensation for their service as directors of ZAIS. The awards are unvested at the time they are granted and, as such, are not entitled to any dividends or other material rights until such RSUs vest. The RSUs vest in full on the one year anniversary of the grant date. Upon vesting ZAIS will issue the recipient shares of Class A Common Stock equal to the number of vested RSUs. In accordance with ASC 718, "Compensation - Stock Compensation”
Property, Plant and Equipment, Policy [Policy Text Block]	Fixed Assets Fixed assets consist of furniture and fixtures, office equipment, leasehold improvements and software, and are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization on furniture and fixtures, office equipment and software is calculated using either the double declining balance method or straight-line method over an estimated useful life of three to five years. Amortization of leasehold improvements is calculated using the straight-line method over the lesser of the lease terms or the life of the asset.. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The costs associated with maintenance and repairs are recorded as other operating expenses when incurred.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill Goodwill of approximately $ 2,669,000
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation Gains (Losses) Assets and liabilities of foreign subsidiaries that have non-U.S. dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period. Results of foreign operations are translated at the weighted-average exchange rate for each reporting period. Translation adjustments are included as a component of accumulated other comprehensive income (loss) until realized. Gains or losses resulting from foreign currency transactions are included in general, administrative and other in the consolidated statements of comprehensive income (loss).
Income Tax, Policy [Policy Text Block]	Income Taxes The Company accounts for income taxes using the asset and liability method as prescribed in FASB guidance on Accounting for Income Taxes The measurement of current and deferred income tax assets and liabilities is based on provisions of enacted tax laws and involves uncertainties in the application of tax regulations in the U.S. and other tax jurisdictions. Because the Company’s interpretation of complex tax law may impact the measurement of current and deferred income taxes, actual results may differ from these estimates under different assumptions regarding the application of tax law. Prior to the reorganization and recapitalization due to the Business Combination, no provision was made for U.S. federal income taxes in ZGP’s accompanying consolidated financial statements since ZGP and its subsidiaries were pass-through entities for U.S. income tax purposes and profits and losses were allocated to the partners who were individually responsible for reporting such amounts. ZGP’s foreign subsidiaries, however, paid income taxes in the respective foreign jurisdictions, which were included in income tax (benefit) expense on the consolidated statements of comprehensive income (loss). Following the reorganization, ZGP and its subsidiaries continue to operate as pass-through entities for U.S. income tax purposes. ZAIS is subject to U.S. corporate federal, state and local income taxes which are included in income tax (benefit) expense on the consolidated statements of comprehensive income (loss) along with income taxes related to the foreign subsidiaries. Pursuant to FASB guidance on Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement on Accounting for Income Taxes The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a liability is established. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax (benefit) expense within the consolidated statements of comprehensive income (loss).
Consolidated Entities [Member]
Accounting Policies [Abstract]
Policies of Consolidated Funds [Policy Text Block]	Policies of Consolidated Funds Certain ZAIS Managed Entities, in which ZAIS Group has only a minority ownership interest or no ownership interest, are consolidated in the Company’s consolidated financial statements. The majority ownership interests in the Consolidated Funds are held by the investors in the Consolidated Funds, and these interests are included in non-controlling interests in the consolidated statements of financial condition. The management fees and incentive income from the Consolidated Funds are eliminated in consolidation, and the income allocated to ZAIS and ZGP Founder Members has been increased by the amounts eliminated. The Consolidated Funds are considered investment companies for U.S. GAAP purposes. Pursuant to specialized accounting guidance for investment companies, and the retention of that guidance in the Company’s consolidated financial statements, the investments held by the Consolidated Funds are reported at their fair values .
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash represents the Consolidated Funds’ cash held by counterparties as collateral against the Consolidated Funds’ derivatives or repurchase agreements. Cash held by counterparties as collateral is not available to the Consolidated Funds for general operating purposes, but may be applied against amounts due to derivative or securities repurchase agreement counterparties or returned to the Consolidated Funds when the collateral requirements are exceeded or at the maturity of the derivatives or securities repurchase agreements.
Due to and from Broker-Dealers and Clearing Organizations Disclosure [Text Block]	Due to Broker Due to broker represents the Consolidated Funds’ payable to a broker for unsettled purchases as of June 30, 2015.
Debt, Policy [Policy Text Block]	Notes Payable of Consolidated CDOs In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity The notes payable of Consolidated CDOs are measured using the fair value of the financial assets, as further described in Note 5. The Company’s consolidated net income (loss) reflects the Company’s economic interests in the CDOs, including (1) changes in the fair value of the beneficial interests retained by the Company and (2) beneficial interests that represent compensation for services.
Securities Sold, Not Yet Purchased, Policy [Policy Text Block]	Securities Sold, Not Yet Purchased The Consolidated Funds may enter into short sales whereby a security is sold that it does not own in anticipation of a decline in the value of that security. To enter a short sale, the Consolidated Funds may need to borrow the security for delivery to the buyer. On each day the short sale is open, the liability for the obligation to replace the borrowed security is marked to market, and an unrealized gain or loss equal to the difference between the price at which the security was sold and the cost of replacing the security is recorded. The liability in respect to securities sold short, traded on an exchange, is stated at the last reported sales price on the day of valuation; other securities traded in the over-the-counter market, and listed securities, for which no sale was reported on that date, are stated at the last quoted ask price. While the transaction is open, the Consolidated Funds will also incur an expense for any accrued interest payable to the lender of that security and for borrowing charges for certain positions. A gain or loss is realized and included within net gains (losses) of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss).
Redemptions Payable, Policy [Policy Text Block]	Redemptions Payable The Consolidated Funds recognize investor redemptions as liabilities when the amount requested in the redemption notice becomes fixed and determinable. Net assets related to redemption notices received for which the dollar amount is not fixed will remain in the net assets of the Consolidated Funds until the amount is determined. As a result, redemptions paid after the end of a reporting period, but based upon capital balances as of the end of the respective reporting period that the redemption relates to are reflected as redemptions payable.
Income of Consolidated Funds Policy [Policy Text Block]	Income of Consolidated Funds Investment transactions are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined on the specific-identification basis. Dividends received on equity tranches of structured products are recorded upon receipt and adjusted for any return of capital using the effective interest rate method over the lives of such securities. Interest income is recorded on the accrual basis. Any discounts and premiums on fixed income securities purchased are accreted or amortized into income or expense using the effective interest rate method over the lives of such securities. The effective interest rates are calculated using projected cash flows, including the impact of paydowns on each of the aforementioned securities. Any paydown gains and losses are presented as an adjustment to interest income.
Derivatives, Policy [Policy Text Block]	Derivative Instruments The Consolidated Funds may, from time to time, acquire assets or liabilities that protect against adverse movements in interest rates or credit performance (each a “Hedge Agreement”) with counterparties. The Consolidated Funds and the counterparty to each Hedge Agreement agree to make periodic payments on a specified notional amount. The payments can be made for a specified period of time, or may be triggered by a pre-determined credit event. The periodic payments may be based on a fixed or variable interest rate; the change in fair value of a specified security, basket of securities or index; or the return generated by a security. The consolidated CDOs, at December 31, 2014, also had a portfolio of credit default swaps which are utilized to obtain synthetic exposure to credit risk. These swaps are used as trading instruments, and not for hedging purposes. The Consolidated Funds recognize all derivatives as assets or liabilities in the consolidated statements of financial condition at fair value. Changes in fair value are recognized in the consolidated statements of comprehensive income (loss). In connection with their derivative activities, the Consolidated Funds have elected not to offset fair value amounts recognized for cash collateral against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement. At June 30, 2015 and December 31, 2014, the Consolidated Funds have cash collateral receivables of approximately $2,201,000 and $30,265,000, respectively with counterparties under the same master netting arrangement and is included in restricted cash in the consolidated statements of financial condition.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue Recognition
Income Tax, Policy [Policy Text Block]	Income Taxes The Consolidated Funds are generally not subject to U.S. federal and state income taxes and, consequently, no income tax provision has been made in the accompanying consolidated financial statements because individual investors are responsible for taxes on their proportionate share of the taxable income.

Business Combination (Tables)

Business Combination (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Cash Flows related to Business Combination [Table Text Block]	The net proceeds from the Business Combination, as reported in the unaudited consolidated statements of cash flows within the financing section, are summarized as follows: Cash in HF2’sTrust $ 184,760,079 Payment of HF2 redemptions (102,282,526) Payment for HF2’s Expenses (4,311,157) Net Cash Received by ZGP from Business Combination 78,166,396 Less: Ramsey incentive fee and fees to underwriters (4,650,000) Net proceeds from Business Combination $ 73,516,396
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	The number of shares of Class A common stock of ZAIS issued and outstanding and the number of Class A Units of ZGP issued and outstanding immediately following the consummation of the Business Combination is summarized as follows: Number of Shares of Class A Common Stock of ZAIS HF2 public shares outstanding prior to the Business Combination 23,592,150 Less: redemption of HF2 public shares (9,741,193) Total HF2 shares outstanding immediately prior to the effective date of the Business Combination 13,850,957 Common shares issued as consideration to transaction underwriter 150,000 Shares cancelled from HF2 founders’ allocation (130,040) Total shares of Class A common stock of ZAIS outstanding at closing, March 17, 2015 13,870,917 Number of Class A Units of ZGP Class A Units of ZGP acquired by ZAIS 13,870,917 Class A Units of ZGP retained by ZGP Founder Members 7,000,000 Total Class A Units of ZGP outstanding at closing, March 17, 2015 20,870,917

Fair Value of Investments (Tabl

Fair Value of Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Assets, Fair Value Disclosure [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	June 30, 2015 ( Dollars in thousands ) Level 1 Level 2 Level 3 Total Assets, at fair value Investments, at fair value Collateralized loan obligations $ — $ — $ 9,731 $ 9,731 Residential mortgage-backed securities — — 13,365 13,365 Exchange traded funds 2,001 — — 2,001 Real estate investment — — 10,702 10,702 Total investments, at fair value 2,001 — 33,798 35,799 Investments in affiliated securities, at fair value — 28,072 — 28,072 Derivative assets, at fair value Credit default swaps — 5 — 5 Interest rate swaps — 292 — 292 Swaptions — 1,990 — 1,990 Total derivative assets, at fair value — 2,287 — 2,287 Total assets, at fair value $ 2,001 $ 30,359 $ 33,798 $ 66,158 Liabilities, at fair value Securities sold, not yet purchased Exchange traded funds $ 10,829 $ — $ — $ 10,829 Derivative liabilities, at fair value Credit default swaps — 141 — 141 Interest rate swaps 922 922 Total return swaps — 75 — 75 Total derivative liabilities, at fair value — 1,138 — 1,138 Total liabilities, at fair value $ 10,829 $ 1,138 $ — $ 11,967 The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy levels at December 31, 2014: December 31, 2014 ( Dollars in thousands ) Level 1 Level 2 Level 3 Total Assets, at fair value Investments in affiliates $ — $ 104 $ — $ 104 Investments, at fair value Collateralized debt obligations — — 359,211 359,211 Commercial mortgage-backed securities — — 4,535 4,535 Corporate bonds — 7,857 — 7,857 Residential mortgage-backed securities — — 78,275 78,275 Asset-backed securities and other — — 63,174 63,174 High yield corporate loans — — 613,685 613,685 Total investments, at fair value — 7,857 1,118,880 1,126,737 Investments in affiliated securities, at fair value — 31,457 — 31,457 Derivative assets, at fair value Options — 56 — 56 Forward currency contracts — 3,794 — 3,794 Credit default swaps — — 2,798 2,798 Total derivative assets, at fair value — 3,850 2,798 6,648 Total assets, at fair value $ — $ 43,268 $ 1,121,678 $ 1,164,946 Liabilities, at fair value Notes payable of consolidated CDOs, at fair value Notes payable of consolidated CDOs $ — $ — $ 749,719 $ 749,719 Securities sold, not yet purchased Corporate bonds — 19,308 — 19,308 Derivative liabilities, at fair value Credit default swaps — — 5,399 5,399 Cashflow swaps — 386 — 386 Total derivative liabilities, at fair value — 386 5,399 5,785 Total liabilities, at fair value $ — $ 19,694 $ 755,118 $ 774,812
Schedule of Changes in Fair Value of Assets and Liabilities [Table Text Block]	June 30, 2015 ( Dollars in thousands ) Change in Unrealized Total Gains/Losses Realized Relating to Beginning and Ending Assets and Balance Sales/ Change in Transfers Balance Liabilities January 1, Purchases/ Redemptions/ Unrealized to (from) June 30, Still Held at 2015 Issuances Settlements Gains (Losses) Level 3 2015 June 30, 2015 Collateralized loan obligations $ 9,626 $ 3,499 $ (3,777) $ 383 $ — $ 9,731 $ 241 Mortgage-backed securities 9,472 8,166 (4,195) (78) — 13,365 158 Real estate investment 9,722 — — 980 — 10,702 980 Total assets, at fair value $ 28,820 $ 11,665 $ (7,972) $ 1,285 $ — $ 33,798 $ 1,379 The following table summarizes the changes in the Company’s Level 3 assets and liabilities for the year ended December 31, 2014: December 31, 2014 ( Dollars in thousands ) Change in Unrealized Gains/Losses Total Relating to Realized Assets and Beginning and Ending Liabilities Balance Sales/ Change in Transfers Balance Still Held at January 1, Purchases/ Redemptions/ Unrealized to (from) December 31, December 31, 2014 Issuances Settlements Gains (Losses) Level 3 2014 2014 Collateralized debt obligations $ 707,718 $ 112,518 $ (461,995) $ 970 $ — $ 359,211 $ (47,146) Commercial mortgage-backed securities 6,738 2,862 (5,424) 359 — 4,535 (116) Residential mortgage-backed securities 63,091 32,391 (21,545) 4,338 — 78,275 461 Asset-backed securities and other 95,281 63,295 (113,524) 18,122 — 63,174 1,847 High yield corporate loans - 782,501 (160,810) (8,006) — 613,685 (7,285) Collateralized loan obligations 26,460 14,500 (39,000) (1,960) — — — Total return swaps 2,727 — (110) (2,617) — — — Credit default swaps 2,300 3,245 (3,912) 1,165 — 2,798 550 Total assets, at fair value $ 904,315 $ 1,011,312 $ (806,320) $ 12,371 $ — $ 1,121,678 $ (51,689) Notes payable of consolidated CDOs $ 730,348 $ 635,315 $ (510,600) $ (105,344) $ — $ 749,719 $ (74,344) Total return swaps — — (196) 196 — — — Credit default swaps 20,187 26,197 (22,391) (18,594) — 5,399 (2,359) Total liabilities, at fair value $ 750,535 $ 661,512 $ (533,187) $ (123,742) $ — $ 755,118 $ (76,703)
Fair Value Assets and liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block]	Fair Value at June 30, Valuation Unobservable Amount/ Weighted Investment Type 2015 Techniques Input Percentage Min Max Average (Dollars in thousands) Investments, at fair value Collateralized loan obligations 9,731 Broker quoted Not applicable. Residential mortgage-backed securities – Agency IO 1,536 Discounted cash flow model Yield 8.03 8.03 N/A Residential mortgage-backed securities – Agency Inverse IO 425 Discounted cash flow model Yield 5.45 5.45 N/A Residential mortgage-backed securities 11,404 Broker quoted Not applicable. Real estate investment 10,702 Capitalization Rate Method Capitalization Rate 7.00 Total assets, at fair value $ 33,798 Fair Value at December 31, Valuation Unobservable Amount/ Weighted Investment Type 2014 Techniques Input Percentage Min Max Average (Dollars in thousands) Investments, at fair value Collateralized debt obligations $ 59,623 Discounted cash flow model Discount margin (bps) 253 2,138 776 Constant prepayment rate 10 % 35 % N/A (1) Constant default rate 0 % 4 % N/A (1) Loss severity 30 % 70 % N/A (1) Reinvestment price 100 Reinvestment spread 3.75 Collateralized debt obligations 299,588 Broker quoted Not applicable. Commercial mortgage-backed securities 4,535 Broker quoted Not applicable. Residential mortgage-backed securities 17,085 Discounted cash flow model Discount margin (bps) 308 1,975 666 Constant prepayment rate 1 % 28 % 10 % Constant default rate 0 % 22 % 3 % Loss severity 0 % 150 % 78 % Residential mortgage-backed securities 61,190 Broker quoted Not applicable. Asset-backed securities and other 63,174 Broker quoted Not applicable. High yield corporate loans 613,685 Broker quoted Not applicable. Derivative assets, at fair value Credit default swaps 2,798 Broker quoted Not applicable. Total assets, at fair value $ 1,121,678 Liabilities Notes payable of consolidated CDOs, at fair value $ 749,719 ASU 2014-13 (2) Not applicable. Derivative liabilities, at fair value Credit default swaps 5,399 Broker quoted Not applicable. Total liabilities, at fair value $ 755,118 (1) Weighted Average Constant Prepayment Rate, Weighted Average Constant Default Rate and Weighted Average Loss Severity are flat percentages applied to the respective assets to project future cash flows. (2) Valued per ASU 2014-13 as described in Note 3.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following tables quantify the volume of the Consolidated Funds’ derivative activity, recorded within assets and liabilities in the consolidated statements of financial condition, at June 30, 2015 and December 31, 2014, through a disclosure of notional amounts, in comparison with the fair value of those derivatives. All notional and fair value amounts are disclosed on a gross basis, prior to counterparty and cash collateral netting: June 30, 2015 ( Dollars and notional amounts in thousands ) Derivative Assets Derivative Liabilities Financial Primary Underlying Statement Fair Financial Statement Fair Risk Location Notional Value Location Notional Value Interest rate contracts Derivative assets, at fair value 162,850 $ 2,282 Derivative liabilities, at fair value 84,250 $ 922 Credit contracts Derivative assets, at fair value 1,000 5 Derivative liabilities, at fair value 1,000 141 Equity contracts Derivative assets, at fair value — — Derivative liabilities, at fair value 5,000 75 Gross derivative instruments 163,850 $ 2,287 90,250 $ 1,138 December 31, 2014 ( Dollars and notional amounts in thousands ) Derivative Assets Derivative Liabilities Financial Primary Underlying Statement Fair Financial Statement Fair Risk Location Notional Value Location Notional Value Interest rate contracts Derivative assets, at fair value — $ — Derivative liabilities, at fair value 201,612 $ 386 Credit contracts Derivative assets, at fair value 72,265 2,798 Derivative liabilities, at fair value 180,172 5,399 Foreign exchange contracts Derivative assets, at fair value 201,400 3,850 Derivative liabilities, at fair value — — Gross derivative instruments 273,665 $ 6,648 381,784 $ 5,785
Derivative Instruments, Gain (Loss) [Table Text Block]	The following tables identify the net realized gains (losses) and change in unrealized gains/losses on derivative contracts included within net gains of Consolidated Funds’ investments in the consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2015 and June 30, 2014: Three Months Ended June 30, 2015 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ (399) $ 26 $ (373) Credit contracts (7) (9) (16) Equity contracts — 87 87 Total $ (406) $ 104 $ (302) Three Months Ended June 30, 2014 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ 750 $ 2,021 $ 2,771 Credit contracts (78) (5,272) (5,350) Equity contracts (4,011) 698 (3,313) Foreign exchange contracts 39 (12) 27 Total $ (3,300) $ (2,565) $ (5,865) Six Months Ended June 30, 2015 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ (593) $ 364 $ (229) Credit contracts 16 (19) (3) Equity contracts — 75 75 Total $ (577) $ 420 $ (157) Six Months Ended June 30, 2014 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ — $ 909 $ 909 Credit contracts (479) (4,816) (5,295) Equity contracts (4,011) 698 (3,313) Foreign exchange contracts (63) 87 24 Total $ (4,553) $ (3,122) $ (7,675)
Disclosure of Credit Derivatives [Table Text Block]	The following tables set forth the information related to the Consolidated Funds’ written credit derivatives held at and December 31, 2014: December 31, 2014 ( Dollars and notional amounts in thousands ) Fair Value Asset Notional Amount (Liability) Less than 1 – 5 Over CDS Type Credit Rating 1 year years 5 years Total Investment Grade Index Tranche Not rated — 11,000 — 11,000 $ 925 Bespoke-Mezzanine Not rated 22,000 92,000 — 114,000 (471) High Yield Index Tranche Not rated — 15,000 — 15,000 (889) High Yield Single Name Not rated — 4,000 — 4,000 357 CDO Tranche on Corporate Debt Investment Grade — 19,500 33,000 52,500 (1,407) CDO Tranche on Corporate Debt Non-Investment Grade — 9,000 5,172 14,172 5,172 CDO Tranche on Corporate Debt Not rated — 8,000 — 8,000 343 Total 22,000 158,500 38,172 218,672 $ 4,030
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The following tables list the average yearly notional amounts and number of contracts held at June 30, 2015 and December 31, 2014, categorized by primary underlying risk: June 30, 2015 ( Notional amounts in thousands ) Long Exposure Short Exposure Average Number of Average Number of Yearly Contracts at Yearly Contracts at Notional June 30, Notional June 30, Primary Underlying Risk Amounts 2015 Amounts 2015 Interest rate contracts 150,800 9 86,375 11 Credit contracts 500 1 1,000 1 Equity contracts — — 2,500 1 Total 151,300 10 89,875 13 December 31, 2014 ( Notional amounts in thousands ) Long Exposure Short Exposure Average Number of Average Number of Yearly Contracts at Yearly Contracts at Notional December 31, Notional December 31, Primary Underlying Risk Amounts 2014 Amounts 2014 Interest rate contracts 327,500 — 150,708 1 Credit contracts 69,670 34 19,168 8 Foreign exchange contracts 100,000 1 1,275 1 Total 497,170 35 171,151 10
Schedule Of Gross And Net Information About Derivative Instruments [Table Text Block]	The following tables present information about certain assets and liabilities that are subject to master netting arrangements (or similar agreements), and can potentially be offset in the consolidated statements of financial condition at June 30, 2015 and December 31, 2014: Offsetting Derivative Assets June 30, 2015 ( Dollars in thousands ) Net Amounts of Gross Amounts Not Offset Gross Assets in the Consolidated Amounts Presented in Statements of Financial Offset in the the Condition Gross Consolidated Consolidated Amounts of Statements Statements of Cash Recognized of Financial Financial Financial Collateral Net Description Assets Condition Condition Instruments Received Amount Investments in derivatives, at fair value $ 2,287 $ — $ 2,287 $ (216) $ — $ 2,071 Total $ 2,287 $ — $ 2,287 $ (216) $ — $ 2,071 Offsetting Derivative Liabilities June 30, 2015 ( Dollars in thousands ) Net Amounts of Gross Amounts Not Offset Gross Liabilities in the Consolidated Amounts Presented in Statements of Financial Offset in the the Condition Gross Consolidated Consolidated Amounts of Statements Statements of Cash Recognized of Financial Financial Financial Collateral Net Description Liabilities Condition Condition Instruments Pledged Amount Investments in derivatives, at fair value $ 1,138 $ — $ 1,138 $ (216) $ (922) $ — Total $ 1,138 $ — $ 1,138 $ (216) $ (922) $ — Offsetting Derivative Assets December 31, 2014 ( Dollars in thousands ) Net Amounts of Gross Amounts Not Offset Gross Assets in the Consolidated Amounts Presented in Statements of Financial Offset in the the Condition Gross Consolidated Consolidated Amounts of Statements Statements of Cash Recognized of Financial Financial Financial Collateral Net Description Assets Condition Condition Instruments Received Amount Investments in derivatives, at fair value $ 6,648 $ — $ 6,648 $ (2,119) $ — $ 4,529 Total $ 6,648 $ — $ 6,648 $ (2,119) $ — $ 4,529 Offsetting Derivative Liabilities December 31, 2014 ( Dollars in thousands ) Net Amounts of Gross Amounts Not Offset Gross Liabilities in the Consolidated Amounts Presented in Statements of Financial Offset in the the Condition Gross Consolidated Consolidated Amounts of Statements Statements of Cash Recognized of Financial Financial Financial Collateral Net Description Liabilities Condition Condition Instruments Pledged Amount Investments in derivatives, at fair value $ 5,785 $ — $ 5,785 $ (2,119) $ (1,801) $ 1,865 Total $ 5,785 $ — $ 5,785 $ (2,119) $ (1,801) $ 1,865

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities [Table Text Block]	The following table presents the assets and liabilities of entities that are VIEs, and consolidated by the Company on a gross basis prior to eliminations due to consolidation at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Funds CDOs Funds Total (Dollars in thousands) Assets Assets of Consolidated Funds Cash and cash equivalents $ 18,637 $ 34,399 $ 58,971 $ 93,370 Restricted cash 2,201 — 30,265 30,265 Investments, at fair value 35,799 789,410 327,605 1,117,015 Investments in affiliated securities, at fair value 28,072 — 34,762 34,762 Derivative assets, at fair value 2,287 509 6,139 6,648 Other assets 3,544 9,832 1,766 11,598 Total Assets $ 90,540 $ 834,150 $ 459,508 $ 1,293,658 Liabilities Liabilities of Consolidated Funds Notes payable of consolidated CDOs, at fair value $ — $ 784,481 $ — $ 784,481 Derivative liabilities, at fair value 1,138 2,374 3,411 5,785 Securities sold, not yet purchased 10,829 — 19,308 19,308 Due to broker — 21,047 4,600 25,647 Other liabilities 5,896 26,248 2,441 28,689 Total Liabilities $ 17,863 $ 834,150 $ 29,760 $ 863,910

Management Fee Income and Inc29

Management Fee Income and Incentive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Management Fee Income and Incentive Income [Abstract]
Schedule of Components of Management Fee Income and Incentive Income [Table Text Block]	The following tables represent the gross amounts of management fee income and incentive income earned prior to eliminations due to consolidation of the Consolidated Funds and the net amount reported in the Company’s consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2015 and June 30, 2014: Three months Ended June 30, 2015 ( Dollars in thousands ) Gross Net Amount Elimination Amount Management Fee Income Hedge funds $ 1,610 $ (61) $ 1,549 Managed accounts 1,042 — 1,042 Private equity funds 575 — 575 ZAIS Financial Corp. 854 — 854 Total $ 4,081 $ (61) $ 4,020 Incentive Income Hedge funds $ 612 $ — $ 612 Managed accounts 463 — 463 Private equity funds 138 — 138 Total $ 1,213 $ — $ 1,213 Three months Ended June 30, 2014 ( Dollars in thousands ) Gross Net Amount Elimination Amount Management Fee Income Hedge funds $ 892 $ (856) $ 36 Managed accounts 2,910 — 2,910 Private equity funds 1,917 (362) 1,555 ZAIS Financial Corp. 568 — 568 Total $ 6,287 $ (1,218) $ 5,069 Incentive Income Hedge funds $ 247 $ 4 $ 251 Managed accounts 827 — 827 Private equity funds 35,463 (696) 34,767 Total $ 36,537 $ (692) $ 35,845 Six Months Ended June 30, 2015 ( Dollars in thousands ) Gross Net Amount Elimination Amount Management Fee Income Hedge funds $ 3,230 $ (120) $ 3,110 Managed accounts 2,186 — 2,186 Private equity funds 990 — 990 ZAIS Financial Corp. 1,428 — 1,428 Total $ 7,834 $ (120) $ 7,714 Incentive Income Hedge funds $ 625 $ — $ 625 Managed accounts 463 — 463 Private equity funds 1,033 — 1,033 Total $ 2,121 $ — $ 2,121 Six months Ended June 30, 2014 ( Dollars in thousands ) Gross Net Amount Elimination Amount Management Fee Income Hedge funds $ 904 $ (868) $ 36 Managed accounts 5,871 — 5,871 Private equity funds 9,978 (6,613) 3,365 ZAIS Financial Corp. 1,131 — 1,131 Total $ 17,884 $ (7,481) $ 10,403 Incentive Income Hedge funds $ 339 $ (88) $ 251 Managed accounts 827 — 827 Private equity funds 45,369 (9,657) 35,712 Total $ 46,535 $ (9,745) $ 36,790

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Components of CDO Assets and Liabilities and Eliminations for Consolidated Fund’s Investments in CDOs [Table Text Block]	At June 30, 2015 no CDOs were consolidated due to the adoption of ASU 2015-02. At December 31, 2014, the fair value of the CDOs’ net assets is approximately $ 749,719,000 December 31, 2014 ( Dollars in thousands ) Cash and cash equivalents $ 34,399 Investments, at fair value: Collateralized debt obligations 138,637 Commercial mortgage-backed securities 1,606 Residential mortgage-backed securities 13,174 Asset-backed securities and other 22,308 High yield corporate loans 613,685 789,410 Derivative assets (liabilities), net, at fair value (1,864) Other assets (liabilities), net (37,464) Notes payable of consolidated CDOs, at fair value 784,481 Elimination of Consolidated Funds’ investments in CDOs (34,762) Notes payable of consolidated CDOs, at fair value (net of eliminations) $ 749,719
Schedule of Long-term Debt Instruments [Table Text Block]	The tables below present information related to the CDOs’ notes outstanding at December 31, 2014. The subordinated notes have no stated interest rate, and are entitled to any excess cash flows after contractual payments are made to the senior notes. December 31, 2014 ( Dollars in thousands ) Weighted Weighted Average Borrowings Fair Average Maturity in Outstanding Value Interest Rate Years Senior Secured Notes $ 892,112 $ 749,344 1.74 % 17.80 Subordinated Notes 58,802 375 N/A 21.76 Total $ 950,914 $ 749,719

Compensation (Tables)

Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Share-based Compensation [Abstract]
Schedule of Nonvested Share Activity [Table Text Block]	The following table presents the unvested Class B-0 units’ activity during the period from March 17, 2015 through June 30, 2015: Weighted Average Grant Number of Date Fair B-0 units Value per Unit Offered – Upon Closing of Business Combination 1,369,119 $ 9.70 Awards not accepted due to resignation (16,327) 9.70 Net granted – Upon Closing of Business Combination 1,352,792 9.70 Granted – Post-Closing of Business Combination 50,000 8.80 Forfeited — — Vested — — Balance at June 30, 2015 1,402,792 $ 9.67
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	The following table presents the unvested RSU activity during the three months ended June 30, 2015: Weighted Average Grant Number of Date Fair RSUs Value per Unit Granted 30,000 $ 9.85 Forfeited — — Vested — — Balance at June 30, 2015 30,000 $ 9.85

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The below table provides the reconciliation of the Company’s effective tax rate to the U.S. federal statutory rate. Effective Tax Rate Effective Tax Rate Pre-Tax Income 35.00 % 35.00 % State and Local Income Tax, Net of Fed Benefit 5.57 % 3.89 % Other Permanent Differences 0.00 % 0.00 % Redeemable non-controlling interests 8.15 % 8.18 % Non-controlling interests in Consolidated Funds 2.77 % 4.66 % Non-controlling interests in ZGP -12.57 % -24.56 % Total 38.92 % 27.17 %

Fixed Assets (Tables)

Fixed Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Fixed assets consist of the following: June 30, December 31, 2015 2014 ( Dollars in thousands ) Office equipment $ 3,160 $ 3,073 Leasehold improvements 944 938 Furniture and fixtures 584 569 Software 428 402 5,116 4,982 Less accumulated depreciation and amortization (4,101) (3,891) Total $ 1,015 $ 1,091

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Aggregate future minimum annual rental payments for the periods subsequent to June 30, 2015 are approximately as follows: Period Amount ( Dollars in thousands ) Six Months Ending December 31, 2015 $ 470 Year Ending December 31, 2016 940 Year Ending December 31, 2017 730 $ 2,140

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share: Three Three Six Six Months Ended Months Ended Months Ended Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands, except shares and per share data) Numerator: Consolidated Net Income (Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic) $ (2,947) $ 20,307 (1) $ (3,770) $ 26,797 (1) Effect of dilutive securities: Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP (2,231) — (6,745) — Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management, LLC Class B Members (2) (283) — (283) — Income tax (benefit) expense (3) 1,027 — 2,871 — Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities $ (4,434) $ 20,307 $ (7,927) $ 26,797 Denominator: Weighted average number of shares of Class A Common Stock 13,870,917 7,000,000 (5) 8,046,665 7,000,000 (5) Effect of dilutive securities: Weighted average number of Class A Units of ZGP 7,000,000 — 7,000,000 — Dilutive number of B-0 Units and RSUs (4) — — — — Diluted weighted average shares outstanding (6) 20,870,917 7,000,000 15,046,665 7,000,000 Consolidated Net Income (Loss), net of tax, per Class A common share – Basic $ (0.21) $ 2.90 $ (0.47) $ 3.83 Consolidated Net Income (Loss), net of tax, per Class A common share – Diluted $ (0.21) $ 2.90 $ (0.53) $ 3.83 (1) Consolidated Net Income (Loss), net of tax for all periods prior to the Business Combination is attributable to ZGP Founder Members (2) Amount represents portion of the management fee income received from ZAIS Financial Corp. that is payable to holders of Class B interests in ZAIS Group’s consolidated subsidiary ZAIS REIT Management, LLC. (3) Income tax (benefit) / expense is calculated using an assumed tax rate of 40.85%. (4) The treasury stock method is used to calculate incremental Class A common shares on potentially dilutive Class A common shares resulting from unvested Class B-0 Units granted in connection with and subsequent to the Business Combination and unvested RSUs granted to non-employee directors. These units are anti-dilutive and, consequently, have been excluded from the computation of diluted weighted average shares outstanding. (5) Refer to Note 2 for the details around the number of units used to calculate earnings per share for periods prior to the Business Combination (6) Number of diluted shares outstanding takes into account non-controlling interests of ZAIS Group Parent, LLC that may be exchanged for Class A Common Stock under certain circumstances.

Supplemental Financial Inform36

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Statement of Financial Position [Abstract]
Schedule Of Consolidated Funds on the Company’s Financial Position [Table Text Block]	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial position at June 30, 2015 and December 31, 2014, and results of operations for the three and six months ended June 30, 2015 and June 30, 2014: June 30, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 75,198 $ — $ — $ 75,198 Income and fees receivable 2,509 — — 2,509 Investments in affiliates, at fair value 263 — (263) — Due from related parties 1,047 — (25) 1,022 Fixed assets, net 1,015 — — 1,015 Prepaid expenses 2,214 — — 2,214 Deferred tax assets 2,603 — — 2,603 Other assets 3,232 — — 3,232 Assets of Consolidated Funds Cash and cash equivalents — 18,637 — 18,637 Restricted cash — 2,201 — 2,201 Investments, at fair value — 35,799 — 35,799 Investments in affiliated securities, at fair value — 28,072 — 28,072 Derivative assets, at fair value — 2,287 — 2,287 Other assets — 3,544 — 3,544 Total Assets $ 88,081 $ 90,540 $ (288) $ 178,333 Liabilities, Redeemable Non-controlling Interests and Equity Liabilities Notes payable $ 1,252 $ — $ — $ 1,252 Compensation payable 1,578 — — 1,578 Due to related parties 174 — — 174 Other liabilities 3,146 — — 3,146 Liabilities of Consolidated Funds Notes payable of consolidated CDOs, at fair value — — — — Securities sold, not yet purchased — 10,829 — 10,829 Derivative liabilities, at fair value — 1,138 — 1,138 Other liabilities — 5,896 (25) 5,871 Total Liabilities 6,150 17,863 (25) 23,988 Commitments and Contingencies (Note 14) Redeemable Non-controlling Interests — 61,875 (249) 61,626 Equity Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 58,834 — — 58,834 Retained earnings (Accumulated deficit) (3,770) — — (3,770) Accumulated other comprehensive income (loss) 321 — — 321 Total stockholders’ equity, ZAIS Group Holdings, Inc. 55,386 — — 55,386 Non-controlling interests in ZAIS Group Parent, LLC 26,545 — — 26,545 Non-controlling interests in Consolidated Funds — 10,802 (14) 10,788 Total Equity 81,931 10,802 (14) 92,719 Total Liabilities, Redeemable Non-controlling Interests and Equity $ 88,081 $ 90,540 $ (288) $ 178,333 December 31, 2014 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 7,664 $ — $ — $ 7,664 Income and fees receivable 11,223 — (6,940) 4,283 Investments in affiliates, at fair value 1,752 — (1,648) 104 Due from related parties 968 — (320) 648 Fixed assets, net 1,091 — — 1,091 Prepaid expenses 1,543 — — 1,543 Other assets 3,310 — — 3,310 Assets of Consolidated Funds Cash and cash equivalents — 94,212 — 94,212 Restricted cash — 30,265 — 30,265 Investments, at fair value — 1,126,737 — 1,126,737 Investments in affiliated securities, at fair value — 66,219 (34,762) 31,457 Derivative assets, at fair value — 6,648 — 6,648 Other assets — 11,599 (22) 11,577 Total Assets $ 27,551 $ 1,335,680 $ (43,692) $ 1,319,539 Liabilities, Redeemable Non-controlling Interests and Equity Liabilities Compensation payable $ 6,094 $ — $ — $ 6,094 Due to related parties 32 — — 32 Other liabilities 3,050 — — 3,050 Liabilities of Consolidated Funds Notes payable of consolidated CDOs, at fair value — 784,481 (34,762) 749,719 Securities sold, not yet purchased — 19,308 — 19,308 Derivative liabilities, at fair value — 5,785 — 5,785 Due to broker — 21,047 — 21,047 Other liabilities — 40,144 (7,281) 32,863 Total Liabilities 9,176 870,765 (42,043) 837,898 Commitments and Contingencies (Note 14) Redeemable Non-controlling Interests — 452,925 — 452,925 Equity Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital — — — — Retained earnings (Accumulated deficit) 18,188 1,650 (1,649) 18,189 Accumulated other comprehensive income (loss) 186 — — 186 Total stockholders’ equity, ZAIS Group Holdings, Inc. 18,375 1,650 (1,649) 18,376 Non-controlling interests in ZAIS Group Parent, LLC — — — — Non-controlling interests in Consolidated Funds — 10,340 — 10,340 Total Equity 18,375 11,990 (1,649) 28,716 Total Liabilities, Redeemable Non-controlling Interests and Equity $ 27,551 $ 1,335,680 $ (43,692) $ 1,319,539 Three months Ended June 30, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 4,081 $ — $ (61) $ 4,020 Incentive income 1,213 — — 1,213 Other revenues 106 — — 106 Income of Consolidated Funds — 1,365 — 1,365 Total Revenues 5,400 1,365 (61) 6,704 Expenses Compensation and benefits 7,361 — — 7,361 General, administrative and other 4,764 — — 4,764 Depreciation and amortization 146 — — 146 Expenses of Consolidated Funds — 505 (60) 445 Total Expenses 12,271 505 (60) 12,716 Other Income (loss) Net gain (loss) on investments 2 — (2) — Other income (expense) 9 — — 9 Net gains of Consolidated Funds’ investments — 774 — 774 Total Other Income (loss) 11 774 (2) 783 Income (loss) before income taxes (6,860) 1,634 (3) (5,229) Income tax (benefit) expense (1,682) — — (1,682) Consolidated net income (loss) , net of tax (5,178) 1,634 (3) (3,547) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 291 — — 291 Total Comprehensive Income (Loss) $ (4,887) $ 1,634 $ (3) $ (3,256) Three months Ended June 30, 2014 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 6,287 $ — $ (1,218) $ 5,069 Incentive income 36,537 — (692) 35,845 Other revenues 245 — (17) 228 Income of Consolidated Funds — 10,181 6,837 17,018 Total Revenues 43,069 10,181 4,910 58,160 Expenses Compensation and benefits 18,126 — — 18,126 General, administrative and other 4,579 — — 4,579 Depreciation and amortization 143 — — 143 Expenses of Consolidated Funds — 11,484 (10,666) 818 Total Expenses 22,848 11,484 (10,666) 23,666 Other Income (loss) Net gain (loss) on investments 1,444 — (1,435) 9 Other income (expense) (101) — — (101) Net gains of Consolidated Funds’ investments — (129,093) 127,235 (1,858) Total Other Income (loss) 1,343 (129,093) 125,800 (1,950) Income (loss) before income taxes 21,564 (130,396) 141,376 32,544 Income tax (benefit) expense (304) — — (304) Consolidated net income (loss) , net of tax 21,868 (130,396) 141,376 32,848 Other Comprehensive Income (Loss) , net of tax Foreign currency translation adjustment 43 — — 43 Total Comprehensive Income (Loss) $ 21,911 $ (130,396) $ 141,376 $ 32,891 Six months Ended June 30, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 7,834 $ — $ (120) $ 7,714 Incentive income 2,121 — — 2,121 Other revenues 137 — — 137 Income of Consolidated Funds — 3,209 — 3,209 Total Revenues 10,092 3,209 (120) 13,181 Expenses Compensation and benefits 13,931 — — 13,931 General, administrative and other 9,101 — — 9,101 Depreciation and amortization 208 — — 208 Expenses of Consolidated Funds — 1,633 (119) 1,514 Total Expenses 23,240 1,633 (119) 24,754 Other Income (loss) Net gain (loss) on investments 45 — (45) — Other income (expense) 7 — — 7 Net gains of Consolidated Funds’ investments — 1,984 — 1,984 Total Other Income 52 1,984 (45) 1,991 Income (loss) before income taxes (13,096) 3,560 (46) (9,582) Income tax (benefit) expense (2,583) — — (2,583) Consolidated net income (loss) , net of tax (10,513) 3,560 (46) (6,999) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 483 — — 483 Total Comprehensive Income (Loss) $ (10,030) $ 3,560 $ (46) $ (6,516) Six months Ended June 30, 2014 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 17,884 $ — $ (7,481) $ 10,403 Incentive income 46,535 — (9,745) 36,790 Other revenues 407 — (38) 369 Income of Consolidated Funds — 52,290 5,443 57,733 Total Revenues 64,826 52,290 (11,821) 105,295 Expenses Compensation and benefits 28,110 — — 28,110 General, administrative and other 7,614 — — 7,614 Depreciation and amortization 236 — — 236 Expenses of Consolidated Funds — 117,017 (29,054) 87,963 Total Expenses 35,960 117,017 (29,054) 123,923 Other Income (loss) Net gain (loss) on investments 1,618 — (1,639) (21) Other income (expense) 60 — — 60 Net gains of Consolidated Funds’ investments — (58,850) 126,643 67,793 Total Other Income 1,678 (58,850) 125,004 67,832 Income (loss) before income taxes 30,544 (123,577) 142,237 49,204 Income tax (benefit) expense 14 — — 14 Consolidated net income (loss) , net of tax 30,530 (123,577) 142,237 49,190 Other Comprehensive Income (Loss) , net of tax Foreign currency translation adjustment (201) — — (201) Total Comprehensive Income (Loss) $ 30,329 $ (123,577) $ 142,237 $ 48,989

Organization (Details Textual)

Organization (Details Textual) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.000001	$ 0.000001
ZAIS [Member]
Assets under Management, Carrying Amount	$ 4,359
Noncontrolling Interest, Ownership Percentage by Parent	66.50%
ZGP Founders [Member] | Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.000001
ZAIS Group, LLC [Member]
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	100.00%

Business Combination (Details)

Business Combination (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Net proceeds from Business Combination	$ 73,516,000	$ 0
ZAIS Group Parent, LLC [Member]
Business Acquisition [Line Items]
Cash in HF2’sTrust	184,760,079
Payment of HF2 redemptions	(102,282,526)
Payment for HF2’s Expenses	(4,311,157)
Net Cash Received by ZGP from Business Combination	78,166,396
Less: Ramsey incentive fee and fees to underwriters	(4,650,000)
Net proceeds from Business Combination	$ 73,516,000

Business Combination (Details 1

Business Combination (Details 1) - ZAIS Group Parent, LLC [Member] - shares	Jun. 30, 2015	Mar. 17, 2015
Business Acquisition [Line Items]
HF2 public shares outstanding prior to the Business Combination		23,592,150
Less: redemption of HF2 public shares	(9,741,193)	(9,741,193)
Total HF2 shares outstanding immediately prior to the effective date of the Business Combination		13,850,957
Common shares issued as consideration to transaction underwriter		150,000
Shares cancelled from HF2 founders' allocation		(130,040)
Total common shares of ZAIS outstanding at closing, March 17, 2015		13,870,917
Limited Partners' Capital Account, Units Outstanding		20,870,917
ZAIS Group, LLC [Member]
Business Acquisition [Line Items]
Limited Partners' Capital Account, Units Outstanding		13,870,917
ZGP Founders [Member]
Business Acquisition [Line Items]
Limited Partners' Capital Account, Units Outstanding		7,000,000

Business Combination (Details T

Business Combination (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Mar. 17, 2015
Weighted Average Number of Shares Outstanding, Basic and Diluted		7,000,000
Restricted Stock Units (RSUs) [Member] | Director [Member]
Stock Issued During Period, Shares, Issued for Services	30,000
ZAIS [Member]
Noncontrolling Interest, Ownership Percentage by Parent		66.50%
Capital Unit, Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		2,800,000
Limited Partners' Capital Account, Description of Units		Each share of Class B Common Stock is entitled to 10 votes and there are currently 20,000,000 shares of Class B Common Stock outstanding.
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 years
Capital Unit, Class B [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		6,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights		Of these Class B Units, 1,600,000 Class B-0 Units vest on the later of the date of grant and the second anniversary of the Closing. The remaining 5,200,000 Class B-1, Class B-2, Class B-3 and Class B-4 Units (together the Additional Employee Units) vest in three equal installments
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 years
Capital Unit, Class B [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 12.50
Capital Unit, Class B [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 21.50
ZAIS Group Parent, LLC [Member]
Incentive Fee Expense		$ 3,400,000
Redemption of shares		9,741,193	9,741,193
Payments for Redemptions Under Business Combination		$ 102,282,526
Minimum Balance To be Kept Under HF2’s Trust Account		$ 65,000,000
ZAIS Group Parent, LLC [Member] | Capital Unit, Class A [Member] | Minimum [Member]
Threshold Price Per Unit		$ 12.50
ZAIS Group Parent, LLC [Member] | Capital Unit, Class A [Member] | Maximum [Member]
Threshold Price Per Unit		$ 21.50

Basis of Presentation and Sum41

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Cash, FDIC Insured Amount	$ 250,000
Cash Equivalents, at Carrying Value	29,737,000	$ 2,687,000
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	44,024,000	0
Cumulative Effect of New Accounting Principle in Period of Adoption	0
Redeemable Non-controlling Interests [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	(397,594,000)
ZGP [Member]
Goodwill, Acquired During Period	2,669,000
Consolidated Entities [Member]
Restricted Cash and Cash Equivalents	$ 2,201,000	$ 30,265,000

Investments in Affiliates (Deta

Investments in Affiliates (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2014	Jun. 30, 2015
Investments in and Advances to Affiliates [Line Items]
Investments in and Advances to Affiliates, at Fair Value			$ 104	$ 0
Equity Method Investment, Additional Information			no equity investment, individually or in the aggregate, held by the Company exceeded 10% of the total consolidated assets or income.
Affiliated Entity [Member]
Investments in and Advances to Affiliates [Line Items]
Unrealized Gain (Loss) on Investments	$ 1	$ (2)

Fair Value of Investments (Deta

Fair Value of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments, Fair Value Disclosure [Abstract]
Investments in and Advances to Affiliates, at Fair Value	$ 0	$ 104
Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	2,287	6,648
Consolidated Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	66,158	1,164,946
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	35,799	1,126,737
Investments in and Advances to Affiliates, at Fair Value	28,072	31,457
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	11,967	774,812
Forward Contracts [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		3,794
Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,138	5,785
Derivative Financial Instruments, Liabilities [Member] | Total Return Swap [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	75
Options Held [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		56
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	2,001	0
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	2,001	0
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	10,829	0
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Forward Contracts [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member] | Total Return Swap [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Fair Value, Inputs, Level 1 [Member] | Options Held [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	30,359	43,268
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0	7,857
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,138	19,694
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	2,287	3,850
Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		3,794
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,138	386
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | Total Return Swap [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	75
Fair Value, Inputs, Level 2 [Member] | Options Held [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		56
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	33,798	1,121,678
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	33,798	1,118,880
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	755,118
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	2,798
Fair Value, Inputs, Level 3 [Member] | Forward Contracts [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		0
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	5,399
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Total Return Swap [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member] | Options Held [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		0
Credit Default Swap [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	5	2,798
Credit Default Swap [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	141	5,399
Credit Default Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	0
Credit Default Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Credit Default Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	5	0
Credit Default Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	141	0
Credit Default Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	2,798
Credit Default Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	5,399
Cashflow Swaps [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		386
Cashflow Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Cashflow Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		386
Cashflow Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Swaption [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	1,990
Swaption [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0
Swaption [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	1,990
Swaption [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0
Notes Payable, Other Payables [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		749,719
Notes Payable, Other Payables [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Notes Payable, Other Payables [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Notes Payable, Other Payables [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		749,719
Funds [Member]
Investments, Fair Value Disclosure [Abstract]
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure		104
Investments in and Advances to Affiliates, at Fair Value	28,072	31,457
Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure		0
Investments in and Advances to Affiliates, at Fair Value	0	0
Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure		104
Investments in and Advances to Affiliates, at Fair Value	28,072	31,457
Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure		0
Investments in and Advances to Affiliates, at Fair Value	0	0
Collateralized Debt Obligations [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	9,731	359,211
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0	0
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0	0
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	9,731	359,211
Commercial Mortgage Backed Securities [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		4,535
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		4,535
Corporate Bond Securities [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		7,857
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		19,308
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		7,857
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		19,308
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Residential Mortgage Backed Securities [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	13,365	78,275
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0	0
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0	0
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	13,365	78,275
Asset-backed Securities [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		63,174
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		63,174
Corporate and Other [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		613,685
Corporate and Other [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Corporate and Other [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Corporate and Other [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		$ 613,685
Exchange Traded Funds [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	2,001
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	10,829
Exchange Traded Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	2,001
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	10,829
Exchange Traded Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Exchange Traded Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Real Estate Investment [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	10,702
Real Estate Investment [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0
Real Estate Investment [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0
Real Estate Investment [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	10,702
Interest Rate Swaps [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	292
Interest Rate Swaps [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	922
Interest Rate Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0
Interest Rate Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	292
Interest Rate Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	922
Interest Rate Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 0

Fair Value of Investments (De44

Fair Value of Investments (Details 1) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	$ 1,121,678	$ 904,315
Total assets, at fair value, Purchases/Issuances	11,665	1,011,312
Total assets, at fair value, Sales/Redemptions/Settlements	(7,972)	(806,320)
Total assets, at fair value, Realized and Unrealized Gains/Losses	1,285	12,371
Total assets, at fair value, Transfers	0	0
Total assets, at fair value (Ending Balance)	33,798	1,121,678
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	1,379	(51,689)
Total liabilities, at fair value (Beginning Balance)	755,118	750,535
Total liabilities, at fair value, Purchases/Issuances		661,512
Total liabilities, at fair value, Sales/Redemptions/Settlements		(533,187)
Total liabilities, at fair value, Realized and Unrealized Gains/Losses		(123,742)
Total liabilities, at fair value, Transfers		0
Total liabilities, at fair value (Ending Balance)		755,118
Total liabilities, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(76,703)
Notes Payable, Other Payables [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	749,719	730,348
Total assets, at fair value, Purchases/Issuances		635,315
Total assets, at fair value, Sales/Redemptions/Settlements		(510,600)
Total assets, at fair value, Realized and Unrealized Gains/Losses		(105,344)
Total assets, at fair value, Transfers		0
Total assets, at fair value (Ending Balance)		749,719
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(74,344)
Credit Default Swap [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	2,798	2,300
Total assets, at fair value, Purchases/Issuances		3,245
Total assets, at fair value, Sales/Redemptions/Settlements		(3,912)
Total assets, at fair value, Realized and Unrealized Gains/Losses		1,165
Total assets, at fair value, Transfers		0
Total assets, at fair value (Ending Balance)		2,798
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		550
Total liabilities, at fair value (Beginning Balance)	5,399	20,187
Total liabilities, at fair value, Purchases/Issuances		26,197
Total liabilities, at fair value, Sales/Redemptions/Settlements		(22,391)
Total liabilities, at fair value, Realized and Unrealized Gains/Losses		(18,594)
Total liabilities, at fair value, Transfers		0
Total liabilities, at fair value (Ending Balance)		5,399
Total liabilities, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(2,359)
Total Return Swap [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	0	2,727
Total assets, at fair value, Purchases/Issuances		0
Total assets, at fair value, Sales/Redemptions/Settlements		(110)
Total assets, at fair value, Realized and Unrealized Gains/Losses		(2,617)
Total assets, at fair value, Transfers		0
Total assets, at fair value (Ending Balance)		0
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0
Total liabilities, at fair value (Beginning Balance)	0	0
Total liabilities, at fair value, Purchases/Issuances		0
Total liabilities, at fair value, Sales/Redemptions/Settlements		(196)
Total liabilities, at fair value, Realized and Unrealized Gains/Losses		196
Total liabilities, at fair value, Transfers		0
Total liabilities, at fair value (Ending Balance)		0
Total liabilities, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		0
Collateralized Loan Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	0	26,460
Total assets, at fair value, Purchases/Issuances	3,499	14,500
Total assets, at fair value, Sales/Redemptions/Settlements	(3,777)	(39,000)
Total assets, at fair value, Realized and Unrealized Gains/Losses	383	(1,960)
Total assets, at fair value, Transfers	0	0
Total assets, at fair value (Ending Balance)	9,731	0
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	241	0
Collateralized Debt Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	359,211	707,718
Total assets, at fair value, Purchases/Issuances		112,518
Total assets, at fair value, Sales/Redemptions/Settlements		(461,995)
Total assets, at fair value, Realized and Unrealized Gains/Losses		970
Total assets, at fair value, Transfers		0
Total assets, at fair value (Ending Balance)		359,211
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(47,146)
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	4,535	6,738
Total assets, at fair value, Purchases/Issuances		2,862
Total assets, at fair value, Sales/Redemptions/Settlements		(5,424)
Total assets, at fair value, Realized and Unrealized Gains/Losses		359
Total assets, at fair value, Transfers		0
Total assets, at fair value (Ending Balance)		4,535
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(116)
Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	78,275	63,091
Total assets, at fair value, Purchases/Issuances		32,391
Total assets, at fair value, Sales/Redemptions/Settlements		(21,545)
Total assets, at fair value, Realized and Unrealized Gains/Losses		4,338
Total assets, at fair value, Transfers		0
Total assets, at fair value (Ending Balance)		78,275
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		461
Asset-backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	63,174	95,281
Total assets, at fair value, Purchases/Issuances		63,295
Total assets, at fair value, Sales/Redemptions/Settlements		(113,524)
Total assets, at fair value, Realized and Unrealized Gains/Losses		18,122
Total assets, at fair value, Transfers		0
Total assets, at fair value (Ending Balance)		63,174
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		1,847
Corporate and Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	613,685	0
Total assets, at fair value, Purchases/Issuances		782,501
Total assets, at fair value, Sales/Redemptions/Settlements		(160,810)
Total assets, at fair value, Realized and Unrealized Gains/Losses		(8,006)
Total assets, at fair value, Transfers		0
Total assets, at fair value (Ending Balance)		613,685
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(7,285)
Collateralized Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	9,472
Total assets, at fair value, Purchases/Issuances	8,166
Total assets, at fair value, Sales/Redemptions/Settlements	(4,195)
Total assets, at fair value, Realized and Unrealized Gains/Losses	(78)
Total assets, at fair value, Transfers	0
Total assets, at fair value (Ending Balance)	13,365	9,472
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	158
Real Estate Investment [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	9,722
Total assets, at fair value, Purchases/Issuances	0
Total assets, at fair value, Sales/Redemptions/Settlements	0
Total assets, at fair value, Realized and Unrealized Gains/Losses	980
Total assets, at fair value, Transfers	0
Total assets, at fair value (Ending Balance)	10,702	$ 9,722
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 980

Fair Value of Investments (De45

Fair Value of Investments (Details 2) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 33,798	$ 1,121,678	$ 904,315
Notes Payable		1,252	0
Collateralized Loan Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		9,731	0	$ 26,460
Consolidated Entities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Derivative Asset		2,287	6,648
Notes Payable		0	749,719
Derivative Liability		1,138	5,785
Fair Value, Inputs, Level 3 [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Derivative Asset		33,798	1,121,678
Derivative Liability			755,118
Fair Value, Inputs, Level 3 [Member] | Consolidated Entities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Notes Payable			$ 749,719
Fair Value Measurements, Valuation Techniques	[1]		ASU 2014-13
Fair Value Measurements Unobservable Input Description			Not applicable.
Discounted cash flow model [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate Investment [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 10,702
Fair Value Measurements, Valuation Techniques		Capitalization Rate Method
Fair Value Measurements Unobservable Input Description		Capitalization Rate
Fair Value Input Reinvestment Spread percentage		7.00%
Discounted cash flow model [Member] | Fair Value, Inputs, Level 3 [Member] | Residential mortgage-backed securities - Agency IO [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 1,536
Fair Value Measurements, Valuation Techniques		Discounted cash flow model
Discounted cash flow model [Member] | Fair Value, Inputs, Level 3 [Member] | Residential mortgage-backed securities - Agency Inverse IO [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 425
Fair Value Measurements, Valuation Techniques		Discounted cash flow model
Discounted cash flow model [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			$ 59,623
Fair Value Measurements, Valuation Techniques			Discounted cash flow model
Discounted cash flow model [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			$ 17,085
Fair Value Measurements, Valuation Techniques			Discounted cash flow model
Discounted cash flow model [Member] | Discount Margin [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Discount margin (bps)
Discounted cash flow model [Member] | Discount Margin [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Minimum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Inputs Discount Margin			253
Discounted cash flow model [Member] | Discount Margin [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Maximum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Inputs Discount Margin			2,138
Discounted cash flow model [Member] | Discount Margin [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Weighted Average [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Inputs Discount Margin			776
Discounted cash flow model [Member] | Discount Margin [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Discount margin (bps)
Discounted cash flow model [Member] | Discount Margin [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Minimum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Inputs Discount Margin			308
Discounted cash flow model [Member] | Discount Margin [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Maximum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Inputs Discount Margin			1,975
Discounted cash flow model [Member] | Discount Margin [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Weighted Average [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Inputs Discount Margin			666
Discounted cash flow model [Member] | Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Constant prepayment rate
Discounted cash flow model [Member] | Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Minimum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			10.00%
Discounted cash flow model [Member] | Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Maximum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			35.00%
Discounted cash flow model [Member] | Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Weighted Average [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	[2]
Discounted cash flow model [Member] | Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Constant prepayment rate
Discounted cash flow model [Member] | Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Minimum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			1.00%
Discounted cash flow model [Member] | Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Maximum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			28.00%
Discounted cash flow model [Member] | Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Weighted Average [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			10.00%
Discounted cash flow model [Member] | Constant Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Constant default rate
Discounted cash flow model [Member] | Constant Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Minimum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			0.00%
Discounted cash flow model [Member] | Constant Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Maximum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			4.00%
Discounted cash flow model [Member] | Constant Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Weighted Average [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	[2]
Discounted cash flow model [Member] | Constant Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Constant default rate
Discounted cash flow model [Member] | Constant Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Minimum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			0.00%
Discounted cash flow model [Member] | Constant Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Maximum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			22.00%
Discounted cash flow model [Member] | Constant Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Weighted Average [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			3.00%
Discounted cash flow model [Member] | Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Loss severity
Discounted cash flow model [Member] | Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Minimum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			30.00%
Discounted cash flow model [Member] | Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Maximum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			70.00%
Discounted cash flow model [Member] | Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | Weighted Average [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	[2]
Discounted cash flow model [Member] | Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Loss severity
Discounted cash flow model [Member] | Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Minimum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			0.00%
Discounted cash flow model [Member] | Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Maximum [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			150.00%
Discounted cash flow model [Member] | Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Weighted Average [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate			78.00%
Discounted cash flow model [Member] | Reinvestment Price [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Reinvestment price
Fair Value Input Reinvestment Spread percentage			100.00%
Discounted cash flow model [Member] | Reinvestment Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description			Reinvestment spread
Fair Value Input Reinvestment Spread percentage			3.75%
Discounted cash flow model [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member] | Residential mortgage-backed securities - Agency IO [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description		Yield
Fair Value Input Reinvestment Spread percentage		0.00%
Discounted cash flow model [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member] | Residential mortgage-backed securities - Agency Inverse IO [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Measurements Unobservable Input Description		Yield
Fair Value Input Reinvestment Spread percentage		0.00%
Discounted cash flow model [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Residential mortgage-backed securities - Agency IO [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate		8.03%
Discounted cash flow model [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Residential mortgage-backed securities - Agency Inverse IO [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate		5.45%
Discounted cash flow model [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Residential mortgage-backed securities - Agency IO [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate		8.03%
Discounted cash flow model [Member] | Yield [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Residential mortgage-backed securities - Agency Inverse IO [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate		5.45%
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 9,731
Fair Value Measurements, Valuation Techniques		Broker quoted
Fair Value Measurements Unobservable Input Description		Not applicable.
Fair Value Input Reinvestment Spread percentage		0.00%
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Credit Default Swap [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Derivative Asset			$ 2,798
Derivative Liability			$ 5,399
Fair Value Measurements, Valuation Techniques			Broker quoted
Fair Value Measurements Unobservable Input Description			Not applicable.
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			$ 299,588
Fair Value Measurements, Valuation Techniques			Broker quoted
Fair Value Measurements Unobservable Input Description			Not applicable.
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			$ 4,535
Fair Value Measurements, Valuation Techniques			Broker quoted
Fair Value Measurements Unobservable Input Description			Not applicable.
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 11,404	$ 61,190
Fair Value Measurements, Valuation Techniques		Broker quoted	Broker quoted
Fair Value Measurements Unobservable Input Description		Not applicable.	Not applicable.
Fair Value Input Reinvestment Spread percentage		0.00%
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities, Securitized Loans and Receivables [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			$ 63,174
Fair Value Measurements, Valuation Techniques			Broker quoted
Fair Value Measurements Unobservable Input Description			Not applicable.
High Yield Corporate Loans Securities [Member] | Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			$ 613,685
Fair Value Measurements, Valuation Techniques			Broker quoted
Fair Value Measurements Unobservable Input Description			Not applicable.
[1]	Valued per ASU 2014-13 as described in Note 3.
[2]	Weighted Average Constant Prepayment Rate, Weighted Average Constant Default Rate and Weighted Average Loss Severity are flat percentages applied to the respective assets to project future cash flows.

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value, Notional	$ 163,850	$ 273,665
Derivative assets, at fair value, Fair Value	2,287	6,648
Derivative liabilities, at fair value, Notional	90,250	381,784
Derivative liabilities, at fair value, Fair Value	1,138	5,785
Interest rate contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value, Notional	162,850	0
Derivative assets, at fair value, Fair Value	2,282	0
Derivative liabilities, at fair value, Notional	84,250	201,612
Derivative liabilities, at fair value, Fair Value	922	386
Credit contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value, Notional	1,000	72,265
Derivative assets, at fair value, Fair Value	5	2,798
Derivative liabilities, at fair value, Notional	1,000	180,172
Derivative liabilities, at fair value, Fair Value	141	5,399
Equity contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value, Notional	0
Derivative assets, at fair value, Fair Value	0
Derivative liabilities, at fair value, Notional	5,000
Derivative liabilities, at fair value, Fair Value	$ 75
Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value, Notional		201,400
Derivative assets, at fair value, Fair Value		3,850
Derivative liabilities, at fair value, Notional		0
Derivative liabilities, at fair value, Fair Value		$ 0

Derivatives (Details 1)

Derivatives (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Primary Underlying Risk, Realized Gains (Losses)	$ (406)	$ (3,300)	$ (577)	$ (4,553)
Primary Underlying Risk, Change in Unrealized Gains/Losses	104	(2,565)	420	(3,122)
Primary Underlying Risk, Total	(302)	(5,865)	(157)	(7,675)
Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Primary Underlying Risk, Realized Gains (Losses)	(399)	750	(593)	0
Primary Underlying Risk, Change in Unrealized Gains/Losses	26	2,021	364	909
Primary Underlying Risk, Total	(373)	2,771	(229)	909
Credit contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Primary Underlying Risk, Realized Gains (Losses)	(7)	(78)	16	(479)
Primary Underlying Risk, Change in Unrealized Gains/Losses	(9)	(5,272)	(19)	(4,816)
Primary Underlying Risk, Total	(16)	(5,350)	(3)	(5,295)
Equity contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Primary Underlying Risk, Realized Gains (Losses)	0	(4,011)	0	(4,011)
Primary Underlying Risk, Change in Unrealized Gains/Losses	87	698	75	698
Primary Underlying Risk, Total	$ 87	(3,313)	$ 75	(3,313)
Foreign exchange contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Primary Underlying Risk, Realized Gains (Losses)		39		(63)
Primary Underlying Risk, Change in Unrealized Gains/Losses		(12)		87
Primary Underlying Risk, Total		$ 27		$ 24

Derivatives (Details 2)

Derivatives (Details 2) $ in Thousands	Dec. 31, 2014USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 218,672
Derivative Assets (Liabilities), at Fair Value, Net	4,030
Less Than One Year [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	22,000
One to Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	158,500
Over Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	38,172
Investment Grade Index Tranche [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	11,000
Derivative Assets (Liabilities), at Fair Value, Net	925
Investment Grade Index Tranche [Member] | Less Than One Year [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
Investment Grade Index Tranche [Member] | One to Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	11,000
Investment Grade Index Tranche [Member] | Over Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
Bespoke-Mezzanine [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	114,000
Derivative Assets (Liabilities), at Fair Value, Net	(471)
Bespoke-Mezzanine [Member] | Less Than One Year [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	22,000
Bespoke-Mezzanine [Member] | One to Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	92,000
Bespoke-Mezzanine [Member] | Over Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
High Yield Index Tranche [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	15,000
Derivative Assets (Liabilities), at Fair Value, Net	(889)
High Yield Index Tranche [Member] | Less Than One Year [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
High Yield Index Tranche [Member] | One to Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	15,000
High Yield Index Tranche [Member] | Over Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
High Yield Single Name [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	4,000
Derivative Assets (Liabilities), at Fair Value, Net	357
High Yield Single Name [Member] | Less Than One Year [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
High Yield Single Name [Member] | One to Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	4,000
High Yield Single Name [Member] | Over Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
CDO Tranche on Corporate Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	8,000
Derivative Assets (Liabilities), at Fair Value, Net	343
CDO Tranche on Corporate Debt [Member] | Less Than One Year [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
CDO Tranche on Corporate Debt [Member] | One to Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	8,000
CDO Tranche on Corporate Debt [Member] | Over Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
CDO Tranche on Corporate Debt [Member] | External Credit Rating, Investment Grade [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	52,500
Derivative Assets (Liabilities), at Fair Value, Net	(1,407)
CDO Tranche on Corporate Debt [Member] | External Credit Rating, Investment Grade [Member] | Less Than One Year [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
CDO Tranche on Corporate Debt [Member] | External Credit Rating, Investment Grade [Member] | One to Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	19,500
CDO Tranche on Corporate Debt [Member] | External Credit Rating, Investment Grade [Member] | Over Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	33,000
CDO Tranche on Corporate Debt [Member] | External Credit Rating, Non Investment Grade [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	14,172
Derivative Assets (Liabilities), at Fair Value, Net	5,172
CDO Tranche on Corporate Debt [Member] | External Credit Rating, Non Investment Grade [Member] | Less Than One Year [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
CDO Tranche on Corporate Debt [Member] | External Credit Rating, Non Investment Grade [Member] | One to Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	9,000
CDO Tranche on Corporate Debt [Member] | External Credit Rating, Non Investment Grade [Member] | Over Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 5,172

Derivatives (Details 3)

Derivatives (Details 3) $ in Thousands	Jun. 30, 2015USD ($)Contracts	Dec. 31, 2014USD ($)Contracts
Long Exposure [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount	$ 151,300	$ 497,170
Derivative, Number of Instruments Held | Contracts	10	35
Long Exposure [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount	$ 150,800	$ 327,500
Derivative, Number of Instruments Held | Contracts	9	0
Long Exposure [Member] | Credit contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount	$ 500	$ 69,670
Derivative, Number of Instruments Held | Contracts	1	34
Long Exposure [Member] | Equity contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount	$ 0
Derivative, Number of Instruments Held | Contracts	0
Long Exposure [Member] | Foreign exchange contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount		$ 100,000
Derivative, Number of Instruments Held | Contracts		1
Short Exposure [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount	$ 89,875	$ 171,151
Derivative, Number of Instruments Held | Contracts	13	10
Short Exposure [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount	$ 86,375	$ 150,708
Derivative, Number of Instruments Held | Contracts	11	1
Short Exposure [Member] | Credit contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount	$ 1,000	$ 19,168
Derivative, Number of Instruments Held | Contracts	1	8
Short Exposure [Member] | Equity contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount	$ 2,500
Derivative, Number of Instruments Held | Contracts	1
Short Exposure [Member] | Foreign exchange contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount		$ 1,275
Derivative, Number of Instruments Held | Contracts		1

Derivatives (Details 4)

Derivatives (Details 4) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 2,287	$ 6,648
Derivative Asset, Collateral, Obligation to Return Cash, Offset	0	0
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	2,287	6,648
Derivative Asset Collateral Obligation To Financial Instrument Posted Received	(216)	(2,119)
Derivative, Collateral, Right to Reclaim Cash	0	0
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	2,071	4,529
Derivative Liability, Fair Value, Gross Liability	1,138	5,785
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	0
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	1,138	5,785
Derivative Liability Collateral Obligation To Financial Instrument Posted Received	(216)	(2,119)
Derivative, Collateral, Obligation to Return Cash	(922)	(1,801)
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	0	1,865
Investment Type [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Asset, Fair Value, Gross Asset	2,287	6,648
Derivative Asset, Collateral, Obligation to Return Cash, Offset	0	0
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	2,287	6,648
Derivative Asset Collateral Obligation To Financial Instrument Posted Received	(216)	(2,119)
Derivative, Collateral, Right to Reclaim Cash	0	0
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	2,071	4,529
Derivative Liability, Fair Value, Gross Liability	1,138	5,785
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	0
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	1,138	5,785
Derivative Liability Collateral Obligation To Financial Instrument Posted Received	(216)	(2,119)
Derivative, Collateral, Obligation to Return Cash	(922)	(1,801)
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	$ 0	$ 1,865

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets of Consolidated Funds
Cash and cash equivalents	$ 75,198	$ 7,664	$ 27,171	$ 8,432
Investments, at fair value		789,410
Investments in affiliated securities, at fair value	0	104
Other assets	3,232	3,310
Total Assets	178,333	1,319,539
Liabilities of Consolidated Funds
Notes payable of consolidated CDOs, at fair value	1,252	0
Other liabilities	3,146	3,050
Total Liabilities	23,988	837,898
Variable Interest Entity, Primary Beneficiary [Member]
Assets of Consolidated Funds
Cash and cash equivalents		93,370
Restricted cash		30,265
Investments, at fair value		1,117,015
Investments in affiliated securities, at fair value		34,762
Derivative assets, at fair value		6,648
Other assets		11,598
Total Assets		1,293,658
Liabilities of Consolidated Funds
Notes payable of consolidated CDOs, at fair value		784,481
Derivative liabilities, at fair value		5,785
Securities sold, not yet purchased		19,308
Due to broker		25,647
Other liabilities		28,689
Total Liabilities		863,910
CDOs [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets of Consolidated Funds
Cash and cash equivalents		34,399
Restricted cash		0
Investments, at fair value		789,410
Investments in affiliated securities, at fair value		0
Derivative assets, at fair value		509
Other assets		9,832
Total Assets		834,150
Liabilities of Consolidated Funds
Notes payable of consolidated CDOs, at fair value		784,481
Derivative liabilities, at fair value		2,374
Securities sold, not yet purchased		0
Due to broker		21,047
Other liabilities		26,248
Total Liabilities		834,150
Funds [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets of Consolidated Funds
Cash and cash equivalents	18,637	58,971
Restricted cash	2,201	30,265
Investments, at fair value	35,799	327,605
Investments in affiliated securities, at fair value	28,072	34,762
Derivative assets, at fair value	2,287	6,139
Other assets	3,544	1,766
Total Assets	90,540	459,508
Liabilities of Consolidated Funds
Notes payable of consolidated CDOs, at fair value	0	0
Derivative liabilities, at fair value	1,138	3,411
Securities sold, not yet purchased	10,829	19,308
Due to broker	0	4,600
Other liabilities	5,896	2,441
Total Liabilities	$ 17,863	$ 29,760

Variable Interest Entities (D52

Variable Interest Entities (Details Textual) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	$ 0	$ 81,800,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 0	$ 104,000

Management Fee Income and Inc53

Management Fee Income and Incentive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	$ 4,020	$ 5,069	$ 7,714	$ 10,403
Management Fees, Incentive Revenue	1,213	35,845	2,121	36,790
Hedge Funds [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	1,549	36	3,110	36
Management Fees, Incentive Revenue	612	251	625	251
Managed accounts [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	1,042	2,910	2,186	5,871
Management Fees, Incentive Revenue	463	827	463	827
Private Equity [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	575	1,555	990	3,365
Management Fees, Incentive Revenue	138	34,767	1,033	35,712
ZAIS Financial Corp. [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	854	568	1,428	1,131
Gross Amount [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	4,081	6,287	7,834	17,884
Management Fees, Incentive Revenue	1,213	36,537	2,121	46,535
Gross Amount [Member] | Hedge Funds [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	1,610	892	3,230	904
Management Fees, Incentive Revenue	612	247	625	339
Gross Amount [Member] | Managed accounts [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	1,042	2,910	2,186	5,871
Management Fees, Incentive Revenue	463	827	463	827
Gross Amount [Member] | Private Equity [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	575	1,917	990	9,978
Management Fees, Incentive Revenue	138	35,463	1,033	45,369
Gross Amount [Member] | ZAIS Financial Corp. [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	854	568	1,428	1,131
Elimination [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	(61)	(1,218)	(120)	(7,481)
Management Fees, Incentive Revenue	0	(692)	0	(9,745)
Elimination [Member] | Hedge Funds [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	(61)	(856)	(120)	(868)
Management Fees, Incentive Revenue	0	4	0	(88)
Elimination [Member] | Managed accounts [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	0	0	0	0
Management Fees, Incentive Revenue	0	0	0	0
Elimination [Member] | Private Equity [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	0	(362)	0	(6,613)
Management Fees, Incentive Revenue	0	(696)	0	(9,657)
Elimination [Member] | ZAIS Financial Corp. [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	$ 0	$ 0	$ 0	$ 0

Management Fee Income and Inc54

Management Fee Income and Incentive Income (Details Textual) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Components of Management Fee Income and Incentive Income [Line Items]
Accrued Management Fee Income	$ 1,897,000	$ 1,871,000
Accrued Incentive Income	$ 612,000	$ 2,412,000
Percentage of Management Fee	20.00%
Hedge Funds [Member] | Minimum [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage	0.50%
Percentage of Incentive Income Earned	10.00%
Hedge Funds [Member] | Maximum [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage	1.25%
Percentage of Incentive Income Earned	20.00%
Private Equity [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Percentage of Incentive Income Earned	20.00%
Private Equity [Member] | Minimum [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage	0.25%
Private Equity [Member] | Maximum [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage	0.50%
Managed accounts [Member] | Minimum [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage	0.15%
Percentage of Incentive Income Earned	10.00%
Managed accounts [Member] | Maximum [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage	0.50%
Percentage of Incentive Income Earned	20.00%
Real Estate Investment Trust [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage	1.50%

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Components of CDO Assets and Liabilities and Eliminations for Consolidated Fund’s Investments in CDOs [Line Items]
Cash and cash equivalents	$ 75,198	$ 7,664	$ 27,171	$ 8,432
Investments		789,410
Derivative assets (liabilities), net, at fair value		4,030
Notes Payable of Consolidated CDOs [Member]
Components of CDO Assets and Liabilities and Eliminations for Consolidated Fund’s Investments in CDOs [Line Items]
Cash and cash equivalents		34,399
Derivative assets (liabilities), net, at fair value		(1,864)
Other assets (liabilities), net		(37,464)
Notes payable of consolidated CDOs, at fair value		784,481
Elimination of Consolidated Fund’s investments in CDOs		(34,762)
Notes payable of consolidated CDOs, at fair value (net of eliminations)		749,719
Notes Payable of Consolidated CDOs [Member] | Investments, Collateralized debt obligations [Member]
Components of CDO Assets and Liabilities and Eliminations for Consolidated Fund’s Investments in CDOs [Line Items]
Investments		138,637
Notes Payable of Consolidated CDOs [Member] | Investments, Commercial mortgage-backed securities [Member]
Components of CDO Assets and Liabilities and Eliminations for Consolidated Fund’s Investments in CDOs [Line Items]
Investments		1,606
Notes Payable of Consolidated CDOs [Member] | Investments, Residential mortgage-backed securities [Member]
Components of CDO Assets and Liabilities and Eliminations for Consolidated Fund’s Investments in CDOs [Line Items]
Investments		13,174
Notes Payable of Consolidated CDOs [Member] | Investments, Asset-backed securities and other [Member]
Components of CDO Assets and Liabilities and Eliminations for Consolidated Fund’s Investments in CDOs [Line Items]
Investments		22,308
Notes Payable of Consolidated CDOs [Member] | Investments, High yield corporate loans [Member]
Components of CDO Assets and Liabilities and Eliminations for Consolidated Fund’s Investments in CDOs [Line Items]
Investments		$ 613,685

Debt Obligations (Details 1)

Debt Obligations (Details 1) - Dec. 31, 2014 - Notes Payable of Consolidated CDOs [Member] - USD ($) $ in Thousands	Total
Debt Instrument [Line Items]
Borrowings Outstanding	$ 950,914
Fair Value	749,719
Subordinated Notes [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	58,802
Fair Value	$ 375
Weighted Average Maturity in Years	21 years 9 months 4 days
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 892,112
Fair Value	$ 749,344
Weighted Average Interest Rate	1.74%
Weighted Average Maturity in Years	17 years 9 months 18 days

Debt Obligations (Details Textu

Debt Obligations (Details Textual) - Notes Payable, Other Payables [Member] - USD ($)	12 Months Ended
	Dec. 31, 2014	Mar. 17, 2015
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,250,000
Repayments of Debt	$ 749,719,000

Compensation (Details)

Compensation (Details) - 6 months ended Jun. 30, 2015 - Class B-O Units [Member] - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
B-0 units, Offered - Upon Closing of Business Combination	1,369,119
B-0 units, Awards not accepted due to resignation	(16,327)
B-0 units, Net granted - Upon Closing of Business Combination	1,352,792
B-0 units, Granted - Post-Closing of Business Combination	50,000
B-0 units, Forfeited	0
B-0 units, Vested	0
B-0 units, Balance at June 30, 2015	1,402,792
Offered - Upon Closing of Business Combination, Weighted Average Grant Date Fair Value per Unit	$ 9.70
Awards not accepted due to resignation, Weighted Average Grant Date Fair Value per Unit	9.70
Net granted - Upon Closing of Business Combination, Weighted Average Grant Date Fair Value per Unit	9.70
Granted - Post-Closing of Business Combination, Weighted Average Grant Date Fair Value per Unit	8.80
Forfeited, Weighted Average Grant Date Fair Value per Unit	0
Vested, Weighted Average Grant Date Fair Value per Unit	0
Balance at June 30, 2015, Weighted Average Grant Date Fair Value per Unit	$ 9.67

Compensation (Details 1)

Compensation (Details 1) - Jun. 30, 2015 - Restricted Stock Units (RSUs) [Member] - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted	30,000
RSUs, Forfeited	0
RSUs, Vested	0
RSUs, Balance at June 30, 2015	30,000
Granted, Weighted Average Grant Date Fair Value per Unit	$ 9.85
Forfeited, Weighted Average Grant Date Fair Value per Unit	0
Vested, Weighted Average Grant Date Fair Value per Unit	0
Balance at June 30, 2015, Weighted Average Grant Date Fair Value per Unit	$ 9.85

Compensation (Details Textual)

Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 1,941,000	$ 0
Class B-O Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			50,000
Share Based Compensation Estimated Forfeiture Percentage			4.00%
Stock or Unit Option Plan Expense			$ 11,191,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term			1 year 8 months 19 days
Share-based Compensation	$ 1,567,000		$ 1,828,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	49,000		$ 49,000
Share Based Compensation Estimated Forfeiture Percentage			0.00%
Restricted Stock or Unit Expense			$ 246,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms			10 months 2 days
ZAIS Group, LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 2,070,000		4,140,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					30 days
ZGP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			1,600,000
Bonus Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Bonus Award Percentage			30.00%
Allocated Share-based Compensation Expense	681,000	2,735,000	$ 1,459,000	5,615,000
Accrued Bonuses	5,001,000		5,001,000
Points Agreements [Member] | ZAIS Group, LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 32,000	$ 7,692,000	$ 32,000	$ 7,784,000

Income Taxes (Details)

Income Taxes (Details) - Jun. 30, 2015	Total	Total
Effective Tax Rate
Pre-Tax Income	35.00%	35.00%
State and Local Income Tax, Net of Fed Benefit	5.57%	3.89%
Other Permanent Differences	0.00%	0.00%
Total	38.92%	27.17%
Consolidated Entities [Member]
Effective Tax Rate
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent	2.77%	4.66%
ZGP Founders [Member]
Effective Tax Rate
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent	(12.57%)	(24.56%)
Noncontrolling Interest [Member]
Effective Tax Rate
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent	8.15%	8.18%

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax [Line Items]
Foreign Income Tax Expense (Benefit), Continuing Operations, Total	$ (1,682,000)	$ (304,000)	$ (2,583,000)	$ 14,000
Deferred Tax Assets, Net, Total	2,603,000		2,603,000		$ 0
Deferred Tax Assets, Net of Valuation Allowance, Total	$ 784,000		$ 784,000
Effective Income Tax Rate Reconciliation, Percent	38.92%		27.17%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%		35.00%
ZAIS [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Total	$ 784,000		$ 784,000

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended			6 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from Related Parties	$ 1,022,000			$ 1,022,000			$ 648,000
Partnership Interest [Member]
Related Party Transaction [Line Items]
Dividends, Paid-in-kind						$ 5,310,000
ZAIS Managed Entities [Member]
Related Party Transaction [Line Items]
Capital	30,949,000	$ 35,304,000	$ 35,304,000	30,949,000	$ 35,304,000
Due from Related Parties	804,000			804,000			$ 400,000
ZAIS Managed Entities [Member] | Mr. Ramsey [Member]
Related Party Transaction [Line Items]
Consulting Fees				500,000
ZAIS Managed Entities [Member] | Ms. Rohan [Member]
Related Party Transaction [Line Items]
Consulting Fees	29,000	32,000		58,000	63,000
Opportunity Master Fund, Ltd. [Member]
Related Party Transaction [Line Items]
Fair Value Hedge Assets		0	0		0
Fair Value Hedge Liabilities		4,000	4,000		4,000
Gain (Loss) on Fair Value Hedges Recognized in Earnings			459,000		459,000
ZAIS CLO I and ZAIS CLO II [Member]
Related Party Transaction [Line Items]
Assets under Management, Carrying Amount	$ 558,288,000	$ 431,858,000	$ 431,858,000	$ 558,288,000	$ 431,858,000

Fixed Assets (Details)

Fixed Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Office equipment	$ 3,160	$ 3,073
Leasehold improvements	944	938
Furniture and fixtures	584	569
Software	428	402
Property, Plant and Equipment, Gross	5,116	4,982
Less accumulated depreciation and amortization	(4,101)	(3,891)
Total	$ 1,015	$ 1,091

Fixed Assets (Details Textual)

Fixed Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization	$ 146	$ 143	$ 208	$ 236

Commitments and Contingencies66

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2015USD ($)
Future Minimum Rental Payments For Operating Leases [Line Items]
Six Months Ending December 31, 2015	$ 470
Year Ending December 31, 2016	940
Year Ending December 31, 2017	730
Operating Leases, Future Minimum Payments Due	$ 2,140

Commitments and Contingencies67

Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Future Minimum Rental Payments For Operating Leases [Line Items]
Operating Leases, Rent Expense	$ 282,000	$ 421,000	$ 818,000	$ 837,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Numerator:
Consolidated Net Income/(Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic)		$ (2,947)	$ 20,307	[1]	$ (3,770)	$ 26,797	[1]
Effect of dilutive securities:
Consolidated Net Income/(Loss), net of tax, attributable to non-controlling interests of ZGP		(2,231)	0		(6,745)	0
Income (Loss) from Subsidiaries, before Tax	[2]	(283)	0		(283)	0
Income tax (benefit) expense	[3]	1,027	0		2,871	0
Consolidated Net Income/(Loss), net of tax, attributable to stockholders, after effect of dilutive securities		$ (4,434)	$ 20,307		$ (7,927)	$ 26,797
Denominator:
Weighted average number of shares of Class A Common Stock		13,870,917	7,000,000	[4],[5]	8,046,665	7,000,000	[4],[5]
Effect of dilutive securities:
Weighted average number of Class A units of ZGP		7,000,000	0		7,000,000	0
Dilutive number of B-0 Units and RSUs	[6]	0	0		0	0
Diluted weighted average shares outstanding	[4]	20,870,917	7,000,000		15,046,665	7,000,000
Consolidated Net Income/(Loss), net of tax, per Class A common share - Basic		$ (0.21)	$ 2.90		$ (0.47)	$ 3.83
Consolidated Net Income/(Loss), net of tax, per Class A common share - Diluted		$ (0.21)	$ 2.90		$ (0.53)	$ 3.83
[1]	Consolidated Net Income (Loss), net of tax for all periods prior to the Business Combination is attributable to ZGP Founder Members
[2]	Amount represents portion of the management fee income received from ZAIS Financial Corp. that is payable to holders of Class B interests in ZAIS Group’s consolidated subsidiary ZAIS REIT Management, LLC.
[3]	Income tax (benefit) / expense is calculated using an assumed tax rate of 40.85%.
[4]	Number of diluted shares outstanding takes into account non-controlling interests in ZAIS Group Parent, LLC that may be exchanged for Class A common stock under certain circumstances. Refer to Note 2 for the details around the number of units used to calculate earnings per share for periods prior to the Business Combination
[5]	Refer to Note 2 for the details around the number of units used to calculate earnings per share for periods prior to the Business Combination
[6]	The treasury stock method is used to calculate incremental Class A common shares on potentially dilutive Class A common shares resulting from unvested Class B-0 units granted in connection with and subsequent to the Business Combination and unvested RSUs granted to non-employee directors. These units are anti-dilutive and, consequently, have been excluded from the computation of diluted weighted average shares oustanding.

Supplemental Financial Inform69

Supplemental Financial Information (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 75,198	$ 7,664	$ 27,171	$ 8,432
Income and fees receivable	2,509	4,283
Investments in affiliated securities, at fair value	0	104
Due from related parties	1,022	648
Fixed assets, net	1,015	1,091
Prepaid expenses	2,214	1,543
Other assets	3,232	3,310
Total Assets	178,333	1,319,539
Liabilities
Notes payable	1,252	0
Compensation payable	1,578	6,094
Due to related parties	174	32
Other liabilities	3,146	3,050
Liabilities of Consolidated Funds
Total Liabilities	23,988	837,898
Redeemable Non-controlling Interests	61,626	452,925
Equity
Additional paid-in-capital	58,834	0
Retained earnings (Accumulated deficit)	(3,770)	18,189
Accumulated other comprehensive income (loss)	321	186
Total stockholders’ equity, ZAIS Group Holdings, Inc.	55,386	18,376
Total Equity	92,719	28,716
Total Liabilities, Redeemable Non-controlling Interests and Equity	178,333	1,319,539
Intersegment Eliminations [Member]
Assets
Cash and cash equivalents	0	0
Income and fees receivable	0	(6,940)
Investments in affiliated securities, at fair value	(263)	(1,648)
Due from related parties	(25)	(320)
Fixed assets, net	0	0
Prepaid expenses	0	0
Other assets	0	0
Liabilities
Notes payable	0	(34,762)
Compensation payable	0
Due to related parties	0
Other liabilities	0
Consolidation, Eliminations [Member]
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Investments, at fair value	0	0
Investments in affiliated securities, at fair value	0	(34,762)
Derivative assets, at fair value	0	0
Deferred tax assets	0
Other assets	0	(22)
Total Assets		(43,692)
Liabilities
Notes payable	0
Securities sold, not yet purchased	0
Derivative liabilities, at fair value	0
Other liabilities	(25)	(7,281)
Liabilities of Consolidated Funds
Total Liabilities		(42,043)
Equity
Equity attributable to non-controlling interests	(14)
Additional paid-in-capital	0
Retained earnings (Accumulated deficit)	0
Accumulated other comprehensive income (loss)	0
Total stockholders’ equity, ZAIS Group Holdings, Inc.	0
Non-controlling interests in ZAIS Group Parent, LLC	(14)
Eliminations [Member]
Assets
Total Assets	(288)
Liabilities of Consolidated Funds
Total Liabilities	(25)
Redeemable Non-controlling Interests	(249)	0
Equity
Equity attributable to non-controlling interests		0
Additional paid-in-capital		0
Retained earnings (Accumulated deficit)		(1,649)
Accumulated other comprehensive income (loss)		0
Total stockholders’ equity, ZAIS Group Holdings, Inc.		(1,649)
Non-controlling interests in ZAIS Group Parent, LLC		0
Total Equity	(14)	(1,649)
Total Liabilities, Redeemable Non-controlling Interests and Equity	(288)	(43,692)
Consolidated Entities [Member]
Assets
Cash and cash equivalents	18,637	94,212
Restricted cash	2,201	30,265
Investments, at fair value	35,799	1,126,737
Investments in affiliated securities, at fair value	28,072	31,457
Derivative assets, at fair value	2,287	6,648
Deferred tax assets	2,603
Other assets	3,544	11,577
Liabilities
Notes payable	0	749,719
Securities sold, not yet purchased	10,829	19,308
Derivative liabilities, at fair value	1,138	5,785
Due to broker	0	21,047
Other liabilities	5,871	32,863
Equity
Equity attributable to non-controlling interests	10,788	10,340
Non-controlling interests in ZAIS Group Parent, LLC	10,788	10,340
ZAIS [Member]
Assets
Cash and cash equivalents	75,198	7,664
Income and fees receivable	2,509	11,223
Investments in affiliated securities, at fair value	263	1,752
Due from related parties	1,047	968
Fixed assets, net	1,015	1,091
Prepaid expenses	2,214	1,543
Deferred tax assets	2,603
Other assets	3,232	3,310
Total Assets	88,081	27,551
Liabilities
Notes payable	1,252
Compensation payable	1,578	6,094
Due to related parties	174	32
Other liabilities	3,146	3,050
Liabilities of Consolidated Funds
Total Liabilities	6,150	9,176
Redeemable Non-controlling Interests	0	0
Equity
Equity attributable to non-controlling interests	26,545	0
Additional paid-in-capital	58,834	0
Retained earnings (Accumulated deficit)	(3,770)	18,188
Accumulated other comprehensive income (loss)	321	186
Total stockholders’ equity, ZAIS Group Holdings, Inc.	55,386	18,375
Non-controlling interests in ZAIS Group Parent, LLC	26,545	0
Total Equity	81,931	18,375
Total Liabilities, Redeemable Non-controlling Interests and Equity	88,081	27,551
Consolidated Funds, Before Eliminations [Member]
Assets
Cash and cash equivalents	18,637	94,212
Restricted cash	2,201	30,265
Investments, at fair value	35,799	1,126,737
Investments in affiliated securities, at fair value	28,072	66,219
Derivative assets, at fair value	2,287	6,648
Deferred tax assets	0
Other assets	3,544	11,599
Total Assets	90,540	1,335,680
Liabilities
Notes payable	0	784,481
Securities sold, not yet purchased	10,829	19,308
Derivative liabilities, at fair value	1,138	5,785
Due to broker		21,047
Other liabilities	5,896	40,144
Liabilities of Consolidated Funds
Total Liabilities	17,863	870,765
Redeemable Non-controlling Interests	61,875	452,925
Equity
Equity attributable to non-controlling interests	10,802	10,340
Additional paid-in-capital	0	0
Retained earnings (Accumulated deficit)	0	1,650
Accumulated other comprehensive income (loss)	0	0
Total stockholders’ equity, ZAIS Group Holdings, Inc.	0	1,650
Non-controlling interests in ZAIS Group Parent, LLC	10,802	10,340
Total Equity	10,802	11,990
Total Liabilities, Redeemable Non-controlling Interests and Equity	90,540	1,335,680
ZAIS Group Parent, LLC [Member]
Equity
Equity attributable to non-controlling interests	26,545	0
Non-controlling interests in ZAIS Group Parent, LLC	26,545	0
ZAIS Group Parent, LLC [Member] | Consolidated [Member]
Equity
Equity attributable to non-controlling interests	26,545	0
Non-controlling interests in ZAIS Group Parent, LLC	26,545	0
Common Class A [Member]
Equity
Common stock	1	1
Common Class A [Member] | Consolidation, Eliminations [Member]
Equity
Common stock	0
Common Class A [Member] | Eliminations [Member]
Equity
Common stock		0
Common Class A [Member] | ZAIS [Member]
Equity
Common stock	1	1
Common Class A [Member] | Consolidated Funds, Before Eliminations [Member]
Equity
Common stock	0	0
Common Class B [Member]
Equity
Common stock	0	0
Common Class B [Member] | Consolidation, Eliminations [Member]
Equity
Common stock	0
Common Class B [Member] | Eliminations [Member]
Equity
Common stock		0
Common Class B [Member] | ZAIS [Member]
Equity
Common stock	0	0
Common Class B [Member] | Consolidated Funds, Before Eliminations [Member]
Equity
Common stock	$ 0	$ 0

Supplemental Financial Inform70

Supplemental Financial Information (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Management fee income	$ 4,020	$ 5,069	$ 7,714	$ 10,403
Incentive income	1,213	35,845	2,121	36,790
Other revenues	106	228	137	369
Total Revenues	6,704	58,160	13,181	105,295
Expenses
Compensation and benefits	7,361	18,126	13,931	28,110
General, administrative and other	4,764	4,579	9,101	7,614
Depreciation and amortization	146	143	208	236
Total Expenses	12,716	23,666	24,754	123,923
Other Income (loss)
Net gain (loss) on investments	0	9	0	(21)
Other income (expense)	9	(101)	7	60
Total Other Income (loss)	783	(1,950)	1,991	67,832
Income (loss) before income taxes	(5,229)	32,544	(9,582)	49,204
Income tax (benefit) expense	(1,682)	(304)	(2,583)	14
Discontinued Operations
Consolidated net income (loss) , net of tax	(3,547)	32,848	(6,999)	49,190
Other Comprehensive Income, Net of Tax
Foreign currency translation adjustment	291	43	483	(201)
Total Comprehensive Income (Loss)	(3,256)	32,891	(6,516)	48,989
Eliminations [Member]
Revenues
Total Revenues	(61)	4,910	(120)	(11,821)
Expenses
Total Expenses	(60)	(10,666)	(119)	(29,054)
Other Income (loss)
Total Other Income (loss)	(2)	125,800	(45)	125,004
Income (loss) before income taxes	(3)	141,376	(46)	142,237
Income tax (benefit) expense	0	0	0	0
Discontinued Operations
Consolidated net income (loss) , net of tax	(3)	141,376	(46)	142,237
Other Comprehensive Income, Net of Tax
Foreign currency translation adjustment	0	0	0	0
Total Comprehensive Income (Loss)	(3)	141,376	(46)	142,237
Intersegment Eliminations [Member]
Revenues
Management fee income	(61)	(1,218)	(120)	(7,481)
Incentive income	0	(692)	0	(9,745)
Other revenues	0	(17)	0	(38)
Expenses
Compensation and benefits	0	0	0	0
General, administrative and other	0	0	0	0
Depreciation and amortization	0	0	0	0
Other Income (loss)
Net gain (loss) on investments	(2)	(1,435)	(45)	(1,639)
Other income (expense)	0	0	0	0
Consolidation, Eliminations [Member]
Revenues
Income of Consolidated Funds	0	6,837	0	5,443
Expenses
Expenses of Consolidated Funds	(60)	(10,666)	(119)	(29,054)
Other Income (loss)
Net gain (loss) on investments	0	127,235	0	126,643
ZAIS [Member]
Revenues
Management fee income	4,081	6,287	7,834	17,884
Incentive income	1,213	36,537	2,121	46,535
Other revenues	106	245	137	407
Income of Consolidated Funds	0	0	0	0
Total Revenues	5,400	43,069	10,092	64,826
Expenses
Compensation and benefits	7,361	18,126	13,931	28,110
General, administrative and other	4,764	4,579	9,101	7,614
Depreciation and amortization	146	143	208	236
Expenses of Consolidated Funds	0	0	0	0
Total Expenses	12,271	22,848	23,240	35,960
Other Income (loss)
Net gain (loss) on investments	2	1,444	45	1,618
Other income (expense)	9	(101)	7	60
Total Other Income (loss)	11	1,343	52	1,678
Income (loss) before income taxes	(6,860)	21,564	(13,096)	30,544
Income tax (benefit) expense	(1,682)	(304)	(2,583)	14
Discontinued Operations
Consolidated net income (loss) , net of tax	(5,178)	21,868	(10,513)	30,530
Other Comprehensive Income, Net of Tax
Foreign currency translation adjustment	291	43	483	(201)
Total Comprehensive Income (Loss)	(4,887)	21,911	(10,030)	30,329
Consolidated Funds, Before Eliminations [Member]
Revenues
Income of Consolidated Funds	1,365	10,181	3,209	52,290
Total Revenues	1,365	10,181	3,209	52,290
Expenses
Expenses of Consolidated Funds	505	11,484	1,633	117,017
Total Expenses	505	11,484	1,633	117,017
Other Income (loss)
Net gain (loss) on investments	774	(129,093)	1,984	(58,850)
Total Other Income (loss)	774	(129,093)	1,984	(58,850)
Income (loss) before income taxes	1,634	(130,396)	3,560	(123,577)
Income tax (benefit) expense	0	0	0	0
Discontinued Operations
Consolidated net income (loss) , net of tax	1,634	(130,396)	3,560	(123,577)
Other Comprehensive Income, Net of Tax
Foreign currency translation adjustment	0	0	0	0
Total Comprehensive Income (Loss)	1,634	(130,396)	3,560	(123,577)
Consolidated Entities [Member]
Revenues
Income of Consolidated Funds	1,365	17,018	3,209	57,733
Expenses
Expenses of Consolidated Funds	445	818	1,514	87,963
Other Income (loss)
Net gain (loss) on investments	$ 774	$ (1,858)	$ 1,984	$ 67,793