ZAIS (ZAIS) 10-K 10 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 10, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	ZAIS Group Holdings, Inc.
Entity Central Index Key	1,562,214
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 41,003,757
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	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 44,351	$ 7,664
Income and fees receivable	2,529	4,283
Investments, at fair value	8,169	0
Investments in affiliates, at fair value	5,242	104
Due from related parties	748	648
Fixed assets, net	544	1,091
Prepaid expenses	776	1,543
Goodwill	0	2,655
Other assets	310	655
Total Assets	93,211	1,319,539
Liabilities
Notes payable	1,255	0
Compensation payable	3,575	6,094
Due to related parties	175	32
Fees payable	756	1,315
Other liabilities	1,546	1,735
Total Liabilities	$ 7,408	$ 837,898
Commitments and Contingencies (Note 14)
Redeemable Non-controlling Interests	$ 0	$ 452,925
Equity
Preferred Stock, $0.0001 par value; 2,000,000 shares authorized; 0 shares issued and outstanding.	0	0
Additional paid-in capital	60,817	0
Retained earnings (Accumulated deficit)	(13,805)	18,189
Accumulated other comprehensive income (loss)	158	186
Total stockholders’ equity, ZAIS Group Holdings, Inc.	47,171	18,376
Total Equity	85,803	28,716
Total Liabilities, Redeemable Non-controlling Interests and Equity	93,211	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	33	94,212
Restricted cash	0	30,265
Investments, at fair value	30,509	1,126,737
Investments in affiliates, at fair value	0	31,457
Other assets	0	11,577
Derivative assets, at fair value	0	6,648
Liabilities
Notes payable	0	749,719
Other liabilities	101	32,863
Securities sold, not yet purchased	0	19,308
Derivative liabilities, at fair value	0	5,785
Due to broker	0	21,047
Equity
Non-controlling interests	14,916	10,340
ZAIS Group Parent, LLC [Member]
Equity
Preferred Stock, $0.0001 par value; 2,000,000 shares authorized; 0 shares issued and outstanding.		0
Non-controlling interests	$ 23,716	$ 0

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	2,000,000	2,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
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		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Revenues
Management fee income		$ 15,802		$ 18,561		$ 26,579
Incentive income	[1]	7,131		65,889		18,835
Other revenue		298		481		1,265
Total Revenues		23,231		216,871		155,357
Expenses
Compensation and benefits		26,971		61,779		53,139
General, administrative and other		17,064		17,726		20,135
Depreciation and amortization		730		460		499
Total Expenses		44,971		191,865		113,755
Other income (loss)
Net gains (losses) of Consolidated Funds’ investments		32		40		(418)
Other income (expense)		147		256		13
Impairment loss on goodwill		2,655		0		0
Total Other Income (Loss)		(1,967)		49,826		7,416
Income (loss) before income taxes		(23,707)		74,832		49,018
Income tax (benefit) expense		155		381		329
Consolidated net income (loss), net of tax		(23,862)		74,451		48,689
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		238		(622)		(131)
Total Comprehensive Income (Loss)		(23,624)		73,829		48,558
Allocation of Consolidated Net Income (Loss), net of tax
Redeemable non-controlling interests		0		41,040		44,323
Stockholders’ equity, ZAIS Group Holdings, Inc.		(13,805)		0		0
Consolidated net income (loss), net of tax		(23,862)		74,451		48,689
Allocation of Total Comprehensive Income (Loss)
Redeemable non-controlling interests		0		41,014		44,289
Stockholders’ equity, ZAIS Group Holdings, Inc.		(13,647)		0		0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest		$ (23,624)		$ 73,829		$ 48,558
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Basic		$ (1.26)		$ 4.47		$ 0.37
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Diluted		$ (1.37)		$ 4.47		$ 0.37
Weighted average shares of Class A common stock outstanding:
Basic		10,982,726	[2]	7,000,000	[3],[4]	7,000,000	[3],[4]
Diluted	[6]	17,982,726	[2],[5]	7,000,000		7,000,000
Consolidated Entities [Member]
Revenues
Income of Consolidated Funds		$ 0		$ 131,940		$ 108,678
Expenses
Expenses of Consolidated Funds		206		111,900		39,982
Other income (loss)
Net gains (losses) of Consolidated Funds’ investments		509		49,530		7,821
Impairment loss on goodwill		(2,655)		0		0
Allocation of Consolidated Net Income (Loss), net of tax
Non-controlling interests		149		2,101		1,751
Allocation of Total Comprehensive Income (Loss)
Non-controlling interests in Consolidated Funds		149		2,101		1,751
ZAIS Group Parent, LLC [Member]
Allocation of Consolidated Net Income (Loss), net of tax
Non-controlling interests		(10,206)		31,310	[7]	2,615	[7]
Allocation of Total Comprehensive Income (Loss)
Non-controlling interests in Consolidated Funds		$ (10,126)		$ 30,714		$ 2,518
[1]	Incentive income earned for certain of the ZAIS Managed entities is subject to a hurdle rate of return as specified in each respective ZAIS Managed Entities’ operative agreement.
[2]	Pro-rated based on the portion of the period preceding and following the Business Combination
[3]	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
[4]	Represents 100% ownership of ZAIS Group prior to the Business Combination.
[5]	Number of diluted shares outstanding for periods after the Business Combination 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 regarding 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 ZGP that may be exchanged for Class A Common Stock under certain circumstances.
[7]	Amount represents the allocation to controlling interests in ZAIS Group Parent, LLC for all periods prior to the Business Combination

Consolidated Statements of Com5

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical)	Dec. 31, 2015
Employees of ZAIS Group [Member]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity, Non-controlling Interests and Redeemable Non-controlling Interests - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Class B [Member]	Additional Paid-in Capital [Member]	Retained earnings / (Accumulated deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling interests in ZAIS Group Parent, LLC [Member]	Non-controlling Interests in Consolidated Funds [Member]	Redeemable Non-controlling Interests [Member]
Beginning of the period at Dec. 31, 2012	$ 30,524	$ 1	$ 0	$ 0	$ 26,504	$ 879	$ 0	$ 3,140	$ 473,914
Beginning of the period (in shares) at Dec. 31, 2012		0	0
Capital contributions	0	$ 0	$ 0	0	0	0	0	0	22,950
Equity-based compensation	178	0	0	0	178	0	0	0	63
Other Comprehensive income (loss)	(97)	0	0	0	0	(97)	0	0	(34)
Capital distributions	(19,762)	0	0	0	(19,741)	0	0	(21)	(97,903)
Consolidated Net Income (loss)	48,689	0	0	0	2,615	0	0	1,751	44,323
Repurchase of ZAIS Group membership interests	115	0	0	0	115	0	0	0	(115)
End of the period at Dec. 31, 2013	15,324	$ 1	$ 0	0	9,671	782	0	4,870	443,198
End of the period (in shares) at Dec. 31, 2013		0	0
Capital contributions	0	$ 0	$ 0	0	0	0	0	339	6,600
Equity-based compensation	(97)	0	0	0	(97)	0	0	0	(29)
Other Comprehensive income (loss)	(596)	0	0	0	0	(596)	0	0	(26)
Capital distributions	(24,480)	0	0	0	(22,200)	0	0	(2,280)	(34,727)
Consolidated Net Income (loss)	74,451	0	0	0	31,310	0	0	2,101	41,040
Repurchase of ZAIS Group membership interests	4,815	0	0	0	4,815	0	0	0	(4,815)
Distribution-in-kind	(5,310)	0	0	0	(5,310)	0	0	0	0
Capital transfer	5,310	0	0	0	0	0	0	5,310	1,684
End of the period at Dec. 31, 2014	28,716	$ 1	$ 0	0	18,189	186	0	10,340	452,925
End of the period (in shares) at Dec. 31, 2014		0	0
Capital contributions	14,767	$ 0	$ 0	0	0	0	0	14,767
Equity-based compensation	63	0	0	0	63	0	0	0	0
Other Comprehensive income (loss)	238	0	0	0	0	158	80	0	0
Capital distributions	(661)	0	0	0	0	0	(661)	0	0
Consolidated Net Income (loss)	(23,862)	0	0	0	(13,805)	0	(10,206)	149	0
Distribution-in-kind	(1,145)	0	0	0	(1,145)	0	0	0	0
Capital transfer	(370)	0	0	0	(370)	0	0	0
Equity transferred from HF2 Financial Management, Inc.	19	0	0	19	0	0	0	0	0
Recapitalization as a result of Business Combination	73,516	$ 0	$ 0	73,516	0	0	0	0	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	(13,416)	(16,737)	(186)	30,339	0	0
Stock-based compensation charges	4,862	0	0	3,119	0	0	1,743	0	0
Rebalancing of ownership between the Company and non-controlling interest in ZAIS Group Parent, LLC	0	0	0	(2,421)	0	0	2,421	0	0
End of the period at Dec. 31, 2015	85,803	$ 1	$ 0	60,817	(13,805)	158	23,716	14,916	0
End of the period (in shares) at Dec. 31, 2015		13,870,917	20,000,000
Cumulative effect of adoption of ASU 2015-02 (See Note 3)	$ (10,340)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ (10,340)	$ (452,925)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Cash Flows from Operating Activities
Consolidated net income (loss)	$ (23,862)	$ 74,451	$ 48,689
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	730	460	499
Net (gain) loss on investments	(32)	(40)	418
Non-cash stock-based compensation	4,925	0	0
Non-cash impairment loss on goodwill	2,655	0	0
Interest expense on notes payable	5	0	0
Operating cash flows due to changes in:
Income and fees receivable	8,694	(486)	3,330
Due from related parties	220	(133)	(160)
Prepaid expenses	812	130	(280)
Other assets	347	34	248
Compensation payable	(2,519)	(5,674)	(899)
Due to related parties	144	0	0
Other liabilities	(777)	(83)	(3,379)
Consolidated Funds related items:
Net Cash Provided by (Used in) Operating Activities	(39,084)	(157,063)	530,992
Cash Flows from Investing Activities Continuing Operations
Purchases of fixed assets, net	(190)	(143)	(346)
Purchases of investments in affiliates	(5,000)	0	0
Proceeds from sale of investments in affiliates	17	0	2,053
Purchases of investments	(21,177)	0	0
Proceeds from sale of investments	13,002	0	0
Change in restricted cash	0	129,739	(65,987)
Net Cash Provided by (Used in) Investing Activities	(13,348)	129,596	(64,280)
Cash Flows from Financing Activities
Net proceeds from Business Combination	73,516	0	0
Ending cash at HF2 Financial Management, Inc.	2	0	0
Distributions/redemptions to non-controlling interests in Consolidated Funds, net of change in redemptions payable	0	(83,036)	(97,608)
Net payments on notes payable of consolidated CLOs	0	(510,600)	(373,354)
Proceeds from issuance of notes payable of consolidated CLOs	0	635,315	0
Proceeds from issuance of notes payable	1,250	0	0
Contributions from non-controlling interests	14,767	8,623	25,210
Distributions to non-controlling interests of ZGP	(661)	(22,200)	(19,741)
Repayments of debt obligations	0	(781)	(656)
Net Cash Provided by (Used in) Financing Activities	88,874	27,321	(466,149)
Net increase (decrease) in cash and cash equivalents denominated in foreign currency	245	(622)	232
Net increase (decrease) in cash and cash equivalents	36,687	(768)	795
Cash and cash equivalents, beginning of period	7,664	8,432	7,637
Cash and cash equivalents, end of period	44,351	7,664	8,432
Supplemental Disclosure of Cash Flow Information
Interest	0	107,283	56,823
Income tax (benefit) expense	0	381	329
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Total Assets of Consolidated Funds	1,291,989	0	0
Total Liabilities of Consolidated Funds	828,724	0	0
Prepaid Expenses	47	0	0
Other Liabilities	30	0	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	(509)	(49,530)	(7,821)
Non-cash impairment loss on goodwill	(2,655)	0	0
Consolidated Funds related items:
Purchases of investments and investments in affiliated securities	(30,000)	(1,210,741)	(480,518)
Proceeds from sale of investments and investments in affiliated securities	0	980,857	965,612
Amortization of premium and discount	0	(6,360)	(17,389)
Net realized (gains) losses on investments	0	16,819	(12,521)
Net change in unrealized (gain) loss on investments	(509)	(3,946)	(74,093)
Net change in unrealized (gain) loss on notes payable	0	(96,500)	87,752
Change in cash and cash equivalents	(33)	42,019	24,732
Change in due from affiliates	0	3,869	984
Change in other assets	0	9,625	(3,436)
Change in due to broker	0	21,047	0
Change in other liabilities	101	17,589	$ (8,597)
Cash Flows from Financing Activities
Cash and cash equivalents, beginning of period	94,212
Cash and cash equivalents, end of period	$ 33	$ 94,212

Organization

Organization	12 Months Ended
	Dec. 31, 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 real estate investment trust, (collectively, the “ZAIS Managed Entities”). The ZAIS Managed Entities predominantly invest in a variety of specialized credit instruments including mortgage loans, bank loans, corporate credit instruments such as collateralized debt obligations (“CDOs”), collateralized loan obligations (together with CDOs referred to as “CLOs”) and various securities and instruments backed by these asset classes. ZAIS Group had approximately $ 4.157 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 and the office is now closed. Final clearance from the relevant government authorities on the plan of liquidation is expected by the middle of 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, the former managing member of ZGP and the founder and Chief Investment Officer of ZAIS Group, and certain related parties, collectively, the “ZGP Founder Members”), under which HF2 agreed to contribute cash to ZGP in exchange for newly issued Class A Units of ZGP (“Class A Units”) representing a majority financial interest in ZGP (the “Business Combination”) 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	12 Months Ended
	Dec. 31, 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 20,000,000 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’s Trust $ 184,760,079 Payment for 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 December 31, 2015. On April 30, 2015, non-employee directors of ZAIS were collectively awarded 30,000 During the first five years following the Closing, ZGP will release up to an additional 2,800,000 12.50 21.50 ZGP may also issue up to 6,800,000 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, unless otherwise provided in the restricted unit agreement granting the Class B unit. The remaining 5,200,000 Class B Units are designated as Class B-1, Class B-2, Class B-3 and Class B-4 Units (together the “Additional Employee Units”), which vest in three equal installment 12.50 21.50 As of December 31, 2015, there are 1,337,486 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	12 Months Ended
	Dec. 31, 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). 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 used 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”) In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The objective of the guidance is to clarify the principles for recognizing revenue. ASU 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance, and also enhances disclosure requirements around revenue recognition and the related cash flows. The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of adopting this new standard. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. If conditions or events indicate it is probable that an entity will be unable to meet its obligations as they become due within one year after the financial statements are issued, the update requires additional disclosures. The update is effective for periods beginning after December 15, 2016 with early adoption permitted. Adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements. 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 CLOs) 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. Income allocated to 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, its subsidiaries and certain funds that are required to be consolidated. 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 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, all entities which were previously required to be consolidated have been deconsolidated. As of December 31, 2015, the consolidated financial statements only include ZAIS ZEPHYR A-6, LP which was launched in the fourth quarter of 2015. 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 CLOs. After the adoption of ASC Topic 810, as amended by ASU 2015-02, there were no CLOs required to be consolidated in the Company’s financial statements for the year ended December 31, 2015 and prior to the adoption of ASC Topic 810, as amended by ASU 2015-02, there were ten and eight CLOs consolidated in the Company’s financial statements for the years ended December 31, 2014 and December 31, 2013, respectively. The cumulative effect of the adoption of ASU 2015-02 was a $ 452,925 10,940 The consolidated financial statements reflect the assets, liabilities, investment income, expenses and cash flows of the Consolidated Funds on a gross basis. Except for CLOs, 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 CLOs, the majority of the economic interests in these vehicles, which are held by outside parties, are reported as notes payable of consolidated CLOs in the consolidated financial statements. The notes payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, ZAIS Group may earn investment management fees, including, in some cases, subordinated management fees and contingent incentive fees. All of the management fee income, incentive income and net gain (loss) on investments 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. 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. 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 50 The determination of whether an entity is a VIE or a VOE is based on the facts and circumstances for each individual entity. 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 December 31, 2015 and December 31, 2014, the Company had approximately $ 16,597,000 2,687,000 25,998,000 0 Investments and Investments in Affiliates at Fair Value 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 primary 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 semi-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 CLOs. The subordinated management fee income is additional revenue earned for the same service, but has a lower priority in the CLO vehicle’s cash flows. The subordinated management fee income is contingent upon the economic performance of the respective CLO’s investments. If the CLOs experience a certain level of investment defaults, these fees may not be paid. There is no recovery by the CLOs of previously paid subordinated fees. Subordinated management fee income is recognized when collection is reasonably assured. 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. For the year ended December 31, 2015, approximately 42 23 65 10 40 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 years ended December 31, 2015, December 31, 2014 and December 31, 2013. The Company believes all income and fee receivable balances are fully collectible. Fees payable represents management fees and incentive fees due to an investor in one of the ZAIS Managed Entities as a credit for fees charged to that investor on their investment balance in another ZAIS Managed Entity. The credit is recorded as a direct reduction to management fee income and incentive income in the consolidated statements of comprehensive income (loss). Compensation and benefits expense is comprised of salaries, payroll taxes, employer contributions to welfare plans, discretionary and guaranteed cash bonuses, stock compensation and other contractual compensation programs payable to ZAIS Group employees. Compensation and benefits expense 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, stock compensation 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. No further amounts are payable under this plan. Compensation and benefits expense 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 subject to remeasurement. 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 expense 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 not later than when 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 one ZAIS Managed Entity 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 $ 2,655,000 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). Prior to the reorganization and recapitalization due to the Business Combination, ZGP and its subsidiaries were pass-through entities for U.S. income tax purposes and their earnings flowed through to the owners without being subject to entity level income taxes. Accordingly, no provision for income taxes has been recorded in historical periods other than that related to ZGP’s foreign subsidiaries, which paid income taxes in their respective foreign jurisdictions. Following the reorganization, although ZGP and its subsidiaries continue to operate as pass-through entities for U.S. income tax purposes not subject to entity level taxes, ZAIS is taxable as a corporation for U.S. tax purposes. Accordingly, the Company’s consolidated financial statements include U.S. federal, state and local income taxes on the ZAIS’ allocable share of the consolidated results of operations, as well as taxes payable to jurisdictions outside the U.S related to the foreign subsidiaries. The Company accounts for income taxes using the asset and liability method as prescribed in ASC 740 Accounting for Income Taxes Pursuant to ASC 740-10, 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). Prior to the adoption of ASU 2015-02 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 non-controlling interests in ZGP has been increased by the amounts eliminated. Subsequent to the adoption of ASU 2015-02, the Company no longer consolidates these ZAIS Managed Entities if it has only a minority ownership interest or no ownership interest. 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 December 31, 2014. 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 CLOs 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 CLOs, 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 CLOs, at December 31, 2014, also had a portfolio of credit default swaps which are used 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 December 31, 2015 and December 31, 2014, the Consolidated Funds have cash collateral receivables of approximately $ 0 30,265,000 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 In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. If conditions or events indicate it is probable that an entity will be unable to meet its obligations as they become due within one year after the financial statements are issued, the update requires additional disclosures. The update is effective for periods beginning after December 15, 2016 with early adoption permitted. Adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements.

Investments in Affiliates

Investments in Affiliates	12 Months Ended
	Dec. 31, 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. At December 31, 2015 and December 31, 2014, the fair value of these investments was approximately $ 5,242 104 3 32 At December 31, 2015, December 31, 2014 and December 31, 2013, 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	12 Months Ended
	Dec. 31, 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. 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 short term high investment grade mutual funds using quoted market prices and, accordingly, the Company classifies these investments as Level 1. The Company determines the fair value of investments in CLOs, 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 CLOs under management and independent valuation agents for certain commercial real estate investments. Net gains or losses on investments are included in net gain (loss) on investments in the consolidated statements of comprehensive income (loss). Collateralized Loan Obligation – Warehouse A Collateralized Loan Obligation Warehouse (the "CLO - Warehouse") was organized for the purpose of holding syndicate bank loans, also known as leveraged loans, during the warehouse period of an impending collateral loan obligation vehicle. During the warehouse period, the CLO - Warehouse will secure investments and build a portfolio of primarily leveraged loans and other debt obligations. The warehouse period terminates when the collateralized loan obligation vehicle closes; at this time the underlying assets held by the CLO - Warehouse are securitized into a collateralized loan obligation vehicle and the underlying loans will be transferred in at their original cost. If it is determined, at any given time, that the securitization period will not be achieved, the fair value of the CLO - Warehouse will be determined based on the fair value of the underlying bank loan positions which are valued in a manner consistent with Investment Adviser’s valuation policy and procedures. The fair value of the CLO - Warehouse was determined by adding the excess spread (accrued interest plus interest received less financing cost) to the CLO - Warehouse equity contribution made by the Consolidated Fund. The net excess spread was 1.7 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 December 31, 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 December 31, 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 CLO Notes Payable of Consolidated CLOs As a result of the adoption of ASU 2015-02, the CLOs 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 CLOs 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 CLOs’ 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 December 31, 2015, the Company held investments in five unconsolidated ZAIS Managed Entities. At December 31, 2014, the Company held an investment in one unconsolidated ZAIS Managed Entity. The valuation of the investments in these entities represents the amount the Company would receive at December 31, 2015 and December 31, 2014, respectively, if it were to liquidate its investments in these entities. ZAIS Group has the ability to liquidate its investments according to the provisions of the respective entities’ operative agreements. December 31, 2015 ( Dollars in thousands ) Level 1 Level 2 Level 3 Total Assets, at fair value Investments in affiliates $ — $ 5,242 $ — $ 5,242 Investments, at fair value Short term high investment grade mutual funds 8,169 — — 8,169 CLO – Warehouse — — 30,509 30,509 Total investments, at fair value 8,169 — 30,509 38,678 Total assets, at fair value $ 8,169 $ 5,242 $ 30,509 $ 43,920 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 CLOs, at fair value Notes payable of consolidated CLOs $ — $ — $ 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 December 31, 2015 ( Dollars in thousands ) Change in Unrealized Total Gains/Losses Realized Relating to and Ending Assets and Beginning Change in Balance Liabilities Balance Sales/ Unrealized Transfers December Still Held at January 1, Purchases/ Redemptions/ Gains to (from) 31, December 31, 2015 Issuances Settlements (Losses) Level 3 2015 2015 CLO - Warehouse $ — $ 30,000 $ — $ 509 $ — $ 30,509 $ 509 Total assets, at fair value $ — $ 30,000 $ — $ 509 $ — $ 30,509 $ 509 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 Total Gains/Losses Realized Relating to and Assets and Beginning Change in Ending Liabilities Balance Sales/ Unrelized Transfers Balance Still Held at January 1, Purchases/ Redemptions/ Gains to (from) December 31, December 31, 2014 Issuances Settlements (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 CLOs $ 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 years ended December 31, 2015, December 31, 2014 and December 31, 2013. The tables below summarize information about the significant unobservable inputs used in determining the fair value of the Level 3 assets and liabilities held by the Consolidated Funds at December 31, 2014: 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 CLOs, 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	12 Months Ended
	Dec. 31, 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. December 31, 2014 ( Dollars and notional amounts in thousands ) Derivative Assets Derivative Liabilities Primary Financial 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 Year Ended December 31, 2014 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ (4,011) $ 112 $ (3,899) Credit contracts 1,188 14,319 15,507 Foreign exchange contracts 176 2,789 2,965 Total $ (2,647) $ 17,220 $ 14,573 Year Ended December 31, 2013 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ 5,205 $ (1,067) $ 4,138 Credit contracts (9,798) (32,087) (41,885) Foreign exchange contracts (1,763) 2,722 959 Total $ (6,356) $ (30,432) $ (36,788) At December 31, 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 they were considered to be a seller of credit derivatives under U.S. GAAP. As described above, with the adoption of ASU 2015-02 the funds that have been consolidated in the two periods presented have changed. 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 CLO Tranche on Corporate Debt Investment Grade — 19,500 33,000 52,500 (1,407) CLO Tranche on Corporate Debt Non-Investment Grade — 9,000 5,172 14,172 5,172 CLO Tranche on Corporate Debt Not rated — 8,000 — 8,000 343 Total 22,000 158,500 38,172 218,672 $ 4,030 The following tables list the average yearly notional amounts and number of contracts held at December 31, 2014, categorized by primary underlying risk: 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 December 31, 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 December 31, 2014 ( Dollars in thousands ) Net Amounts of Gross Assets Gross Amounts Not Offset Amounts Presented in in the Consolidated Offset in the the Statements of Financial Gross Consolidated Consolidated Condition 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 Liabilities Gross Amounts Not Offset Amounts Presented in in the Consolidated Offset in the the Statements of Financial Gross Consolidated Consolidated Condition 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	12 Months Ended
	Dec. 31, 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 (CLOs). 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 CLOs, 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., ZAIS Opportunity Fund, Ltd., ZAIS Atlas Fund, LP and ZAIS Value-Added Real Estate Fund I, LP as it has been determined that the Company’s fee is no longer considered a variable interest. 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 CLOs 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 CLOs 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 CLOs (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 CLOs 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 CLOs that are VIEs. The Company determined that its fee does not represent a variable interest 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 CLOs when determining if ZAIS Group’s fee represented a variable interest. The Company has concluded that for all CLOs its fee does not represent a variable interest and, accordingly, has deconsolidated the CLOs as of January 1, 2015. December 31, 2015 December 31, 2014 Funds CLOs Funds Total (Dollars in thousands) Assets Assets of Consolidated Funds Cash and cash equivalents $ 33 $ 34,399 $ 58,971 $ 93,370 Restricted cash — — 30,265 30,265 Investments, at fair value 30,509 789,410 327,605 1,117,015 Investments in affiliated securities, at fair value — — 34,762 34,762 Derivative assets, at fair value — 509 6,139 6,648 Other assets — 9,832 1,766 11,598 Total Assets $ 30,542 $ 834,150 $ 459,508 $ 1,293,658 Liabilities Liabilities of Consolidated Funds Notes payable of consolidated CLOs, at fair value $ — $ 784,481 $ — $ 784,481 Derivative liabilities, at fair value — 2,374 3,411 5,785 Securities sold, not yet purchased — — 19,308 19,308 Due to broker — 21,047 4,600 25,647 Other liabilities 101 26,248 2,441 28,689 Total Liabilities $ 101 $ 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 Company did not hold any variable interests in unconsolidated VIEs at December 31, 2015. The net assets of these VIEs were approximately $ 81.8 104,000

Management Fee Income and Incen

Management Fee Income and Incentive Income	12 Months Ended
	Dec. 31, 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 earns management fees for funds and accounts, annually, based on the net asset value of these funds and accounts prior to the accrual of incentive fees/allocations. Management fees earned for the CLOs, annually, are generally based on the par value of the collateral and cash held in the CLOs. Management fees earned by ZAIS Group from ZFC REIT, annually, are based on ZFC REIT's stockholders' equity, as defined in the amended and restated investment advisory agreement between a subsidiary of ZAIS and ZFC REIT. Twenty percent of the management fee income received from ZFC REIT is paid to holders of Class B interests in ZAIS Group’s consolidated subsidiary ZAIS REIT Management, LLC. For the year ended December 31, 2015, the twenty percent is booked on a gross basis and included in management fee income on the consolidated statements of comprehensive income (loss). This income is allocated to non-controlling interest in ZAIS Group Parent, LLC. However, for the years ended December 31, 2014 and December 31, 2015, the twenty percent is booked on a net basis and is not included in management fee income on the consolidated statements of comprehensive income (loss). In addition to the management fee income mentioned above, subordinated management fees may be earned from CLOs for which ZAIS Group acts as collateral manager. The subordinated management fee is an additional payment for the same service, but has a lower priority in the CLOs’ cash flows. The subordinated management fee is contingent upon the economic performance of the respective CLO assets. If the CLOs experience a certain level of asset defaults, these fees may not be paid. There is no recovery by the CLOs of previously paid subordinated fees. ZAIS Group recognizes the subordinated management fee income when collection is reasonably assured. 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 ZAIS Group, on an annual basis, an incentive fee/allocation based on a percentage of net realized and unrealized profits attributable to each investor, subject to a hurdle (if any) set forth in each respective entity’s operative agreement. Additionally, all funds and accounts with hedge fund-style fee arrangements are subject to a perpetual loss carry forward, or perpetual “high-water mark,” meaning that the funds and accounts will not pay incentive fees/allocations with respect to positive investment performance generated for an investor in any year following negative investment performance until that loss is recouped, at which point an investor’s capital balance surpasses the high-water mark. The funds and accounts pay incentive fees/allocations on any net profits in excess of the high-water mark. 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, as specified in each fund’s operative agreement, must be paid to the investor prior to any payments of incentive-based income to ZAIS Group. For CLOs, incentive income is earned based on a percentage of all profits, subject to the return of contributed capital (and subordinate management fees, if any), and a preferred return as specified in the respective CLOs’ collateral management agreements. ZAIS Group does not earn incentive income from ZFC REIT. Year Ended December 31, 2015 ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income Funds and accounts 0.50% - 1.25% $ 11,587 $ — $ 11,587 CLO’s 0.15% - 0.50% 1,258 — 1,258 ZFC REIT 1.50% 2,957 — 2,957 Total $ 15,802 $ — $ 15,802 Incentive Income (1) Funds and accounts 10% - 20% $ 5,988 $ — $ 5,988 CLO’s 10% - 20% 1,143 — 1,143 Total $ 7,131 $ — $ 7,131 Year Ended December 31, 2014 ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income Funds and accounts 0.50% - 1.50% $ 19,029 $ (2,747) $ 16,282 CLO’s 0.15% - 0.50% 7,030 (2) (7,030) — ZFC REIT 1.50% 2,279 — 2,279 Total $ 28,338 $ (9,777) $ 18,561 Incentive Income (1) Funds and accounts 10% - 20% $ 72,830 $ (6,941) $ 65,889 CLO’s 10% - 20% 11,921 (11,921) — Total $ 84,751 $ (18,862) $ 65,889 Year Ended December 31, 2013 ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income Funds and accounts 0.50% - 1.50% $ 27,880 $ (3,405) $ 24,475 CLO’s 0.15% - 50% 6,767 (3) (6,767) — ZAIS Financial Corp. 1.50% 2,104 — 2,104 Total $ 36,751 $ (10,172) $ 26,579 Incentive Income (1) Funds and accounts 10% - 20% $ 26,431 $ (7,596) $ 18,835 CLO’s 10% - 20% 11,620 (11,620) — Total $ 38,051 $ (19,216) $ 18,835 (1) Incentive income earned for certain of the ZAIS Managed entities is subject to a hurdle rate of return as specified in each respective ZAIS Managed Entities’ operative agreement. (2) Includes approximately $ 5.8 (3) Includes approximately $ 4.0 The management fee income amounts above are net of management fee credits of $ (221,000) 0 0 (59,000) (1,313,000) (1,369,000) At December 31, 2015, approximately $1,670,000 and $859,000 were accrued for management fee income and incentive income, respectively but not received, and included in income and fees receivable in the consolidated statements of financial condition. At December 31, 2014, approximately $1,871,000 and $2,412,000 were accrued for management fee income and incentive fee income, respectively but not received, and included in income and fees receivable in the consolidated statements of financial condition.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 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 CLOs Prior to adopting ASU 2015-02, the Company consolidated the CLOs that ZAIS Group manages. As a result, the senior and subordinated notes issued by the CLOs are included in the Company’s consolidated statements of financial condition. Notes payable of the consolidated CLOs are collateralized by the assets held by the CLOs, and the assets of one CLO 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 CLOs range from 2019 to 2057. 749,719 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 CLOs, at fair value 784,481 Elimination of Consolidated Funds’ investments in CLOs (34,762) Notes payable of consolidated CLOs, 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 CLOs’ 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	12 Months Ended
	Dec. 31, 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 4,971,000 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 years ended December 31, 2015, December 31, 2014 and December 31, 2013, the Company recorded compensation expense of approximately $ 32 7,925 7,752 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 30 198 12,414 3,979 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 Date Fair Number of Value per B-0 Units 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 (65,306) 9.70 Vested — — Balance at December 31, 2015 1,337,486 $ 9.67 The total compensation expense expected to be recognized in all future periods associated with the B-0 Units, considering estimated forfeitures of 8 7,204,000 1.21 4,664 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 December 31, 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 97,000 0.33 198

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	11. Income Taxes Year Ended December 31 ( Dollars in thousands ) 2015 2014 2013 Current provision: Federal $ — $ — $ — State and local — — — Foreign 155 381 329 Total current (benefit) expense 155 381 329 Deferred provision: Federal — — — State and local — — — Foreign — — — Total deferred (benefit) expense — — — Total income tax (benefit) expense $ 155 $ 381 $ 329 Prior to the closing of the Business Combination on March 17, 2015, ZGP and its subsidiaries were pass-through entities for U.S. income tax purposes and their earnings flowed through to the owners without being subject to entity level income taxes. Accordingly, no income tax (benefit) expense has been recorded in historical periods other than that related to ZGP’s foreign subsidiaries, which are branches for U.S. income tax purposes but paid income taxes in their respective foreign jurisdictions. Following the reorganization, while ZGP and its subsidiaries continue to operate as pass-through entities for U.S. income tax purposes not subject to entity level taxes, ZAIS is taxable as a corporation for U.S. tax purposes. Accordingly, the Company’s consolidated financial statements include U.S. federal, state and local income taxes on the ZAIS’ allocable share of the consolidated results of operations, as well as taxes payable to jurisdictions outside the U.S related to the foreign subsidiaries. Year Ended December 31 2015 2014 2013 Income tax (benefit) expense at the US federal statutory income tax rate 34.00 % 35.00 % 35.00 % State and local income tax, net of federal benefit 3.40 % — — Foreign Tax (0.65) % 0.51 % 0.67 % Effect of permanent differences (3.02) % — — Income attributable to non-controlling interests in Consolidated Funds not subject to tax 0.21 % (20.18) % (32.90) % Income attributable to non-controlling interests in ZGP not subject to tax (16.45) % (14.82) % (2.10) % Pre-Business Combination deferred tax assets 3.23 % — — Valuation Allowance (21.38) % — — Total (0.65) % 0.51 % 0.67 % The Company’s effective tax rate for the years presented above 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. 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. The net effective tax rate represents the taxes accrued related to the Company’s operations in jurisdictions outside the U.S. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and are reported in the accompanying consolidated statements of financial condition. Year Ended December 31 ( Dollars in thousands ) 2015 2014 Deferred tax assets: Net operating losses $ 2,941 $ — Equity compensation 1,291 — Start-up costs 766 — Other temporary differences 70 — Total deferred tax assets 5,068 — Valuation allowance (5,068) Total deferred tax assets (net of valuation allowance) — — Deferred tax liabilities: None — — Total deferred tax liabilities — — Total net deferred tax assets (liabilities) $ — $ — There were no deferred tax assets or liabilities recorded in the period prior to the Business Combination as all the earnings were attributable to ZGP, which is taxed as a partnership for U.S. tax purposes, and were allocated to ZGP’s partners. For the year ended December 31, 2015, the Company has deferred tax asset of $ 4,301,000 767,000 2032 $ 1,000 2033 83,000 2034 122,000 2035 7,388,000 Total $ 7,594,000 As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of December 31, 2015, the Company has determined that the most recent management business forecasts do not support the realization of net deferred tax assets recorded for the Company. The Company has reported a net book loss for the year ended December 31, 2015 and it is anticipated that expenses will exceed revenues in 2016. While the Company continues to work to grow its AUM and explore business development opportunities, the Company has not yet invested substantial amounts of the capital raised in the Business Combination, and although,Management intends to pursue various initiatives with potential to alter the operating loss trend, there is no specific plan that has been implemented at this point in time that will alter the negative earnings trend. Accordingly, management believes that is not more likely than not that its deferred tax asset will be realized and the Company has established a full valuation allowance against the deferred tax asset of as of December 31, 2015. The allowance has resulted in a $ (5,068,000) The Company intends to continue maintaining a full valuation allowance on its deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. The Company does not believe it has any significant uncertain tax positions. Accordingly, the Company did not record any adjustments or recognize interest expense for uncertain tax positions for the years ended December 31, 2015, 2014 and 2013, respectively. In the future, if uncertain tax positions arise, interest and penalties will be accrued and included in the income tax (benefit) expense on the consolidated statements of comprehensive income (loss).

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	12. Related Party Transactions 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 4. 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, prior to the adoption of ASU 2015-02. The value of the partnership interest at the time of the distribution was approximately $ 5,310,000 27,918,000 28,319,000 Additionally, certain ZAIS Managed Entities, with existing fee arrangements, have investments representing 100% of the equity tranche of ZAIS CLO 1, Limited. (“ZAIS CLO 1”) and ZAIS CLO 2, Limited. (“ZAIS CLO 2”). Therefore, ZAIS Group did not charge management fees or earn incentive income on ZAIS CLO 1 and ZAIS CLO 2. The total amounts of asset under management that are not being charged fees are approximately $ 562,329,000 555,533,000 From time to time, ZAIS Group may pay related party research and data services expenses directly to vendors, and subsequently invoice these costs to the respective ZAIS Managed Entities based upon certain criteria. At December 31, 2015 and December 31, 2014, approximately $ 650,000 400,000 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, ZAIS Group’s 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 has agreed to use certain statistical data generated by RQSI, Ltd. models. ZAIS Group will utilize this information for trading futures in one of the ZAIS Managed Entities. 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 $ 120,000 At December 31, 2015 and December 31, 2014, approximately $ 66,000 100,000 ZAIS Group has entered into a month to month license agreement with an affiliate of RQSI, Ltd to jointly occupy our UK office. The total value of the agreement is approximately $ 15,000 Related Party Transactions of Consolidated Funds For the years ended December 31, 2014 and December 31, 2013, ZAIS Opportunity Master Fund, Ltd. entered into purchase and sale transactions with Deutsche Bank Securities, Inc., an entity affiliated with the employer of the members of the Board of Directors for the ZAIS Opportunity Master Fund, Ltd. Total purchases at fair value of approximately $ 0 36,829,000 4,000 69,323,000 459,000 1,995,000

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	13. Fixed Assets December 31, December 31, 2015 2014 ( Dollars in thousands ) Office equipment $ 3,088 $ 3,073 Leasehold improvements 853 938 Furniture and fixtures 574 569 Software 409 402 4,924 4,982 Less accumulated depreciation and amortization (4,380) (3,891) Total $ 544 $ 1,091 For the years ended December 31, 2015, December 31, 2014 and December 31, 2013, depreciation and amortization expense amounted to approximately $ 730 460 499

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	14. Commitments and Contingencies Capital Commitments As of December 31, 2015, a portion of the proceeds of the Business Combination had been committed to expand existing product lines. To provide ZAIS Group with the opportunity to continue to expand its corporate CLO business, up to $ 51 15.4 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 ) Year Ending December 31, 2016 $ 938 Year Ending December 31, 2017 728 $ 1,666 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 years ended December 31, 2015, December 31, 2014 and December 31, 2013, rent expense amounted to approximately $ 1,488,000 1,647,000 1,419,000 Litigation From time to time, ZAIS Group may become involved in various claims, regulatory inquiries and legal actions arising in the ordinary course of business. Management is not aware of any contingencies relating to such matters that would require accrual or disclosure in the financial statements at December 31, 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	12 Months Ended
	Dec. 31, 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 the ZAIS Managed Entities.

Stockholders Equity

Stockholders Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	16. Stockholders’ Equity Preferred Stock The Company is authorized to issue 2,000,000 0.0001 Class A Common Stock The Company is authorized to issue 180,000,000 0.0001 13,870,917 Class B Common Stock The Company is authorized to issue 20,000,000 0.00001 20,000,000

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	17. 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. Year Ended Year Ended Year Ended December 31, December 31, December 31, 2015 2014 2013 (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) $ (13,805) $ 31,310 (1) $ 2,615 (1) Effect of dilutive securities: Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP (10,206) — — Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management, LLC Class B Members (2) (570) — — Income tax (benefit) expense (3) — — — Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities $ (24,581) $ 31,310 $ 2,615 Denominator: Weighted average number of shares of Class A Common Stock 10,982,726 7,000,000 (5) 7,000,000 (5) Effect of dilutive securities: Weighted average number of Class A Units of ZGP 7,000,000 — — Dilutive number of B-0 Units and RSUs (4) — — — Diluted weighted average shares outstanding (6) 17,982,726 7,000,000 7,000,000 Consolidated Net Income (Loss), net of tax, per Class A common share – Basic $ (1.26) $ 4.47 $ 0.37 Consolidated Net Income (Loss), net of tax, per Class A common share – Diluted $ (1.37) $ 4.47 $ 0.37 (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 31.72 100 (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 Class B-0 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 ZGP that may be exchanged for Class A Common Stock under certain circumstances.

Supplemental Financial Informat

Supplemental Financial Information	12 Months Ended
	Dec. 31, 2015
Statement of Financial Position [Abstract]
Consolidated Funds on the Company’s Financial Position [Text Block]	18. Supplemental Financial Information December 31, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 44,351 $ — $ — $ 44,351 Income and fees receivable 2,529 — — 2,529 Investments, at fair value 8,169 — — 8,169 Investments in affiliates, at fair value 20,767 — (15,525) 5,242 Due from related parties 748 — — 748 Fixed assets, net 544 — — 544 Prepaid expenses 776 — — 776 Other assets 310 — — 310 Assets of Consolidated Funds Cash and cash equivalents — 33 — 33 Investments, at fair value — 30,509 — 30,509 Total Assets $ 78,194 $ 30,542 $ (15,525) $ 93,211 Liabilities, Redeemable Non-controlling Interests and Equity Liabilities Notes payable $ 1,255 $ — $ — $ 1,255 Compensation payable 3,575 — — 3,575 Due to related parties 175 — — 175 Fees payable 756 — — 756 Other liabilities 1,546 — — 1,546 Liabilities of Consolidated Funds Other liabilities — 101 — 101 Total Liabilities 7,307 101 — 7,408 Commitments and Contingencies (Note 14) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 60,817 — — 60,817 Retained earnings (Accumulated deficit) (13,805) — — (13,805) Accumulated other comprehensive income (loss) 158 — — 158 Total stockholders’ equity, ZAIS Group Holdings, Inc. 47,171 — — 47,171 Non-controlling interests in ZAIS Group Parent, LLC 23,716 — — 23,716 Non-controlling interests in Consolidated Funds — 30,441 (15,525) 14,916 Total Equity 70,887 30,441 (15,525) 85,803 Total Liabilities, Redeemable Non-controlling Interests and Equity $ 78,194 $ 30,542 $ (15,525) $ 93,211 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 Fees payable 1,315 — — 1,315 Other liabilities 1,735 — — 1,735 Liabilities of Consolidated Funds Notes payable of consolidated CLOs, 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 Preferred Stock — — — — 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 Year Ended December 31, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 15,802 $ — $ $ 15,802 Incentive income 7,131 — — 7,131 Other revenues 298 — — 298 Income of Consolidated Funds — — — — Total Revenues 23,231 — 23,231 Expenses Compensation and benefits 26,971 — — 26,971 General, administrative and other 17,064 — — 17,064 Depreciation and amortization 730 — — 730 Expenses of Consolidated Funds — 206 — 206 Total Expenses 44,765 206 — 44,971 Other Income (loss) Net gain (loss) on investments 186 — (154) 32 Other income (expense) 147 — — 147 Impairment loss on goodwill (2,655) — — (2,655) Net gains (losses) of Consolidated Funds’ investments — 509 — 509 Total Other Income (Loss) (2,322) 509 (154) (1,967) Income (loss) before income taxes (23,856) 303 (154) (23,707) Income tax (benefit) expense 155 — — 155 Consolidated net income (loss), net of tax (24,011) 303 (154) (23,862) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 238 — — 238 Total Comprehensive Income (Loss) $ (23,773) $ 303 $ (154) $ (23,624) Year Ended December 31, 2014 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 28,338 $ — $ (9,777) $ 18,561 Incentive income 84,751 — (18,862) 65,889 Other revenues 531 — (50) 481 Income of Consolidated Funds — 143,556 (11,616) 131,940 Total Revenues 113,620 143,556 (40,305) 216,871 Expenses Compensation and benefits 61,779 — — 61,779 General, administrative and other 17,726 — — 17,726 Depreciation and amortization 460 — — 460 Expenses of Consolidated Funds — 153,040 (41,140) 111,900 Total Expenses 79,965 153,040 (41,140) 191,865 Other Income (loss) Net gain (loss) on investments 1,514 — (1,474) 40 Other income (expense) 256 — — 256 Net gains (losses) of Consolidated Funds’ investments — 50,634 (1,104) 49,530 Total Other Income (Loss) 1,770 50,634 (2,578) 49,826 Income (loss) before income taxes 35,425 41,150 (1,743) 74,832 Income tax (benefit) expense 381 — 381 Consolidated net income (loss), net of tax 35,044 41,150 (1,743) 74,451 Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment (622) — — (622) Total Comprehensive Income (Loss) $ 34,422 $ 41,150 $ (1,743) $ 73,829 Year Ended December 31, 2013 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 36,751 $ — $ (10,172) $ 26,579 Incentive income 38,051 — (19,216) 18,835 Other revenues 1,408 — (143) 1,265 Income of Consolidated Funds — 109,833 (1,155) 108,678 Total Revenues 76,210 109,833 (30,686) 133,357 Expenses Compensation and benefits 53,139 — — 53,139 General, administrative and other 20,135 — — 20,135 Depreciation and amortization 499 — — 499 Expenses of Consolidated Funds — 73,464 (33,482) 39,982 Total Expenses 73,773 73,464 (33,482) 113,755 Other Income (loss) Net gain (loss) on investments 974 — (1,392) (418) Other income (expense) 13 — — 13 Net gains (losses) of Consolidated Funds’ investments — 7,821 — 7,821 Total Other Income (Loss) 987 7,821 (1,392) 7,416 Income (loss) before income taxes 3,424 44,190 1,404 49,018 Income tax (benefit) expense 329 — — 329 Consolidated net income (loss), net of tax 3,095 44,190 1,404 48,689 Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment (131) — — (131) Total Comprehensive Income (Loss) $ 2,964 $ 44,190 $ 1,404 $ 48,558

Quarterly Results

Quarterly Results	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	19. Quarterly Results (Unaudited) For the Three Months Ended December 31, September 30, (1) June 30, (1) March 31, (1) ( Dollars in Thousands except share and per share amounts) Total revenues $ 5,013 $ 8,126 $ 5,400 $ 4,692 Total expenses 10,428 11,303 12,271 10,969 Total other income (loss) (2,089) 72 11 39 Income tax (benefit) expense 4,267 (1,528) (1,682) (902) Consolidated net income (loss), net of tax $ (11,771) $ (1,577) $ (5,178) $ (5,336) Allocation of Consolidated Net Income (Loss), net of tax Redeemable non-controlling interests — — — — Non-controlling interests in Consolidated Funds 149 — — — Stockholders’ equity, ZAIS Group Holdings, Inc. (9,468) (568) (2,947) (822) Non-controlling interests in ZAIS Group Parent, LLC (2,452) (1,009) (2,231) (4,514) $ (11,771) $ (1,577) $ (5,178) $ (5,336) Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. – Basic $ (0.68) $ (0.04) $ (0.21) $ (0.38) Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. – Diluted $ (0.68) (2) $ (0.06) $ (0.21) $ (0.38) Weighted average shares of Class A common stock outstanding: Basic 13,870,917 13,870,917 13,870,917 2,157,698 Diluted 20,870,917 20,870,917 20,870,917 9,184,633 (1) Subsequent to the filing of the March 31, 2015 10-Q, the Company elected to early adopt ASU 2015-02 with an effective date January 1, 2015. As a result of this adoption, the majority of the ZAIS Managed Entities which were consolidated in the March 31, 2015 10-Q were deconsolidated. Additionally, subsequent to the filing of the June 30, 2015 and September 30, 2015 10-Q’s, in December additional interpretations of ASU 2015-02 became available to the Company. As a result of these new interpretations, the Company reviewed its previous conclusions and determined that additional entities should be deconsolidated. There was no impact on the income (loss) allocated ZAIS Group Holdings, Inc. Stockholders as a result of this adoption. The March 31, 2015, June 30, 2015 and September 30, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, June 30, 2015 and September 30, 2015, respectively, subsequent to the adoption of ASU 2015-02. Refer to Note 3 for additional information regarding the adoption of ASU 2015-02. (2) 7,000,000 For the Three Months Ended December 31, September 30, June 30, March 31, ( Dollars in Thousands except share and per share amounts) Total revenues $ 71,788 $ 39,788 $ 58,160 $ 47,135 Total expenses 40,920 27,022 23,666 100,257 Total other income (loss) (22,474) 4,468 (1,950) 69,782 Income tax (benefit) expense 362 5 (304) 318 Consolidated net income (loss), net of tax $ 8,032 $ 17,229 $ 32,848 $ 16,342 Allocation of Consolidated Net Income (Loss), net of tax Redeemable non-controlling interests $ (395) $ 21,183 $ 10,656 $ 9,596 Non-controlling interests in Consolidated Funds 375 (415) 1,885 256 Stockholders’ equity, ZAIS Group Holdings, Inc. — — — — Non-controlling interests in ZAIS Group Parent, LLC 8,052 (3,539) 20,307 6,490 $ 8,032 $ 17,229 $ 32,848 $ 16,342 Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. – Basic $ 1.15 $ (0.51) $ 2.90 $ 0.93 Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. – Diluted $ 1.15 $ (0.51) $ 2.90 $ 0.93 Weighted average shares of Class A common stock outstanding: Basic (1) 7,000,000 7,000,000 7,000,000 7,000,000 Diluted (1) 7,000,000 7,000,000 7,000,000 7,000,000 (1) Number of diluted shares outstanding for periods after the Business Combination takes into account non-controlling interests in ZGP that may be exchanged for Class A common stock under certain circumstances. Refer to Note 2 for the details regarding the number of Units used to calculate earnings per share for periods prior to the Business Combination.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	20. Subsequent Events We are conducting a strategic review of our business and fund activities with a view towards improving our profitability through organic growth, reduction in expenses, acquisitions, dispositions of assets or the sale or termination of product lines, including our residential whole loan activities, which are currently incurring losses or not otherwise meeting our expectations for contributing to our earnings. To date, we have concluded that a planned expansion in our capabilities in the residential whole loan market will no longer be a part of our future strategy, and we will be exiting those activities in an orderly fashion. In connection with this decision and to reduce expenses related to other infrastructure staffing, on March 8, 2016, the Company commenced a reduction in force which will result in a decrease of 22 This includes six employees that will be departing over the next two months. This reduction will result in an annualized run rate savings of approximately $ 3.5 628,000 (3.0) (0.775)

Basis of Presentation and Sum28

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). 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 used 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”) In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The objective of the guidance is to clarify the principles for recognizing revenue. ASU 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance, and also enhances disclosure requirements around revenue recognition and the related cash flows. The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of adopting this new standard. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. If conditions or events indicate it is probable that an entity will be unable to meet its obligations as they become due within one year after the financial statements are issued, the update requires additional disclosures. The update is effective for periods beginning after December 15, 2016 with early adoption permitted. Adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements.
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 CLOs) 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. Income allocated to 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]	Principles of Consolidation The consolidated financial statements included herein are the financial statements of ZAIS, its subsidiaries and certain funds that are required to be consolidated. 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 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, all entities which were previously required to be consolidated have been deconsolidated. As of December 31, 2015, the consolidated financial statements only include ZAIS ZEPHYR A-6, LP which was launched in the fourth quarter of 2015. 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 CLOs. After the adoption of ASC Topic 810, as amended by ASU 2015-02, there were no CLOs required to be consolidated in the Company’s financial statements for the year ended December 31, 2015 and prior to the adoption of ASC Topic 810, as amended by ASU 2015-02, there were ten and eight CLOs consolidated in the Company’s financial statements for the years ended December 31, 2014 and December 31, 2013, respectively. The cumulative effect of the adoption of ASU 2015-02 was a $ 452,925 10,940 The consolidated financial statements reflect the assets, liabilities, investment income, expenses and cash flows of the Consolidated Funds on a gross basis. Except for CLOs, 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 CLOs, the majority of the economic interests in these vehicles, which are held by outside parties, are reported as notes payable of consolidated CLOs in the consolidated financial statements. The notes payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, ZAIS Group may earn investment management fees, including, in some cases, subordinated management fees and contingent incentive fees. All of the management fee income, incentive income and net gain (loss) on investments 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 50 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 December 31, 2015 and December 31, 2014, the Company had approximately $ 16,597,000 2,687,000 25,998,000 0
Investment, Policy [Policy Text Block]	Investments and Investments in Affiliates at Fair Value 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 primary 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 semi-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 CLOs. The subordinated management fee income is additional revenue earned for the same service, but has a lower priority in the CLO vehicle’s cash flows. The subordinated management fee income is contingent upon the economic performance of the respective CLO’s investments. If the CLOs experience a certain level of investment defaults, these fees may not be paid. There is no recovery by the CLOs of previously paid subordinated fees. Subordinated management fee income is recognized when collection is reasonably assured. 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.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	For the year ended December 31, 2015, approximately 42 23 65 10 40
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 years ended December 31, 2015, December 31, 2014 and December 31, 2013. The Company believes all income and fee receivable balances are fully collectible.
Compensation Related Costs, Policy [Policy Text Block]	Compensation and Benefits Compensation and benefits expense is comprised of salaries, payroll taxes, employer contributions to welfare plans, discretionary and guaranteed cash bonuses, stock compensation and other contractual compensation programs payable to ZAIS Group employees. Compensation and benefits expense 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, stock compensation 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. No further amounts are payable under this plan. Compensation and benefits expense 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 subject to remeasurement. 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 expense 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 not later than when 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 one ZAIS Managed Entity 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 $ 2,655,000
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 Prior to the reorganization and recapitalization due to the Business Combination, ZGP and its subsidiaries were pass-through entities for U.S. income tax purposes and their earnings flowed through to the owners without being subject to entity level income taxes. Accordingly, no provision for income taxes has been recorded in historical periods other than that related to ZGP’s foreign subsidiaries, which paid income taxes in their respective foreign jurisdictions. Following the reorganization, although ZGP and its subsidiaries continue to operate as pass-through entities for U.S. income tax purposes not subject to entity level taxes, ZAIS is taxable as a corporation for U.S. tax purposes. Accordingly, the Company’s consolidated financial statements include U.S. federal, state and local income taxes on the ZAIS’ allocable share of the consolidated results of operations, as well as taxes payable to jurisdictions outside the U.S related to the foreign subsidiaries. The Company accounts for income taxes using the asset and liability method as prescribed in ASC 740 Accounting for Income Taxes Pursuant to ASC 740-10, 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).
Revenue Recognition, Services, Management Fees [Policy Text Block]	Fees Payable Fees payable represents management fees and incentive fees due to an investor in one of the ZAIS Managed Entities as a credit for fees charged to that investor on their investment balance in another ZAIS Managed Entity. The credit is recorded as a direct reduction to management fee income and incentive income in the consolidated statements of comprehensive income (loss).
Consolidated Entities [Member]
Accounting Policies [Abstract]
Policies of Consolidated Funds [Policy Text Block]	Policies of Consolidated Funds Prior to the adoption of ASU 2015-02 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 non-controlling interests in ZGP has been increased by the amounts eliminated. Subsequent to the adoption of ASU 2015-02, the Company no longer consolidates these ZAIS Managed Entities if it has only a minority ownership interest or no ownership interest. 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 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 [Policy Text Block]	Due to broker represents the Consolidated Funds’ payable to a broker for unsettled purchases as of December 31, 2014.
Debt, Policy [Policy Text Block]	Notes Payable of Consolidated CLOs 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 CLOs 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 CLOs, 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 CLOs, at December 31, 2014, also had a portfolio of credit default swaps which are used 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 December 31, 2015 and December 31, 2014, the Consolidated Funds have cash collateral receivables of approximately $ 0 30,265,000
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. If conditions or events indicate it is probable that an entity will be unable to meet its obligations as they become due within one year after the financial statements are issued, the update requires additional disclosures. The update is effective for periods beginning after December 15, 2016 with early adoption permitted. Adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements.
Investment, Policy [Policy Text Block]	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.
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)	12 Months Ended
	Dec. 31, 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’s Trust $ 184,760,079 Payment for 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)	12 Months Ended
	Dec. 31, 2015
Assets, Fair Value Disclosure [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	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, 2015: December 31, 2015 ( Dollars in thousands ) Level 1 Level 2 Level 3 Total Assets, at fair value Investments in affiliates $ — $ 5,242 $ — $ 5,242 Investments, at fair value Short term high investment grade mutual funds 8,169 — — 8,169 CLO – Warehouse — — 30,509 30,509 Total investments, at fair value 8,169 — 30,509 38,678 Total assets, at fair value $ 8,169 $ 5,242 $ 30,509 $ 43,920 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 CLOs, at fair value Notes payable of consolidated CLOs $ — $ — $ 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]	The following table summarizes the changes in the Company’s Level 3 assets and liabilities for the year ended December 31, 2015 subsequent to the adoption of ASU 2015-02: December 31, 2015 ( Dollars in thousands ) Change in Unrealized Total Gains/Losses Realized Relating to and Ending Assets and Beginning Change in Balance Liabilities Balance Sales/ Unrealized Transfers December Still Held at January 1, Purchases/ Redemptions/ Gains to (from) 31, December 31, 2015 Issuances Settlements (Losses) Level 3 2015 2015 CLO - Warehouse $ — $ 30,000 $ — $ 509 $ — $ 30,509 $ 509 Total assets, at fair value $ — $ 30,000 $ — $ 509 $ — $ 30,509 $ 509 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 Total Gains/Losses Realized Relating to and Assets and Beginning Change in Ending Liabilities Balance Sales/ Unrelized Transfers Balance Still Held at January 1, Purchases/ Redemptions/ Gains to (from) December 31, December 31, 2014 Issuances Settlements (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 CLOs $ 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 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 CLOs, 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)	12 Months Ended
	Dec. 31, 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 December 31, 2014, through a disclosure of notional amounts, in comparison with the fair value of those derivatives. At December 31, 2015 the Consolidated Funds did not hold any derivative instruments. All notional and fair value amounts are disclosed on a gross basis, prior to counterparty and cash collateral netting: December 31, 2014 ( Dollars and notional amounts in thousands ) Derivative Assets Derivative Liabilities Primary Financial 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 years ended December 31, 2014 and December 31, 2013. For the year ended, December 31, 2015 the Consolidated Funds did not hold any derivative instruments: Year Ended December 31, 2014 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ (4,011) $ 112 $ (3,899) Credit contracts 1,188 14,319 15,507 Foreign exchange contracts 176 2,789 2,965 Total $ (2,647) $ 17,220 $ 14,573 Year Ended December 31, 2013 ( Dollars in thousands ) Realized Change in Gains Unrealized Primary Underlying Risk (Losses) Gains (Losses) Total Interest rate contracts $ 5,205 $ (1,067) $ 4,138 Credit contracts (9,798) (32,087) (41,885) Foreign exchange contracts (1,763) 2,722 959 Total $ (6,356) $ (30,432) $ (36,788)
Disclosure of Credit Derivatives [Table Text Block]	The following tables set forth the information related to the Consolidated Funds’ written credit derivatives held 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 CLO Tranche on Corporate Debt Investment Grade — 19,500 33,000 52,500 (1,407) CLO Tranche on Corporate Debt Non-Investment Grade — 9,000 5,172 14,172 5,172 CLO 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]	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 December 31, 2014. At December 31, 2015 the Consolidated Funds did not hold any assets and liabilities that are subject to master netting arrangements (or similar agreements): Offsetting Derivative Assets December 31, 2014 ( Dollars in thousands ) Net Amounts of Gross Assets Gross Amounts Not Offset Amounts Presented in in the Consolidated Offset in the the Statements of Financial Gross Consolidated Consolidated Condition 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 Liabilities Gross Amounts Not Offset Amounts Presented in in the Consolidated Offset in the the Statements of Financial Gross Consolidated Consolidated Condition 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)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and December 31, 2014. : December 31, 2015 December 31, 2014 Funds CLOs Funds Total (Dollars in thousands) Assets Assets of Consolidated Funds Cash and cash equivalents $ 33 $ 34,399 $ 58,971 $ 93,370 Restricted cash — — 30,265 30,265 Investments, at fair value 30,509 789,410 327,605 1,117,015 Investments in affiliated securities, at fair value — — 34,762 34,762 Derivative assets, at fair value — 509 6,139 6,648 Other assets — 9,832 1,766 11,598 Total Assets $ 30,542 $ 834,150 $ 459,508 $ 1,293,658 Liabilities Liabilities of Consolidated Funds Notes payable of consolidated CLOs, at fair value $ — $ 784,481 $ — $ 784,481 Derivative liabilities, at fair value — 2,374 3,411 5,785 Securities sold, not yet purchased — — 19,308 19,308 Due to broker — 21,047 4,600 25,647 Other liabilities 101 26,248 2,441 28,689 Total Liabilities $ 101 $ 834,150 $ 29,760 $ 863,910

Management Fee Income and Inc33

Management Fee Income and Incentive Income (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015, December 31, 2014 and December 31, 2013. Prior period amounts have been adjusted to conform to current period presentation: Year Ended December 31, 2015 ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income Funds and accounts 0.50% - 1.25% $ 11,587 $ — $ 11,587 CLO’s 0.15% - 0.50% 1,258 — 1,258 ZFC REIT 1.50% 2,957 — 2,957 Total $ 15,802 $ — $ 15,802 Incentive Income (1) Funds and accounts 10% - 20% $ 5,988 $ — $ 5,988 CLO’s 10% - 20% 1,143 — 1,143 Total $ 7,131 $ — $ 7,131 Year Ended December 31, 2014 ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income Funds and accounts 0.50% - 1.50% $ 19,029 $ (2,747) $ 16,282 CLO’s 0.15% - 0.50% 7,030 (2) (7,030) — ZFC REIT 1.50% 2,279 — 2,279 Total $ 28,338 $ (9,777) $ 18,561 Incentive Income (1) Funds and accounts 10% - 20% $ 72,830 $ (6,941) $ 65,889 CLO’s 10% - 20% 11,921 (11,921) — Total $ 84,751 $ (18,862) $ 65,889 Year Ended December 31, 2013 ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income Funds and accounts 0.50% - 1.50% $ 27,880 $ (3,405) $ 24,475 CLO’s 0.15% - 50% 6,767 (3) (6,767) — ZAIS Financial Corp. 1.50% 2,104 — 2,104 Total $ 36,751 $ (10,172) $ 26,579 Incentive Income (1) Funds and accounts 10% - 20% $ 26,431 $ (7,596) $ 18,835 CLO’s 10% - 20% 11,620 (11,620) — Total $ 38,051 $ (19,216) $ 18,835 (1) Incentive income earned for certain of the ZAIS Managed entities is subject to a hurdle rate of return as specified in each respective ZAIS Managed Entities’ operative agreement. (2) Includes approximately $ 5.8 (3) Includes approximately $ 4.0

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 no CLOs were consolidated due to the adoption of ASU 2015-02. At December 31, 2014, the fair value of the CLOs’ net assets is approximately $ 749,719 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 CLOs, at fair value 784,481 Elimination of Consolidated Funds’ investments in CLOs (34,762) Notes payable of consolidated CLOs, 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 CLOs’ 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)	12 Months Ended
	Dec. 31, 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 December 31, 2015: Weighted Average Grant Date Fair Number of Value per B-0 Units 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 (65,306) 9.70 Vested — — Balance at December 31, 2015 1,337,486 $ 9.67
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	The following table presents the unvested RSU activity during the year ended December 31, 2015: Weighted Average Grant Number of Date Fair RSUs Value per Unit Granted 30,000 $ 9.85 Forfeited — — Vested — — Balance at December 31, 2015 30,000 $ 9.85

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended December 31 ( Dollars in thousands ) 2015 2014 2013 Current provision: Federal $ — $ — $ — State and local — — — Foreign 155 381 329 Total current (benefit) expense 155 381 329 Deferred provision: Federal — — — State and local — — — Foreign — — — Total deferred (benefit) expense — — — Total income tax (benefit) expense $ 155 $ 381 $ 329
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The following is a reconciliation of the U.S. statutory federal income tax rate to the Company’s effective tax rate: Year Ended December 31 2015 2014 2013 Income tax (benefit) expense at the US federal statutory income tax rate 34.00 % 35.00 % 35.00 % State and local income tax, net of federal benefit 3.40 % — — Foreign Tax (0.65) % 0.51 % 0.67 % Effect of permanent differences (3.02) % — — Income attributable to non-controlling interests in Consolidated Funds not subject to tax 0.21 % (20.18) % (32.90) % Income attributable to non-controlling interests in ZGP not subject to tax (16.45) % (14.82) % (2.10) % Pre-Business Combination deferred tax assets 3.23 % — — Valuation Allowance (21.38) % — — Total (0.65) % 0.51 % 0.67 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	These temporary differences result in taxable or deductible amounts in future years. Details of the Company's deferred tax assets and liabilities are summarized as follows: Year Ended December 31 ( Dollars in thousands ) 2015 2014 Deferred tax assets: Net operating losses $ 2,941 $ — Equity compensation 1,291 — Start-up costs 766 — Other temporary differences 70 — Total deferred tax assets 5,068 — Valuation allowance (5,068) Total deferred tax assets (net of valuation allowance) — — Deferred tax liabilities: None — — Total deferred tax liabilities — — Total net deferred tax assets (liabilities) $ — $ —
Summary of Operating Loss Carryforwards [Table Text Block]	As of December 31, 2015, the Company has estimated federal and state income tax net operating loss carryforwards, which will expire as follows: 2032 $ 1,000 2033 83,000 2034 122,000 2035 7,388,000 Total $ 7,594,000

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Fixed assets consist of the following: December 31, December 31, 2015 2014 ( Dollars in thousands ) Office equipment $ 3,088 $ 3,073 Leasehold improvements 853 938 Furniture and fixtures 574 569 Software 409 402 4,924 4,982 Less accumulated depreciation and amortization (4,380) (3,891) Total $ 544 $ 1,091

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 are approximately as follows: Period Amount ( Dollars in thousands ) Year Ending December 31, 2016 $ 938 Year Ending December 31, 2017 728 $ 1,666

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended Year Ended Year Ended December 31, December 31, December 31, 2015 2014 2013 (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) $ (13,805) $ 31,310 (1) $ 2,615 (1) Effect of dilutive securities: Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP (10,206) — — Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management, LLC Class B Members (2) (570) — — Income tax (benefit) expense (3) — — — Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities $ (24,581) $ 31,310 $ 2,615 Denominator: Weighted average number of shares of Class A Common Stock 10,982,726 7,000,000 (5) 7,000,000 (5) Effect of dilutive securities: Weighted average number of Class A Units of ZGP 7,000,000 — — Dilutive number of B-0 Units and RSUs (4) — — — Diluted weighted average shares outstanding (6) 17,982,726 7,000,000 7,000,000 Consolidated Net Income (Loss), net of tax, per Class A common share – Basic $ (1.26) $ 4.47 $ 0.37 Consolidated Net Income (Loss), net of tax, per Class A common share – Diluted $ (1.37) $ 4.47 $ 0.37 (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 31.72 100 (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 Class B-0 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 ZGP that may be exchanged for Class A Common Stock under certain circumstances.

Supplemental Financial Inform40

Supplemental Financial Information (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and December 31, 2014, and results of operations for the years ended December 31, 2015, December 31, 2014 and December 31, 2013: December 31, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 44,351 $ — $ — $ 44,351 Income and fees receivable 2,529 — — 2,529 Investments, at fair value 8,169 — — 8,169 Investments in affiliates, at fair value 20,767 — (15,525) 5,242 Due from related parties 748 — — 748 Fixed assets, net 544 — — 544 Prepaid expenses 776 — — 776 Other assets 310 — — 310 Assets of Consolidated Funds Cash and cash equivalents — 33 — 33 Investments, at fair value — 30,509 — 30,509 Total Assets $ 78,194 $ 30,542 $ (15,525) $ 93,211 Liabilities, Redeemable Non-controlling Interests and Equity Liabilities Notes payable $ 1,255 $ — $ — $ 1,255 Compensation payable 3,575 — — 3,575 Due to related parties 175 — — 175 Fees payable 756 — — 756 Other liabilities 1,546 — — 1,546 Liabilities of Consolidated Funds Other liabilities — 101 — 101 Total Liabilities 7,307 101 — 7,408 Commitments and Contingencies (Note 14) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 60,817 — — 60,817 Retained earnings (Accumulated deficit) (13,805) — — (13,805) Accumulated other comprehensive income (loss) 158 — — 158 Total stockholders’ equity, ZAIS Group Holdings, Inc. 47,171 — — 47,171 Non-controlling interests in ZAIS Group Parent, LLC 23,716 — — 23,716 Non-controlling interests in Consolidated Funds — 30,441 (15,525) 14,916 Total Equity 70,887 30,441 (15,525) 85,803 Total Liabilities, Redeemable Non-controlling Interests and Equity $ 78,194 $ 30,542 $ (15,525) $ 93,211 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 Fees payable 1,315 — — 1,315 Other liabilities 1,735 — — 1,735 Liabilities of Consolidated Funds Notes payable of consolidated CLOs, 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 Preferred Stock — — — — 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 Year Ended December 31, 2015 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 15,802 $ — $ $ 15,802 Incentive income 7,131 — — 7,131 Other revenues 298 — — 298 Income of Consolidated Funds — — — — Total Revenues 23,231 — 23,231 Expenses Compensation and benefits 26,971 — — 26,971 General, administrative and other 17,064 — — 17,064 Depreciation and amortization 730 — — 730 Expenses of Consolidated Funds — 206 — 206 Total Expenses 44,765 206 — 44,971 Other Income (loss) Net gain (loss) on investments 186 — (154) 32 Other income (expense) 147 — — 147 Impairment loss on goodwill (2,655) — — (2,655) Net gains (losses) of Consolidated Funds’ investments — 509 — 509 Total Other Income (Loss) (2,322) 509 (154) (1,967) Income (loss) before income taxes (23,856) 303 (154) (23,707) Income tax (benefit) expense 155 — — 155 Consolidated net income (loss), net of tax (24,011) 303 (154) (23,862) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 238 — — 238 Total Comprehensive Income (Loss) $ (23,773) $ 303 $ (154) $ (23,624) Year Ended December 31, 2014 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 28,338 $ — $ (9,777) $ 18,561 Incentive income 84,751 — (18,862) 65,889 Other revenues 531 — (50) 481 Income of Consolidated Funds — 143,556 (11,616) 131,940 Total Revenues 113,620 143,556 (40,305) 216,871 Expenses Compensation and benefits 61,779 — — 61,779 General, administrative and other 17,726 — — 17,726 Depreciation and amortization 460 — — 460 Expenses of Consolidated Funds — 153,040 (41,140) 111,900 Total Expenses 79,965 153,040 (41,140) 191,865 Other Income (loss) Net gain (loss) on investments 1,514 — (1,474) 40 Other income (expense) 256 — — 256 Net gains (losses) of Consolidated Funds’ investments — 50,634 (1,104) 49,530 Total Other Income (Loss) 1,770 50,634 (2,578) 49,826 Income (loss) before income taxes 35,425 41,150 (1,743) 74,832 Income tax (benefit) expense 381 — 381 Consolidated net income (loss), net of tax 35,044 41,150 (1,743) 74,451 Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment (622) — — (622) Total Comprehensive Income (Loss) $ 34,422 $ 41,150 $ (1,743) $ 73,829 Year Ended December 31, 2013 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 36,751 $ — $ (10,172) $ 26,579 Incentive income 38,051 — (19,216) 18,835 Other revenues 1,408 — (143) 1,265 Income of Consolidated Funds — 109,833 (1,155) 108,678 Total Revenues 76,210 109,833 (30,686) 133,357 Expenses Compensation and benefits 53,139 — — 53,139 General, administrative and other 20,135 — — 20,135 Depreciation and amortization 499 — — 499 Expenses of Consolidated Funds — 73,464 (33,482) 39,982 Total Expenses 73,773 73,464 (33,482) 113,755 Other Income (loss) Net gain (loss) on investments 974 — (1,392) (418) Other income (expense) 13 — — 13 Net gains (losses) of Consolidated Funds’ investments — 7,821 — 7,821 Total Other Income (Loss) 987 7,821 (1,392) 7,416 Income (loss) before income taxes 3,424 44,190 1,404 49,018 Income tax (benefit) expense 329 — — 329 Consolidated net income (loss), net of tax 3,095 44,190 1,404 48,689 Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment (131) — — (131) Total Comprehensive Income (Loss) $ 2,964 $ 44,190 $ 1,404 $ 48,558

Quarterly Results (Tables)

Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The following is a presentation of the quarterly results for the years ended December 31, 2015 and 2014: For the Three Months Ended December 31, September 30, (1) June 30, (1) March 31, (1) ( Dollars in Thousands except share and per share amounts) Total revenues $ 5,013 $ 8,126 $ 5,400 $ 4,692 Total expenses 10,428 11,303 12,271 10,969 Total other income (loss) (2,089) 72 11 39 Income tax (benefit) expense 4,267 (1,528) (1,682) (902) Consolidated net income (loss), net of tax $ (11,771) $ (1,577) $ (5,178) $ (5,336) Allocation of Consolidated Net Income (Loss), net of tax Redeemable non-controlling interests — — — — Non-controlling interests in Consolidated Funds 149 — — — Stockholders’ equity, ZAIS Group Holdings, Inc. (9,468) (568) (2,947) (822) Non-controlling interests in ZAIS Group Parent, LLC (2,452) (1,009) (2,231) (4,514) $ (11,771) $ (1,577) $ (5,178) $ (5,336) Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. – Basic $ (0.68) $ (0.04) $ (0.21) $ (0.38) Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. – Diluted $ (0.68) (2) $ (0.06) $ (0.21) $ (0.38) Weighted average shares of Class A common stock outstanding: Basic 13,870,917 13,870,917 13,870,917 2,157,698 Diluted 20,870,917 20,870,917 20,870,917 9,184,633 (1) Subsequent to the filing of the March 31, 2015 10-Q, the Company elected to early adopt ASU 2015-02 with an effective date January 1, 2015. As a result of this adoption, the majority of the ZAIS Managed Entities which were consolidated in the March 31, 2015 10-Q were deconsolidated. Additionally, subsequent to the filing of the June 30, 2015 and September 30, 2015 10-Q’s, in December additional interpretations of ASU 2015-02 became available to the Company. As a result of these new interpretations, the Company reviewed its previous conclusions and determined that additional entities should be deconsolidated. There was no impact on the income (loss) allocated ZAIS Group Holdings, Inc. Stockholders as a result of this adoption. The March 31, 2015, June 30, 2015 and September 30, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, June 30, 2015 and September 30, 2015, respectively, subsequent to the adoption of ASU 2015-02. Refer to Note 3 for additional information regarding the adoption of ASU 2015-02. (2) 7,000,000 For the Three Months Ended December 31, September 30, June 30, March 31, ( Dollars in Thousands except share and per share amounts) Total revenues $ 71,788 $ 39,788 $ 58,160 $ 47,135 Total expenses 40,920 27,022 23,666 100,257 Total other income (loss) (22,474) 4,468 (1,950) 69,782 Income tax (benefit) expense 362 5 (304) 318 Consolidated net income (loss), net of tax $ 8,032 $ 17,229 $ 32,848 $ 16,342 Allocation of Consolidated Net Income (Loss), net of tax Redeemable non-controlling interests $ (395) $ 21,183 $ 10,656 $ 9,596 Non-controlling interests in Consolidated Funds 375 (415) 1,885 256 Stockholders’ equity, ZAIS Group Holdings, Inc. — — — — Non-controlling interests in ZAIS Group Parent, LLC 8,052 (3,539) 20,307 6,490 $ 8,032 $ 17,229 $ 32,848 $ 16,342 Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. – Basic $ 1.15 $ (0.51) $ 2.90 $ 0.93 Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. – Diluted $ 1.15 $ (0.51) $ 2.90 $ 0.93 Weighted average shares of Class A common stock outstanding: Basic (1) 7,000,000 7,000,000 7,000,000 7,000,000 Diluted (1) 7,000,000 7,000,000 7,000,000 7,000,000 (1) Number of diluted shares outstanding for periods after the Business Combination takes into account non-controlling interests in ZGP that may be exchanged for Class A common stock under certain circumstances. Refer to Note 2 for the details regarding the number of Units used to calculate earnings per share for periods prior to the Business Combination.

Organization (Details Textual)

Organization (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Mar. 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	$ 4,157
Noncontrolling Interest, Ownership Percentage by Parent			100.00%
Equity Method Investment, Ownership Percentage	66.50%
ZGP Founders [Member] | Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.000001

Business Combination (Details)

Business Combination (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Net proceeds from Business Combination	$ 73,516,000	$ 0	$ 0
ZAIS Group Parent, LLC [Member]
Business Acquisition [Line Items]
Cash in HF2’s Trust	184,760,079
Payment for 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

Business Combination (Details 1

Business Combination (Details 1) - ZAIS Group Holdings Inc [Member]	Mar. 17, 2015shares
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)
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

Business Combination (Details 2

Business Combination (Details 2)	Mar. 17, 2015shares
ZAIS Group Holdings Inc [Member]
Business Acquisition [Line Items]
Limited Partners' Capital Account, Units Outstanding	13,870,917
ZAIS Group, LLC [Member]
Business Acquisition [Line Items]
Limited Partners' Capital Account, Units Outstanding	20,870,917
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	12 Months Ended
	Apr. 30, 2015	Dec. 31, 2015	Mar. 17, 2015	Dec. 31, 2014
Weighted Average Number of Shares Outstanding, Basic and Diluted		7,000,000
Common Class B [Member]
Common Stock, Shares, Outstanding		20,000,000		0
Restricted Stock Units (RSUs) [Member] | Director [Member]
Stock Issued During Period, Shares, Issued for Services	30,000
ZAIS [Member]
Equity Method Investment, Ownership Percentage		66.50%
Capital Unit, Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		2,800,000
Capital Unit, Class B [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		6,800,000	1,600,000
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, unless otherwise provided in the restricted unit agreement granting the Class B unit. The remaining 5,200,000 Class B Units are designated as Class B-1, Class B-2, Class B-3 and Class B-4 Units (together the Additional Employee Units), which vest in three equal installment
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance		1,337,486		1,352,792
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
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 Sum47

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash, FDIC Insured Amount	$ 250,000
Cash Equivalents, at Carrying Value	16,597,000	$ 2,687,000
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	25,998,000	0
Cumulative Effect of New Accounting Principle in Period of Adoption	(10,340,000)
Goodwill, Impairment Loss	$ 2,655,000	0	$ 0
Investor [Member]
Equity Method Investment, Ownership Percentage	50.00%
Investors Two [Member]
Concentration Risk, Percentage	23.00%
Ten Investor [Member]
Concentration Risk, Percentage	40.00%
Sales Revenue, Net [Member] | Investors Two [Member]
Concentration Risk, Percentage	42.00%
Number Of Investors	2
Sales Revenue, Net [Member] | Ten Investor [Member]
Concentration Risk, Percentage	65.00%
Number Of Investors	10
Redeemable Non-controlling Interests [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (452,925,000)
Parent Company [Member]
Equity Method Investment, Ownership Percentage	50.00%
ZGP [Member]
Goodwill, Acquired During Period				$ 2,655,000
Consolidated Entities [Member]
Restricted Cash and Cash Equivalents	$ 0	30,265,000
Cumulative Effect of New Accounting Principle in Period of Adoption	10,940,000
Goodwill, Impairment Loss	$ (2,655,000)	$ 0	$ 0

Investments in Affiliates (Deta

Investments in Affiliates (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investments in and Advances to Affiliates [Line Items]
Investments in and Advances to Affiliates, at Fair Value	$ 5,242	$ 104
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	$ (5)	$ 3	$ 32

Fair Value of Investments (Deta

Fair Value of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	$ 8,169
Investments in and Advances to Affiliates, at Fair Value	5,242	$ 104
Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		6,648
Consolidated Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	43,920	1,164,946
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	38,678	1,126,737
Investments in and Advances to Affiliates, at Fair Value	0	31,457
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		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		5,785
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	8,169	0
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	8,169	0
Investments in and Advances to Affiliates, at Fair Value	0
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		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
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
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	5,242	43,268
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0	7,857
Investments in and Advances to Affiliates, at Fair Value	5,242
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		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		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		386
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	30,509	1,121,678
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	30,509	1,118,880
Investments in and Advances to Affiliates, at Fair Value	0
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		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		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		5,399
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		2,798
Credit Default Swap [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		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
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
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		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		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		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		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
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, Fair Value Disclosure	8,169
Investments in and Advances to Affiliates, at Fair Value	5,242	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, Fair Value Disclosure	8,169
Investments in and Advances to Affiliates, at Fair Value		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, Fair Value Disclosure	0
Investments in and Advances to Affiliates, at Fair Value		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, Fair Value Disclosure	0
Investments in and Advances to Affiliates, at Fair Value		0
Collateralized Debt Obligations [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	30,509	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	$ 30,509	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		78,275
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		0
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure		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

Fair Value of Investments (De50

Fair Value of Investments (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	$ 904,315
Total assets, at fair value, Purchases/Issuances	1,011,312
Total assets, at fair value, Sales/Redemptions/Settlements	(806,320)
Total assets, at fair value, Realized and Unrealized Gains/Losses	12,371
Total assets, at fair value, Transfers	0
Total assets, at fair value (Ending Balance)	1,121,678
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	(51,689)
Total liabilities, at fair value (Beginning Balance)	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)	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)	2,300
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)	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)	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
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)	26,460
Total assets, at fair value, Purchases/Issuances	14,500
Total assets, at fair value, Sales/Redemptions/Settlements	(39,000)
Total assets, at fair value, Realized and Unrealized Gains/Losses	(1,960)
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
Collateralized Debt Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	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)	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)	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)	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)	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)

Fair Value of Investments (De51

Fair Value of Investments (Details 2) $ in Thousands		12 Months Ended
		Dec. 31, 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			$ 1,121,678	$ 904,315
Notes Payable		$ 1,255	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			0	$ 26,460
Consolidated Entities [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Derivative Asset		0	6,648
Notes Payable		0	749,719
Derivative Liability		0	5,785
Fair Value, Inputs, Level 3 [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Derivative Asset		30,509	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] | 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 Reinvestment Spread percentage	[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 Reinvestment Spread percentage			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 Reinvestment Spread percentage	[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 Reinvestment Spread percentage			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 Reinvestment Spread percentage	[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 Reinvestment Spread percentage			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%
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
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 Loan Obligations [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 30,509
Fair Value Measurements, Valuation Techniques		Broker quoted
Fair Value Measurements Unobservable Input Description		Not applicable.
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			$ 61,190
Fair Value Measurements, Valuation Techniques			Broker quoted
Fair Value Measurements Unobservable Input Description			Not applicable.
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.

Fair Value of Investments (De52

Fair Value of Investments (Details Textual)	12 Months Ended
	Dec. 31, 2015
Collateralized Loan Obligation Excess Spread	1.70%

Derivatives (Details)

Derivatives (Details) $ in Thousands	Dec. 31, 2014USD ($)
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value, Notional	$ 273,665
Derivative assets, at fair value, Fair Value	6,648
Derivative liabilities, at fair value, Notional	381,784
Derivative liabilities, at fair value, Fair Value	5,785
Interest rate 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	201,612
Derivative liabilities, at fair value, Fair Value	386
Credit contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value, Notional	72,265
Derivative assets, at fair value, Fair Value	2,798
Derivative liabilities, at fair value, Notional	180,172
Derivative liabilities, at fair value, Fair Value	5,399
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	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Primary Underlying Risk, Realized Gains (Losses)	$ (2,647)	$ (6,356)
Primary Underlying Risk, Change in Unrealized Gains/Losses	17,220	(30,432)
Primary Underlying Risk, Total	14,573	(36,788)
Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Primary Underlying Risk, Realized Gains (Losses)	(4,011)	5,205
Primary Underlying Risk, Change in Unrealized Gains/Losses	112	(1,067)
Primary Underlying Risk, Total	(3,899)	4,138
Credit contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Primary Underlying Risk, Realized Gains (Losses)	1,188	(9,798)
Primary Underlying Risk, Change in Unrealized Gains/Losses	14,319	(32,087)
Primary Underlying Risk, Total	15,507	(41,885)
Foreign exchange contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Primary Underlying Risk, Realized Gains (Losses)	176	(1,763)
Primary Underlying Risk, Change in Unrealized Gains/Losses	2,789	2,722
Primary Underlying Risk, Total	$ 2,965	$ 959

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
CLO Tranche on Corporate Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	8,000
Derivative Assets (Liabilities), at Fair Value, Net	343
CLO Tranche on Corporate Debt [Member] | Less Than One Year [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
CLO Tranche on Corporate Debt [Member] | One to Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	8,000
CLO Tranche on Corporate Debt [Member] | Over Five Years [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	0
CLO 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)
CLO 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
CLO 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
CLO 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
CLO 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
CLO 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
CLO 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
CLO 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	Dec. 31, 2014USD ($)Contracts
Long Exposure [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount | $	$ 497,170
Derivative, Number of Instruments Held | Contracts	35
Long Exposure [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount | $	$ 327,500
Derivative, Number of Instruments Held | Contracts	0
Long Exposure [Member] | Credit contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount | $	$ 69,670
Derivative, Number of Instruments Held | Contracts	34
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 | $	$ 171,151
Derivative, Number of Instruments Held | Contracts	10
Short Exposure [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount | $	$ 150,708
Derivative, Number of Instruments Held | Contracts	1
Short Exposure [Member] | Credit contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Average Yearly Notional Amount | $	$ 19,168
Derivative, Number of Instruments Held | Contracts	8
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) $ in Thousands	Dec. 31, 2014USD ($)
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 6,648
Derivative Asset, Collateral, Obligation to Return Cash, Offset	0
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	6,648
Derivative Asset Collateral Obligation To Financial Instrument Posted Received	(2,119)
Derivative, Collateral, Right to Reclaim Cash	0
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	4,529
Derivative Liability, Fair Value, Gross Liability	5,785
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	5,785
Derivative Liability Collateral Obligation To Financial Instrument Posted Received	(2,119)
Derivative, Collateral, Obligation to Return Cash	(1,801)
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	1,865
Investment Type [Member]
Schedule Of Gross And Net Information About Derivative Instruments [Line Items]
Derivative Asset, Fair Value, Gross Asset	6,648
Derivative Asset, Collateral, Obligation to Return Cash, Offset	0
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	6,648
Derivative Asset Collateral Obligation To Financial Instrument Posted Received	(2,119)
Derivative, Collateral, Right to Reclaim Cash	0
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	4,529
Derivative Liability, Fair Value, Gross Liability	5,785
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	5,785
Derivative Liability Collateral Obligation To Financial Instrument Posted Received	(2,119)
Derivative, Collateral, Obligation to Return Cash	(1,801)
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	$ 1,865

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets of Consolidated Funds
Cash and cash equivalents	$ 44,351	$ 7,664	$ 8,432	$ 7,637
Investments in affiliates, at fair value	5,242	104
Other assets	310	655
Total Assets	93,211	1,319,539
Liabilities of Consolidated Funds
Notes payable of consolidated CLOs, at fair value	1,255	0
Other liabilities	1,546	1,735
Total Liabilities	7,408	837,898
Variable Interest Entity, Primary Beneficiary [Member] | Consolidated Entities [Member]
Assets of Consolidated Funds
Cash and cash equivalents		93,370
Restricted cash		30,265
Investments, at fair value		1,117,015
Investments in affiliates, 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 CLOs, 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
CLOs [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Liabilities of Consolidated Funds
Notes payable of consolidated CLOs, at fair value		784,481
CLOs [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated Entities [Member]
Assets of Consolidated Funds
Cash and cash equivalents		34,399
Restricted cash		0
Investments, at fair value		789,410
Investments in affiliates, at fair value		0
Derivative assets, at fair value		509
Other assets		9,832
Total Assets		834,150
Liabilities of Consolidated Funds
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] | Consolidated Entities [Member]
Assets of Consolidated Funds
Cash and cash equivalents	33	58,971
Restricted cash	0	30,265
Investments, at fair value	30,509	327,605
Investments in affiliates, at fair value	0	34,762
Derivative assets, at fair value	0	6,139
Other assets	0	1,766
Total Assets	30,542	459,508
Liabilities of Consolidated Funds
Notes payable of consolidated CLOs, at fair value	0	0
Derivative liabilities, at fair value	0	3,411
Securities sold, not yet purchased	0	19,308
Due to broker	0	4,600
Other liabilities	101	2,441
Total Liabilities	$ 101	$ 29,760

Variable Interest Entities (D59

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

Management Fee Income and Inc60

Management Fee Income and Incentive Income (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 15,802		$ 18,561		$ 26,579
Management Fees, Incentive Revenue	[1]	7,131		65,889		18,835
Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		1,258		0		0
Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1]	$ 1,143		$ 0		$ 0
Maximum [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		0.50%		0.50%		50.00%
Maximum [Member] | Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Percentage of Incentive Income Earned	[1]	20.00%		20.00%		20.00%
Minimum [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		0.15%		0.15%		0.15%
Minimum [Member] | Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Percentage of Incentive Income Earned	[1]	10.00%		10.00%		10.00%
ZAIS Financial Corp. [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income						$ 2,104
Conditional Management Fees, Based on Net Asset Value, Percentage						1.50%
Funds and accounts [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 11,587		$ 16,282		$ 24,475
Funds and accounts [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1]	$ 5,988		$ 65,889		$ 18,835
Funds and accounts [Member] | Maximum [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		1.25%		1.50%		1.50%
Funds and accounts [Member] | Maximum [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Percentage of Incentive Income Earned	[1]	20.00%		20.00%		20.00%
Funds and accounts [Member] | Minimum [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		0.50%		0.50%		0.50%
Funds and accounts [Member] | Minimum [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Percentage of Incentive Income Earned		10.00%	[1]	10.00%	[1]	10.00%
ZFC REIT [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 2,957		$ 2,279
Conditional Management Fees, Based on Net Asset Value, Percentage		1.50%		1.50%
Gross Amount [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 15,802		$ 28,338		$ 36,751
Management Fees, Incentive Revenue	[1]	7,131		84,751		38,051
Gross Amount [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		1,258		7,030	[2]	6,767	[3]
Gross Amount [Member] | Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1]	1,143		11,921		11,620
Gross Amount [Member] | ZAIS Financial Corp. [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income						2,104
Gross Amount [Member] | Funds and accounts [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		11,587		19,029		27,880
Gross Amount [Member] | Funds and accounts [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1]	5,988		72,830		26,431
Gross Amount [Member] | ZFC REIT [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		2,957		2,279
Elimination [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		0		(9,777)		(10,172)
Management Fees, Incentive Revenue	[1]	0		(18,862)		(19,216)
Elimination [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		0		(7,030)		(6,767)
Elimination [Member] | Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1]	0		(11,921)		(11,620)
Elimination [Member] | ZAIS Financial Corp. [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income						0
Elimination [Member] | Funds and accounts [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		0		(2,747)		(3,405)
Elimination [Member] | Funds and accounts [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1]	0		(6,941)		$ (7,596)
Elimination [Member] | ZFC REIT [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 0		$ 0
[1]	Incentive income earned for certain of the ZAIS Managed entities is subject to a hurdle rate of return as specified in each respective ZAIS Managed Entities’ operative agreement.
[2]	Includes approximately $5.8 million of subordinated management fees received from one ZAIS Managed Entity which liquidated in 2014. These subordinated management fees related prior years and were unpaid, however, were subsequently paid upon liquidation of the ZAIS Managed Entity.
[3]	Includes approximately $4.0 million of subordinated management fees received from one ZAIS Managed Entity which liquidated in 2014. These subordinated management fees related prior years and were unpaid, however, were subsequently paid upon liquidation of the ZAIS Managed Entity.

Management Fee Income and Inc61

Management Fee Income and Incentive Income (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of Management Fee Income and Incentive Income [Line Items]
Accrued Management Fee Income	$ 1,670,000	$ 1,871,000
Accrued Incentive Income	859,000	2,412,000
Management Fees, Base Revenue	15,802,000	18,561,000	$ 26,579,000
Management Fee Credits	(221,000)	0	0
Incentive Fee Credits	$ (59,000)	(1,313,000)	(1,369,000)
ZAIS Managed Entity [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Base Revenue		$ 5,800,000	$ 4,000,000

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Cash and cash equivalents	$ 44,351	$ 7,664	$ 8,432	$ 7,637
Derivative assets (liabilities), net, at fair value		4,030
Notes Payable of Consolidated CLOs [Member]
Debt Instrument [Line Items]
Cash and cash equivalents		34,399
Investments		789,410
Derivative assets (liabilities), net, at fair value		(1,864)
Other assets (liabilities), net		(37,464)
Notes payable of consolidated CLOs, at fair value		784,481
Elimination of Consolidated Funds’ investments in CLOs		(34,762)
Notes payable of consolidated CLOs, at fair value (net of eliminations)		749,719
Notes Payable of Consolidated CLOs [Member] | Investments, Collateralized debt obligations [Member]
Debt Instrument [Line Items]
Investments		138,637
Notes Payable of Consolidated CLOs [Member] | Investments, Commercial mortgage-backed securities [Member]
Debt Instrument [Line Items]
Investments		1,606
Notes Payable of Consolidated CLOs [Member] | Investments, Residential mortgage-backed securities [Member]
Debt Instrument [Line Items]
Investments		13,174
Notes Payable of Consolidated CLOs [Member] | Investments, Asset-backed securities and other [Member]
Debt Instrument [Line Items]
Investments		22,308
Notes Payable of Consolidated CLOs [Member] | Investments, High yield corporate loans [Member]
Debt Instrument [Line Items]
Investments		$ 613,685

Debt Obligations (Details 1)

Debt Obligations (Details 1) - Notes Payable of Consolidated CLOs [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)
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) - USD ($)	Mar. 17, 2015	Dec. 31, 2014
Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,250,000
Notes Payable of Consolidated CLOs [Member]
Debt Instrument [Line Items]
Notes payable of consolidated CLOs, at fair value net of eliminations		$ 749,719,000

Compensation (Details)

Compensation (Details) - Class B-O Units [Member]	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
B-0 Units, Offered - Upon Closing of Business Combination | shares	1,369,119
B-0 Units, Awards not accepted due to resignation | shares	(16,327)
B-0 Units, Net granted - Upon Closing of Business Combination | shares	1,352,792
B-0 Units, Granted - Post-Closing of Business Combination | shares	50,000
B-0 Units, Forfeited | shares	(65,306)
B-0 Units, Vested | shares	0
B-0 Units, Balance at December 31, 2015 | shares	1,337,486
Offered - Upon Closing of Business Combination, Weighted Average Grant Date Fair Value per Unit | $ / shares	$ 9.7
Awards not accepted due to resignation, Weighted Average Grant Date Fair Value per Unit | $ / shares	9.7
Net granted - Upon Closing of Business Combination, Weighted Average Grant Date Fair Value per Unit | $ / shares	9.7
Granted - Post-Closing of Business Combination, Weighted Average Grant Date Fair Value per Unit | $ / shares	8.8
Forfeited, Weighted Average Grant Date Fair Value per Unit | $ / shares	9.7
Vested, Weighted Average Grant Date Fair Value per Unit | $ / shares	0
Balance at December 31, 2015, Weighted Average Grant Date Fair Value per Unit | $ / shares	$ 9.67

Compensation (Details 1)

Compensation (Details 1) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted | shares	30,000
RSUs, Forfeited | shares	0
RSUs, Vested | shares	0
RSUs, Balance at December 31, 2015 | shares	30,000
Granted, Weighted Average Grant Date Fair Value per Unit | $ / shares	$ 9.85
Forfeited, Weighted Average Grant Date Fair Value per Unit | $ / shares	0
Vested, Weighted Average Grant Date Fair Value per Unit | $ / shares	0
Balance at December 31, 2015, Weighted Average Grant Date Fair Value per Unit | $ / shares	$ 9.85

Compensation (Details Textual)

Compensation (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 17, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 4,925,000	$ 0	$ 0
Share-based Compensation, Total	$ 4,862,000
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, Number of Shares Authorized	6,800,000			1,600,000
Share Based Compensation Estimated Forfeiture Percentage	8.00%
Stock or Unit Option Plan Expense	$ 7,204,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year 2 months 16 days
Share-based Compensation, Total	$ 4,664,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 198,000
Share Based Compensation Estimated Forfeiture Percentage	0.00%
Restricted Stock or Unit Expense	$ 97,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	3 months 29 days
ZAIS Group, LLC [Member] | Income Unit Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 198,000	12,414,000	$ 3,979,000
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
Bonus Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Bonus Award Percentage	30.00%
Allocated Share-based Compensation Expense	$ 4,080,000	21,318,000	$ 20,282,000
Accrued Bonuses	4,971,000
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	$ 7,925,000	$ 7,752,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended											12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	[1]	Jun. 30, 2015	[1]	Mar. 31, 2015	[1]	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current provision:
Federal												$ 0	$ 0	$ 0
State and local												0	0	0
Foreign												155	381	329
Total current (benefit) expense												155	381	329
Deferred provision:
Federal												0	0	0
State and local												0	0	0
Foreign												0	0	0
Total deferred (benefit) expense												0	0	0
Total income tax (benefit) expense	$ 4,267	$ (1,528)		$ (1,682)		$ (902)		$ 362	$ 5	$ (304)	$ 318	$ 155	$ 381	$ 329
[1]	Subsequent to the filing of the March 31, 2015 10-Q, the Company elected to early adopt ASU 2015-02 with an effective date January 1, 2015. As a result of this adoption, the majority of the ZAIS Managed Entities which were consolidated in the March 31, 2015 10-Q were deconsolidated. Additionally, subsequent to the filing of the June 30, 2015 and September 30, 2015 10-Q’s, in December additional interpretations of ASU 2015-02 became available to the Company. As a result of these new interpretations, the Company reviewed its previous conclusions and determined that additional entities should be deconsolidated. There was no impact on the income (loss) allocated ZAIS Group Holdings, Inc. Stockholders as a result of this adoption. The March 31, 2015, June 30, 2015 and September 30, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, June 30, 2015 and September 30, 2015, respectively, subsequent to the adoption of ASU 2015-02. Refer to Note 3 for additional information regarding the adoption of ASU 2015-02.

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Tax Rate
Income tax (benefit) expense at the US federal statutory income tax rate	34.00%	35.00%	35.00%
State and local income tax, net of federal benefit	3.40%	0.00%	0.00%
Foreign Tax	(0.65%)	0.51%	0.67%
Effect of permanent differences	(3.02%)	0.00%	0.00%
Income attributable to non-controlling interests in Consolidated Funds not subject to tax	0.21%	(20.18%)	(32.90%)
Income attributable to non-controlling interests in ZGP not subject to tax	(16.45%)	(14.82%)	(2.10%)
Pre-Business Combination deferred tax assets	3.23%	0.00%	0.00%
Valuation Allowance	(21.38%)	0.00%	0.00%
Total	(0.65%)	0.51%	0.67%

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Net operating losses	$ 2,941	$ 0
Equity compensation	1,291	0
Start-up costs	766	0
Other temporary differences	70	0
Total deferred tax assets	5,068	0
Valuation allowance	(5,068)
Total deferred tax assets (net of valuation allowance)	0	0
Deferred tax liabilities:
Total deferred tax liabilities	0	0
Total net deferred tax assets (liabilities)	$ 0	$ 0

Income Taxes (Details 3)

Income Taxes (Details 3)	Dec. 31, 2015USD ($)
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 7,594,000
Expiration Date One [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	1,000
Expiration Date Two [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	83,000
Expiration Date Three [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	122,000
Expiration Date Four [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 7,388,000

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax [Line Items]
Deferred Tax Assets, Net	$ 0	$ 0
Deferred Tax Assets, Operating Loss Carryforwards, Total	2,941,000	$ 0
Deferred Tax Assets, Valuation Allowance	(5,068,000)
Before Acquisition of ZGP [Member]
Income Tax [Line Items]
Deferred Tax Assets, Net	4,301,000
Deferred Tax Assets, Operating Loss Carryforwards, Total	$ 767,000

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Due from Related Parties		$ 748,000	$ 648,000
Related Party Transaction, Amounts of Transaction		15,000
Employee Loans [Member]
Related Party Transaction [Line Items]
Due from Related Parties		66,000	100,000
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		27,918,000	28,319,000
Due from Related Parties		650,000	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		120,000	120,000	$ 120,000
Opportunity Master Fund, Ltd. [Member]
Related Party Transaction [Line Items]
Fair Value Hedge Assets			0	36,829,000
Fair Value Hedge Liabilities			4,000	69,323,000
Gain (Loss) on Fair Value Hedges Recognized in Earnings			459,000	$ 1,995,000
ZAIS CLO I and ZAIS CLO II [Member]
Related Party Transaction [Line Items]
Assets under Management, Carrying Amount		$ 562,329,000	$ 555,533,000

Fixed Assets (Details)

Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Office equipment	$ 3,088	$ 3,073
Leasehold improvements	853	938
Furniture and fixtures	574	569
Software	409	402
Property, Plant and Equipment, Gross	4,924	4,982
Less accumulated depreciation and amortization	(4,380)	(3,891)
Total	$ 544	$ 1,091

Fixed Assets (Details Textual)

Fixed Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization	$ 730	$ 460	$ 499

Commitments and Contingencies76

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2015USD ($)
Future Minimum Rental Payments For Operating Leases [Line Items]
Year Ending December 31, 2016	$ 938
Year Ending December 31, 2017	728
Operating Leases, Future Minimum Payments Due	$ 1,666

Commitments and Contingencies77

Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Future Minimum Rental Payments For Operating Leases [Line Items]
Operating Leases, Rent Expense	$ 1,488,000	$ 1,647,000	$ 1,419,000
Other Commitment, Total	51,000,000
Capital Contribution To Subsidiary	$ 15,400,000

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Stockholder Equity [Line Items]
Preferred Stock, Shares Authorized	2,000,000	2,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Class A [Member]
Stockholder Equity [Line Items]
Common Stock, Shares Authorized	180,000,000	180,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	13,870,917	0
Common Stock, Shares, Outstanding	13,870,917	0
Common Class B [Member]
Stockholder Equity [Line Items]
Common Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Par or Stated Value Per Share	$ 0.000001	$ 0.000001
Common Stock, Shares, Issued	20,000,000	0
Common Stock, Shares, Outstanding	20,000,000	0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended																12 Months Ended
		Dec. 31, 2015		Sep. 30, 2015	[3]	Jun. 30, 2015	[3]	Mar. 31, 2015	[3]	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Numerator:
Consolidated Net Income (Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic)																		$ (13,805)		$ 31,310	[1]	$ 2,615	[1]
Effect of dilutive securities:
Income tax (benefit) expense	[2]																	0		0		0
Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities																		$ (24,581)		$ 31,310		$ 2,615
Denominator:
Weighted average number of shares of Class A Common Stock		13,870,917		13,870,917		13,870,917		2,157,698		7,000,000	[4]	7,000,000	[4]	7,000,000	[4]	7,000,000	[4]	10,982,726	[5]	7,000,000	[6],[7]	7,000,000	[6],[7]
Effect of dilutive securities:
Weighted average number of Class A Units of ZGP																		7,000,000		0		0
Dilutive number of B-0 Units and RSUs	[8]																	0		0		0
Diluted weighted average shares outstanding		20,870,917		20,870,917		20,870,917		9,184,633		7,000,000	[4]	7,000,000	[4]	7,000,000	[4]	7,000,000	[4]	17,982,726	[5],[9],[10]	7,000,000	[10]	7,000,000	[10]
Consolidated Net Income (Loss), net of tax, per Class A common share - Basic		$ (0.68)		$ (0.04)		$ (0.21)		$ (0.38)		$ 1.15		$ (0.51)		$ 2.90		$ 0.93		$ (1.26)		$ 4.47		$ 0.37
Consolidated Net Income (Loss), net of tax, per Class A common share - Diluted		$ (0.68)	[11]	$ (0.06)		$ (0.21)		$ (0.38)		$ 1.15		$ (0.51)		$ 2.90		$ 0.93		$ (1.37)		$ 4.47		$ 0.37
ZAIS Group Parent, LLC [Member]
Effect of dilutive securities:
Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP																		$ (10,206)		$ 0		$ 0
ZAIS REIT Management, LLC [Member]
Effect of dilutive securities:
Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management, LLC Class B Members	[12]																	$ (570)		$ 0		$ 0
[1]	Consolidated Net Income (Loss), net of tax for all periods prior to the Business Combination is attributable to ZGP Founder Members
[2]	Income tax (benefit) / expense is calculated using an assumed tax rate of 31.72% and is net of a 100% valuation allowance. Refer Note 11 for details surrounding income taxes.
[3]	Subsequent to the filing of the March 31, 2015 10-Q, the Company elected to early adopt ASU 2015-02 with an effective date January 1, 2015. As a result of this adoption, the majority of the ZAIS Managed Entities which were consolidated in the March 31, 2015 10-Q were deconsolidated. Additionally, subsequent to the filing of the June 30, 2015 and September 30, 2015 10-Q’s, in December additional interpretations of ASU 2015-02 became available to the Company. As a result of these new interpretations, the Company reviewed its previous conclusions and determined that additional entities should be deconsolidated. There was no impact on the income (loss) allocated ZAIS Group Holdings, Inc. Stockholders as a result of this adoption. The March 31, 2015, June 30, 2015 and September 30, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, June 30, 2015 and September 30, 2015, respectively, subsequent to the adoption of ASU 2015-02. Refer to Note 3 for additional information regarding the adoption of ASU 2015-02.
[4]	Number of diluted shares outstanding for periods after the Business Combination takes into account non-controlling interests in ZGP that may be exchanged for Class A common stock under certain circumstances. Refer to Note 2 for the details regarding the number of Units used to calculate earnings per share for periods prior to the Business Combination.
[5]	Pro-rated based on the portion of the period preceding and following the Business Combination
[6]	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
[7]	Represents 100% ownership of ZAIS Group prior to the Business Combination.
[8]	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 Class B-0 Units are anti-dilutive and, consequently, have been excluded from the computation of diluted weighted average shares outstanding.
[9]	Number of diluted shares outstanding for periods after the Business Combination 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 regarding the number of units used to calculate earnings per share for periods prior to the Business Combination.
[10]	Number of diluted shares outstanding takes into account non-controlling interests of ZGP that may be exchanged for Class A Common Stock under certain circumstances.
[11]	7,000,000 Class A Units are anti-dilutive and excluded from the computation of diluted earnings per share.
[12]	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.

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Line Items]
Income Tax Expense Benefit Percentage	31.72%
Valuation Allowance Percentage	100.00%

Supplemental Financial Inform81

Supplemental Financial Information (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 44,351	$ 7,664	$ 8,432	$ 7,637
Income and fees receivable	2,529	4,283
Investments, at fair value	8,169
Investments in affiliates, at fair value	5,242	104
Due from related parties	748	648
Fixed assets, net	544	1,091
Prepaid expenses	776	1,543
Other assets	310	655
Total Assets	93,211	1,319,539
Liabilities
Notes payable	1,255	0
Compensation payable	3,575	6,094
Due to related parties	175	32
Fees payable	756	1,315
Other liabilities	1,546	1,735
Liabilities of Consolidated Funds
Total Liabilities	$ 7,408	$ 837,898
Commitments and Contingencies (Note 14)
Redeemable Non-controlling Interests	$ 0	$ 452,925
Equity
Preferred Stock	0	0
Additional paid-in-capital	60,817	0
Retained earnings (Accumulated deficit)	(13,805)	18,189
Accumulated other comprehensive income (loss)	158	186
Total stockholders’ equity, ZAIS Group Holdings, Inc.	47,171	18,376
Total Equity	85,803	28,716
Total Liabilities, Redeemable Non-controlling Interests and Equity	93,211	1,319,539
Intersegment Eliminations [Member]
Assets
Cash and cash equivalents	0	0
Income and fees receivable	0	(6,940)
Investments, at fair value	0
Investments in affiliates, at fair value	(15,525)	(1,648)
Due from related parties	0	(320)
Fixed assets, net	0	0
Prepaid expenses	0	0
Other assets	0	0
Liabilities
Notes payable	0
Compensation payable	0	0
Due to related parties	0	0
Fees payable	0	0
Other liabilities	0	0
Consolidation, Eliminations [Member]
Assets
Cash and cash equivalents	0	0
Income and fees receivable	0
Restricted cash	0	0
Investments, at fair value	0	0
Investments in affiliates, at fair value		(34,762)
Due from related parties	0
Derivative assets, at fair value		0
Fixed assets, net	0
Prepaid expenses	0
Other assets	0	(22)
Total Assets		(43,692)
Liabilities
Notes payable	0	(34,762)
Compensation payable	0
Due to related parties	0
Fees payable	0
Securities sold, not yet purchased		0
Derivative liabilities, at fair value		0
Due to broker		0
Other liabilities	0	(7,281)
Liabilities of Consolidated Funds
Total Liabilities		(42,043)
Equity
Preferred Stock	0
Equity attributable to non-controlling interests	(15,525)
Additional paid-in-capital	0
Retained earnings (Accumulated deficit)	0
Accumulated other comprehensive income (loss)	0
Total stockholders’ equity, ZAIS Group Holdings, Inc.	0
Equity attributable to non-controlling interests	(15,525)
Total Equity	(15,525)
Total Liabilities, Redeemable Non-controlling Interests and Equity	(15,525)
Eliminations [Member]
Assets
Total Assets	(15,525)
Liabilities of Consolidated Funds
Total Liabilities	0
Commitments and Contingencies (Note 14)	0	0
Redeemable Non-controlling Interests		0
Equity
Preferred Stock		0
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)
Equity attributable to non-controlling interests		0
Total Equity		(1,649)
Total Liabilities, Redeemable Non-controlling Interests and Equity		(43,692)
Consolidated Entities [Member]
Assets
Cash and cash equivalents	33	94,212
Restricted cash	0	30,265
Investments, at fair value	38,678	1,126,737
Investments in affiliates, at fair value	0	31,457
Derivative assets, at fair value	0	6,648
Other assets	0	11,577
Liabilities
Notes payable	0	749,719
Securities sold, not yet purchased	0	19,308
Derivative liabilities, at fair value	0	5,785
Due to broker	0	21,047
Other liabilities	101	32,863
Equity
Equity attributable to non-controlling interests	14,916	10,340
Equity attributable to non-controlling interests	14,916	10,340
ZAIS [Member]
Assets
Cash and cash equivalents	44,351	7,664
Income and fees receivable	2,529	11,223
Investments, at fair value	8,169
Investments in affiliates, at fair value	20,767	1,752
Due from related parties	748	968
Fixed assets, net	544	1,091
Prepaid expenses	776	1,543
Other assets	310	3,310
Total Assets	78,194	27,551
Liabilities
Notes payable	1,255
Compensation payable	3,575	6,094
Due to related parties	175	32
Fees payable	756	1,315
Other liabilities	1,546	1,735
Liabilities of Consolidated Funds
Total Liabilities	7,307	9,176
Commitments and Contingencies (Note 14)	0	0
Redeemable Non-controlling Interests		0
Equity
Preferred Stock	0	0
Equity attributable to non-controlling interests	23,716	0
Additional paid-in-capital	60,817	0
Retained earnings (Accumulated deficit)	(13,805)	18,188
Accumulated other comprehensive income (loss)	158	186
Total stockholders’ equity, ZAIS Group Holdings, Inc.	47,171	18,375
Equity attributable to non-controlling interests	23,716	0
Total Equity	70,887	18,375
Total Liabilities, Redeemable Non-controlling Interests and Equity	78,194	27,551
Consolidated Funds, Before Eliminations [Member]
Assets
Cash and cash equivalents	33	94,212
Restricted cash		30,265
Investments, at fair value	30,509	1,126,737
Investments in affiliates, at fair value		66,219
Derivative assets, at fair value		6,648
Other assets		11,599
Total Assets	30,542	1,335,680
Liabilities
Notes payable		784,481
Fees payable		0
Securities sold, not yet purchased		19,308
Derivative liabilities, at fair value		5,785
Due to broker		21,047
Other liabilities	101	40,144
Liabilities of Consolidated Funds
Total Liabilities	101	870,765
Commitments and Contingencies (Note 14)	0	0
Redeemable Non-controlling Interests		452,925
Equity
Preferred Stock	0
Equity attributable to non-controlling interests	30,441	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
Equity attributable to non-controlling interests	30,441	10,340
Total Equity	30,441	11,990
Total Liabilities, Redeemable Non-controlling Interests and Equity	30,542	1,335,680
ZAIS Group Parent, LLC [Member]
Equity
Preferred Stock		0
Equity attributable to non-controlling interests	23,716	0
Equity attributable to non-controlling interests	23,716	0
ZAIS Group Parent, LLC [Member] | Consolidated [Member]
Equity
Equity attributable to non-controlling interests	23,716	0
Equity attributable to non-controlling interests	23,716	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 Inform82

Supplemental Financial Information (Details 1) - USD ($) $ in Thousands		3 Months Ended											12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	[2]	Jun. 30, 2015	[2]	Mar. 31, 2015	[2]	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Management fee income													$ 15,802	$ 18,561	$ 26,579
Incentive income	[1]												7,131	65,889	18,835
Other revenues													298	481	1,265
Total Revenues		$ 5,013	$ 8,126		$ 5,400		$ 4,692		$ 71,788	$ 39,788	$ 58,160	$ 47,135	23,231	216,871	155,357
Expenses
Compensation and benefits													26,971	61,779	53,139
General, administrative and other													17,064	17,726	20,135
Depreciation and amortization													730	460	499
Total Expenses		10,428	11,303		12,271		10,969		40,920	27,022	23,666	100,257	44,971	191,865	113,755
Other Income (loss)
Net gain (loss) on investments													32	40	(418)
Other income (expense)													147	256	13
Impairment loss on goodwill													2,655	0	0
Total Other Income (Loss)		(2,089)	72		11		39		(22,474)	4,468	(1,950)	69,782	(1,967)	49,826	7,416
Income (loss) before income taxes													(23,707)	74,832	49,018
Income tax (benefit) expense		4,267	(1,528)		(1,682)		(902)		362	5	(304)	318	155	381	329
Discontinued Operations
Consolidated net income (loss), net of tax		$ (11,771)	$ (1,577)		$ (5,178)		$ (5,336)		$ 8,032	$ 17,229	$ 32,848	$ 16,342	(23,862)	74,451	48,689
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment													238	(622)	(131)
Total Comprehensive Income (Loss)													(23,624)	73,829	48,558
Eliminations [Member]
Revenues
Total Revenues													0	(40,305)	(30,686)
Expenses
Total Expenses													0	(41,140)	(33,482)
Other Income (loss)
Total Other Income (Loss)													(154)	(2,578)	(1,392)
Income (loss) before income taxes													(154)	(1,743)	1,404
Income tax (benefit) expense													0	0	0
Discontinued Operations
Consolidated net income (loss), net of tax													(154)	(1,743)	1,404
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment													0	0	0
Total Comprehensive Income (Loss)													(154)	(1,743)	1,404
Intersegment Eliminations [Member]
Revenues
Management fee income													0	(9,777)	(10,172)
Incentive income	[1]												0	(18,862)	(19,216)
Other revenues													0	(50)	(143)
Expenses
Compensation and benefits													0	0	0
General, administrative and other													0	0	0
Depreciation and amortization													0	0	0
Other Income (loss)
Net gain (loss) on investments													(154)	(1,474)	(1,392)
Other income (expense)													0	0	0
Impairment loss on goodwill													0
Consolidation, Eliminations [Member]
Revenues
Income of Consolidated Funds													0	(11,616)	(1,155)
Expenses
Expenses of Consolidated Funds													0	(41,140)	(33,482)
Other Income (loss)
Net gain (loss) on investments														(1,104)	0
ZAIS [Member]
Revenues
Management fee income													15,802	28,338	36,751
Incentive income													7,131	84,751	38,051
Other revenues													298	531	1,408
Income of Consolidated Funds													0	0	0
Total Revenues													23,231	113,620	76,210
Expenses
Compensation and benefits													26,971	61,779	53,139
General, administrative and other													17,064	17,726	20,135
Depreciation and amortization													730	460	499
Expenses of Consolidated Funds													0	0	0
Total Expenses													44,765	79,965	73,773
Other Income (loss)
Net gain (loss) on investments													186	1,514	974
Other income (expense)													147	256	13
Impairment loss on goodwill													(2,655)
Total Other Income (Loss)													(2,322)	1,770	987
Income (loss) before income taxes													(23,856)	35,425	3,424
Income tax (benefit) expense													155	381	329
Discontinued Operations
Consolidated net income (loss), net of tax													(24,011)	35,044	3,095
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment													238	(622)	(131)
Total Comprehensive Income (Loss)													(23,773)	34,422	2,964
Consolidated Funds, Before Eliminations [Member]
Revenues
Management fee income													0	0	0
Incentive income													0	0	0
Other revenues													0	0	0
Income of Consolidated Funds													0	143,556	109,833
Total Revenues													0	143,556	109,833
Expenses
Compensation and benefits													0	0	0
General, administrative and other													0	0	0
Depreciation and amortization													0	0	0
Expenses of Consolidated Funds													206	153,040	73,464
Total Expenses													206	153,040	73,464
Other Income (loss)
Net gain (loss) on investments													509	50,634	7,821
Other income (expense)													0	0	0
Impairment loss on goodwill													0
Total Other Income (Loss)													509	50,634	7,821
Income (loss) before income taxes													303	41,150	44,190
Income tax (benefit) expense													0	0	0
Discontinued Operations
Consolidated net income (loss), net of tax													303	41,150	44,190
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment													0	0	0
Total Comprehensive Income (Loss)													303	41,150	44,190
Consolidated Entities [Member]
Revenues
Income of Consolidated Funds													0	131,940	108,678
Expenses
Expenses of Consolidated Funds													206	111,900	39,982
Other Income (loss)
Net gain (loss) on investments													509	49,530	7,821
Impairment loss on goodwill													$ (2,655)	$ 0	$ 0
[1]	Incentive income earned for certain of the ZAIS Managed entities is subject to a hurdle rate of return as specified in each respective ZAIS Managed Entities’ operative agreement.
[2]	Subsequent to the filing of the March 31, 2015 10-Q, the Company elected to early adopt ASU 2015-02 with an effective date January 1, 2015. As a result of this adoption, the majority of the ZAIS Managed Entities which were consolidated in the March 31, 2015 10-Q were deconsolidated. Additionally, subsequent to the filing of the June 30, 2015 and September 30, 2015 10-Q’s, in December additional interpretations of ASU 2015-02 became available to the Company. As a result of these new interpretations, the Company reviewed its previous conclusions and determined that additional entities should be deconsolidated. There was no impact on the income (loss) allocated ZAIS Group Holdings, Inc. Stockholders as a result of this adoption. The March 31, 2015, June 30, 2015 and September 30, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, June 30, 2015 and September 30, 2015, respectively, subsequent to the adoption of ASU 2015-02. Refer to Note 3 for additional information regarding the adoption of ASU 2015-02.

Quarterly Results (Details)

Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015	[1]	Jun. 30, 2015	[1]	Mar. 31, 2015	[1]	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Total revenues	$ 5,013		$ 8,126		$ 5,400		$ 4,692		$ 71,788		$ 39,788		$ 58,160		$ 47,135		$ 23,231		$ 216,871		$ 155,357
Total expenses	10,428		11,303		12,271		10,969		40,920		27,022		23,666		100,257		44,971		191,865		113,755
Total other income (loss)	(2,089)		72		11		39		(22,474)		4,468		(1,950)		69,782		(1,967)		49,826		7,416
Income tax (benefit) expense	4,267		(1,528)		(1,682)		(902)		362		5		(304)		318		155		381		329
Consolidated net income (loss), net of tax	(11,771)		(1,577)		(5,178)		(5,336)		8,032		17,229		32,848		16,342		(23,862)		74,451		48,689
Allocation of Consolidated Net Income (Loss), net of tax
Redeemable non-controlling interests	0		0		0		0		(395)		21,183		10,656		9,596		0		41,040		44,323
Stockholders’ equity, ZAIS Group Holdings, Inc.	(9,468)		(568)		(2,947)		(822)		0		0		0		0		$ (13,805)		$ 0		$ 0
Consolidated Net Income (Loss), net of tax	$ (11,771)		$ (1,577)		$ (5,178)		$ (5,336)		$ 8,032		$ 17,229		$ 32,848		$ 16,342
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Basic	$ (0.68)		$ (0.04)		$ (0.21)		$ (0.38)		$ 1.15		$ (0.51)		$ 2.90		$ 0.93		$ (1.26)		$ 4.47		$ 0.37
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Diluted	$ (0.68)	[2]	$ (0.06)		$ (0.21)		$ (0.38)		$ 1.15		$ (0.51)		$ 2.90		$ 0.93		$ (1.37)		$ 4.47		$ 0.37
Weighted average shares of Class A common stock outstanding:
Basic	13,870,917		13,870,917		13,870,917		2,157,698		7,000,000	[3]	7,000,000	[3]	7,000,000	[3]	7,000,000	[3]	10,982,726	[4]	7,000,000	[5],[6]	7,000,000	[5],[6]
Diluted	20,870,917		20,870,917		20,870,917		9,184,633		7,000,000	[3]	7,000,000	[3]	7,000,000	[3]	7,000,000	[3]	17,982,726	[4],[7],[8]	7,000,000	[8]	7,000,000	[8]
Consolidated Entities [Member]
Allocation of Consolidated Net Income (Loss), net of tax
Non-controlling interests	$ 149		$ 0		$ 0		$ 0		$ 375		$ (415)		$ 1,885		$ 256		$ 149		$ 2,101		$ 1,751
Zais Group Parent [Member]
Allocation of Consolidated Net Income (Loss), net of tax
Non-controlling interests	$ (2,452)		$ (1,009)		$ (2,231)		$ (4,514)		$ 8,052		$ (3,539)		$ 20,307		$ 6,490		$ (10,206)		$ 31,310	[9]	$ 2,615	[9]
[1]	Subsequent to the filing of the March 31, 2015 10-Q, the Company elected to early adopt ASU 2015-02 with an effective date January 1, 2015. As a result of this adoption, the majority of the ZAIS Managed Entities which were consolidated in the March 31, 2015 10-Q were deconsolidated. Additionally, subsequent to the filing of the June 30, 2015 and September 30, 2015 10-Q’s, in December additional interpretations of ASU 2015-02 became available to the Company. As a result of these new interpretations, the Company reviewed its previous conclusions and determined that additional entities should be deconsolidated. There was no impact on the income (loss) allocated ZAIS Group Holdings, Inc. Stockholders as a result of this adoption. The March 31, 2015, June 30, 2015 and September 30, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, June 30, 2015 and September 30, 2015, respectively, subsequent to the adoption of ASU 2015-02. Refer to Note 3 for additional information regarding the adoption of ASU 2015-02.
[2]	7,000,000 Class A Units are anti-dilutive and excluded from the computation of diluted earnings per share.
[3]	Number of diluted shares outstanding for periods after the Business Combination takes into account non-controlling interests in ZGP that may be exchanged for Class A common stock under certain circumstances. Refer to Note 2 for the details regarding the number of Units used to calculate earnings per share for periods prior to the Business Combination.
[4]	Pro-rated based on the portion of the period preceding and following 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]	Represents 100% ownership of ZAIS Group prior to the Business Combination.
[7]	Number of diluted shares outstanding for periods after the Business Combination 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 regarding the number of units used to calculate earnings per share for periods prior to the Business Combination.
[8]	Number of diluted shares outstanding takes into account non-controlling interests of ZGP that may be exchanged for Class A Common Stock under certain circumstances.
[9]	Amount represents the allocation to controlling interests in ZAIS Group Parent, LLC for all periods prior to the Business Combination

Quarterly Results (Details Text

Quarterly Results (Details Textual)	12 Months Ended
	Dec. 31, 2015shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,000,000

Subsequent Events (Details Text

Subsequent Events (Details Textual)	Mar. 08, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Asset Management Income [Member]
Subsequent Event [Line Items]
Increase (Decrease) in Deferred Revenue			$ (775,000)
Management Fees [Member]
Subsequent Event [Line Items]
Increase (Decrease) in Deferred Revenue			$ (3,000,000)
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Severance Costs		$ 628,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated	22
Annualized Run Rate Savings on Force Reduction	$ 3,500,000