ZAIS (ZAIS) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 10, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	ZAIS Group Holdings, Inc.
Entity Central Index Key	1,562,214
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ZAIS
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,900,917
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	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 38,460	$ 44,351
Income and fees receivable	1,602	2,529
Investments, at fair value	0	8,169
Investments in affiliates, at fair value	5,182	5,242
Due from related parties	946	748
Fixed assets, net	477	544
Prepaid expenses	910	776
Other assets	1,016	310
Total Assets	90,619	93,211
Liabilities
Notes payable	1,257	1,255
Compensation payable	2,581	3,575
Due to related parties	161	175
Fees payable	381	756
Other liabilities	1,708	1,546
Total Liabilities	$ 6,161	$ 7,408
Commitments and Contingencies (Note 12)
Equity
Preferred Stock, $0.0001 par value; 2,000,000 shares authorized; 0 shares issued and outstanding.	$ 0	$ 0
Additional paid-in capital	61,045	60,817
Retained earnings (Accumulated deficit)	(18,639)	(13,805)
Accumulated other comprehensive income (loss)	122	158
Total stockholders’ equity, ZAIS Group Holdings, Inc.	42,529	47,171
Total Equity	84,458	85,803
Total Liabilities and Equity	90,619	93,211
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	0	33
Investments, at fair value	42,026	30,509
Liabilities
Notes payable		1,255
Other liabilities	73	101
Equity
Non-controlling interests	20,557	14,916
ZAIS Group Parent, LLC [Member]
Equity
Non-controlling interests	$ 21,372	$ 23,716

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	13,870,917
Common Stock, Shares, Outstanding	13,870,917	13,870,917
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	20,000,000
Common Stock, Shares, Outstanding	20,000,000	20,000,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	[1]
Revenues
Management fee income		$ 3,569	$ 3,753
Incentive income		152	908
Other revenues		80	31
Total Revenues		3,801	4,692
Expenses
Compensation and benefits		9,007	6,570
General, administrative and other		3,210	4,337
Depreciation and amortization		63	62
Total Expenses		12,299	10,969
Other income (loss)
Net gain (loss) on investments		(18)	43
Other income (expense)		605	(4)
Total Other Income (Loss)		2,104	39
Income (loss) before income taxes		(6,394)	(6,238)
Income tax (benefit) expense		5	(902)
Consolidated net income (loss), net of tax		(6,399)	(5,336)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(54)	192
Total Comprehensive Income (Loss)		(6,453)	(5,144)
Allocation of Consolidated Net Income (Loss), net of tax
Stockholders’ equity, ZAIS Group Holdings, Inc.		(4,834)	(822)
Consolidated net income (loss), net of tax		(6,399)	(5,336)
Allocation of Total Comprehensive Income (Loss)
Stockholders’ equity, ZAIS Group Holdings, Inc.		(4,870)	(694)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest		$ (6,453)	$ (5,144)
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Basic		$ (0.35)	$ (0.38)
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Diluted		$ (0.35)	$ (0.38)
Weighted average shares of Class A common stock outstanding:
Basic		13,870,917	2,157,698	[2]
Diluted	[3]	20,870,917	9,157,698	[2],[4]
Consolidated Entities [Member]
Expenses
Expenses of Consolidated Funds		$ 19	$ 0
Other income (loss)
Net gain (loss) on investments		1,517	0
Allocation of Consolidated Net Income (Loss), net of tax
Non-controlling interests		734	0
Allocation of Total Comprehensive Income (Loss)
Non-controlling interests		734	0
ZAIS Group Parent, LLC [Member]
Allocation of Consolidated Net Income (Loss), net of tax
Non-controlling interests		(2,299)	(4,514)
Allocation of Total Comprehensive Income (Loss)
Non-controlling interests		$ (2,317)	$ (4,450)
[1]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.
[2]	Pro-rated based on the portion of the period preceding and following the Business Combination
[3]	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.
[4]	Number of diluted shares outstanding for periods after the Business Combination (as defined in Note 1) takes into account non-controlling interests in ZAIS Group Parent, LLC that may be exchanged for Class A common stock under certain circumstances.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity and Non-controlling Interests - 3 months ended Mar. 31, 2016 - 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]
Beginning of the period at Dec. 31, 2015	$ 85,803	$ 1	$ 0	$ 60,817	$ (13,805)	$ 158	$ 23,716	$ 14,916
Beginning of the period (in shares) at Dec. 31, 2015		13,870,917	20,000,000
Capital contributions	4,907	$ 0	$ 0	0	0	0	0	4,907
Capital distributions	(142)	0	0	0	0	0	(142)	0
Equity-based compensation charges	343	0	0	228	0	0	115	0
Consolidated net income (loss)	(6,399)	0	0	0	(4,834)	0	(2,299)	734
Other comprehensive income (loss)	(54)	0	0	0	0	(36)	(18)	0
End of the period at Mar. 31, 2016	$ 84,458	$ 1	$ 0	$ 61,045	$ (18,639)	$ 122	$ 21,372	$ 20,557
End of the period (in shares) at Mar. 31, 2016		13,870,917	20,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Consolidated net income (loss)	$ (6,399)	$ (5,336)	[1]
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	63	62	[1]
Net (gain) loss on investments	18	(43)	[1]
Non-cash equity-based compensation	343	332	[1]
Interest expense on notes payable	2	0	[1]
Operating cash flows due to changes in:
Income and fees receivable	927	8,153	[1]
Due from related parties	(198)	22	[1]
Prepaid expenses	(134)	(976)	[1]
Other assets	(715)	(37)	[1]
Deferred tax asset	0	(568)	[1]
Compensation payable	(994)	(4,892)	[1]
Due to related parties	(15)	91	[1]
Fees payable	(375)	16	[1]
Other liabilities	162	280	[1]
Consolidated Funds related items:
Net Cash Provided by (Used in) Operating Activities	(18,827)	(2,897)	[1]
Cash Flows from Investing Activities
Purchases of fixed assets, net	0	(67)	[1]
Distributions from investments in affiliates	57	17
Purchases of investments	(11)	0	[1]
Proceeds from sales of investments	8,174	0	[1]
Net Cash Provided by (Used in) Investing Activities	8,220	(50)	[1]
Cash Flows from Financing Activities
Net proceeds from Business Combination	0	73,516	[1]
Ending cash at HF2 Financial Management, Inc.	0	2	[1]
Proceeds from issuance of notes payable	0	1,250	[1]
Contributions from non-controlling interests in Consolidated Funds	4,907	0	[1]
Distributions to non-controlling interests in ZGP	(142)	0	[1]
Net Cash Provided by (Used in) Financing Activities	4,765	74,768	[1]
Net increase (decrease) in cash and cash equivalents denominated in foreign currency	(49)	195	[1]
Net increase (decrease) in cash and cash equivalents	(5,891)	72,016	[1]
Cash and cash equivalents, beginning of period	44,351	7,664	[1]
Cash and cash equivalents, end of period	38,460	79,680	[1]
Consolidated Entities [Member]
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Net (gain) loss on investments	(1,517)	0	[1]
Consolidated Funds related items:
Purchases of investments in affiliated securities	(10,000)	0	[1]
Net change in unrealized (gain) loss on investments	(1,517)	0	[1]
Change in cash and cash equivalents	33	0	[1]
Change in other liabilities	(28)	$ 0	[1]
Cash Flows from Financing Activities
Cash and cash equivalents, beginning of period	33
Cash and cash equivalents, end of period	$ 0
[1]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.

Organization

Organization	3 Months Ended
	Mar. 31, 2016
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. (“ZFC REIT”), 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 bank loans, corporate credit instruments such as collateralized debt obligations (“CDOs”), collateralized loan obligations (together with CDOs referred to as “CLOs”), mortgage loans and various securities and instruments backed by these asset classes. ZAIS Group had approximately $ 3.991 The Company’s primary sources of revenues are (i) management fee income, which is based predominantly on the AUM 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 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 . The Business Combination is described in detail in ZAIS’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the "Annual Report on Form 10-K”). 66.5

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	2 . Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited, interim, consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as contained within the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification ("ASC") and the rules and regulations of the SEC for interim reporting. In the opinion of management, all adjustments considered necessary for a fair statement of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for the interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP as contained in the ASC have been condensed or omitted from the unaudited interim consolidated financial statements according to the SEC rules and regulations. The information and disclosures contained in these unaudited interim consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K. 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 March 2016, the FASB issued Accounting Standards Update "(“ASU”) No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In May 2014, the FASB issued ASU No. 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. 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 are primarily comprised of Class A Units of ZGP held by the ZGP Founder Members.

Investments in Affiliates

Investments in Affiliates	3 Months Ended
	Mar. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	3. 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 March 31, 2016 and December 31, 2015, the fair value of these investments was approximately $ 5,182 5,242 23 At March 31, 2016 and December 31, 2015, 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	3 Months Ended
	Mar. 31, 2016
Assets, Fair Value Disclosure [Abstract]
Fair Value Disclosures [Text Block]	4. 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 non-active 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. 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 collateralized 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. The fair value of the CLO - Warehouse is 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, unless ZAIS Group determines that the securitization period will not be achieved, in which case, the fair value of the CLO - Warehouse will be established based on the fair value of the underlying bank loan positions which are valued in a manner consistent with ZAIS Group’s valuation policy and procedures. The net excess spread was 5.1 1.7 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 March 31, 2016 and December 31, 2015, the Company held investments in five unconsolidated ZAIS Managed Entities. The valuation of the investments in these entities represents the amount the Company would receive at March 31, 2016 and December 31, 2015, 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. March 31, 2016 ( Dollars in thousands ) Level 1 Level 2 Level 3 Total Assets, at fair value Investments in affiliates $ — $ 5,182 $ — $ 5,182 Investments, at fair value CLO – Warehouse — — 42,026 42,026 Total investments, at fair value — — 42,026 42,026 Total assets, at fair value $ — $ 5,182 $ 42,026 $ 47,208 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 March 31, 2016 ( Dollars in thousands ) Beginning Purchases/ Sales/ Total Transfers Ending Change in CLO - Warehouse $ 30,509 $ 10,000 $ — $ 1,517 $ — $ 42,026 $ 1,517 Total assets, at fair value $ 30,509 $ 10,000 $ — $ 1,517 $ — $ 42,026 $ 1,517 The following table summarizes the changes in the Company’s Level 3 assets and liabilities for the year ended December 31, 2015: December 31, 2015 ( Dollars in thousands ) Beginning Purchases/ Sales/ Total Transfers Ending Change in CLO - Warehouse $ — $ 30,000 $ — $ 509 $ — $ 30,509 $ 509 Total assets, at fair value $ — $ 30,000 $ — $ 509 $ — $ 30,509 $ 509 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 three months ended March 31, 2016 and the year ended December 31, 2015.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity Disclosure [Text Block]	5. Variable Interest Entities (“VIEs”) 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. The Company applies the guidance of ASU 2015-02 Consolidation (Topic 810): Amendments to the Consolidation Analysis Funds The Company has determined that the fee it receives from several of the hedge funds and hybrid private equity funds ZAIS Group manages 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 these entities when determining if ZAIS Group’s fee represented a variable interest. As of March 31, 2016 and December 31, 2015, the Company has determined that ZAIS Group is the primary beneficiary of ZAIS Zephyr A-6, LP, which is consolidated in these unaudited consolidated financial statements. ZAIS Group is the primary beneficiary since it is deemed to have (i) the power to direct activities of the entity 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 entity. Securitized Structures ZAIS Group and certain of its wholly owned subsidiaries act as collateral manager for CLOs that are VIEs. These CLOs 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. The Company has determined that the fee it receives from the CLOs 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. March 31, 2016 December 31, 2015 Funds Funds (Dollars in thousands) Assets Assets of Consolidated Funds Cash and cash equivalents $ — $ 33 Investments, at fair value 42,026 30,509 Total Assets $ 42,026 $ 30,542 Liabilities Liabilities of Consolidated Funds Other liabilities $ 73 $ 101 Total Liabilities $ 73 $ 101 The assets presented in the table above belong to the investors in the applicable entity, 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. 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 March 31, 2016 or December 31, 2015.

Management Fee Income and Incen

Management Fee Income and Incentive Income	3 Months Ended
	Mar. 31, 2016
Management Fee Income and Incentive Income [Abstract]
Management Fee Income and Incentive Income [Text Block]	6. 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 ZAIS Group’s consolidated subsidiary ZAIS REIT Management, LLC (“ZAIS REIT Management”) and ZFC REIT. Refer to Note 17 for additional information regarding the investment advisory agreement between ZAIS REIT Management and ZFC REIT. Twenty percent of the management fee income received from ZFC REIT is paid to holders of Class B interests in ZAIS REIT Management. For the three months ended March 31, 2016, the twenty percent is recorded 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 three months ended March 31, 2015, the twenty percent is recorded 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 and certain of its wholly owned subsidiaries act as collateral manager. The subordinated management fee is an additional payment for the same collateral management 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 cumulative profits, subject to the return of contributed capital (and subordinate management fees, if any), and a preferred inception to date return as specified in the respective CLOs’ collateral management agreements. ZAIS Group does not earn incentive income from ZFC REIT. Three Months Ended March 31, 2016 ( Dollars in thousands ) Gross Net Fee Range Amount Elimination Amount Management Fee Income Funds and accounts 0.50% - 1.25% $ 2,397 $ — $ 2,397 CLO’s 0.15% - 0.50% 405 — 405 ZFC REIT 1.50% 767 — 767 Total $ 3,569 $ — $ 3,569 Incentive Income (1) Funds and accounts 10% - 20% $ 152 $ — $ 152 CLO’s 20% — — — Total $ 152 $ — $ 152 Three Months Ended March 31, 2015 ( Dollars in thousands ) Gross Net Fee Range Amount Elimination Amount Management Fee Income Funds and accounts 0.50% - 1.25% $ 3,035 $ — $ 3,035 CLO’s 0.15% - 0.50% 144 — 144 ZFC REIT 1.50% 574 — 574 Total $ 3,753 $ — $ 3,753 Incentive Income (1) Funds and accounts 10% - 20% $ 35 $ — $ 35 CLO’s 10% - 20% 873 — 873 Total $ 908 $ — $ 908 (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. The management fee income amounts above are net of management fee credits of $ 54,000 65,000 At March 31, 2016, approximately $ 1,602,000 0 1,670,000 859,000

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	7. 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

Compensation

Compensation	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	8. 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 On March 29, 2016, the Compensation Committee of the Board of Directors of ZAIS adopted a retention payment plan for certain employees of ZAIS Group (the "Retention Payment Plan"). The Retention Payment Plan applies to approximately 60 employees of ZAIS Group who have an annual base salary of less than $300,000. 4.5 In addition, on March 1, 2016, the Compensation Committee of the Board of Directors of ZAIS approved a retention payment of $ 900,000 ZAIS Group has entered into 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 (referred to as “Points”). 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. Pursuant to the terms of the Income Unit Plan, a payout of 85 30 On March 8, 2016, the Company commenced a reduction in force which will result in a decrease of 22 707,000 force. The Company immediately recognizes all severance expense for employees who are not required to provide services or those employees who are not being retained beyond the 60 severance expense is amortized equally over the required service period. The following table presents a detailed breakout of compensation expense recorded for the three months ended March 31, 2016 and March 31, 2015: Three Months Ended Three Months Ended Salaries $ 3,280,000 $ 3,592,000 Bonus 3,898,000 1,499,000 Points — — Commissions — 15,000 Income Unit Plan — 198,000 Equity-Based Compensation 343,000 261,000 Severance 642,000 — Payroll taxes and benefits 844,000 1,005,000 Total compensation and benefits $ 9,007,000 $ 6,570,000 Equity-Based Compensation In conjunction with the closing of the Business Combination on March 17, 2015, ZGP authorized 1,600,000 "Compensation - Stock Compensation” Number of Weighted Balance at December 31, 2015 1,337,486 $ 9.67 Granted 100,000 6.34 Forfeited (148,708) 9.70 Vested — — Balance at March 31, 2016 1,288,778 $ 9.40 The total compensation expense expected to be recognized 29.6 5,000,000 0.96 8 29.6 17.2 4.4 (983,000) Pursuant to ZAIS’s 2015 Stock Incentive Plan, non-employee directors of ZAIS receive restricted stock units (“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 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” The following table presents the unvested RSU activity during the three months ended March 31, 2016: Number of Weighted Balance at December 31, 2015 30,000 $ 9.85 Granted — — Forfeited — — Vested — — Balance at March 31, 2016 30,000 $ 9.85 The total expense expected to be recognized in all future periods associated with the RSUs, considering estimated forfeitures of 0 24,000 0.08

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	9. Income Taxes 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 for the period prior to the closing of the Business Combination 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. The Company recorded income tax expense of $ 5,000 (902,000) Three Months Ended March 31, 2016 2015 Income tax (benefit) expense at the U.S. federal statutory income tax rate 34.00 % 35.00 % State and local income tax, net of federal benefit 4.49 % 1.38 % Foreign tax -0.08 % 5.33 % Effect of permanent differences -0.03 % 0.00 % Income attributable to non-controlling interests in Consolidated Funds not subject to tax 3.90 % 0.00 % Income attributable to non-controlling interests in ZGP not subject to tax -12.22 % -26.75 % Valuation allowance -30.15 % 0.00 % Total -0.09 % 14.96 % The Company’s effective tax rate for the periods 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. For the three months ended March 31, 2016, the net effective tax rate represents the taxes accrued related to the Company’s operations in jurisdictions outside the U.S. as a full valuation allowance has been established on the tax benefit related to U.S. federal, state and local income taxes on the Company’s allocable share of the consolidated results of operations. For the three months ended March 31, 2015, the net effective tax rate represents a tax benefit related to the Company’s operations in jurisdictions outside the U.S. as well as a tax benefit related to U.S. federal, state and local income taxes on the Company’s allocable share of the consolidated results of operations. 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. These temporary differences result in taxable or deductible amounts in future years. Deferred tax assets are included in deferred tax assets on the accompanying consolidated statements of financial condition. As of March 31, 2016, the Company had total deferred tax assets of $ 6,229,000 767,000 As of March 31, 2015, the Company had total deferred tax assets of $ 569,000 12,706,000 2032 $ 1,000 2033 83,000 2034 122,000 2035 7,388,000 2036 5,112,000 Total $ 12,706,000 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 March 31, 2016, 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 recorded a book loss for the three months ended March 31, 2016 and it is anticipated that expenses will continue to exceed revenues in 2016. 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 continues to believe that it is not more likely than not that its deferred tax asset will be realized and the Company has continued to maintain the full valuation allowance against the deferred tax asset of as of March 31, 2016. The Company has recorded an additional $ 1,928,000 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 three months ended March 31, 2016 and March 31, 2015, 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	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	10. Related Party Transactions ZAIS Group offers a range of alternative and traditional investment strategies through the ZAIS Managed Entities. ZAIS Group earns substantially all of its management fee income and incentive income from the ZAIS Managed Entities, which are considered related parties as the Company manages the operations of, and makes investment decisions for, these entities. The Company considers ZAIS Group’s principals, executives, employees and all ZAIS Managed Entities to be affiliates and related parties. ZAIS Group invests in some of its subsidiaries and some of the ZAIS Managed Entities. Investments in subsidiaries and certain ZAIS Managed Entities that are consolidated are eliminated. Investments in certain ZAIS Managed Entities not consolidated are further described in Note 3. ZAIS Group did not charge management fees or earn incentive income on investments made in the ZAIS Managed Entities (excluding CLOs) by ZAIS Group’s principals, executives, employees and other related parties. The total amount of investors’ capital balances that are not being charged fees were approximately $ 17,194,000 30,044,000 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 AUM that are not being charged fees were approximately $ 562,841,000 556,677,000 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 March 31, 2016 and December 31, 2015, approximately $842,000 and $ 650,000 ZGP has entered into a two-year Consulting Agreement (the “Consulting Agreement”) 500,000 125,000 20,000 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 has entered into a month to month lease agreement with an affiliate of RQSI, Ltd to jointly occupy our UK office. The agreement is terminable upon 30 days’ notice. While there is currently no charge associated with the lease, the total market value of the agreement is approximately $ 15,000 ZAIS Group is a party to a consulting agreement with Tracy Rohan, Mr. Zugel’s sister-in-law, pursuant to which Ms. Rohan provides services to ZAIS Group relating to event planning, promotion, web and print branding and related services. Pursuant to the consulting agreement, Ms. Rohan earned approximately $ 27,000 29,000 At March 31, 2016 and December 31, 2015, approximately $68,000 and $66,000 respectively, relating to employee loans were included in due from related parties in the consolidated statements of financial condition.

Fixed Assets

Fixed Assets	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	11. Fixed Assets March 31, December 31, 2016 2015 ( Dollars in thousands ) Office equipment $ 3,088 $ 3,088 Leasehold improvements 848 853 Furniture and fixtures 574 574 Software 409 409 4,919 4,924 Less accumulated depreciation and amortization (4,442) (4,380) Total $ 477 $ 544 For the three months ended March 31, 2016 and March 31, 2015, depreciation and amortization expense amounted to approximately $ 63,000 62,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies Capital Commitments As of March 31, 2016, a portion of the proceeds of the Business Combination had been committed to expand existing product lines. Up to $ 51 20.5 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 Nine Months Ending December 31, 2016 $ 685 Ten Months Ending October 31, 2017 712 $ 1,397 Rent expense is amortized on a straight-line basis and is included in general, administrative and other in the consolidated statements of comprehensive income (loss). For the three months ended March 31, 2016 and March 31, 2015, rent expense amounted to approximately $ 244,000 359,000 Litigation From time to time, ZAIS Group may become involved in various claims, formal regulatory inquiries and legal actions arising in the ordinary course of business. The Company discloses information regarding such inquiries if disclosure is required pursuant to accounting and financial reporting standards. While we are currently involved in a formal regulatory inquiry, in management’s opinion the matter is not appropriate for accrual or disclosure in the financial statements at March 31, 2016. 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. Gain Contingencies On April 7, 2016 the Company received notification from one of its insurance providers that the Company’s claim for reimbursement of certain legal costs relating to a formal regulatory inquiry had been approved. The total approved claim reimbursement for all legal costs incurred in excess of the $500,000 deductible was approximately $ 697,000 "Contingencies – Gain Contingencies” 545,000 155,000 700,000

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	13. 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	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	14. 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 0.000001

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	15. 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. Three Three Months Ended Months Ended March 31, 2016 March 31, 2015 (Dollars in thousands, except shares and Numerator: Consolidated Net Income (Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic) $ (4,834) $ (822) Effect of dilutive securities: Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP (2,299) (4,514) Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management Class B Members (1) (142) — Income tax (benefit) expense (2) — 1,844 Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities $ (7,275) $ (3,492) Denominator: Weighted average number of shares of Class A Common Stock 13,870,917 2,157,698 Effect of dilutive securities: Weighted average number of Class A Units of ZGP 7,000,000 7,000,000 Dilutive number of Class B-0 Units and RSUs (3) — — Diluted weighted average shares outstanding (4) 20,870,917 9,157,698 Consolidated Net Income (Loss), net of tax, per Class A common share – Basic $ (0.35) $ (0.38) Consolidated Net Income (Loss), net of tax, per Class A common share – Diluted $ (0.35) $ (0.38) (1) – Amount represents portion of the management fee income received from ZFC REIT that is payable to holders of Class B interests in ZAIS Group’s consolidated subsidiary ZAIS REIT Management. (2) – Income tax (benefit) / expense for the three months ended March 31, 2016 is calculated using an assumed tax rate of 39.90 100 40.85 (3) – The treasury stock method is used to calculate incremental Class A common shares on potentially dilutive Class A common shares resulting from unvested Class B-0 Units granted in connection with and subsequent to the Business Combination and unvested RSUs granted to non-employee directors. These units are anti-dilutive and, consequently, have been excluded from the computation of diluted weighted average shares outstanding. (4) – 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	3 Months Ended
	Mar. 31, 2016
Statement of Financial Position [Abstract]
Consolidated Funds on the Company’s Financial Position [Text Block]	16. Supplemental Financial Information The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial position at March 31, 2016 and December 31, 2015, and results of operations for the three months ended March 31, 2016 and March 31, 2015. Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. March 31, 2016 ZAIS Consolidated Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 38,460 $ — $ — $ 38,460 Income and fees receivable 1,602 — — 1,602 Investments in affiliates, at fair value 26,578 — (21,396) 5,182 Due from related parties 946 — — 946 Fixed assets, net 477 — — 477 Prepaid expenses 910 — — 910 Other assets 1,016 — — 1,016 Assets of Consolidated Funds Investments, at fair value — 42,026 — 42,026 Total Assets $ 69,989 $ 42,026 $ (21,396) $ 90,619 Liabilities and Equity Liabilities Notes payable $ 1,257 $ — $ — $ 1,257 Compensation payable 2,581 — — 2,581 Due to related parties 161 — — 161 Fees payable 381 — — 381 Other liabilities 1,708 — — 1,708 Liabilities of Consolidated Funds Other liabilities — 73 — 73 Total Liabilities 6,088 73 — 6,161 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 61,045 — — 61,045 Retained earnings (Accumulated deficit) (18,639) — — (18,639) Accumulated other comprehensive income (loss) 122 — — 122 Total stockholders’ equity, ZAIS Group Holdings, Inc. 42,529 — — 42,529 Non-controlling interests in ZAIS Group Parent, LLC 21,372 — — 21,372 Non-controlling interests in Consolidated Funds — 41,953 (21,396) 20,557 Total Equity 63,901 41,953 (21,396) 84,458 Total Liabilities and Equity $ 69,989 $ 42,026 $ (21,396) $ 90,619 December 31, 2015 ZAIS Consolidated 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 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 12) 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 and Equity $ 78,194 $ 30,542 $ (15,525) $ 93,211 Three months Ended March 31, 2016 ZAIS Consolidated Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 3,569 $ — $ — $ 3,569 Incentive income 152 — — 152 Other revenues 80 — — 80 Total Revenues 3,801 — — 3,801 Expenses Compensation and benefits 9,007 — — 9,007 General, administrative and other 3,210 — — 3,210 Depreciation and amortization 63 — — 63 Expenses of Consolidated Funds — 19 — 19 Total Expenses 12,280 19 — 12,299 Other Income (loss) Net gain (loss) on investments 746 — (764) (18) Other income (expense) 605 — — 605 Net gains (losses) of Consolidated Funds’ investments — 1,517 — 1,517 Total Other Income (Loss) 1,351 1,517 (764) 2,104 Income (loss) before income taxes (7,128) 1,498 (764) (6,394) Income tax (benefit) expense 5 — — 5 Consolidated net income (loss), net of tax (7,133) 1,498 (764) (6,399) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment (54) — — (54) Total Comprehensive Income (Loss) $ (7,187) $ 1,498 $ (764) $ (6,453) Three months Ended March 31, 2015 ZAIS Consolidated Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 3,753 $ — $ — $ 3,753 Incentive income 908 — — 908 Other revenues 31 — — 31 Total Revenues 4,692 — — 4,692 Expenses Compensation and benefits 6,570 — — 6,570 General, administrative and other 4,337 — — 4,337 Depreciation and amortization 62 — — 62 Expenses of Consolidated Funds — — — — Total Expenses 10,969 — — 10,969 Other Income (loss) Net gain (loss) on investments 43 — — 43 Other income (expense) (4) — — (4) Net gains (losses) of Consolidated Funds’ investments — — — — Total Other Income (Loss) 39 — — 39 Income (loss) before income taxes (6,238) — — (6,238) Income tax (benefit) expense (902) — — (902) Consolidated net income (loss), net of tax (5,336) — — (5,336) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 192 — — 192 Total Comprehensive Income (Loss) $ (5,144) $ — $ — $ (5,144)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	17. Subsequent Events ZAIS REIT Management, a wholly owned subsidiary of the Company, is the external investment advisor to ZFC REIT. On April 7, 2016, ZFC REIT announced that it had entered into an agreement and plan of merger (the “Merger Agreement”). In connection with the Merger Agreement, ZAIS REIT Management entered into a termination agreement (the “Termination Agreement”), whereby the current advisory agreement under which ZAIS REIT Management receives management fees from ZFC REIT will be terminated upon closing of the ZFC REIT merger and ZAIS REIT Management will receive a termination fee in the amount of $8,000,000. In the event that the Merger Agreement is terminated prior to the consummation of the transaction, the Termination Agreement will automatically terminate and be of no further effect.

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited, interim, consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as contained within the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification ("ASC") and the rules and regulations of the SEC for interim reporting. In the opinion of management, all adjustments considered necessary for a fair statement of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for the interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP as contained in the ASC have been condensed or omitted from the unaudited interim consolidated financial statements according to the SEC rules and regulations. The information and disclosures contained in these unaudited interim consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K. 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]	Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update "(“ASU”) No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In May 2014, the FASB issued ASU No. 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.
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 are primarily comprised of Class A Units of ZGP held by the ZGP Founder Members.

Fair Value of Investments (Tabl

Fair Value of Investments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: March 31, 2016 ( Dollars in thousands ) Level 1 Level 2 Level 3 Total Assets, at fair value Investments in affiliates $ — $ 5,182 $ — $ 5,182 Investments, at fair value CLO – Warehouse — — 42,026 42,026 Total investments, at fair value — — 42,026 42,026 Total assets, at fair value $ — $ 5,182 $ 42,026 $ 47,208 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
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 three months ended March 31, 2016: March 31, 2016 ( Dollars in thousands ) Beginning Purchases/ Sales/ Total Transfers Ending Change in CLO - Warehouse $ 30,509 $ 10,000 $ — $ 1,517 $ — $ 42,026 $ 1,517 Total assets, at fair value $ 30,509 $ 10,000 $ — $ 1,517 $ — $ 42,026 $ 1,517 The following table summarizes the changes in the Company’s Level 3 assets and liabilities for the year ended December 31, 2015: December 31, 2015 ( Dollars in thousands ) Beginning Purchases/ Sales/ Total Transfers Ending Change in CLO - Warehouse $ — $ 30,000 $ — $ 509 $ — $ 30,509 $ 509 Total assets, at fair value $ — $ 30,000 $ — $ 509 $ — $ 30,509 $ 509

Variable Interest Entities ("26

Variable Interest Entities ("VIEs") (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Funds Funds (Dollars in thousands) Assets Assets of Consolidated Funds Cash and cash equivalents $ — $ 33 Investments, at fair value 42,026 30,509 Total Assets $ 42,026 $ 30,542 Liabilities Liabilities of Consolidated Funds Other liabilities $ 73 $ 101 Total Liabilities $ 73 $ 101

Management Fee Income and Inc27

Management Fee Income and Incentive Income (Tables)	3 Months Ended
	Mar. 31, 2016
Management Fee Income and Incentive Income [Abstract]
Schedule of Components of Management Fee Income and Incentive Income [Table Text Block]	The following tables represent the gross amounts of management fee income and incentive income earned prior to eliminations due to consolidation of the Consolidated Funds and the net amount reported in the Company’s consolidated statements of comprehensive income (loss) for the three months ended March 31, 2016 and March 31, 2015. March 31, 2015 amounts have been adjusted to conform to current period presentation: Three Months Ended March 31, 2016 ( Dollars in thousands ) Gross Net Fee Range Amount Elimination Amount Management Fee Income Funds and accounts 0.50% - 1.25 % $ 2,397 $ — $ 2,397 CLO’s 0.15% - 0.50 % 405 — 405 ZFC REIT 1.50 % 767 — 767 Total $ 3,569 $ — $ 3,569 Incentive Income (1) Funds and accounts 10% - 20 % $ 152 $ — $ 152 CLO’s 20 % — — — Total $ 152 $ — $ 152 Three Months Ended March 31, 2015 ( Dollars in thousands ) Gross Net Fee Range Amount Elimination Amount Management Fee Income Funds and accounts 0.50% - 1.25 % $ 3,035 $ — $ 3,035 CLO’s 0.15% - 0.50 % 144 — 144 ZFC REIT 1.50 % 574 — 574 Total $ 3,753 $ — $ 3,753 Incentive Income (1) Funds and accounts 10% - 20 % $ 35 $ — $ 35 CLO’s 10% - 20 % 873 — 873 Total $ 908 $ — $ 908 (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.

Compensation (Tables)

Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Schedule Of Compensation Expense And Employee Benefit [Table Text Block]	The following table presents a detailed breakout of compensation expense recorded for the three months ended March 31, 2016 and March 31, 2015: Three Months Ended Three Months Ended Salaries $ 3,280,000 $ 3,592,000 Bonus 3,898,000 1,499,000 Points — — Commissions — 15,000 Income Unit Plan — 198,000 Equity-Based Compensation 343,000 261,000 Severance 642,000 — Payroll taxes and benefits 844,000 1,005,000 Total compensation and benefits $ 9,007,000 $ 6,570,000
Schedule of Nonvested Share Activity [Table Text Block]	The following table presents the unvested Class B-0 Units’ activity during the three months ended March 31, 2016: Number of Weighted Balance at December 31, 2015 1,337,486 $ 9.67 Granted 100,000 6.34 Forfeited (148,708) 9.70 Vested — — Balance at March 31, 2016 1,288,778 $ 9.40
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	The following table presents the unvested RSU activity during the three months ended March 31, 2016: Number of Weighted Balance at December 31, 2015 30,000 $ 9.85 Granted — — Forfeited — — Vested — — Balance at March 31, 2016 30,000 $ 9.85

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
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: Three Months Ended March 31, 2016 2015 Income tax (benefit) expense at the U.S. federal statutory income tax rate 34.00 % 35.00 % State and local income tax, net of federal benefit 4.49 % 1.38 % Foreign tax -0.08 % 5.33 % Effect of permanent differences -0.03 % 0.00 % Income attributable to non-controlling interests in Consolidated Funds not subject to tax 3.90 % 0.00 % Income attributable to non-controlling interests in ZGP not subject to tax -12.22 % -26.75 % Valuation allowance -30.15 % 0.00 % Total -0.09 % 14.96 %
Summary of Operating Loss Carryforwards [Table Text Block]	As of March 31, 2016, the Company has estimated federal and state income tax net operating loss carryforwards of $ 12,706,000 2032 $ 1,000 2033 83,000 2034 122,000 2035 7,388,000 2036 5,112,000 Total $ 12,706,000

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Fixed assets consist of the following: March 31, December 31, 2016 2015 ( Dollars in thousands ) Office equipment $ 3,088 $ 3,088 Leasehold improvements 848 853 Furniture and fixtures 574 574 Software 409 409 4,919 4,924 Less accumulated depreciation and amortization (4,442) (4,380) Total $ 477 $ 544

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 are approximately as follows: Period Amount ( Dollars in Nine Months Ending December 31, 2016 $ 685 Ten Months Ending October 31, 2017 712 $ 1,397

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share: Three Three Months Ended Months Ended March 31, 2016 March 31, 2015 (Dollars in thousands, except shares and Numerator: Consolidated Net Income (Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic) $ (4,834) $ (822) Effect of dilutive securities: Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP (2,299) (4,514) Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management Class B Members (1) (142) — Income tax (benefit) expense (2) — 1,844 Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities $ (7,275) $ (3,492) Denominator: Weighted average number of shares of Class A Common Stock 13,870,917 2,157,698 Effect of dilutive securities: Weighted average number of Class A Units of ZGP 7,000,000 7,000,000 Dilutive number of Class B-0 Units and RSUs (3) — — Diluted weighted average shares outstanding (4) 20,870,917 9,157,698 Consolidated Net Income (Loss), net of tax, per Class A common share – Basic $ (0.35) $ (0.38) Consolidated Net Income (Loss), net of tax, per Class A common share – Diluted $ (0.35) $ (0.38) (1) – Amount represents portion of the management fee income received from ZFC REIT that is payable to holders of Class B interests in ZAIS Group’s consolidated subsidiary ZAIS REIT Management. (2) – Income tax (benefit) / expense for the three months ended March 31, 2016 is calculated using an assumed tax rate of 39.90 100 40.85 (3) – The treasury stock method is used to calculate incremental Class A common shares on potentially dilutive Class A common shares resulting from unvested Class B-0 Units granted in connection with and subsequent to the Business Combination and unvested RSUs granted to non-employee directors. These units are anti-dilutive and, consequently, have been excluded from the computation of diluted weighted average shares outstanding. (4) – 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 Inform33

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Statement of Financial Position [Abstract]
Schedule Of Consolidated Funds on the Company’s Financial Position [Table Text Block]	March 31, 2016 ZAIS Consolidated Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 38,460 $ — $ — $ 38,460 Income and fees receivable 1,602 — — 1,602 Investments in affiliates, at fair value 26,578 — (21,396) 5,182 Due from related parties 946 — — 946 Fixed assets, net 477 — — 477 Prepaid expenses 910 — — 910 Other assets 1,016 — — 1,016 Assets of Consolidated Funds Investments, at fair value — 42,026 — 42,026 Total Assets $ 69,989 $ 42,026 $ (21,396) $ 90,619 Liabilities and Equity Liabilities Notes payable $ 1,257 $ — $ — $ 1,257 Compensation payable 2,581 — — 2,581 Due to related parties 161 — — 161 Fees payable 381 — — 381 Other liabilities 1,708 — — 1,708 Liabilities of Consolidated Funds Other liabilities — 73 — 73 Total Liabilities 6,088 73 — 6,161 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 61,045 — — 61,045 Retained earnings (Accumulated deficit) (18,639) — — (18,639) Accumulated other comprehensive income (loss) 122 — — 122 Total stockholders’ equity, ZAIS Group Holdings, Inc. 42,529 — — 42,529 Non-controlling interests in ZAIS Group Parent, LLC 21,372 — — 21,372 Non-controlling interests in Consolidated Funds — 41,953 (21,396) 20,557 Total Equity 63,901 41,953 (21,396) 84,458 Total Liabilities and Equity $ 69,989 $ 42,026 $ (21,396) $ 90,619 December 31, 2015 ZAIS Consolidated 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 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 12) 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 and Equity $ 78,194 $ 30,542 $ (15,525) $ 93,211 Three months Ended March 31, 2016 ZAIS Consolidated Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 3,569 $ — $ — $ 3,569 Incentive income 152 — — 152 Other revenues 80 — — 80 Total Revenues 3,801 — — 3,801 Expenses Compensation and benefits 9,007 — — 9,007 General, administrative and other 3,210 — — 3,210 Depreciation and amortization 63 — — 63 Expenses of Consolidated Funds — 19 — 19 Total Expenses 12,280 19 — 12,299 Other Income (loss) Net gain (loss) on investments 746 — (764) (18) Other income (expense) 605 — — 605 Net gains (losses) of Consolidated Funds’ investments — 1,517 — 1,517 Total Other Income (Loss) 1,351 1,517 (764) 2,104 Income (loss) before income taxes (7,128) 1,498 (764) (6,394) Income tax (benefit) expense 5 — — 5 Consolidated net income (loss), net of tax (7,133) 1,498 (764) (6,399) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment (54) — — (54) Total Comprehensive Income (Loss) $ (7,187) $ 1,498 $ (764) $ (6,453) Three months Ended March 31, 2015 ZAIS Consolidated Eliminations Consolidated ( Dollars in Thousands ) Revenues Management fee income $ 3,753 $ — $ — $ 3,753 Incentive income 908 — — 908 Other revenues 31 — — 31 Total Revenues 4,692 — — 4,692 Expenses Compensation and benefits 6,570 — — 6,570 General, administrative and other 4,337 — — 4,337 Depreciation and amortization 62 — — 62 Expenses of Consolidated Funds — — — — Total Expenses 10,969 — — 10,969 Other Income (loss) Net gain (loss) on investments 43 — — 43 Other income (expense) (4) — — (4) Net gains (losses) of Consolidated Funds’ investments — — — — Total Other Income (Loss) 39 — — 39 Income (loss) before income taxes (6,238) — — (6,238) Income tax (benefit) expense (902) — — (902) Consolidated net income (loss), net of tax (5,336) — — (5,336) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 192 — — 192 Total Comprehensive Income (Loss) $ (5,144) $ — $ — $ (5,144)

Organization (Details Textual)

Organization (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2016	Dec. 31, 2015	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	$ 3,991
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

Investments in Affiliates (Deta

Investments in Affiliates (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Investments in and Advances to Affiliates, at Fair Value	$ 5,182		$ 5,242
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	$ (48)	$ 23

Fair Value of Investments (Deta

Fair Value of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments, at fair value
Investments in affiliates	$ 5,182	$ 5,242
Investments, Fair Value Disclosure	42,026	8,169
Consolidated Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	47,208	43,920
Investments, at fair value
Investments, Fair Value Disclosure	42,026	38,678
Collateralized Loan Obligations [Member]
Investments, at fair value
Investments, Fair Value Disclosure	42,026	30,509
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	8,169
Investments, at fair value
Investments in affiliates	0	0
Investments, Fair Value Disclosure	0	8,169
Fair Value, Inputs, Level 1 [Member] | Collateralized Loan Obligations [Member]
Investments, at fair value
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	5,182	5,242
Investments, at fair value
Investments in affiliates	5,182	5,242
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Collateralized Loan Obligations [Member]
Investments, at fair value
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	42,026	30,509
Investments, at fair value
Investments in affiliates	0	0
Investments, Fair Value Disclosure	42,026	30,509
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member]
Investments, at fair value
Investments, Fair Value Disclosure	$ 42,026	30,509
Funds [Member]
Investments, at fair value
Investments, Fair Value Disclosure		8,169
Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, at fair value
Investments, Fair Value Disclosure		8,169
Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, at fair value
Investments, Fair Value Disclosure		0
Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, at fair value
Investments, Fair Value Disclosure		$ 0

Fair Value of Investments (De37

Fair Value of Investments (Details 1) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	$ 30,509	$ 0
Total assets, at fair value, Purchases/Issuances	10,000	30,000
Total assets, at fair value, Sales/Redemptions/Settlements	0	0
Total assets, at fair value, Total Realized and Change in Unrealized Gains (Losses)	1,517	509
Total assets, at fair value, Transfers to (from) Level 3	0	0
Total assets, at fair value (Ending Balance)	42,026	30,509
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held	1,517	509
Collateralized Loan Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets, at fair value (Beginning Balance)	30,509	0
Total assets, at fair value, Purchases/Issuances	10,000	30,000
Total assets, at fair value, Sales/Redemptions/Settlements	0	0
Total assets, at fair value, Total Realized and Change in Unrealized Gains (Losses)	1,517	509
Total assets, at fair value, Transfers to (from) Level 3	0	0
Total assets, at fair value (Ending Balance)	42,026	30,509
Total assets, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held	$ 1,517	$ 509

Fair Value of Investments (De38

Fair Value of Investments (Details Textual)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Collateralized Loan Obligation Excess Spread	5.10%	1.70%

Variable Interest Entities ("39

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	[1]
Assets of Consolidated Funds
Cash and cash equivalents	$ 38,460	$ 44,351	$ 79,680		$ 7,664
Total Assets	90,619	93,211
Liabilities of Consolidated Funds
Other liabilities	1,708	1,546
Total Liabilities	6,161	7,408
Funds [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated Entities [Member]
Assets of Consolidated Funds
Cash and cash equivalents	0	33
Investments, at fair value	42,026	30,509
Total Assets	42,026	30,542
Liabilities of Consolidated Funds
Other liabilities	73	101
Total Liabilities	$ 73	$ 101
[1]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.

Management Fee Income and Inc40

Management Fee Income and Incentive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 3,569	$ 3,753	[1]
Management Fees, Incentive Revenue		152	908	[1]
Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		3,569	3,753
Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[2]	152	908
Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		405	144
Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[2]	$ 0	$ 873
Percentage of Incentive Income Earned	[2]	20.00%
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%
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	[2]		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%
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	[2]		10.00%
Funds and accounts [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 2,397	$ 3,035
Funds and accounts [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[2]	$ 152	$ 35
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%	1.25%
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	[2]	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%
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	[2]	10.00%	10.00%
ZFC REIT [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 767	$ 574
Conditional Management Fees, Based on Net Asset Value, Percentage		1.50%	1.50%
Gross Amount [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 3,569	$ 3,753
Gross Amount [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[2]	152	908
Gross Amount [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		405	144
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	[2]	0	873
Gross Amount [Member] | Funds and accounts [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		2,397	3,035
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	[2]	152	35
Gross Amount [Member] | ZFC REIT [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		767	574
Elimination [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		0	0
Management Fees, Incentive Revenue		0	0
Elimination [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		0	0
Elimination [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[2]	0	0
Elimination [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		0	0
Elimination [Member] | Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[2]	0	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	0
Elimination [Member] | Funds and accounts [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[2]	0	0
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]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.
[2]	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.

Management Fee Income and Inc41

Management Fee Income and Incentive Income (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Components of Management Fee Income and Incentive Income [Line Items]
Accrued Management Fee Income	$ 1,602,000		$ 1,670,000
Accrued Incentive Income	0		$ 859,000
Management Fee Credits	$ 54,000	$ 65,000

Debt Obligations (Details Textu

Debt Obligations (Details Textual)	Mar. 17, 2015USD ($)
Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,250,000

Compensation (Details)

Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Salaries	$ 3,280,000	$ 3,592,000
Bonus	3,898,000	1,499,000
Points	0	0
Commissions	0	15,000
Income Unit Plan	0	198,000
Equity-Based Compensation	343,000	261,000
Severance	642,000	0
Payroll taxes and benefits	844,000	1,005,000
Total compensation and benefits	$ 9,007,000	$ 6,570,000	[1]
[1]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.

Compensation (Details 1)

Compensation (Details 1) - Class B-O Units [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
B-0 Units, Balance at December 31, 2015 | shares	1,337,486
B-0 Units, Granted | shares	100,000
B-0 Units, Forfeited | shares	(148,708)
B-0 Units, Vested | shares	0
B-0 Units, Balance at March 31, 2016 | shares	1,288,778
Weighted Average Grant Date Fair Value per Unit, Balance at December 31, 2015 | $ / shares	$ 9.67
Weighted Average Grant Date Fair Value per Unit, Granted | $ / shares	6.34
Weighted Average Grant Date Fair Value per Unit, Forfeited | $ / shares	9.7
Weighted Average Grant Date Fair Value per Unit, Vested | $ / shares	0
Weighted Average Grant Date Fair Value per Unit, Balance at March 31, 2016 | $ / shares	$ 9.4

Compensation (Details 2)

Compensation (Details 2) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Balance at December 31, 2015 | shares	30,000
RSUs, Granted | shares	0
RSUs, Forfeited | shares	0
RSUs, Vested | shares	0
RSUs, Balance at March 31, 2016 | shares	30,000
Balance at December 31, 2015, Weighted Average Grant Date Fair Value per Unit | $ / shares	$ 9.85
Granted, Weighted Average Grant Date Fair Value per Unit | $ / shares	0
Forfeited, Weighted Average Grant Date Fair Value per Unit | $ / shares	0
Vested, Weighted Average Grant Date Fair Value per Unit | $ / shares	0
Balance at March 31, 2016, Weighted Average Grant Date Fair Value per Unit | $ / shares	$ 9.85

Compensation (Details Textual)

Compensation (Details Textual)	1 Months Ended	3 Months Ended			12 Months Ended
	Mar. 08, 2016	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)		Dec. 31, 2013	Mar. 17, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 343,000	$ 332,000	[1]
Share-based Compensation, Total		$ 343,000	261,000
Employee Retention Notification Period		60 days
Restructuring and Related Cost, Number of Positions Eliminated	22
Severance Costs		$ 642,000	$ 0
Share Based Compensation Estimated Forfeiture Percentage Due To Reduction In Work Force		17.20%
Share Based Compensation Estimated Forfeiture Percentage Due To Change In Management Estimation	4.40%
Retention Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred Compensation Arrangement with Individual, Distributions Paid		$ 900,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Estimated Forfeiture Percentage		8.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Estimated Forfeiture Percentage		29.60%
Retention Payment Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retention Payment Plan Description		The Retention Payment Plan applies to approximately 60 employees of ZAIS Group who have an annual base salary of less than $300,000.
Payments to Employees		$ 4,500,000
Severance Costs		707,000
Increase In Estimated Forfeiture Of Share Based Compensation Due To Reduction In Compensation And Benefits Amount		$ (983,000)
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 | shares						1,600,000
Share Based Compensation Estimated Forfeiture Percentage		29.60%
Stock or Unit Option Plan Expense		$ 5,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		11 months 16 days
Share-based Compensation, Total		$ 269,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 74,000
Share Based Compensation Estimated Forfeiture Percentage		0.00%
Restricted Stock or Unit Expense		$ 24,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms		29 days
ZAIS Group, LLC [Member] | Income Unit Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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%
[1]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Effective Tax Rate
Income tax (benefit) expense at the U.S. federal statutory income tax rate	34.00%	35.00%
State and local income tax, net of federal benefit	4.49%	1.38%
Foreign Tax	(0.08%)	5.33%
Effect of permanent differences	(0.03%)	0.00%
Income attributable to non-controlling interests in Consolidated Funds not subject to tax	3.90%	0.00%
Income attributable to non-controlling interests in ZGP not subject to tax	(12.22%)	(26.75%)
Valuation allowance	(30.15%)	0.00%
Total	(0.09%)	14.96%

Income Taxes (Details 1)

Income Taxes (Details 1)	Mar. 31, 2016USD ($)
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 12,706,000
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
Expiration Date Five [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 5,112,000

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 12,706,000
Current Foreign Tax Expense (Benefit)	5,000
Current Income Tax Expense (Benefit), Total		$ (902,000)
Other Noncash Income Tax Expense	1,928,000
Before Acquisition of ZGP [Member]
Income Tax [Line Items]
Deferred Tax Assets, Net	6,229,000	$ 569,000
Deferred Tax Assets, Operating Loss Carryforwards, Total	$ 767,000

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due from Related Parties	$ 946,000		$ 748,000
Related Party Transaction, Amounts of Transaction	15,000
Employee Loans [Member]
Related Party Transaction [Line Items]
Due from Related Parties	68,000		66,000
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Consulting Fees Expenses	125,000	$ 20,000
ZAIS Managed Entities [Member]
Related Party Transaction [Line Items]
Capital	17,194,000	30,044,000
Due from Related Parties	842,000		$ 650,000
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	27,000	29,000
ZAIS CLO I and ZAIS CLO II [Member]
Related Party Transaction [Line Items]
Assets under Management, Carrying Amount	$ 562,841,000	$ 556,677,000

Fixed Assets (Details)

Fixed Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Office equipment	$ 3,088	$ 3,088
Leasehold improvements	848	853
Furniture and fixtures	574	574
Software	409	409
Property, Plant and Equipment, Gross	4,919	4,924
Less accumulated depreciation and amortization	(4,442)	(4,380)
Total	$ 477	$ 544

Fixed Assets (Details Textual)

Fixed Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization	$ 63	$ 62	[1]
[1]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.

Commitments and Contingencies53

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2016USD ($)
Future Minimum Rental Payments For Operating Leases [Line Items]
Nine Months Ending December 31, 2016	$ 685
Ten Months Ending October 31, 2017	712
Operating Leases, Future Minimum Payments Due	$ 1,397

Commitments and Contingencies54

Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Future Minimum Rental Payments For Operating Leases [Line Items]
Lease Expiration Date	Oct. 31, 2017
Operating Leases, Rent Expense	$ 244,000	$ 359,000
Other Commitment, Total	51,000,000
Capital Contribution To Subsidiary	$ 20,500,000
Legal Cost Reimbursement Description	The total approved claim reimbursement for all legal costs incurred in excess of the $500,000 deductible was $697,000.
Insurance Settlement [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Legal Cost Reimbursement	$ 697,000
Proceeds from Legal Settlements	155,000
Other Nonoperating Income (Expense) [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Legal Fees			$ 545,000
Insurance Settlements Receivable	$ 700,000

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - $ / shares	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
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	13,870,917
Common Stock, Shares, Outstanding	13,870,917	13,870,917
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	20,000,000
Common Stock, Shares, Outstanding	20,000,000	20,000,000	13,870,917

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Numerator:
Consolidated Net Income (Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic)		$ (4,834)	$ (822)
Effect of dilutive securities:
Income tax (benefit) expense	[1]	0	1,844
Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities		$ (7,275)	$ (3,492)
Denominator:
Weighted average number of shares of Class A Common Stock		13,870,917	2,157,698	[2],[3]
Effect of dilutive securities:
Weighted average number of Class A Units of ZGP		7,000,000	7,000,000
Dilutive number of Class B-0 Units and RSUs	[4]	0	0
Diluted weighted average shares outstanding	[5]	20,870,917	9,157,698	[2],[3],[6]
Consolidated Net Income (Loss), net of tax, per Class A common share - Basic		$ (0.35)	$ (0.38)	[3]
Consolidated Net Income (Loss), net of tax, per Class A common share - Diluted		$ (0.35)	$ (0.38)	[3]
ZAIS Group Parent, LLC [Member]
Effect of dilutive securities:
Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP		$ (2,299)	$ (4,514)
ZAIS REIT Management, LLC [Member]
Effect of dilutive securities:
Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management Class B Members	[7]	$ (142)	$ 0
[1]	Income tax (benefit) / expense for the three months ended March 31, 2016 is calculated using an assumed tax rate of 39.90% and is net of a 100% valuation allowance. Income tax (benefit) / expense for the three months ended March 31, 2015 is calculated using an assumed tax rate of 40.85%. See Note 9 for details surrounding income taxes.
[2]	Pro-rated based on the portion of the period preceding and following the Business Combination
[3]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.
[4]	The treasury stock method is used to calculate incremental Class A common shares on potentially dilutive Class A common shares resulting from unvested Class B-0 Units granted in connection with and subsequent to the Business Combination and unvested RSUs granted to non-employee directors. These units are anti-dilutive and, consequently, have been excluded from the computation of diluted weighted average shares outstanding.
[5]	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.
[6]	Number of diluted shares outstanding for periods after the Business Combination (as defined in Note 1) takes into account non-controlling interests in ZAIS Group Parent, LLC that may be exchanged for Class A common stock under certain circumstances.
[7]	Amount represents portion of the management fee income received from ZFC REIT that is payable to holders of Class B interests in ZAIS Group’s consolidated subsidiary ZAIS REIT Management.

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Line Items]
Income Tax Expense Benefit Percentage	39.90%	40.85%
Valuation Allowance Percentage	100.00%

Supplemental Financial Inform58

Supplemental Financial Information (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	[1]
Assets
Cash and cash equivalents	$ 38,460	$ 44,351	$ 79,680		$ 7,664
Income and fees receivable	1,602	2,529
Investments in affiliates, at fair value	5,182	5,242
Due from related parties	946	748
Fixed assets, net	477	544
Prepaid expenses	910	776
Other assets	1,016	310
Investments, at fair value	42,026	8,169
Total Assets	90,619	93,211
Liabilities
Notes payable	1,257	1,255
Compensation payable	2,581	3,575
Due to related parties	161	175
Fees payable	381	756
Other liabilities	1,708	1,546
Liabilities of Consolidated Funds
Total Liabilities	6,161	7,408
Equity
Preferred Stock	0	0
Additional paid-in-capital	61,045	60,817
Retained earnings (Accumulated deficit)	(18,639)	(13,805)
Accumulated other comprehensive income (loss)	122	158
Total stockholders’ equity, ZAIS Group Holdings, Inc.	42,529	47,171
Total Equity	84,458	85,803
Total Liabilities, Redeemable Non-controlling Interests and Equity	90,619	93,211
Intersegment Eliminations [Member]
Assets
Cash and cash equivalents	0	0
Income and fees receivable	0	0
Investments in affiliates, at fair value	(21,396)	(15,525)
Due from related parties	0	0
Fixed assets, net	0	0
Prepaid expenses	0	0
Other assets	0	0
Investments, at fair value	0	0
Liabilities
Notes payable	0	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	0
Investments in affiliates, at fair value	0	0
Due from related parties	0	0
Fixed assets, net	0	0
Prepaid expenses	0	0
Other assets	0	0
Investments, at fair value		0
Total Assets		(15,525)
Liabilities
Notes payable	0	0
Compensation payable	0	0
Due to related parties	0	0
Fees payable	0	0
Other liabilities	0	0
Liabilities of Consolidated Funds
Total Liabilities		0
Equity
Preferred Stock	0
Equity attributable to non-controlling interests	(21,396)
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	(21,396)
Total Equity	(21,396)
Total Liabilities, Redeemable Non-controlling Interests and Equity	(21,396)
Eliminations [Member]
Assets
Total Assets	(21,396)
Liabilities of Consolidated Funds
Total Liabilities	0
Equity
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)
Consolidated [Member]
Liabilities
Other liabilities	0
Consolidated Entities [Member]
Assets
Cash and cash equivalents	0	33
Investments, at fair value	42,026	38,678
Liabilities
Notes payable		1,255
Other liabilities	73	101
Equity
Equity attributable to non-controlling interests	20,557	14,916
Equity attributable to non-controlling interests	20,557	14,916
ZAIS [Member]
Assets
Cash and cash equivalents	38,460	44,351
Income and fees receivable	1,602	2,529
Investments in affiliates, at fair value	26,578	20,767
Due from related parties	946	748
Fixed assets, net	477	544
Prepaid expenses	910	776
Other assets	1,016	310
Investments, at fair value		8,169
Total Assets	69,989	78,194
Liabilities
Notes payable	1,257	1,255
Compensation payable	2,581	3,575
Due to related parties	161	175
Fees payable	381	756
Other liabilities	1,708	1,546
Liabilities of Consolidated Funds
Total Liabilities	6,088	7,307
Equity
Preferred Stock	0	0
Equity attributable to non-controlling interests	21,372	23,716
Additional paid-in-capital	61,045	60,817
Retained earnings (Accumulated deficit)	(18,639)	(13,805)
Accumulated other comprehensive income (loss)	122	158
Total stockholders’ equity, ZAIS Group Holdings, Inc.	42,529	47,171
Equity attributable to non-controlling interests	21,372	23,716
Total Equity	63,901	70,887
Total Liabilities, Redeemable Non-controlling Interests and Equity	69,989	78,194
ZAIS [Member] | Consolidated [Member]
Assets
Cash and cash equivalents		0
Investments, at fair value	0	0
Liabilities
Other liabilities	0	0
Equity
Equity attributable to non-controlling interests	0	0
Equity attributable to non-controlling interests	0	0
Consolidated Funds, Before Eliminations [Member]
Assets
Investments, at fair value	42,026
Total Assets	42,026	30,542
Liabilities
Other liabilities	73	101
Liabilities of Consolidated Funds
Total Liabilities	73	101
Equity
Preferred Stock	0	0
Equity attributable to non-controlling interests	41,953	30,441
Additional paid-in-capital	0	0
Retained earnings (Accumulated deficit)	0	0
Accumulated other comprehensive income (loss)	0	0
Total stockholders’ equity, ZAIS Group Holdings, Inc.	0	0
Equity attributable to non-controlling interests	41,953	30,441
Total Equity	41,953	30,441
Total Liabilities, Redeemable Non-controlling Interests and Equity	42,026	30,542
Consolidated Funds, Before Eliminations [Member] | Intersegment Eliminations [Member]
Equity
Equity attributable to non-controlling interests		0
Equity attributable to non-controlling interests		0
Consolidated Funds, Before Eliminations [Member] | Consolidation, Eliminations [Member]
Assets
Cash and cash equivalents		33
Investments, at fair value		30,509
Equity
Equity attributable to non-controlling interests		0
Equity attributable to non-controlling interests		0
ZAIS Group Parent, LLC [Member]
Equity
Equity attributable to non-controlling interests	21,372	23,716
Equity attributable to non-controlling interests	21,372	23,716
ZAIS Group Parent, LLC [Member] | Intersegment Eliminations [Member]
Equity
Equity attributable to non-controlling interests	0
Equity attributable to non-controlling interests	0
ZAIS Group Parent, LLC [Member] | Consolidation, Eliminations [Member]
Equity
Equity attributable to non-controlling interests	0
Equity attributable to non-controlling interests	0
ZAIS Group Parent, LLC [Member] | Consolidated [Member]
Equity
Equity attributable to non-controlling interests	21,372	23,716
Equity attributable to non-controlling interests	21,372	23,716
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
[1]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.

Supplemental Financial Inform59

Supplemental Financial Information (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Management fee income	$ 3,569	$ 3,753	[1]
Incentive income	152	908	[1]
Other revenues	80	31	[1]
Total Revenues	3,801	4,692	[1]
Expenses
Compensation and benefits	9,007	6,570	[1]
General, administrative and other	3,210	4,337	[1]
Depreciation and amortization	63	62	[1]
Total Expenses	12,299	10,969	[1]
Other Income (loss)
Net gain (loss) on investments	(18)	43	[1]
Other income (expense)	605	(4)	[1]
Total Other Income (Loss)	2,104	39	[1]
Income (loss) before income taxes	(6,394)	(6,238)	[1]
Income tax (benefit) expense	5	(902)	[1]
Discontinued Operations
Consolidated net income (loss), net of tax	(6,399)	(5,336)	[1]
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment	(54)	192	[1]
Total Comprehensive Income (Loss)	(6,453)	(5,144)	[1]
Eliminations [Member]
Revenues
Total Revenues		0
Expenses
Total Expenses	0	0
Other Income (loss)
Total Other Income (Loss)	(764)	0
Income (loss) before income taxes	(764)	0
Income tax (benefit) expense	0	0
Discontinued Operations
Consolidated net income (loss), net of tax	(764)	0
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment	0	0
Total Comprehensive Income (Loss)	(764)	0
Intersegment Eliminations [Member]
Revenues
Management fee income	0	0
Incentive income	0	0
Other revenues	0	0
Total Revenues	0
Expenses
Compensation and benefits	0	0
General, administrative and other	0	0
Depreciation and amortization	0	0
Other Income (loss)
Net gain (loss) on investments	(764)	0
Other income (expense)	0	0
Consolidation, Eliminations [Member]
Expenses
Expenses of Consolidated Funds	0	0
Other Income (loss)
Net gain (loss) on investments	0	0
ZAIS [Member]
Revenues
Management fee income	3,569	3,753
Incentive income	152	908
Other revenues	80	31
Total Revenues	3,801	4,692
Expenses
Compensation and benefits	9,007	6,570
General, administrative and other	3,210	4,337
Depreciation and amortization	63	62
Expenses of Consolidated Funds	0	0
Total Expenses	12,280	10,969
Other Income (loss)
Net gain (loss) on investments	746	43
Other income (expense)	605	(4)
Total Other Income (Loss)	1,351	39
Income (loss) before income taxes	(7,128)	(6,238)
Income tax (benefit) expense	5	(902)
Discontinued Operations
Consolidated net income (loss), net of tax	(7,133)	(5,336)
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment	(54)	192
Total Comprehensive Income (Loss)	(7,187)	(5,144)
ZAIS [Member] | Consolidated [Member]
Other Income (loss)
Net gain (loss) on investments	0
Consolidated Funds, Before Eliminations [Member]
Revenues
Management fee income	0	0
Incentive income	0	0
Other revenues	0	0
Total Revenues	0	0
Expenses
Compensation and benefits	0	0
General, administrative and other	0	0
Depreciation and amortization	0	0
Expenses of Consolidated Funds	19	0
Total Expenses	19	0
Other Income (loss)
Net gain (loss) on investments	1,517	0
Other income (expense)	0	0
Total Other Income (Loss)	1,517	0
Income (loss) before income taxes	1,498	0
Income tax (benefit) expense	0	0
Discontinued Operations
Consolidated net income (loss), net of tax	1,498	0
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment	0	0
Total Comprehensive Income (Loss)	1,498	0
Consolidated Entities [Member]
Expenses
Expenses of Consolidated Funds	19	0	[1]
Other Income (loss)
Net gain (loss) on investments	$ 1,517	$ 0	[1]
[1]	Subsequent to the filing of the 10-Q for the three months ended March 31, 2015, the Company elected to early adopt ASU 2015-02 with an effective date of January 1, 2015. As a result of this adoption, all of the ZAIS Managed Entities which were consolidated in the 10-Q for the three months ended March 31, 2015 were deconsolidated. The March 31, 2015 figures above reflect the consolidated results of the Company for the three months ended March 31, 2015, subsequent to the adoption of ASU 2015-02.

Subsequent Events (Details Text

Subsequent Events (Details Textual)	Apr. 07, 2016USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Management Fees Receivable Subject To Compromise Early Contract Termination Fees	$ 8,000,000