ZAIS (ZAIS) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 11, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
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	Smaller Reporting Company
Trading Symbol	ZAIS
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,480,782
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, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 25,456	$ 38,712
Income and fees receivable	1,500	8,805
Investments in affiliates, at fair value	5,286	5,273
Due from related parties	1,362	734
Property and equipment, net	235	274
Prepaid expenses	1,450	906
Other assets	318	348
Total Assets	515,303	514,145
Liabilities
Notes payable	0	1,263
Compensation payable	2,208	7,836
Due to related parties	31	31
Fees payable	2,502	2,439
Other liabilities	1,403	1,127
Total Liabilities	424,578	424,180
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	64,130	63,413
Retained earnings (Accumulated deficit)	(23,127)	(18,965)
Accumulated other comprehensive income (loss)	(50)	(70)
Total stockholders’ equity, ZAIS Group Holdings, Inc.	40,954	44,379
Total Equity	90,725	89,965
Total Liabilities and Equity	515,303	514,145
Common Class A [Member]
Equity
Common Stock	1	1
Common Class B [Member]
Equity
Common Stock	0	0
Consolidated Funds [Member]
Assets
Cash and cash equivalents	19,288	37,080
Investments in affiliates, at fair value	449,951	404,365
Due from broker	9,341	16,438
Other assets	1,116	1,210
Liabilities
Notes payable of consolidated CLO, at fair value	391,628	384,901
Due to broker	21,696	24,462
Other liabilities	5,110	2,121
Equity
Non-controlling interests	30,018	23,328
ZAIS Group Parent, LLC [Member]
Equity
Non-controlling interests	$ 19,753	$ 22,258

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	14,449,840	13,900,917
Common Stock, Shares, Outstanding	14,449,840	13,900,917
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, 2017	Mar. 31, 2016
Revenues
Management fee income		$ 3,107	$ 3,569
Incentive income		297	152
Reimbursement revenue		494	0
Other revenue		93	80
Total Revenues		3,991	3,801
Expenses
Compensation and benefits		7,424	9,007
General, administrative and other		3,669	3,210
Depreciation and amortization		40	63
Total Expenses		11,176	12,299
Other income (loss)
Net gain (loss) on investments		75	(18)
Other income (expense)		(16)	605
Total Other Income (Loss)		1,755	2,104
Income (loss) before income taxes		(5,430)	(6,394)
Income tax (benefit) expense		5	5
Consolidated net income (loss), net of tax		(5,435)	(6,399)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		30	(54)
Total Comprehensive Income (Loss)		(5,405)	(6,453)
Allocation of Consolidated Net Income (Loss), net of tax
Stockholders’ equity, ZAIS Group Holdings, Inc.		(4,162)	(4,834)
Allocation of Total Comprehensive Income (Loss)
Stockholders’ equity, ZAIS Group Holdings, Inc.		$ (4,142)	$ (4,870)
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Basic		$ (0.30)	$ (0.35)
Consolidated Net Income (Loss), net of tax per Class A common share applicable to ZAIS Group Holdings, Inc. - Diluted		$ (0.30)	$ (0.35)
Weighted average shares of Class A common stock outstanding:
Basic		13,986,305	13,870,917
Diluted	[1]	20,986,305	20,870,917
Consolidated Funds [Member]
Expenses
Expenses of Consolidated Funds		$ 43	$ 19
Other income (loss)
Net gain (loss) on investments		1,107	1,517
Net gain (loss) on beneficial interest of collateralized financing entity		589	0
Allocation of Consolidated Net Income (Loss), net of tax
Non-controlling interests		810	734
Allocation of Total Comprehensive Income (Loss)
Non-controlling interests		810	734
ZAIS Group Parent, LLC [Member]
Allocation of Consolidated Net Income (Loss), net of tax
Non-controlling interests		(2,083)	(2,299)
Allocation of Total Comprehensive Income (Loss)
Non-controlling interests		$ (2,073)	$ (2,317)
[1]	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.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity and Non-controlling Interests - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Class B [Member]	Additional Paid-in Capital [Member]	Retained earnings / (Accumulated deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling interests in ZAIS Group Parent, LLC [Member]	Non-controlling Interests in Consolidated Funds [Member]
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
Stock-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
Beginning of the period at Dec. 31, 2016	89,965	$ 1	$ 0	63,413	(18,965)	(70)	22,258	23,328
Beginning of the period (in shares) at Dec. 31, 2016		13,900,917	20,000,000
Equity-based compensation charges	1,112	$ 0	$ 0	741	0	0	371	0
Net settlement of RSU awards	0	$ 0	$ 0	527	0	0	(527)	0
Net settlement of RSU awards (in shares)		548,923	0
Payment of employee taxes in connection with net settlement of RSUs	(801)			(534)			(267)
Capital contributions	5,880	$ 0	$ 0	0	0	0	0	5,880
Modification of equity awards to liability awards	(26)			(17)			(9)
Stock-based compensation charges	1,059
Consolidated net income (loss)	(5,435)	0	0	0	(4,162)	0	(2,083)	810
Other Comprehensive income (loss)	30	0	0	0	0	20	10	0
End of the period at Mar. 31, 2017	$ 90,725	$ 1	$ 0	$ 64,130	$ (23,127)	$ (50)	$ 19,753	$ 30,018
End of the period (in shares) at Mar. 31, 2017		14,449,840	20,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities
Consolidated net income (loss)	$ (5,435)	$ (6,399)
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	40	63
Net (gain) loss on investments	(75)	18
Non-cash stock-based compensation	1,112	343
Interest expense on notes payable	0	2
Operating cash flows due to changes in:
Income and fees receivable	7,305	927
Due from related parties	(628)	(198)
Prepaid expenses	(544)	(134)
Other assets	31	(715)
Compensation payable	(5,655)	(994)
Due to related parties	0	(15)
Fees payable	63	(375)
Other liabilities	276	162
Proceeds from investments in affiliates	62	0
Items related to Consolidated Funds:
Net Cash Provided by (Used in) Operating Activities	(17,102)	(18,827)
Cash Flows from Investing Activities
Distributions from investments in affiliates	0	57
Purchases of investments, at fair value	0	(11)
Proceeds from sale of investments, at fair value	0	8,174
Net Cash Provided by (Used in) Investing Activities	0	8,220
Cash Flows from Financing Activities
Contributions from non-controlling interests in Consolidated Funds	5,880	4,907
Distributions to non-controlling interests in ZGP	0	(142)
Net Cash Provided by (Used in) Financing Activities	3,816	4,765
Net increase (decrease) in cash and cash equivalents denominated in foreign currency	30	(49)
Net increase (decrease) in cash and cash equivalents	(13,256)	(5,891)
Cash and cash equivalents, beginning of period	38,712	44,351
Cash and cash equivalents, end of period	25,456	38,460
Consolidated Funds [Member]
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Net (gain) loss on investments	(1,107)	(1,517)
Items related to Consolidated Funds:
Purchases of investments and investments in affiliated securities	(123,951)	(10,000)
Proceeds from sale of investments	78,691	0
Proceeds from sale of beneficial interest in collateralized financing entity	5,390	0
Net gain (loss) on beneficial interest of collateralized financing entity	(589)	0
Change in cash and cash equivalents	17,793	33
Change in other assets	91	0
Change in due from broker	7,097	0
Change in due to broker	(2,766)	0
Change in other liabilities	2,990	(28)
Net realized (gain) loss on investments	422	(1,517)
Cash Flows from Financing Activities
Payment of employee taxes in connection with net settlement of RSUs	(801)	0
Repayment of notes payable	(1,263)	$ 0
Cash and cash equivalents, beginning of period	37,080
Cash and cash equivalents, end of period	$ 19,288

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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”, and collectively with its consolidated subsidiaries, as the context may require, the “Company”) 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. ZAIS Group also maintains 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 registered with the SEC under the Investment Advisors Act of 1940 and 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 (collateralized debt obligation vehicles and collateralized loan obligation vehicles, together referred to as “CLOs”) and, through October 31, 2016, ZAIS Financial Corp. (“ZFC REIT”), a publicly traded mortgage real estate investment trust (collectively, the “ZAIS Managed Entities”). On February 15, 2017, the Board of Directors of the Company (the “Board of Directors”) established a Special Committee of independent and disinterested directors to consider any proposals by management or third parties for strategic transactions. The Board of Directors has been undertaking a strategic review of the Company’s business in order to enhance shareholder value, and has engaged a financial advisor for this purpose. Various alternatives have been and are being considered, including a possible sale or combination or other similar transaction, or a going private transaction which would result in the termination of the registration of ZAIS Class A common stock (“Class A Common Stock”) so as to cease periodic and other public company compliance and reporting. The Company has received from and provided to potential counterparties certain due diligence information. In addition, the Company’s management and financial advisor have held and expect to continue to hold preliminary discussions with potential counterparties and participants. There is no assurance that any of the preliminary discussions which have taken place or may in the future take place will result in any transaction or that any of the strategic alternatives under consideration will be implemented. The Company does not intend to provide periodic public updates on any of these matters except as required by law or regulation. The ZAIS Managed Entities predominantly invest in a variety of specialized credit instruments including corporate credit instruments such as CLOs, securities backed by residential mortgage loans, bank loans and various securities and instruments backed by these asset classes. Approximately Reporting Period (in billions) As of March 31, 2017 (1) $ 3.360 As of December 31, 2016 $ 3.444 (1) 67.7 ZAIS Group also serves as the general partner to certain ZAIS Managed Entities, which are generally organized as pass-through entities for U.S. federal income tax purposes. The Company’s primary sources of revenues are (i) management fee income, which is based predominantly on the net asset values of the ZAIS Managed Entities and (ii) incentive income, which is based on the investment performance of the ZAIS Managed Entities. Any management fee income and incentive income earned by ZAIS Group from the consolidated ZAIS Managed Entities (the “Consolidated Funds”) is eliminated in consolidation. Additionally, a significant source of the Company’s other income is derived from net gains of Consolidated Funds’ investments and beneficial interests in collateralized financing entities which invest in bank loans. A portion of these net gains are allocated to non-controlling interests in Consolidated Funds. 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. Prior to the Closing, HF2 was a shell company with no operations. Upon the Closing, ZAIS became a holding company whose assets primarily consisted of a then approximate 66.5

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	2. Basis of Presentation and Summary of Significant Accounting Policies 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 condensed consolidated financial statements according to the SEC rules and regulations. The information and disclosures contained in these unaudited interim condensed 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 is comprised of one reportable segment, the investment management segment, and substantially all of the Company’s operations are conducted through this segment. The investment management segment provides investment advisory and asset management services to the ZAIS Managed Entities. 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. The consolidated financial statements included herein are the financial statements of ZAIS, its subsidiaries and certain ZAIS Managed Entities that are required to be consolidated. All intercompany balances and transactions are eliminated in consolidation, including ZAIS’s investment in ZGP and ZGP’s investment in ZAIS Group. The Company's fiscal year ends on December 31. The consolidated financial statements include non-controlling interests in ZGP which is primarily comprised of Class A Units of ZGP held by the ZGP Founder Members. The Company’s consolidated financial statements also include variable interest entities for which ZAIS Group is considered the primary beneficiary, and certain entities that are not considered variable interest entities in which ZAIS Group has a controlling financial interest. The consolidated financial statements reflect the assets, liabilities, investment income, expenses and cash flows of the Consolidated Funds on a gross basis. If the consolidated ZAIS Managed Entity is a CLO, the revenue and expenses are not reflected on a gross basis. Instead, the Company’s share of the net income of the CLO is reported in Net gain (loss) on beneficial interest of collateralized financing entity in the Consolidated Statements of Comprehensive Income (Loss). Except for CLOs, the economic interests in the Consolidated Funds, which are held by third-party investors, are reflected as Non-controlling interests in Consolidated Funds in the consolidated financial statements. For CLOs, the majority of the economic interests in these vehicles, which are held by outside parties, are reported as Notes payable of consolidated CLOs in the consolidated financial statements. The notes payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, ZAIS Group may earn investment management fees, including, in some cases, subordinated management fees and contingent incentive fees. All of the management fee income, incentive income and net gain (loss) on investments earned by ZAIS Group from the Consolidated Funds are eliminated in consolidation. The Company has elected the fair value option for the assets and liabilities held by the Consolidated Funds that otherwise would not have been carried at fair value. See Notes 4 and 5 for further disclosure on the assets and liabilities of the Consolidated Funds for which the fair value option has been elected. The Company uses the measurement alternative included in the collateralized financing entity guidance (the “Measurement Alternative”). The Company measures both the financial assets and financial liabilities of the consolidated CLO in its consolidated financial statements using the fair value of the financial assets of the consolidated CLO, which are more observable than the fair value of the financial liabilities of the consolidated CLO. As a result, the financial assets of the consolidated CLO are measured at fair value and the financial liabilities are measured in consolidation as: the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLO less (ii) the sum of the fair value of any beneficial interests retained by the reporting entity (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Under the Measurement Alternative, the Company’s consolidated net income reflects the Company’s own economic interests in the consolidated CLO including changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. The Consolidated Funds, except for consolidated CLOs, are deemed to be investment companies under U.S. GAAP, and therefore, the Company has retained the specialized investment company accounting of these consolidated entities in its consolidated financial statements. The Consolidated Funds include the following entities for the reporting periods presented: As of Three Months Ended March 31, Entity March 31, 2017 December 31, 2016 2017 2016 ZAIS Zephyr A-6 ü ü ü ü ZAIS CLO 5 Limited ü ü ü — ZAIS Group may pay research and data services expenses relating to the management of the ZAIS Managed Entities directly to vendors and allocates a portion of these costs to the respective ZAIS Managed Entities per the terms of the respective investment management agreements (the “Research Costs”). The Company may also pay other costs to vendors on behalf of the ZAIS Managed Entities in addition to the Research Costs (the “Other Direct Costs”). These amounts may be reimbursable by the respective ZAIS Managed Entities and are recorded as Reimbursement revenue in the Consolidated Statements of Comprehensive Income (Loss) to the extent the Company is the primary obligor for such expenses and if the costs are charged back to the respective funds. The amounts for the three months ended March 31, 2016 were not material and therefore were not separately reported in the Consolidated Statements of Comprehensive Income (Loss). Non-Controlling Interests The non-controlling interests within the Consolidated Statements of Financial Condition may be comprised of: (i) redeemable non-controlling interests reported outside of the permanent capital section when investors have the right to redeem their interests from a Consolidated Fund or ZAIS Group; (ii) equity attributable to non-controlling interests in Consolidated Funds (excluding CLOs) reported inside the permanent capital section when the investors do not have the right to redeem their interests and (iii) equity attributable to non-controlling interests in ZGP, if applicable. The Company records redeemable non-controlling interests and non-controlling interests in the Consolidated Funds (excluding CLOs) to reflect the economic interests in those funds held by investors other than interests attributable to ZAIS Group. Income allocated to non-controlling interests in ZGP includes a portion of the management fee income received from ZFC REIT that was payable to holders of Class B interests in ZAIS REIT Management, LLC (“ZAIS REIT Management”), a majority owned subsidiary of ZAIS Group which was the external adviser to ZFC REIT prior to October 31, 2016 (see Note 6 – “Management Fee Income and Incentive Fee Income”). Since May 2014, the FASB has issued ASU Nos. 2014-09, 2015-14, 2016-08, 2016-10 and 2016-12, Revenue from Contracts with Customers In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

Investments in Affiliates

Investments in Affiliates	3 Months Ended
	Mar. 31, 2017
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. The Company believes that reporting the fair value of these investments is more indicative of the Company’s financial position than historical cost. March 31, December 31, 2017 2016 (Dollars in thousands) $ 5,286 $ 5,273 Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 75 $ (18) Such amounts are included in Net gain (loss) on investments in the Consolidated Statements of Comprehensive Income (Loss). At March 31, 2017 and December 31, 2016, no equity investment, individually or in the aggregate, held by the Company exceeded 10% of its total consolidated assets

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. Fair Value Measurements ASC 820 Fair Value Measurements 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 at measurement date. 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. Net gains or losses on investments are included in Net gain (loss) on investments in the Consolidated Statements of Comprehensive Income (Loss). 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 Bank Loans The Company uses a nationally recognized pricing service to provide pricing for the bank loans held by the Consolidated Funds. Collateralized Loan Obligation – Warehouses A Collateralized Loan Obligation Warehouse ("CLO Warehouse") is an entity organized for the purpose of holding syndicated bank loans, also known as leveraged loans, prior to the issuance of securities from that same vehicle. During the warehouse period, a 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 issues various tranches of securities to the market. At this time, financing through the issuance of debt and equity securities is used to repay the bank financing. The fair value of a 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 Funds, unless ZAIS Group determines that the securitization will not be achieved, in which case, the fair value of a 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. CLO warehouses can be exposed to credit events, mark to market changes, rating agency downgrades and financing cost changes. Changes in the fair value of a CLO Warehouse are reported in Net gain (loss) of Consolidated Funds’ investments in the Consolidated Statements of Comprehensive Income (Loss). 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 net asset value (or its equivalent) of the related investment company. Accordingly, the Company utilizes the net asset value 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 entities 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. Investments measured at fair value using the practical expedient are not required to be categorized within the fair value hierarchy. 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, 2017 and December 31, 2016, 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, 2017 and December 31, 2016, 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. The following tables summarize the Company’s assets measured at fair value on a recurring basis within the fair value hierarchy levels or based on net asset values, as applicable: March 31, 2017 (Dollars in thousands) Net Asset Level 1 Level 2 Level 3 Value Total Assets, at fair value: Cash equivalents $ 23,913 $ — $ — $ — $ 23,913 Investments in affiliates, at fair value — — — 5,286 5,286 Assets of Consolidated Funds Investments, at fair value: Bank loans — — 403,808 — 403,808 ZAIS CLO 6, Limited - Warehouse — — 46,143 — 46,143 Total – investments, at fair value — — 449,951 — 449,951 Total assets, at fair value $ 23,913 $ — $ 449,951 $ 5,286 $ 479,150 Liabilities, at fair value: Liabilities of Consolidated Funds Notes payable of Consolidated CLO, at fair value — — 391,628 — 391,628 Total liabilities, at fair value $ — $ — $ 391,628 $ — $ 391,628 December 31, 2016 (Dollars in thousands) Net Asset Level 1 Level 2 Level 3 Value Total Assets, at fair value: Cash equivalents $ 36,971 $ — $ — $ — $ 36,971 Investments in affiliates, at fair value — — — 5,273 5,273 Assets of Consolidated Funds Investments, at fair value: Bank loans — — 389,329 — 389,329 ZAIS CLO 6, Limited - Warehouse — — 15,036 — 15,036 Total – investments, at fair value — — 404,365 — 404,365 Total assets, at fair value $ 36,971 $ — $ 404,365 $ 5,273 $ 446,609 Liabilities, at fair value: Liabilities of Consolidated Funds Notes payable of Consolidated CLO, at fair value — — 384,901 — 384,901 Total liabilities, at fair value $ — $ — $ 384,901 $ — $ 384,901 The following tables summarize the changes in the Company’s Level 3 assets: Three Months Ended March 31, 2017 (Dollars in thousands) Change in Unrealized Gains/Losses Total Relating to Realized Assets and and Ending Liabilities Beginning Change in Balance Still Held at Balance Sales/ Unrealized Amortization Transfers March March January 1, Initial Purchases/ Redemptions/ Gains of Discounts/ to (from) 31, 31, 2017 Consolidation Issuances Settlements (Losses) Premiums Level 3 2017 2017 Assets: Bank loans $ 389,329 $ — $ 93,951 $ (78,690) $ (1,122) $ 340 $ — $ 403,808 $ (240) ZAIS CLO 6, Limited - Warehouse 15,036 — 30,000 — 1,107 — — 46,143 1,107 Total investments, at fair value $ 404,365 $ — $ 123,951 $ (78,690) $ (15) $ 340 $ — $ 449,951 867 Liabilities: Notes payable of Consolidated CLO, at fair value $ 384,901 $ — $ — $ — $ 6,727 $ — $ — $ 391,628 $ 6,727 Total liabilities, at fair value $ 384,901 $ — $ — $ — $ 6,727 $ — $ — $ 391,628 $ 6,727 Three Months Ended March 31, 2016 (Dollars in thousands) Change in Unrealized Total Gains/Losses Realized Relating to and Ending Assets and Beginning Change in Balance Liabilities Balance Sales/ Unrealized Transfers March Still Held at January 1, Purchases/ Redemptions/ Gains to (from) 31, March 31, 2016 Issuances Settlements (Losses) Level 3 2016 2016 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 Company’s policy is to record 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, 2017 or March 31, 2016. Fair Value at March Valuation Unobservable Amount/ Weighted Investment Type 31, 2017 Technique Input Percentage Min Max Average (Dollars in Thousands) Assets of Consolidated Funds: Bank loans $ 403,808 Broker quoted Not applicable Not applicable — — — ZAIS CLO 6, Limited - Warehouse 46,143 Cost plus excess spread Excess spread 2.5% — — — Total – Investments, at fair value $ 449,951 Liabilities of Consolidated Funds: Notes payable of Consolidated CLO, at fair value $ 391,628 Measurement Alternative Not applicable Not applicable — — — Total – Notes payable of Consolidated CLO, at fair value $ 391,628 Fair Value at December Valuation Unobservable Amount/ Weighted Investment Type 31, 2016 Technique Input Percentage Min Max Average (Dollars in Thousands) Assets of Consolidated Funds: Bank loans $ 389,329 Broker quoted Not applicable Not applicable — — — ZAIS CLO 6, Limited - Warehouse 15,036 Cost plus excess spread Excess spread 0.2% — — — Total – Investments, at fair value $ 404,365 Liabilities of Consolidated Funds: Notes payable of Consolidated CLO, at fair value $ 384,901 Measurement Alternative Not applicable Not applicable — — — Total – Notes payable of Consolidated CLO, at fair value $ 384,901

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity Disclosure [Text Block]	5. Variable Interest Entities In the ordinary course of business, ZAIS Group sponsors the formation of variable interest entities (“VIEs”) that can be broadly classified into the following categories: hedge funds, hybrid private equity funds and CLOs. ZAIS Group generally serves as the investment advisor or collateral manager with certain investment-related, decision-making authority for these entities. The Company has not recorded any liabilities with respect to VIEs that are not consolidated. Certain ZAIS Managed Entities, including the CLOs, are VIEs. Funds The Company has determined that the fee it receives from several of the hedge funds and hybrid private equity funds ZAIS Group manages do not represent a variable interest, because 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. ZAIS Group owns 51 Zephyr A-6’s investments are as follows: ZAIS CLO 5 ZAIS CLO 5, Limited (“ZAIS CLO 5”), which priced on September 23, 2016 and closed on October 26, 2016, invests primarily in first lien senior secured bank loans and had a total capitalization of $ 408.5 368.0 40.5 8.8 Zephyr A-6’s initial investment in ZAIS CLO 5 was $ 20.3 20.5 2.1 31.8 In February 2017 Zephyr A-6 sold its interest in the Class A-1 tranche of ZAIS CLO 5 for a sales price of approximately $ 5.4 81 Zephyr A-6 had an investment of $ 14.7 19.5 0.6 2.1 31.8 During the three months ended March 31, 2016, ZAIS CLO 5 was in the warehouse phase (“ZAIS CLO 5 Warehouse”) and continued to finance the majority of its loan purchases using its warehouse facility. The Company was not required to consolidate ZAIS CLO 5 Warehouse for the three months ended March 31, 2016. ZAIS CLO 6, Limited – Warehouse ZAIS CLO 6, Limited (“ZAIS CLO 6 Warehouse”) was formed in November 2016 and was in the warehouse phase at March 31, 2017 and December 31, 2016. During this period, ZAIS CLO 6 Warehouse continued to finance the majority of its loan purchases using its warehouse facility. The Company was not required to consolidate ZAIS CLO 6 Warehouse at March 31, 2017 or December 31, 2016 or for the three months ended March 31, 2017. Net gain (loss) of Consolidated Funds’ Investments Three Months Ended March 31, 2017 2016 (Dollars in thousands) ZAIS CLO 5 Warehouse: Change in unrealized gain or loss $ — $ 1,517 Total – ZAIS CLO 5 Warehouse — 1,517 ZAIS CLO 6 Warehouse: Change in unrealized gain or loss 1,107 — Total – ZAIS CLO 6 Warehouse 1,107 — Total – Net gain (loss) of Consolidated Funds’ investments $ 1,107 $ 1,517 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. For acting as the collateral manager for these structures, ZAIS Group receives collateral management fees comprised of senior collateral management fees, subordinated collateral management fees and incentive collateral management fees (subject to hurdle rates). In some cases, all of the collateral management fees are waived as a result of certain ZAIS Managed Entities owning equity tranches of the related CLO. For CLOs in which the Company has no economic interests other than its fee arrangement, the Company has determined that the fee it receives from the CLOs does not represent a variable interest because ZAIS Group’s fee arrangements are commensurate with the level of effort performed and include only customary terms that do not represent variable interests. The Company considered investments its related parties have in the CLOs when determining if ZAIS Group’s fee represented a variable interest. The Company will continue to assess its investments in the CLOs to determine whether or not the Company will be required to consolidate the CLOs in its financial statements. The Dodd-Frank credit risk retention rules, which became effective on December 24, 2016, apply to any newly issued CLOs or certain cases in which an existing CLO is refinanced, issues additional securities or is otherwise materially amended. The risk retention rules specify that for each CLO, the relevant collateral manager must purchase and hold, unhedged, directly or through a majority-owned affiliate, either (i) 5% of the face amount of each tranche of the CLO’s securities, (ii) an amount of the CLO’s equity equal to 5% of the aggregate fair value of all of the CLO’s securities or (iii) a combination of the two for a total of 5%. The required risk must be retained until the latest of (i) the date that the CLO has paid down its securities to 33% of their original principal amount, (ii) the date that the CLO has sold down its assets to 33% of their original principal amount or (iii) the date that is two years after closing. The Company determined that it is not the primary beneficiary of CLO Warehouses, which are VIEs, because the financing counterparty must approve all significant financing requests and, as a result, the Company does not have the power to direct activities of the entity that most significantly impacts its economic performance. VIEs Consolidated VIEs At March 31, 2017 and December 31, 2016 the Consolidated Funds consist of Zephyr A-6 and ZAIS CLO 5. Both entities are VIEs. The assets and liabilities of the consolidated VIEs are, presented in Note 16 – “Supplemental Financial Information” under the heading “Consolidated Funds”, on a gross basis prior to eliminations. The assets presented belong to the investors in Zephyr A-6 and ZAIS CLO 5, 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. Unconsolidated VIEs At March 31, 2017 and December 31, 2016, the Company’s unconsolidated VIEs consisted of the Company’s investments in certain ZAIS Managed Entities as well as the Consolidated Fund’s investments in CLO Warehouses. Financial Statement March 31, December 31, Investment In Line Item 2017 2016 (Dollars in thousands) Certain ZAIS Managed Entities Investment in affiliates, at fair value $ 286 $ 273 CLO Warehouses Assets of Consolidated Funds – Investments at fair value 46,143 15,036 Total $ 46,429 $ 15,309 Such amounts are included in the Consolidated Statements of Financial Condition. ZAIS Group has a minimal direct ownership, if any, in the unconsolidated 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 fee income and incentive income that has been earned and accrued, as well as any change in fair value of its direct equity ownership in the VIEs. Three Months Ended March 31, 2017 2016 (Dollars in thousands) ZAIS CLO 5 Warehouse $ — $ 10,000 ZAIS CLO 6 Warehouse 30,000 — Total $ 30,000 $ 10,000 Notes Payable of Consolidated CLO Notes payable of the consolidated CLO are collateralized by the assets held by the CLO. This collateral primarily consists of bank loans. March 31, December 31, 2017 2016 (Dollars in thousands) Cash and cash equivalents $ 18,765 $ 23,987 Investments, at fair value 403,808 389,329 422,573 413,316 Other assets (liabilities), net (16,284) (8,909) Notes payable of consolidated CLO, at fair value 406,289 404,407 Elimination of Consolidated Funds’ investments in CLO (14,661) (19,506) Notes payable of consolidated CLO, at fair value (net of eliminations) $ 391,628 $ 384,901 The Company has elected to carry these notes at fair value in its Consolidated Statements of Financial Condition. Accordingly, the Company measured the fair value of the notes payable (as a group including both the senior and subordinated notes) as (1) the sum of the fair value of the financial assets and the carrying value of any non-financial assets, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The Company allocated the resulting amount to the different classes of notes based on the CLO’s waterfall on an as liquidated basis. The tables below present information related to the CLO’s notes payable outstanding. March 31, 2017 (Dollars in thousands) Weighted Weighted Unpaid Average Average Stated Principal Fair Interest Maturity Maturity Outstanding Value Rate (in Years) Dates Senior and Mezzanine Secured Notes $ 365,745 $ 364,116 3.07 % 11.58 October 2028 Subordinated Notes 27,635 27,512 N/A 11.58 October 2028 Total $ 393,380 $ 391,628 December 31, 2016 (Dollars in thousands) Weighted Weighted Unpaid Average Average Stated Principal Fair Interest Maturity Maturity Outstanding Value Rate (in Years) Dates Senior and Mezzanine Secured Notes $ 360,395 $ 357,489 2.97 % 11.83 October 2028 Subordinated Notes 27,635 27,412 N/A 11.83 October 2028 Total $ 388,030 $ 384,901

Management Fee Income and Incen

Management Fee Income and Incentive Income	3 Months Ended
	Mar. 31, 2017
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 the funds and accounts which are generally based on (i) the net asset value of these funds and accounts prior to the accrual of incentive fees/allocations or (ii) drawn capital during the investment period. Management fee income earned for the CLOs which ZAIS Group manages are generally based on the par value of the collateral and cash held in the CLOs. Additionally, 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 and is contingent upon the economic performance of the respective CLO. 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. Prior to October 31, 2016, ZAIS Group earned management fee income from ZFC REIT, quarterly, based on ZFC REIT's stockholders' equity, as defined in the amended and restated investment advisory agreement between ZAIS REIT Management and ZFC REIT. Twenty percent of the management fee income received from ZFC REIT was paid to holders of Class B interests in ZAIS REIT Management. The payment to the Class B interests in ZAIS REIT Management was recorded as distributions to non-controlling interests in ZAIS Group Parent, LLC. The income was recorded as Management fee income in the Consolidated Statements of Comprehensive Income (Loss), and the portion of the management fees allocated to the holders of Class B interests in ZAIS REIT Management was included in the Allocation of Consolidated Net Income (Loss) to Non-controlling interests in ZAIS Group Parent, LLC. On October 31, 2016, the management agreement with ZFC REIT was terminated upon the completion of the merger between ZFC REIT and Sutherland Asset Management Corp (the “Termination Agreement”). Pursuant to the Termination Agreement, ZAIS REIT Management received a termination payment in the amount of $ 8.0 Management fees are generally collected on a monthly or quarterly basis. ZAIS Group manages certain ZAIS Managed Entities from which it may earn incentive income based on hedge fund-style and private equity-style fee arrangements. ZAIS Managed Entities 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 ZAIS Managed Entities 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. ZAIS Managed Entities 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, payment of subordinate management fees (if any) and a preferred inception to date return as specified in the respective CLOs’ collateral management agreements. The advisory agreement between ZAIS REIT Management and ZFC REIT did not provide for incentive fees. Three Months Ended March 31, 2017 ( Dollars in thousands ) Gross Net Fee Range Amount Elimination Amount Management Fee Income (1) Funds and accounts 0.50% - 1.25% $ 2,613 $ — $ 2,613 CLOs 0.15% - 0.50% 494 — 494 Total $ 3,107 $ — $ 3,107 Incentive Income (1) (2) Funds and accounts 10% - 20% $ 287 $ — $ 287 CLOs 20% 10 — 10 Total $ 297 $ — $ 297 Three Months Ended March 31, 2016 ( Dollars in thousands ) Gross Net Fee Range Amount Elimination Amount Management Fee Income (1) Funds and accounts 0.50% - 1.25% $ 2,397 $ — $ 2,397 CLOs 0.15% - 0.50% 405 — 405 ZFC REIT (3) 1.50% 767 — 767 Total $ 3,569 $ — $ 3,569 Incentive Income (1) (2) Funds and accounts 10% - 20% $ 152 $ — $ 152 CLOs 20% — — — Total $ 152 $ — $ 152 (1) Certain management and incentive fees have been and may in the future be waived and therefore the actual fees rates may be lower than those reflected in the range. (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 Entity’s operative agreement. (3) On October 31, 2016, the management agreement with ZFC REIT was terminated pursuant to the Termination Agreement. The Company may give credits for management fee income and/or incentive income to investors which invest in ZAIS Managed Entities which invest in other ZAIS Managed Entities where fees are also charged. The Company recorded all credits relating to management fee income and incentive income as Fees payable in the Consolidated Statements of Financial Condition and a reduction of either Management fee income or Incentive income in the Consolidated Statements of Comprehensive Income (Loss). Three Months Ended 2017 2016 (Dollars in thousands) Management fee income credit $ 63 $ 54 Incentive income credit — — Total $ 63 $ 54 March 31, December 31, 2017 2016 (Dollars in thousands) Management fee income $ 1,361 $ 1,284 Incentive income 139 7,521 Total $ 1,500 $ 8,805 Such amounts are included in Income and fees receivable in the Consolidated Statements of Financial Condition. The Company did not recognize any bad debt expense for the three months ended March 31, 2017 or March 31, 2016. The Company believes all income and fees receivable balances are fully collectible.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	7. 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 $ 1.25 The carrying amount of the Company’s notes payable approximates their fair value at December 31, 2016. Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 3 $ 2

Compensation

Compensation	3 Months Ended
	Mar. 31, 2017
Share-based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	8. Compensation Three Months Ended March 31, 2017 2016 (Dollars in thousands) Salaries $ 2,336 $ 3,280 Bonus 3,177 3,898 Severance 72 642 Equity-Based Compensation 1,112 343 Payroll taxes and benefits 727 844 Total $ 7,424 $ 9,007 A summary of the Company’s compensation arrangements are as follows: Bonus Incentive Cash Compensation Employees are eligible to receive discretionary incentive cash compensation (the “Bonus Award”) on an annual basis and certain employees may also be eligible to receive guaranteed incentive compensation (the “Guarantees”). 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 Agreements”), the Bonus Award may be further subject to a retention-based payout schedule that generally provides for 30 Levels of incentive compensation will vary to the extent they are tied to the performance of certain ZAIS Managed Entities or the financial and operating performance of the Company. The compensation payable balance includes accrued incentive compensation and severance. During the period from January 1, 2017 through March 31, 2017, the Company paid approximately $ 8.5 Retention Payment Plan On March 29, 2016, the Compensation Committee of the Board of Directors adopted a retention payment plan for certain employees of ZAIS Group (the "Retention Payment Plan"). The Retention Payment Plan applied to approximately 60 employees of ZAIS Group all of whom had an annual base salary of less than $300,000. The purpose of the Retention Payment Plan was to enable ZAIS Group to retain the services of its employees in order to ensure that ZAIS Group was not disrupted or adversely affected by the possible loss of personnel or their commitment to ZAIS Group. Under the Retention Payment Plan, the participating employees were entitled to receive cash retention payments on each of April 15, 2016, August 15, 2016 and November 15, 2016, if the employee remained employed by ZAIS Group on such dates. The Company paid an aggregate amount of approximately $ 4.6 In addition, on March 1, 2016, the Compensation Committee of the Board of Directors approved a retention payment of $ 900,000 There were no amounts payable under the Retention Payment Plan at March 31, 2017 or December 31, 2016. Points ZAIS Group has entered into agreements with certain of its employees whereby certain current 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 Agreements”). There are currently outstanding Points Agreements relating to one ZAIS Managed Entity and ZAIS Group does not anticipate awarding additional Points Agreements. The Company did not incur any compensation expense relating to the Points Agreements for the three months ended March 31, 2017 or March 31, 2016. Severance On March 8, 2016, the Company commenced a reduction in force which resulted in a decrease of 23 762,000 Equity-Based Compensation Class B-0 Units In conjunction with the closing of the Business Combination on March 17, 2015, ZGP authorized 1,600,000 On December 1, 2016, the Board of Directors authorized ZGP to offer the 28 All holders decided to accept the Proposal to receive either RSUs or the Cash Amount. Upon the expiration of the offer period, the holders’ Class B-0 Units were cancelled. For those holders of Class B-0 Units who elected to receive RSUs, ZAIS granted the RSUs under the ZAIS 2015 Stock Incentive Plan (the “2015 Stock Plan”). The RSUs vested on March 17, 2017, the same date that the Class B-0 Units were scheduled to vest. The RSUs entitled the holders to receive ZAIS Class A Common Stock, which was issued, subject to applicable wage withholding requirements, immediately upon the vesting of the RSUs. In consideration of the issuance of such stock by ZAIS to the employees of ZGP’s subsidiary, ZAIS Group, LLC, ZGP issued a number of Class A Units to ZAIS equal to the number of shares of stock that were issued to the holders of RSUs. As a result of the issuance of these Class A Units, ZGH owned 67.4 . Total number Class B-0 Units cancelled in substitution for: RSUs 899,674 Cash 133,559 Total number of Class B-0 Units cancelled 1,033,233 Class B-0 Units not cancelled — Total Cash Amount paid in March 2017 (in thousands) $ 256 The Company accounted for the cancellation of B-0 Units as follows: RSUs Provided as a Replacement for the Cancellation of B-0 Units The Company accounted for the issuance of RSUs as a modification of the award pursuant to ASC 718, “Compensation - Stock Compensation”, treating it as a cancellation of the limited liability company units accompanied by the concurrent grant of RSUs. The Company determined that the fair value of the RSUs and the Class B-0 Units at the modification date were equal and therefore there was no incremental compensation cost required to be recognized. ZAIS completed the amortization of the related compensation expense equally over the two-year vesting period subject to cumulative adjustment for changes in estimated forfeitures at each reporting date. Cash Provided as a Replacement for the Cancellation of Class B-0 Units The Company accounted for the cash payment to be made in consideration for the cancellation of certain B-0 Units described above as a modification of the award pursuant to ASC 718, “Compensation - Stock Compensation”. However the modification of these awards changed the classification from equity awards to a liability awards. The fair value of the modified award at the time of the modification was approximately $ 256,000 230,000 26,000 Three Months Ended March 31, 2017 2016 Weighted Weighted Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value B-0 Units per Unit B-0 Units per Unit Balance at beginning of period — $ — 1,337,486 $ 9.67 Offered – Upon Closing of Business Combination — — — — Awards not accepted due to resignation — — — — Net granted – Upon Closing of Business Combination — — — — Granted — — 100,000 6.34 Forfeited — — (148,708) 9.70 Cancelled pursuant to the Proposal — — — — Vested — — — — Balance at end of period — $ — 1,288,778 $ 9.40 Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 1,059 $ 269 The estimated forfeiture rates of Class B Units, including those cancelled in exchange for Class A Common Stock, were as follows: Three Months Ended March 31, 2017 2016 — % 29.6 % The expense relating to the Class B-0 Units (pre-modification of the award) is included in Compensation and benefits in the Consolidated Statements of Comprehensive Income (Loss). RSUs The Company may grant up to 2,080,637 Non-employee directors of ZAIS receive RSUs pursuant to the 2015 Stock Plan 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 Company is measuring the expense associated with these awards based on the fair value on the grant date adjusted for estimated forfeitures. This expense is being amortized equally over the one-year vesting period and adjusted on a cumulative basis for changes in estimated forfeitures at each reporting date. The weighted average grant date fair value of these RSUs is based on the market value of the Company’s shares on the grant date. On April 21, 2016, the Company issued 30,942 3.22 April 21, 2017 On November 1, 2016, the Company issued 74,331 1.73 November 1, 2017 Additionally, pursuant to the Proposal (see “Class B-0 Units” above), the Company issued 899,674 On March 17, 2017, the 899,674 2.1 548,923 0.8 Additionally, ZAIS Group paid the Cash Amount of approximately $ 256,000 Three Months Ended March 31, 2017 2016 Weighted Weighted Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value RSUs per Unit RSUs per Unit Balance at beginning of period: 1,004,947 $ 8.60 30,000 $ 9.85 Grants during period to: Non-employee directors — — — — In consideration for cancellation of Class B-0 units pursuant to the Proposal — — — — Total - Granted — — — Forfeited — — — — Vested (899,674) 9.33 — — Balance at end of period 105,273 2.17 30,000 9.85 Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 53 $ 74 The expense relating to these RSUs is included in Compensation and benefits on the Consolidated Statements of Comprehensive Income (Loss).

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	9. Income Taxes ZAIS is taxable as a corporation for U.S. tax purposes while ZGP and its subsidiaries operate as pass-through entities for U.S. income tax purposes not subject to entity level taxes. Accordingly, the Company’s consolidated financial statements include U.S. federal, state and local income taxes on 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 an income tax (benefit) expense of $5,000 for the three months ended March 31, 2017 and March 31, 2016 respectively, related solely to foreign taxes payable to jurisdictions outside the U.S. related to Company’s foreign subsidiaries. As a result of the variations each quarter in the relationship between pre-tax income and income tax expense, the Company utilizes the actual effective tax rate for each interim period being presented to calculate the tax (benefit) or expense. The following is a reconciliation of the U.S. statutory federal income tax to the Company’s effective tax: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Income tax (benefit) expense at the US federal statutory income tax rate $ (1,846) $ (2,174) State and local income tax, net of federal benefit (233) (287) Foreign Tax 5 5 Effect of permanent differences 1 2 Income attributable to non-controlling interests in Consolidated Funds not subject to tax (275) (250) Income attributable to non-controlling interests in ZGP not subject to tax 707 781 Equity compensation shortfall adjustment 1,948 - Valuation Allowance (302) 1,928 Total $ 5 $ 5 The Company’s effective tax 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, 2017 and March 31, 2016, the net effective tax represents the taxes accrued related to the Company’s operations in jurisdictions outside the U.S. as a full valuation allowance has been established for 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 as well as Company’s net operating losses and development stage start-up expenses incurred during the period from its inception and prior to the closing of the Business Combination with ZGP. Additionally, for the three months ended March 31, 2017, the net effective tax is impacted due to a shortfall adjustment for equity compensation related to the exchange of the Class B-0 Units discussed in Note 8 – “Compensation”. 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 Consolidated Statements of Financial Condition. These temporary differences result in taxable or deductible amounts in future years. As of March 31, 2017 and December 31, 2016, the Company had total deferred tax assets (“DTA”) of approximately $ 6.7 7.0 As of March 31, 2017, the Company has estimated federal and state income tax net operating loss carryforwards of $12.8 million which will expire as follows: (Dollars in thousands) 2032 $ 1 2033 83 2034 122 2035 5,990 2036 1,640 2037 4,933 Total $ 12,769 As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of DTA. As of March 31, 2017, the Company has determined that the most recent management business forecasts do not support the realization of net DTA recorded for the Company. The Company has recorded a book loss for the three months ended March 31, 2017 excluding income attributable to Consolidated Funds, and it is anticipated that expenses will continue to exceed revenues in 2017. 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 DTA will be realized and the Company has continued to maintain full valuation allowance against the DTA at March 31, 2017. The Company has recorded a change in valuation allowance of approximately ($0.3) million and $ 1.9 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, 2017 and March 31, 2016, respectively. In the future, if uncertain tax positions arise, interest and penalties will be accrued and included in Income tax (benefit) expense in the Consolidated Statements of Comprehensive Income (Loss).

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	10. Related Party Transactions ZAIS Managed Entities ZAIS Group offers a range of alternative and traditional investment strategies through the ZAIS Managed Entities. ZAIS Group earns 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 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 that are 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 and ZFC REIT) by ZAIS Group’s principals, executives, employees and other related parties. March 31, December 31, 2017 2016 (Dollars in thousands) $ 22,756 $ 21,713 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 does not charge management fees or earn incentive income on ZAIS CLO 1 and ZAIS CLO 2. March 31, December 31, 2017 2016 (Dollars in thousands) $ 560,252 $ 560,272 March 31, December 31, 2017 2016 (Dollars in thousands) Research Costs $ 1,117 $ 581 Other Direct Costs 244 117 Total $ 1,361 $ 698 These amounts are included in Due from related parties in the Consolidated Statements of Financial Condition. Consulting Agreements RQSI, Ltd. Certain affiliates of Mr. Neil Ramsey (“Mr. Ramsey”) are significant stockholders of ZAIS. ZGP entered into a two-year Consulting Agreement (the “Consulting Agreement”) with Mr. Ramsey through RQSI, Ltd., an entity controlled by Mr. Ramsey. Under the terms of the Consulting Agreement, Mr. Ramsey provided consulting services to ZGP, ZAIS Group’s senior management team and ZAIS, from time to time during the 24-month period beginning on the closing of the Business Combination. Mr. Ramsey agreed not to compete against ZGP during the term of the Consulting Agreement, and for two years following its termination. In consideration for his undertakings under the Consulting Agreement, ZGP agreed to pay Mr. Ramsey a consulting fee of $ 500,000 Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 105 $ 125 The expense is included in General, administrative and other expenses in the Consolidated Statements of Comprehensive Income (Loss). There were no amounts payable to Mr. Ramsey pursuant to the Consulting Agreement at March 31, 2017 or December 31, 2016. ZAIS Group has agreed to use certain statistical data generated by RQSI, Ltd. models. ZAIS Group may use this information for trading futures on behalf of one of the ZAIS Managed Entities. ZAIS Group entered into a month to month lease agreement with an affiliate of RQSI, Ltd dated February 1, 2016 to occupy space in the Company’s London office. The agreement is terminable upon 30 days’ notice. While there was no charge to RQSI, Ltd. or its affiliate for use of the space prior to March 1, 2017, beginning March 1, 2017 the monthly rent is 4,167 5,833 Ms. Tracy Rohan ZAIS Group is a party to a consulting agreement with Ms. Tracy Rohan (“Ms. 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 earns 76,000 Three Months Ended March 31, 2017 2016 (U.S. Dollars in thousands) $ 24 $ 27 The expense is included in General, administrative and other expenses in the Consolidated Statements of Comprehensive Income (Loss). March 31, December 31, 2017 2016 (Dollars in thousands) $ 16 $ 16 Such amounts are included in Other liabilities in the Consolidated Statements of Financial Condition.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	11. Property and Equipment March 31, December 31, 2017 2016 (Dollars in thousands) Office equipment $ 3,098 $ 3,098 Leasehold improvements 687 684 Furniture and fixtures 572 572 Software 409 409 4,766 4,763 Less accumulated depreciation and amortization (4,531) (4,489) Total $ 235 $ 274 Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 40 $ 63

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies Engagement Agreement with Berkshire Capital On April 22, 2016, the Company entered into an investment banking engagement agreement with Berkshire Capital Securities, LLC (“Berkshire Capital”), an affiliate of Mr. R. Bruce Cameron, our former director, pursuant to which Berkshire Capital will provide financial advisory services in connection with the Company’s strategic planning. Pursuant to the engagement letter, Berkshire Capital received a $ 100,000 15,000 750,000 2 Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 46 $ — Legal Advisor Agreement On February 27, 2017, ZAIS Group entered into an agreement (the “Legal Advisor Agreement”) with Howard Steinberg, the Company’s former General Counsel, pursuant to which Mr. Steinberg resigned as General Counsel effective on March 31, 2017 and was retained as Senior Legal Advisor to the Company effective April 1, 2017. Under the Legal Advisor Agreement, which was approved by the Compensation Committee of the Board of Directors, Mr. Steinberg will receive $ 150,000 additional compensation of $900 per hour if he is requested to devote more than 20 hours during any week to advising the Company. 70 3,450 450,000 The Legal Advisor Agreement is terminable by the Company or Mr. Steinberg on 30 days’ prior written notice; if it is terminated by the Company other than due to Mr. Steinberg’s failure to perform services, Mr. Steinberg would be entitled to a payment of $300,000. Capital Commitments At March 31, 2017 and December 31, 2016, the Company has committed $ 51.0 March 31, December 31, 2017 2016 (Dollars in thousands) $ 26,597 $ 20,477 There is no assurance that the full commitments will be required to be funded by ZAIS Group or as to the period of time during which these commitments may be required to be funded. ZAIS Group serves as the investment manager to these ZAIS Managed Entities and determines when, and to what extent, capital will be called. On February 28, 2017, ZAIS Group made a $ 5.0 Lease Obligations ZAIS Group currently leases office space in New Jersey and London under operating lease agreements which expire in October 2017 and September 2022, respectively. The Company recognizes rent expense related to its operating leases on a straight-line basis over the lease term and is included in General, administrative and other in the Consolidated Statements of Comprehensive Income (Loss). Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 215 $ 244 (Dollars in Period thousands) Nine months ended December 31, 2017 356 Year ended December 31: 2018 262 2019 262 2020 262 2021 262 2022 179 Effective September 30, 2016, the Company terminated a portion of its lease and reduced its office space in New Jersey by approximately 2,600 20,000 On January 6, 2017, ZAIS Group provided notice to its current landlord of its intention to vacate its principal office space. ZAIS Group is currently in negotiations and intends to enter into a new lease agreement for a cost not to exceed its current annual leasing cost for its primary office space. 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. 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 liabilities in connection with such indemnifications. Gain Contingencies In 2016 the Company received notification from one of its insurance providers that its claim for reimbursement of certain legal and other costs relating to a formal regulatory inquiry had been approved. The Company had paid approximately $ 0.02 0.2 0.92 0.89 "Contingencies – Gain Contingencies” 0.55 7,500 0.02

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	13. Segment Reporting The investment management 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 investment management segment provides investment advisory and asset management services to the ZAIS Managed Entities.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
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 The Company issued 548,923 Class B Common Stock The Company is authorized to issue 20,000,000 0.000001 In connection with the Business Combination, HF2 transferred 20,000,000 Class A Units Upon the Closing, ZAIS acquired approximately 66.5 67.4 During the first five years following the Closing, ZGP will release up to an additional 2,800,000 12.50 21.50 There were 548,923 Class A Units issued to ZAIS during the three months ended March 31, 2017 and no Class A Units issued during the three months ended March 31, 2016. Class B Units ZGP may issue up to 6,800,000 5,200,000 12.50 21.50 The ZGP Founder Members’ Class A Units and, if any, all of the vested Class B Units (but not any unvested Class B Units) may be exchanged for shares of Class A Common Stock of ZAIS on a one-for-one basis (subject to certain, if any, adjustments to the exchange ratio) or, at ZAIS’s option, cash or a combination of Class A Common Stock and cash, pursuant to the Exchange Agreement that ZAIS entered into with ZGP, the ZGP Founder Members and the other parties thereto. The Exchange Agreement contains certain restrictions on the ability of holders of Class A Units and Class B Units to exchange such Units for Class A Common Stock of ZAIS. There were no Class B-1, Class B-2, Class B-3 or Class B-4 Units awarded for the three months ended March 31, 2017 or March 31, 2016. On December 1, 2016, the Board of Directors authorized ZGP to offer the employees who agreed to the cancellation of their unvested Class B-0 Units the right to receive in substitution for the cancellation of their Class B-0 Units, at the holder’s option, either (a) RSUs of ZAIS, on a one-for-one basis, or (b) an amount of cash per Class B-0 Unit cancelled (See Note 8 – “Compensation”). Both were subject to vesting requirements.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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 Months Ended March 31, 2017 2016 (Dollars in thousands, except shares and per share amounts) Numerator: Consolidated Net Income (Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic) $ (4,162) $ (4,834) Effect of dilutive securities: Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP (2,083) (2,299) Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management, LLC Class B Members (1) — (142) Income tax (benefit) expense (2) — — Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities $ (6,245) $ (7,275) Denominator: Weighted average number of shares of Class A Common Stock 13,986,305 13,870,917 Effect of dilutive securities: Weighted average number of Class A Units of ZGP 7,000,000 7,000,000 Dilutive number of B-0 Units and RSUs (3) — — Diluted weighted average shares outstanding (4) 20,986,305 20,870,917 Consolidated Net Income (Loss), net of tax, per Class A common share – Basic $ (0.30) $ (0.35) Consolidated Net Income (Loss), net of tax, per Class A common share – Diluted $ (0.30) $ (0.35) (1) Amount represents portion of the management fee income received from ZFC REIT that was payable to holders of Class B interests in ZAIS REIT Management. (2) Income tax (benefit) expense is calculated using an assumed tax rate of 5.56% and -30.15% for the three months ended March 31,2017 and March 31, 2016, respectively, which is fully offset by a 100 (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 of ZAIS and employees of ZAIS Group. These Class B-0 Units and RSUs 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, 2017
Statement of Financial Position [Abstract]
Consolidated Funds on the Company’s Financial Position [Text Block]	16. Supplemental Financial Information March 31, 2017 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 25,456 $ — $ — $ 25,456 Income and fees receivable 1,500 — — 1,500 Investments in affiliates, at fair value 36,530 — (31,244) 5,286 Due from related parties 1,362 — — 1,362 Property and equipment, net 235 — — 235 Prepaid expenses 1,450 — — 1,450 Other assets 318 — — 318 Assets of Consolidated Funds Cash and cash equivalents — 19,288 — 19,288 Investments, at fair value — 464,612 (14,661) 449,951 Due from broker — 9,341 — 9,341 Other assets — 1,162 (46) 1,116 Total Assets $ 66,851 $ 494,403 $ (45,951) $ 515,303 Liabilities and Equity Liabilities Compensation payable $ 2,208 $ — $ — $ 2,208 Due to related parties 31 — — 31 Fees payable 2,502 — — 2,502 Other liabilities 1,403 — — 1,403 Liabilities of Consolidated Funds Notes payable of Consolidated CLO — 406,289 (14,661) 391,628 Due to broker — 21,696 — 21,696 Other liabilities — 5,156 (46) 5,110 Total Liabilities 6,144 433,141 (14,707) 424,578 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 64,130 — — 64,130 Retained earnings (Accumulated deficit) (23,127) — — (23,127) Accumulated other comprehensive income (loss) (50) — — (50) Total stockholders’ equity, ZAIS Group Holdings, Inc. 40,954 — — 40,954 Non-controlling interests in ZAIS Group Parent, LLC 19,753 — — 19,753 Non-controlling interests in Consolidated Funds — 61,262 (31,244) 30,018 Total Equity 60,707 61,262 (31,244) 90,725 Total Liabilities and Equity $ 66,851 $ 494,403 $ (45,951) $ 515,303 December 31, 2016 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 38,712 $ — $ — $ 38,712 Income and fees receivable 8,805 — — 8,805 Investments in affiliates, at fair value 29,554 — (24,281) 5,273 Due from related parties 734 — — 734 Property and equipment, net 274 — — 274 Prepaid expenses 906 — — 906 Other assets 348 — — 348 Assets of Consolidated Funds Cash and cash equivalents — 37,080 — 37,080 Investments, at fair value — 423,871 (19,506) 404,365 Due from broker — 16,438 — 16,438 Other assets — 1,254 (44) 1,210 Total Assets $ 79,333 $ 478,643 $ (43,831) $ 514,145 Liabilities and Equity Liabilities Notes payable $ 1,263 $ — $ — $ 1,263 Compensation payable 7,836 — — 7,836 Due to related parties 31 — — 31 Fees payable 2,439 — — 2,439 Other liabilities 1,127 — — 1,127 Liabilities of Consolidated Funds Notes payable of Consolidated CLO — 404,407 (19,506) 384,901 Due to broker — 24,462 — 24,462 Other liabilities — 2,165 (44) 2,121 Total Liabilities 12,696 431,034 (19,550) 424,180 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 63,413 — — 63,413 Retained earnings (Accumulated deficit) (18,965) — — (18,965) Accumulated other comprehensive income (loss) (70) — — (70) Total stockholders’ equity, ZAIS Group Holdings, Inc. 44,379 — — 44,379 Non-controlling interests in ZAIS Group Parent, LLC 22,258 — — 22,258 Non-controlling interests in Consolidated Funds — 47,609 (24,281) 23,328 Total Equity 66,637 47,609 (24,281) 89,965 Total Liabilities and Equity $ 79,333 $ 478,643 $ (43,831) $ 514,145 Three Months Ended March 31, 2017 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Revenues Management fee income $ 3,107 $ — $ — $ 3,107 Incentive income 297 — — 297 Reimbursement revenue 494 — — 494 Other revenues 93 — — 93 Income of Consolidated Funds — 205 (205) — Total Revenues 3,991 205 (205) 3,991 Expenses Compensation and benefits 7,424 — — 7,424 General, administrative and other 3,669 — — 3,669 Depreciation and amortization 40 — — 40 Expenses of Consolidated Funds — 43 — 43 Total Expenses 11,133 43 — 11,176 Other Income (loss) Net gain (loss) on investments 918 — (843) 75 Other income (expense) (16) — — (16) Net gains (losses) of Consolidated Funds’ investments — 1,492 (385) 1,107 Net gain (loss) on beneficial interest of collateralized financing entity — — 589 589 Total Other Income (Loss) 902 1,492 (639) 1,755 Income (loss) before income taxes (6,240) 1,654 (844) (5,430) Income tax (benefit) expense 5 — — 5 Consolidated net income (loss), net of tax (6,245) 1,654 (844) (5,435) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 30 — — 30 Total Comprehensive Income (Loss) $ (6,215) $ 1,654 $ (844) $ (5,405) Three Months Ended March 31, 2016 Consolidated ZAIS Funds 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)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	17. Subsequent Events On April 5, 2017, the Company provided a retention award (the “Retention Award”) to Michael Szymanski, the Company’s Chief Executive Officer in recognition of the importance of retaining his services as the Chief Executive Officer of the Company and its operating subsidiary, ZAIS Group, and in connection with the Company’s review of strategic alternatives to enhance shareholder value. Under the Retention Award, which has been approved by the Compensation Committee of the Board of Directors of the Company, Mr. Szymanski is entitled to receive a cash retention payment of $ 500,000 1.5 On April 21, 2017, the Company issued 30,942 On May 3, 2017, ZAIS CLO 6 priced and is expected to close in June 2017. ZAIS CLO 6 invests primarily in first lien senior secured bank loans and has a total capitalization of $ 512.0 460.0 52.0 23.0 6.1 45.0 29.0 5.0 13.5 ASU 2015-02 Consolidation (Topic 810): Amendments to the Consolidation Analysis On May 9, 2017, the Board of Directors approved an amendment to the Compensation Committee’s charter to better enable the Company to retain its employees and to attract additional employees. The amendment removed the prior compensation guidelines set forth in the charter that applied to compensation paid through 2019. The compensation guidelines provided that, subject to modification or waiver by the Compensation Committee, the Company’s total compensation expense on a consolidated basis calculated in accordance with U.S. GAAP for all cash and non-cash compensation paid to employees of the Company and its operating subsidiaries and affiliates for any given year would not exceed a certain percentage of the Company’s consolidated revenue for such year calculated in accordance with U.S. GAAP. On May 9, 2017 the Company issued an aggregate of 63,219 2.19

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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 condensed consolidated financial statements according to the SEC rules and regulations. The information and disclosures contained in these unaudited interim condensed 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.
Segment Reporting, Policy [Policy Text Block]	Segment Reporting The Company currently is comprised of one reportable segment, the investment management segment, and substantially all of the Company’s operations are conducted through this segment. The investment management segment provides investment advisory and asset management services to the ZAIS Managed Entities.
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.
Consolidation, Policy [Policy Text Block]	The consolidated financial statements included herein are the financial statements of ZAIS, its subsidiaries and certain ZAIS Managed Entities that are required to be consolidated. All intercompany balances and transactions are eliminated in consolidation, including ZAIS’s investment in ZGP and ZGP’s investment in ZAIS Group. The Company's fiscal year ends on December 31. The consolidated financial statements include non-controlling interests in ZGP which is primarily comprised of Class A Units of ZGP held by the ZGP Founder Members. The Company’s consolidated financial statements also include variable interest entities for which ZAIS Group is considered the primary beneficiary, and certain entities that are not considered variable interest entities in which ZAIS Group has a controlling financial interest. The consolidated financial statements reflect the assets, liabilities, investment income, expenses and cash flows of the Consolidated Funds on a gross basis. If the consolidated ZAIS Managed Entity is a CLO, the revenue and expenses are not reflected on a gross basis. Instead, the Company’s share of the net income of the CLO is reported in Net gain (loss) on beneficial interest of collateralized financing entity in the Consolidated Statements of Comprehensive Income (Loss). Except for CLOs, the economic interests in the Consolidated Funds, which are held by third-party investors, are reflected as Non-controlling interests in Consolidated Funds in the consolidated financial statements. For CLOs, the majority of the economic interests in these vehicles, which are held by outside parties, are reported as Notes payable of consolidated CLOs in the consolidated financial statements. The notes payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, ZAIS Group may earn investment management fees, including, in some cases, subordinated management fees and contingent incentive fees. All of the management fee income, incentive income and net gain (loss) on investments earned by ZAIS Group from the Consolidated Funds are eliminated in consolidation. The Company has elected the fair value option for the assets and liabilities held by the Consolidated Funds that otherwise would not have been carried at fair value. See Notes 4 and 5 for further disclosure on the assets and liabilities of the Consolidated Funds for which the fair value option has been elected. The Company uses the measurement alternative included in the collateralized financing entity guidance (the “Measurement Alternative”). The Company measures both the financial assets and financial liabilities of the consolidated CLO in its consolidated financial statements using the fair value of the financial assets of the consolidated CLO, which are more observable than the fair value of the financial liabilities of the consolidated CLO. As a result, the financial assets of the consolidated CLO are measured at fair value and the financial liabilities are measured in consolidation as: the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLO less (ii) the sum of the fair value of any beneficial interests retained by the reporting entity (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Under the Measurement Alternative, the Company’s consolidated net income reflects the Company’s own economic interests in the consolidated CLO including changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. The Consolidated Funds, except for consolidated CLOs, are deemed to be investment companies under U.S. GAAP, and therefore, the Company has retained the specialized investment company accounting of these consolidated entities in its consolidated financial statements. The Consolidated Funds include the following entities for the reporting periods presented: As of Three Months Ended March 31, Entity March 31, 2017 December 31, 2016 2017 2016 ZAIS Zephyr A-6 ü ü ü ü ZAIS CLO 5 Limited ü ü ü —
Revenue Recognition, Policy [Policy Text Block]	Reimbursement Revenue ZAIS Group may pay research and data services expenses relating to the management of the ZAIS Managed Entities directly to vendors and allocates a portion of these costs to the respective ZAIS Managed Entities per the terms of the respective investment management agreements (the “Research Costs”). The Company may also pay other costs to vendors on behalf of the ZAIS Managed Entities in addition to the Research Costs (the “Other Direct Costs”). These amounts may be reimbursable by the respective ZAIS Managed Entities and are recorded as Reimbursement revenue in the Consolidated Statements of Comprehensive Income (Loss) to the extent the Company is the primary obligor for such expenses and if the costs are charged back to the respective funds. The amounts for the three months ended March 31, 2016 were not material and therefore were not separately reported in the Consolidated Statements of Comprehensive Income (Loss).
Non-Controlling Interests, Policy [Policy Text Block]	Non-Controlling Interests The non-controlling interests within the Consolidated Statements of Financial Condition may be comprised of: (i) redeemable non-controlling interests reported outside of the permanent capital section when investors have the right to redeem their interests from a Consolidated Fund or ZAIS Group; (ii) equity attributable to non-controlling interests in Consolidated Funds (excluding CLOs) reported inside the permanent capital section when the investors do not have the right to redeem their interests and (iii) equity attributable to non-controlling interests in ZGP, if applicable. The Company records redeemable non-controlling interests and non-controlling interests in the Consolidated Funds (excluding CLOs) to reflect the economic interests in those funds held by investors other than interests attributable to ZAIS Group. Income allocated to non-controlling interests in ZGP includes a portion of the management fee income received from ZFC REIT that was payable to holders of Class B interests in ZAIS REIT Management, LLC (“ZAIS REIT Management”), a majority owned subsidiary of ZAIS Group which was the external adviser to ZFC REIT prior to October 31, 2016 (see Note 6 – “Management Fee Income and Incentive Fee Income”).
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Since May 2014, the FASB has issued ASU Nos. 2014-09, 2015-14, 2016-08, 2016-10 and 2016-12, Revenue from Contracts with Customers In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule Of Assets Under Management [Table Text Block]	ZAIS Group had the following assets under management (“AUM”): Approximately Reporting Period (in billions) As of March 31, 2017 (1) $ 3.360 As of December 31, 2016 $ 3.444

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block]	The fair value of these investments was as follows: March 31, December 31, 2017 2016 (Dollars in thousands) $ 5,286 $ 5,273
Schedule of Unrealized Loss on Investments [Table Text Block]	The Company recorded a change in unrealized gain (loss) associated with the investments still held at the end of each respective period as follows: Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 75 $ (18)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following tables summarize the Company’s assets measured at fair value on a recurring basis within the fair value hierarchy levels or based on net asset values, as applicable: March 31, 2017 (Dollars in thousands) Net Asset Level 1 Level 2 Level 3 Value Total Assets, at fair value: Cash equivalents $ 23,913 $ — $ — $ — $ 23,913 Investments in affiliates, at fair value — — — 5,286 5,286 Assets of Consolidated Funds Investments, at fair value: Bank loans — — 403,808 — 403,808 ZAIS CLO 6, Limited - Warehouse — — 46,143 — 46,143 Total – investments, at fair value — — 449,951 — 449,951 Total assets, at fair value $ 23,913 $ — $ 449,951 $ 5,286 $ 479,150 Liabilities, at fair value: Liabilities of Consolidated Funds Notes payable of Consolidated CLO, at fair value — — 391,628 — 391,628 Total liabilities, at fair value $ — $ — $ 391,628 $ — $ 391,628 December 31, 2016 (Dollars in thousands) Net Asset Level 1 Level 2 Level 3 Value Total Assets, at fair value: Cash equivalents $ 36,971 $ — $ — $ — $ 36,971 Investments in affiliates, at fair value — — — 5,273 5,273 Assets of Consolidated Funds Investments, at fair value: Bank loans — — 389,329 — 389,329 ZAIS CLO 6, Limited - Warehouse — — 15,036 — 15,036 Total – investments, at fair value — — 404,365 — 404,365 Total assets, at fair value $ 36,971 $ — $ 404,365 $ 5,273 $ 446,609 Liabilities, at fair value: Liabilities of Consolidated Funds Notes payable of Consolidated CLO, at fair value — — 384,901 — 384,901 Total liabilities, at fair value $ — $ — $ 384,901 $ — $ 384,901
Schedule of Changes in Fair Value of Assets and Liabilities [Table Text Block]	The following tables summarize the changes in the Company’s Level 3 assets: Three Months Ended March 31, 2017 (Dollars in thousands) Change in Unrealized Gains/Losses Total Relating to Realized Assets and and Ending Liabilities Beginning Change in Balance Still Held at Balance Sales/ Unrealized Amortization Transfers December March January 1, Initial Purchases/ Redemptions/ Gains of Discounts/ to (from) 31, 31, 2017 Consolidation Issuances Settlements (Losses) Premiums Level 3 2017 2017 Assets: Bank loans $ 389,329 $ — $ 93,951 $ (78,690) $ (1,122) $ 340 $ — $ 403,808 $ (240) ZAIS CLO 6, Limited - Warehouse 15,036 — 30,000 — 1,107 — — 46,143 1,107 Total investments, at fair value $ 404,365 $ — $ 123,951 $ (78,690) $ (15) $ 340 $ — $ 384,901 867 Liabilities: Notes payable of Consolidated CLO, at fair value $ 384,901 $ — $ — $ — $ 6,727 $ — $ — $ 391,628 $ 6,727 Total liabilities, at fair value $ 384,901 $ — $ — $ — $ 6,727 $ — $ — $ 391,628 $ 6,727 Three Months Ended March 31, 2016 (Dollars in thousands) Change in Unrealized Total Gains/Losses Realized Relating to and Ending Assets and Beginning Change in Balance Liabilities Balance Sales/ Unrealized Transfers March Still Held at January 1, Purchases/ Redemptions/ Gains to (from) 31, March 31, 2016 Issuances Settlements (Losses) Level 3 2016 2016 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
Fair Value Assets and liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block]	The tables below summarize information about the significant unobservable inputs used in determining the fair value of the Level 3 assets and liabilities held by the Consolidated Funds: Fair Value at March Valuation Unobservable Amount/ Weighted Investment Type 31, 2017 Technique Input Percentage Min Max Average (Dollars in Thousands) Assets of Consolidated Funds: Bank loans $ 403,808 Broker quoted Not applicable Not applicable — — — ZAIS CLO 6, Limited - Warehouse 46,143 Cost plus excess spread Excess spread 2.5% — — — Total – Investments, at fair value $ 449,951 Liabilities of Consolidated Funds: Notes payable of Consolidated CLO, at fair value $ 391,628 Measurement Alternative Not applicable Not applicable — — — Total – Notes payable of Consolidated CLO, at fair value $ 391,628 Fair Value at December Valuation Unobservable Amount/ Weighted Investment Type 31, 2016 Technique Input Percentage Min Max Average (Dollars in Thousands) Assets of Consolidated Funds: Bank loans $ 389,329 Broker quoted Not applicable Not applicable — — — ZAIS CLO 6, Limited - Warehouse 15,036 Cost plus excess spread Excess spread 0.2% — — — Total – Investments, at fair value $ 404,365 Liabilities of Consolidated Funds: Notes payable of Consolidated CLO, at fair value $ 384,901 Measurement Alternative Not applicable Not applicable — — — Total – Notes payable of Consolidated CLO, at fair value $ 384,901

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain (Loss) on Investments [Table Text Block]	Net gain (loss) related to Zephyr A-6’s investments in ZAIS CLO 5 Warehouse and ZAIS CLO 6 Warehouse includes the following: Three Months Ended March 31, 2017 2016 (Dollars in thousands) ZAIS CLO 5 Warehouse: Change in unrealized gain or loss $ — $ 1,517 Total – ZAIS CLO 5 Warehouse — 1,517 ZAIS CLO 6 Warehouse: Change in unrealized gain or loss 1,107 — Total – ZAIS CLO 6 Warehouse 1,107 — Total – Net gain (loss) of Consolidated Funds’ investments $ 1,107 $ 1,517
Investments [Text Block]	Financial Statement March 31, December 31, Investment In Line Item 2017 2016 (Dollars in thousands) Certain ZAIS Managed Entities Investment in affiliates, at fair value $ 286 $ 273 CLO Warehouses Assets of Consolidated Funds – Investments at fair value 46,143 15,036 Total $ 46,429 $ 15,309
Schedule of Variable Interest Entities [Table Text Block]	The carrying amounts of the unconsolidated VIEs are as follows: Financial Statement March 31, December 31, Investment In Line Item 2017 2016 (Dollars in thousands) Certain ZAIS Managed Entities Investment in affiliates, at fair value $ 286 $ 273 CLO Warehouses Assets of Consolidated Funds – Investments at fair value 46,143 15,036 Total $ 46,429 $ 15,309
Schedule of Components of CDO Assets and Liabilities and Eliminations for Consolidated Fund’s Investments in CDOs [Table Text Block]	The fair value of the assets and liabilities of ZAIS CLO 5 and the eliminations for the Consolidated Fund’s investment in ZAIS CLO 5 are as follows: March 31, December 31, 2017 2016 (Dollars in thousands) Cash and cash equivalents $ 18,765 $ 23,987 Investments, at fair value 403,808 389,329 422,573 413,316 Other assets (liabilities), net (16,284) (8,909) Notes payable of consolidated CLO, at fair value 406,289 404,407 Elimination of Consolidated Funds’ investments in CLO (14,661) (19,506) Notes payable of consolidated CLO, at fair value (net of eliminations) $ 391,628 $ 384,901
Schedule of Long-term Debt Instruments [Table Text Block]	The subordinated notes have no stated interest rate, and are entitled to any excess cash flows after contractual payments are made to the senior notes. March 31, 2017 (Dollars in thousands) Weighted Weighted Unpaid Average Average Stated Principal Fair Interest Maturity Maturity Outstanding Value Rate (in Years) Dates Senior and Mezzanine Secured Notes $ 365,745 $ 364,116 3.07 % 11.58 October 2028 Subordinated Notes 27,635 27,512 N/A 11.58 October 2028 Total $ 393,380 $ 391,628 December 31, 2016 (Dollars in thousands) Weighted Weighted Unpaid Average Average Stated Principal Fair Interest Maturity Maturity Outstanding Value Rate (in Years) Dates Senior and Mezzanine Secured Notes $ 360,395 $ 357,489 2.97 % 11.83 October 2028 Subordinated Notes 27,635 27,412 N/A 11.83 October 2028 Total $ 388,030 $ 384,901

Management Fee Income and Inc29

Management Fee Income and Incentive Income (Tables)	3 Months Ended
	Mar. 31, 2017
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): Three Months Ended March 31, 2017 ( Dollars in thousands ) Gross Net Fee Range Amount Elimination Amount Management Fee Income (1) Funds and accounts 0.50% - 1.25% $ 2,613 $ — $ 2,613 CLOs 0.15% - 0.50% 494 — 494 Total $ 3,107 $ — $ 3,107 Incentive Income (1) (2) Funds and accounts 10% - 20% $ 287 $ — $ 287 CLOs 20% 10 — 10 Total $ 297 $ — $ 297 Three Months Ended March 31, 2016 ( Dollars in thousands ) Gross Net Fee Range Amount Elimination Amount Management Fee Income (1) Funds and accounts 0.50% - 1.25% $ 2,397 $ — $ 2,397 CLOs 0.15% - 0.50% 405 — 405 ZFC REIT (3) 1.50% 767 — 767 Total $ 3,569 $ — $ 3,569 Incentive Income (1) (2) Funds and accounts 10% - 20% $ 152 $ — $ 152 CLOs 20% — — — Total $ 152 $ — $ 152 (1) Certain management and incentive fees have been and may in the future be waived and therefore the actual fees rates may be lower than those reflected in the range. (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 Entity’s operative agreement. (3) On October 31, 2016, the management agreement with ZFC REIT was terminated pursuant to the Termination Agreement.
Schedule Of Management Fee Income And Incentive Income Net Of Credit [Table Text Block]	The management fee income and incentive income amounts above are net of the following credits: Three Months Ended 2017 2016 (Dollars in thousands) Management fee income credit $ 63 $ 54 Incentive income credit — — Total $ 63 $ 54
Schedule Of Management fee Income And Incentive Income Receivable [Table Text Block]	Management fee income and incentive income which was accrued, but not received is as follows: March 31, December 31, 2017 2016 (Dollars in thousands) Management fee income $ 1,361 $ 1,284 Incentive income 139 7,521 Total $ 1,500 $ 8,805

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Interest Income and Interest Expense Disclosure [Table Text Block]	Total interest expense was as follows: Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 3 $ 2

Compensation (Tables)

Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule Of Compensation Expense And Employee Benefit [Table Text Block]	The following table presents a detailed breakout of the Company’s compensation expense: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Salaries $ 2,336 $ 3,280 Bonus 3,177 3,898 Severance 72 642 Equity-Based Compensation 1,112 343 Payroll taxes and benefits 727 844 Total $ 7,424 $ 9,007
Summary of Cancelled Stock Awards [Table Text Block]	The number of Class B-0 Units cancelled and Election Consideration provided as a result of the Proposal is as follows: Total number Class B-0 Units cancelled in substitution for: RSUs 899,674 Cash 133,559 Total number of Class B-0 Units cancelled 1,033,233 Class B-0 Units not cancelled — Total Cash Amount paid in March 2017 (in thousands) $ 256
Schedule of Nonvested Share Activity [Table Text Block]	The following table presents the Class B-0 Units’ activity: Three Months Ended March 31, 2017 2016 Weighted Weighted Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value B-0 Units per Unit B-0 Units per Unit Balance at beginning of period — $ — 1,337,486 $ 9.67 Offered – Upon Closing of Business Combination — — — — Awards not accepted due to resignation — — — — Net granted – Upon Closing of Business Combination — — — — Granted — — 100,000 6.34 Forfeited — — (148,708) 9.70 Cancelled pursuant to the Proposal — — — — Vested — — — — Balance at end of period — $ — 1,288,778 $ 9.40
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]	The Company incurred compensation expense relating to the Class B-0 Units (including Class B-0 Units cancelled in consideration for the receipt of RSUs or cash) as follows: Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 1,059 $ 269
Schedule of Share Based Compensation Estimated Forfeiture Percentage [Table Text Block]	The estimated forfeiture rates of Class B Units, including those cancelled in exchange for Class A Common Stock, were as follows: Three Months Ended March 31, 2017 2016 — % 29.6 %
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	The following table presents the RSU activity for non-employees as well as employees that agreed to the cancellation of their Class B-0 Units: Three Months Ended March 31, 2017 2016 Weighted Weighted Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value RSUs per Unit RSUs per Unit Balance at beginning of period: 1,004,947 $ 8.60 30,000 $ 9.85 Grants during period to: Non-employee directors — — — — In consideration for cancellation of Class B-0 units pursuant to the Proposal — — — — Total - Granted — — — Forfeited — — — — Vested (899,674) 9.33 — — Balance at end of period 105,273 2.17 30,000 9.85
Restricted Stock Units (RSUs) [Member]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]	The Company incurred compensation expense relating to the non-employee RSUs as follows: Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 53 $ 74

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	As a result of the variations each quarter in the relationship between pre-tax income and income tax expense, the Company utilizes the actual effective tax rate for each interim period being presented to calculate the tax (benefit) or expense. The following is a reconciliation of the U.S. statutory federal income tax to the Company’s effective tax: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Income tax (benefit) expense at the US federal statutory income tax rate $ (1,846) $ (2,174) State and local income tax, net of federal benefit (233) (287) Foreign Tax 5 5 Effect of permanent differences 1 2 Income attributable to non-controlling interests in Consolidated Funds not subject to tax (275) (250) Income attributable to non-controlling interests in ZGP not subject to tax 707 781 Equity compensation shortfall adjustment 1,948 - Valuation Allowance (302) 1,928 Total $ 5 $ 5
Summary of Operating Loss Carryforwards [Table Text Block]	As of March 31, 2017, the Company has estimated federal and state income tax net operating loss carryforwards of $12.8 million which will expire as follows: (Dollars in thousands) 2032 $ 1 2033 83 2034 122 2035 5,990 2036 1,640 2037 4,933 Total $ 12,769

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Capital Units [Table Text Block]	The total amount of investors’ capital balances that are not being charged fees were approximately as follows: March 31, December 31, 2017 2016 (Dollars in thousands) $ 22,756 $ 21,713
Schedule of Asset Under Management [Table Text Block]	The total amounts of AUM that are not being charged fees were approximately as follows: March 31, December 31, 2017 2016 (Dollars in thousands) $ 560,252 $ 560,272
Schedule of Related Party Transactions [Table Text Block]	The Company incurred the following expenses pursuant to the engagement agreement: Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 46 $ —
Mr. Ramsey [Member]
Schedule Of Consulting Fee Expenses [Table Text Block]	The Company has recorded the following expense related to the Consulting Agreement: Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 105 $ 125
Ms. Rohan [Member]
Schedule of Related Party Transactions [Table Text Block]	Amounts payable to Ms. Rohan pursuant to the consulting agreement are as follows: March 31, December 31, 2017 2016 (Dollars in thousands) $ 16 $ 16
Schedule Of Consulting Fee Expenses [Table Text Block]	The Company recognized the following amounts for her services: Three Months Ended March 31, 2017 2016 (U.S. Dollars in thousands) $ 24 $ 27
ZAIS Managed Entities [Member]
Schedule of Related Party Transactions [Table Text Block]	The amounts due from the ZAIS Managed Entities for Research Costs and Other Direct Costs are as follows: March 31, December 31, 2017 2016 (Dollars in thousands) Research Costs $ 1,117 $ 581 Other Direct Costs 244 117 Total $ 1,361 $ 698

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment consist of the following: March 31, December 31, 2017 2016 (Dollars in thousands) Office equipment $ 3,098 $ 3,098 Leasehold improvements 687 684 Furniture and fixtures 572 572 Software 409 409 4,766 4,763 Less accumulated depreciation and amortization (4,531) (4,489) Total $ 235 $ 274
Schedule Of Depreciation Expense Related To Fixed Assets [Table Text Block]	The Company recognized depreciation and amortization expense as follows: Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 40 $ 63

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Related Party Transactions [Table Text Block]	The Company incurred the following expenses pursuant to the engagement agreement: Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 46 $ —
Capital Commitments [Table Text Block]	March 31, December 31, 2017 2016 (Dollars in thousands) $ 26,597 $ 20,477
Schedule of Rent Expense [Table Text Block]	The Company incurred rent expense as follows: Three Months Ended March 31, 2017 2016 (Dollars in thousands) $ 215 $ 244
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Aggregate future minimum annual rental payments for the period from April 1, 2017 to December 31, 2017 and the five years subsequent to December 31, 2017 are approximately as follows: (Dollars in Period thousands) Nine months ended December 31, 2017 356 Year ended December 31: 2018 262 2019 262 2020 262 2021 262 2022 179

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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 Months Ended March 31, 2017 2016 (Dollars in thousands, except shares and per share amounts) Numerator: Consolidated Net Income (Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic) $ (4,162) $ (4,834) Effect of dilutive securities: Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP (2,083) (2,299) Less: Consolidated Net Income (Loss), net of tax, attributable to ZAIS REIT Management, LLC Class B Members (1) — (142) Income tax (benefit) expense (2) — — Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities $ (6,245) $ (7,275) Denominator: Weighted average number of shares of Class A Common Stock 13,986,305 13,870,917 Effect of dilutive securities: Weighted average number of Class A Units of ZGP 7,000,000 7,000,000 Dilutive number of B-0 Units and RSUs (3) — — Diluted weighted average shares outstanding (4) 20,986,305 20,870,917 Consolidated Net Income (Loss), net of tax, per Class A common share – Basic $ (0.30) $ (0.35) Consolidated Net Income (Loss), net of tax, per Class A common share – Diluted $ (0.30) $ (0.35) (1) Amount represents portion of the management fee income received from ZFC REIT that was payable to holders of Class B interests in ZAIS REIT Management. (2) Income tax (benefit) expense is calculated using an assumed tax rate of 5.56% and -30.15% for the three months ended March 31,2017 and March 31, 2016, respectively, which is fully offset by a 100 (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 of ZAIS and employees of ZAIS Group. These Class B-0 Units and RSUs 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 Inform37

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2017
Statement of Financial Position [Abstract]
Schedule Of Consolidated Funds on the Company’s Financial Position [Table Text Block]	March 31, 2017 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 25,456 $ — $ — $ 25,456 Income and fees receivable 1,500 — — 1,500 Investments in affiliates, at fair value 36,530 — (31,244) 5,286 Due from related parties 1,362 — — 1,362 Property and equipment, net 235 — — 235 Prepaid expenses 1,450 — — 1,450 Other assets 318 — — 318 Assets of Consolidated Funds Cash and cash equivalents — 19,288 — 19,288 Investments, at fair value — 464,612 (14,661) 449,951 Due from broker — 9,341 — 9,341 Other assets — 1,162 (46) 1,116 Total Assets $ 66,851 $ 494,403 $ (45,951) $ 515,303 Liabilities and Equity Liabilities Compensation payable $ 2,208 $ — $ — $ 2,208 Due to related parties 31 — — 31 Fees payable 2,502 — — 2,502 Other liabilities 1,403 — — 1,403 Liabilities of Consolidated Funds Notes payable of Consolidated CLO — 406,289 (14,661) 391,628 Due to broker — 21,696 — 21,696 Other liabilities — 5,156 (46) 5,110 Total Liabilities 6,144 433,141 (14,707) 424,578 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 64,130 — — 64,130 Retained earnings (Accumulated deficit) (23,127) — — (23,127) Accumulated other comprehensive income (loss) (50) — — (50) Total stockholders’ equity, ZAIS Group Holdings, Inc. 40,954 — — 40,954 Non-controlling interests in ZAIS Group Parent, LLC 19,753 — — 19,753 Non-controlling interests in Consolidated Funds — 61,262 (31,244) 30,018 Total Equity 60,707 61,262 (31,244) 90,725 Total Liabilities and Equity $ 66,851 $ 494,403 $ (45,951) $ 515,303 December 31, 2016 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 38,712 $ — $ — $ 38,712 Income and fees receivable 8,805 — — 8,805 Investments in affiliates, at fair value 29,554 — (24,281) 5,273 Due from related parties 734 — — 734 Property and equipment, net 274 — — 274 Prepaid expenses 906 — — 906 Other assets 348 — — 348 Assets of Consolidated Funds Cash and cash equivalents — 37,080 — 37,080 Investments, at fair value — 423,871 (19,506) 404,365 Due from broker — 16,438 — 16,438 Other assets — 1,254 (44) 1,210 Total Assets $ 79,333 $ 478,643 $ (43,831) $ 514,145 Liabilities and Equity Liabilities Notes payable $ 1,263 $ — $ — $ 1,263 Compensation payable 7,836 — — 7,836 Due to related parties 31 — — 31 Fees payable 2,439 — — 2,439 Other liabilities 1,127 — — 1,127 Liabilities of Consolidated Funds Notes payable of Consolidated CLO — 404,407 (19,506) 384,901 Due to broker — 24,462 — 24,462 Other liabilities — 2,165 (44) 2,121 Total Liabilities 12,696 431,034 (19,550) 424,180 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 63,413 — — 63,413 Retained earnings (Accumulated deficit) (18,965) — — (18,965) Accumulated other comprehensive income (loss) (70) — — (70) Total stockholders’ equity, ZAIS Group Holdings, Inc. 44,379 — — 44,379 Non-controlling interests in ZAIS Group Parent, LLC 22,258 — — 22,258 Non-controlling interests in Consolidated Funds — 47,609 (24,281) 23,328 Total Equity 66,637 47,609 (24,281) 89,965 Total Liabilities and Equity $ 79,333 $ 478,643 $ (43,831) $ 514,145 Three Months Ended March 31, 2017 Consolidated ZAIS Funds Eliminations Consolidated ( Dollars in thousands ) Revenues Management fee income $ 3,107 $ — $ — $ 3,107 Incentive income 297 — — 297 Reimbursement revenue 494 — — 494 Other revenues 93 — — 93 Income of Consolidated Funds — 205 (205) — Total Revenues 3,991 205 (205) 3,991 Expenses Compensation and benefits 7,424 — — 7,424 General, administrative and other 3,669 — — 3,669 Depreciation and amortization 40 — — 40 Expenses of Consolidated Funds — 43 — 43 Total Expenses 11,133 43 — 11,176 Other Income (loss) Net gain (loss) on investments 918 — (843) 75 Other income (expense) (16) — — (16) Net gains (losses) of Consolidated Funds’ investments — 1,492 (385) 1,107 Net gain (loss) on beneficial interest of collateralized financing entity — — 589 589 Total Other Income (Loss) 902 1,492 (639) 1,755 Income (loss) before income taxes (6,240) 1,654 (844) (5,430) Income tax (benefit) expense 5 — — 5 Consolidated net income (loss), net of tax (6,245) 1,654 (844) (5,435) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 30 — — 30 Total Comprehensive Income (Loss) $ (6,215) $ 1,654 $ (844) $ (5,405) Three Months Ended March 31, 2016 Consolidated ZAIS Funds 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)

Organization (Details)

Organization (Details) - USD ($) $ in Millions	Mar. 31, 2017		Dec. 31, 2016
Assets under Management, Carrying Amount	$ 3,360	[1]	$ 3,444
[1]	On April 19, 2017, the ZAIS Opportunity Fund, Ltd received a redemption request for a redemption of approximately $67.7 million (value date of March 31, 2017) from a European investor impacted by regulatory constraints. This redemption is scheduled to occur on December 31, 2017.

Organization (Details Textual)

Organization (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Apr. 19, 2017	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2014
ZAIS [Member]
Noncontrolling Interest, Ownership Percentage by Parent				100.00%
Equity Method Investment, Ownership Percentage		66.50%
ZAIS Opportunity Fund Master Fund [Member]
Redemption Value of Investments	$ 67.7
Common Class B [Member]
Common Stock, Par or Stated Value Per Share		$ 0.000001	$ 0.000001
Common Class B [Member] | ZGP Founders [Member]
Common Stock, Par or Stated Value Per Share		$ 0.000001

Investments in Affiliates (Deta

Investments in Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments in and Advances to Affiliates, at Fair Value	$ 5,286	$ 5,273

Investments in Affiliates (De41

Investments in Affiliates (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Unrealized Gain (Loss) on Investments	$ 75	$ (18)

Investments in Affiliates (De42

Investments in Affiliates (Details Textual)	3 Months Ended
	Mar. 31, 2017
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Additional Information	no equity investment, individually or in the aggregate, held by the Company exceeded 10% of its total consolidated assets

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 23,913	$ 36,971
Investments, at fair value:
Investments in affiliates, at net asset value	5,286	5,273
Net Asset Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	5,286	5,273
Cash equivalents	0	0
Investments, at fair value:
Investments in affiliates, at net asset value	5,286	5,273
Consolidated Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	479,150	446,609
Investments, at fair value:
Investments in affiliates, at net asset value	449,951	404,365
Investments, Fair Value Disclosure	449,951	404,365
Liabilities, at fair value:
Liabilities Fair Value Disclosure	391,628	384,901
Consolidated Funds [Member] | Net Asset Value [Member]
Investments, at fair value:
Investments in affiliates, at net asset value	0	0
Liabilities, at fair value:
Liabilities Fair Value Disclosure	0	0
Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member]
Liabilities, at fair value:
Liabilities Fair Value Disclosure	391,628	384,901
Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member] | Net Asset Value [Member]
Liabilities, at fair value:
Liabilities Fair Value Disclosure	0	0
ZAIS CLO 6, Limited - Warehouse [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments, Fair Value Disclosure	46,143	15,036
ZAIS CLO 6, Limited - Warehouse [Member] | Consolidated Funds [Member] | Net Asset Value [Member]
Investments, at fair value:
Investments in affiliates, at net asset value	0	0
Bank loans [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments in affiliates, at net asset value	403,808
Investments, Fair Value Disclosure		389,329
Bank loans [Member] | Consolidated Funds [Member] | Net Asset Value [Member]
Investments, at fair value:
Investments in affiliates, at net asset value	0	0
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	23,913	36,971
Cash equivalents	23,913	36,971
Investments, at fair value:
Investments in affiliates, at net asset value	0	0
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments, Fair Value Disclosure	0	0
Liabilities, at fair value:
Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member]
Liabilities, at fair value:
Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | ZAIS CLO 6, Limited - Warehouse [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Bank loans [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments in affiliates, at net asset value	0
Investments, Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	0
Cash equivalents	0	0
Investments, at fair value:
Investments in affiliates, at net asset value	0	0
Fair Value, Inputs, Level 2 [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments, Fair Value Disclosure	0	0
Liabilities, at fair value:
Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member]
Liabilities, at fair value:
Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | ZAIS CLO 6, Limited - Warehouse [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Bank loans [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments in affiliates, at net asset value	0
Investments, Fair Value Disclosure		0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	449,951	404,365
Cash equivalents	0	0
Investments, at fair value:
Investments in affiliates, at net asset value	0	0
Investments, Fair Value Disclosure	449,951	404,365
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments, Fair Value Disclosure	449,951	404,365
Liabilities, at fair value:
Liabilities Fair Value Disclosure	391,628	384,901
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member]
Liabilities, at fair value:
Liabilities Fair Value Disclosure	391,628	384,901
Fair Value, Inputs, Level 3 [Member] | ZAIS CLO 6, Limited - Warehouse [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments, Fair Value Disclosure	46,143	15,036
Fair Value, Inputs, Level 3 [Member] | Bank loans [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments in affiliates, at net asset value	$ 403,808
Investments, Fair Value Disclosure		$ 389,329

Fair Value Measurements (Deta44

Fair Value Measurements (Details 1) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Begainning Balance)		$ 404,365	$ 30,509
Total investments, at fair value, Initial Consolidation		0
Total investments, at fair value, Purchases/Issuances		123,951	10,000
Total investments, at fair value, Sales/Redemptions/Settlements		(78,690)	0
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)		(15)	1,517
Total investments, at fair value, Amortization of Discounts/Premiums		340
Total investments, at fair value, Transfers to (from) Level 3		0	0
Total investments, at fair value (Ending Balance)		449,951	42,026
Total investments, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held		867	1,517
Total liabilities, at fair value (Beginning Balance)		384,901
Total liabilities, at fair value, Initial Consolidation		0
Total liabilities, at fair value, Purchases/Issuances		0
Total liabilities, at fair value, Sales/Redemptions/Settlements		0
Total liabilities, at fair value, Realized and Unrealized Gains/Losses		6,727
Total liabilities, at fair value, Amortization of Discounts/Premiums		0
Total liabilities, at fair value, Transfers		0
Total liabilities, at fair value (Ending Balance)		391,628
Total liabilities, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		6,727
Notes Payable of Consolidated CLOs [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total liabilities, at fair value (Beginning Balance)		384,901
Total liabilities, at fair value, Initial Consolidation		0
Total liabilities, at fair value, Purchases/Issuances		0
Total liabilities, at fair value, Sales/Redemptions/Settlements		0
Total liabilities, at fair value, Realized and Unrealized Gains/Losses		6,727
Total liabilities, at fair value, Amortization of Discounts/Premiums		0
Total liabilities, at fair value, Transfers		0
Total liabilities, at fair value (Ending Balance)		391,628
Total liabilities, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		6,727
Bank loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Begainning Balance)		389,329
Total investments, at fair value, Initial Consolidation		0
Total investments, at fair value, Purchases/Issuances		93,951
Total investments, at fair value, Sales/Redemptions/Settlements		(78,690)
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)		(1,122)
Total investments, at fair value, Amortization of Discounts/Premiums		340
Total investments, at fair value, Transfers to (from) Level 3		0
Total investments, at fair value (Ending Balance)		403,808
Total investments, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held		(240)
ZAIS CLO 6, Limited
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Begainning Balance)		15,036
Total investments, at fair value, Initial Consolidation		0
Total investments, at fair value, Purchases/Issuances		30,000
Total investments, at fair value, Sales/Redemptions/Settlements		0
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)		1,107
Total investments, at fair value, Amortization of Discounts/Premiums		0
Total investments, at fair value, Transfers to (from) Level 3		0
Total investments, at fair value (Ending Balance)		46,143
Total investments, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held		$ 1,107
CLO - Warehouse
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Begainning Balance)	[1]		30,509
Total investments, at fair value, Purchases/Issuances	[1]		10,000
Total investments, at fair value, Sales/Redemptions/Settlements	[1]		0
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)	[1]		1,517
Total investments, at fair value, Transfers to (from) Level 3	[1]		0
Total investments, at fair value (Ending Balance)	[1]		42,026
Total investments, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held	[1]		$ 1,517
[1]	ZAIS CLO 5, Limited closed on October 26, 2016 and was in the warehouse phase prior to this date.

Fair Value Measurements (Deta45

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Consolidated Funds [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Assets, Fair Value Disclosure	$ 479,150	$ 446,609
Investments, Fair Value Disclosure	449,951	404,365
Liabilities Fair Value Disclosure	391,628	384,901
Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Liabilities Fair Value Disclosure	391,628	384,901
Consolidated Funds [Member] | ZAIS CLO 6, Limited - Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Investments, Fair Value Disclosure	46,143	15,036
Bank loans [Member] | Consolidated Funds [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Investments, Fair Value Disclosure		389,329
Fair Value, Inputs, Level 3 [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Assets, Fair Value Disclosure	449,951	404,365
Investments, Fair Value Disclosure	449,951	404,365
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Investments, Fair Value Disclosure	449,951	404,365
Liabilities Fair Value Disclosure	391,628	384,901
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Liabilities Fair Value Disclosure	$ 391,628	$ 384,901
Fair Value Measurements, Valuation Techniques	Measurement Alternative	Measurement Alternative
Fair Value Measurements Unobservable Input Description	Not applicable	Not applicable
Fair Value Input Reinvestment Spread Percentage Description	Not applicable	Not applicable
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member] | ZAIS CLO 6, Limited - Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Investments, Fair Value Disclosure	$ 46,143	$ 15,036
Fair Value, Inputs, Level 3 [Member] | Bank loans [Member] | Consolidated Funds [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Investments, Fair Value Disclosure		$ 389,329
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.00%	0.00%
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.00%	0.00%
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | Consolidated Funds [Member] | Notes Payable of Consolidated CLOs [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.00%	0.00%
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Bank loans [Member] | Consolidated Funds [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Assets, Fair Value Disclosure	$ 403,808	$ 389,329
Fair Value Measurements, Valuation Techniques	Broker quoted	Broker quoted
Fair Value Measurements Unobservable Input Description	Not applicable	Not applicable
Fair Value Input Reinvestment Spread Percentage Description	Not applicable	Not applicable
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Bank loans [Member] | Consolidated Funds [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.00%	0.00%
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Bank loans [Member] | Consolidated Funds [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.00%	0.00%
Broker quoted [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | Bank loans [Member] | Consolidated Funds [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.00%	0.00%
Cost plus excess spread [Member] | Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member] | ZAIS CLO 6, Limited - Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Assets, Fair Value Disclosure	$ 46,143	$ 15,036
Fair Value Measurements, Valuation Techniques	Cost plus excess spread	Cost plus excess spread
Fair Value Measurements Unobservable Input Description	Excess spread	Excess spread
Fair Value Input Reinvestment Spread percentage	2.50%	0.20%
Cost plus excess spread [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Consolidated Funds [Member] | ZAIS CLO 6, Limited - Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.00%	0.00%
Cost plus excess spread [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Consolidated Funds [Member] | ZAIS CLO 6, Limited - Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.00%	0.00%
Cost plus excess spread [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | Consolidated Funds [Member] | ZAIS CLO 6, Limited - Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.00%	0.00%

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain (Loss) on Investments [Line Items]
Change in unrealized gain or loss	$ 75	$ (18)
Total - Net gain (loss) of Consolidated Funds’ investments	75	(18)
ZAIS CLO 5 [Member]
Gain (Loss) on Investments [Line Items]
Change in unrealized gain or loss	0	1,517
Total - Net gain (loss) of Consolidated Funds’ investments	0	1,517
ZAIS CLO 6, Limited [Member]
Gain (Loss) on Investments [Line Items]
Change in unrealized gain or loss	1,107	0
Total - Net gain (loss) of Consolidated Funds’ investments	1,107	0
Consolidated Entities [Member]
Gain (Loss) on Investments [Line Items]
Total - Net gain (loss) of Consolidated Funds’ investments	$ 1,107	$ 1,517

Variable Interest Entities (D47

Variable Interest Entities (Details 1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Investment in affiliates, at fair value	$ 5,286	$ 5,273
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member]
Schedule of Investments [Line Items]
Investment in affiliates, at fair value	286	273
Assets of Consolidated Funds - Investments at fair value	46,143	15,036
Total	$ 46,429	$ 15,309

Variable Interest Entities (D48

Variable Interest Entities (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain (Loss) on Investments [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 30,000	$ 10,000
ZAIS CLO 5, Limited [Member]
Gain (Loss) on Investments [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	0	10,000
ZAIS CLO 6, Limited [Member]
Gain (Loss) on Investments [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 30,000	$ 0

Variable Interest Entities (D49

Variable Interest Entities (Details 3) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Cash and cash equivalents	$ 25,456	$ 38,712	$ 38,460	$ 44,351
ZAIS CLO 5 [Member]
Debt Instrument [Line Items]
Cash and cash equivalents	18,765	23,987
Investments, at fair value	403,808	389,329
Total	422,573	413,316
Other assets (liabilities), net	(16,284)	(8,909)
Notes payable of consolidated CLO, at fair value	406,289	404,407
Elimination of Consolidated Funds’ investments in CLO	(14,661)	(19,506)
Notes payable of consolidated CLO, at fair value (net of eliminations)	$ 391,628	$ 384,901

Variable Interest Entities (D50

Variable Interest Entities (Details 4) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Notes Payable of Consolidated CLOs [Member]
Debt Instrument [Line Items]
Unpaid Principal Outstanding	$ 393,380		$ 388,030
Fair Value	391,628		384,901
Notes Payable of Consolidated CLOs [Member] | Subordinated Notes [Member]
Debt Instrument [Line Items]
Unpaid Principal Outstanding	27,635		27,635
Fair Value	$ 27,512		$ 27,412
Weighted Average Maturity (in Years)	11 years 6 months 29 days		11 years 9 months 29 days
Stated Maturity Dates	Oct. 31, 2028
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.07%
Senior Secured Notes [Member] | Subordinated Notes [Member]
Debt Instrument [Line Items]
Stated Maturity Dates		Oct. 31, 2028
Senior Secured Notes [Member] | Notes Payable of Consolidated CLOs [Member]
Debt Instrument [Line Items]
Unpaid Principal Outstanding	$ 365,745		$ 360,395
Fair Value	$ 364,116		$ 357,489
Weighted Average Interest Rate			2.97%
Weighted Average Maturity (in Years)	11 years 6 months 29 days		11 years 9 months 29 days
Stated Maturity Dates	Oct. 31, 2028	Oct. 31, 2028

Variable Interest Entities (D51

Variable Interest Entities (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Feb. 28, 2017	Sep. 23, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Variable Interest Entity [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage Description			the relevant collateral manager must purchase and hold, unhedged, directly or through a majority-owned affiliate, either (i) 5% of the face amount of each tranche of the CLOs securities, (ii) an amount of the CLOs equity equal to 5% of the aggregate fair value of all of the CLOs securities or (iii) a combination of the two for a total of 5%.
Variable Interest Entity, Qualitative or Quantitative Information, Risk Percentage Description			The required risk must be retained until the latest of (i) the date that the CLO has paid down its securities to 33% of their original principal amount, (ii) the date that the CLO has sold down its assets to 33% of their original principal amount or (iii) the date that is two years after closing.
ZAIS CLO 5 [Member]
Variable Interest Entity [Line Items]
Capitalization, Long-term Debt and Equity		$ 408,500
Equity Method Investment, Interest Percentage In Debt			0.60%		2.10%
Equity Method Investments		20,300	$ 14,700		$ 19,500
Senior Notes		368,000
Subordinated Debt		40,500
Equity Method Investment, Aggregate Cost		$ 20,500
Equity Method Investment Interest Percentage In Subordinated Notes			31.80%		31.80%
ZAIS CLO 5 [Member] | Senior Notes [Member]
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage		2.10%
ZAIS CLO 5 [Member] | Subordinated Debt [Member]
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage		31.80%
Zephyr A-6 [Member]
Variable Interest Entity [Line Items]
Dividends		$ 8,800
Proceeds from Sale of Beneficial Interest in Collateralized Financing Entity	$ 5,400
Consolidated Funds [Member]
Variable Interest Entity [Line Items]
Proceeds from Sale of Beneficial Interest in Collateralized Financing Entity			$ 5,390	$ 0
Net Gain Loss on Beneficial Interest of Collateralized Financing Entity	$ 81		$ 589	$ 0
ZAIS Zephyr A-6, LP [Member]
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage			51.00%

Management Fee Income and Inc52

Management Fee Income and Incentive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017		Mar. 31, 2016
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 3,107		$ 3,569
Management Fees, Incentive Revenue		297		152
Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		3,107	[1]	3,569
Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue		297	[1],[2]	152
Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	494		405
Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1],[2]	$ 10		$ 0
Percentage of Incentive Income Earned	[1],[2]	20.00%		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	[1]	0.50%		0.50%
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	[1]	0.15%		0.15%
Funds and accounts [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	$ 2,613		$ 2,397
Funds and accounts [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1],[2]	$ 287		$ 152
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]	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	[1],[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	[1]	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	[1],[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	[3]			$ 767
Conditional Management Fees, Based on Net Asset Value, Percentage	[3]			1.50%
Gross Amount [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 3,107	[1]	$ 3,569
Gross Amount [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue		297	[1],[2]	152
Gross Amount [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	494		405
Gross Amount [Member] | Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1],[2]	10		0
Gross Amount [Member] | Funds and accounts [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	2,613		2,397
Gross Amount [Member] | Funds and accounts [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1],[2]	287		152
Gross Amount [Member] | ZFC REIT [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[3]			767
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	[1]	0
Elimination [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue		0	[1],[2]	0
Elimination [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	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	[1],[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	[1]	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	[1],[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	[3]			$ 0
[1]	Certain management and incentive fees have been and may in the future be waived and therefore the actual fees rates may be lower than those reflected in the range.
[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 Entity’s operative agreement.
[3]	On October 31, 2016, the management agreement with ZFC REIT was terminated pursuant to the Termination Agreement.

Management Fee Income and Inc53

Management Fee Income and Incentive Income (Details 1) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Components of Management Fee Income and Incentive Income [Line Items]
Management fee income credit	$ 63	$ 54
Incentive income credit	0	0
Total	$ 63	$ 54

Management Fee Income and Inc54

Management Fee Income and Incentive Income (Details 2) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Components of Management Fee Income and Incentive Income [Line Items]
Management fee income	$ 1,361	$ 1,284
Incentive income	139	7,521
Total	$ 1,500	$ 8,805

Management Fee Income and Inc55

Management Fee Income and Incentive Income (Details Textual) $ in Millions	Oct. 31, 2016USD ($)
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees Receivable Subject To Compromise Early Contract Termination Fees	$ 8

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest Expense, Debt	$ 0	$ 2

Notes Payable (Details Textual)

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

Compensation (Details)

Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Salaries	$ 2,336	$ 3,280
Bonus	3,177	3,898
Severance	72	642
Equity-Based Compensation	1,112	343
Payroll taxes and benefits	727	844
Total	$ 7,424	$ 9,007

Compensation (Details 1)

Compensation (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 24, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Class B-0 Units cancelled	1,033,233
Class B-0 Units not cancelled	0
Total Cash Amount payable in March 2017	$ 256,000		$ 256,000
Cash [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Class B-0 Units cancelled	133,559
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Class B-0 Units cancelled	899,674	0

Compensation (Details 2)

Compensation (Details 2) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
B-0 Units, Beginning Balance	0	1,337,486
B-0 Units, Offered - Upon Closing of Business Combination	0	0
B-0 Units, Awards not accepted due to resignation	0	0
B-0 Units, Net granted - Upon Closing of Business Combination	0	0
B-0 Units, Granted	0	100,000
B-0 Units, Forfeited	0	(148,708)
B-0 Units, Cancelled pursuant to the Proposal	0	0
B-0 Units, Vested	0	0
B-0 Units, Ending Balance	0	1,288,778
Weighted Average Grant Date Fair Value per Unit, Beginning Balance	$ 0	$ 9.67
Offered - Upon Closing of Business Combination, Weighted Average Grant Date Fair Value per Unit	0	0
Net granted - Upon Closing of Business Combination, Weighted Average Grant Date Fair Value per Unit	0	0
Awards not accepted due to resignation, Weighted Average Grant Date Fair Value per Unit	0	0
Weighted Average Grant Date Fair Value per Unit, Granted	0	6.34
Weighted Average Grant Date Fair Value per Unit, Forfeited	0	9.70
Weighted Average Grant Date Fair Value per Unit, Cancelled pursuant to the Proposal	0	0
Weighted Average Grant Date Fair Value per Unit, Vested	0	0
Weighted Average Grant Date Fair Value per Unit, Ending Balance	$ 0	$ 9.40

Compensation (Details 3)

Compensation (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation	$ 1,059	$ 343

Compensation (Details 4)

Compensation (Details 4)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rate	0.00%	29.60%

Compensation (Details 5)

Compensation (Details 5) - $ / shares	Nov. 01, 2016	Apr. 21, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Forfeited			1,033,233
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Beginning Balance			1,004,947	30,000	30,000
RSUs, Granted	74,331	30,942	0	0
RSUs, Forfeited			899,674	0
RSUs, Vested			(899,674)	0
RSUs, Ending Balance			105,273	30,000	1,004,947
Weighted Average Grant Date Fair Value per Unit, Beginning Balance			$ 8.6	$ 9.85	$ 9.85
Weighted Average Grant Date Fair Value per Unit, Granted			0	0
Weighted Average Grant Date Fair Value per Unit, Forfeited			0	0
Weighted Average Grant Date Fair Value per Unit, Vested			9.33	0
Weighted Average Grant Date Fair Value per Unit, Ending Balance	$ 1.73	$ 3.22	$ 2.17	$ 9.85	$ 8.6
Restricted Stock Units (RSUs) [Member] | Capital Unit, Class B [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted			0	0
Weighted Average Grant Date Fair Value per Unit, Granted			$ 0	$ 0
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted			0	0
Weighted Average Grant Date Fair Value per Unit, Granted			$ 0	$ 0

Compensation (Details 6)

Compensation (Details 6) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation	$ 1,059	$ 343
Restricted Stock Units (RSUs) [Member]
Share-based Compensation	$ 53	$ 74

Compensation (Details Textual)

Compensation (Details Textual)	Nov. 01, 2016$ / sharesshares	Mar. 17, 2017USD ($)shares	Apr. 21, 2016$ / sharesshares	Mar. 08, 2016	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Mar. 24, 2017USD ($)	Dec. 31, 2015$ / shares	Mar. 17, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated				23
Severance Costs					$ 72,000	$ 642,000
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Fair Value of Awards Modified							$ 256,000
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Liability Recognized							$ 230,000
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost					26,000
Cash Amount Payable					$ 256,000			$ 256,000
Adjustments to Additional Paid in Capital, Wage Withholding Requirement from Share-based Compensation		$ 800,000
ZAIS Group Parent, LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares		899,674
Noncontrolling Interest, Ownership Percentage by Parent					67.40%
Class B-0 Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Employees Affected							28
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares		548,923
Stock Issued During Period, Value, New Issues		$ 2,100,000
Retention Bonus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred Compensation Arrangement with Individual, Distributions Paid							$ 900,000
Retention Payment Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments to Employees							4,600,000
Severance Costs							$ 762,000
2015 Stock Plan [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					2,080,637
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
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	74,331		30,942		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 1.73		$ 3.22		$ 2.17	$ 9.85	$ 8.6		$ 9.85
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Date	Nov. 1, 2017		Apr. 21, 2017
Restricted Stock Units (RSUs) [Member] | Class B-0 Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares							899,674
Restricted Stock Units (RSUs) [Member] | 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, Equity Instruments Other than Options, Grants in Period | shares					0	0
2016 Bonus Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent					$ 8,500,000
Bonus Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Bonus Award Percentage					30.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income tax (benefit) expense at the US federal statutory income tax rate	$ (1,846)	$ (2,174)
State and local income tax, net of federal benefit	(233)	(287)
Foreign tax	5	5
Effect of permanent differences	1	2
Equity compensation shortfall adjustment	1,948	0
Valuation allowance	(302)	1,928
Total	5	5
Consolidated Funds [Member]
Income attributable to non-controlling interests	(275)	(250)
ZAIS Group, LLC [Member]
Income attributable to non-controlling interests	707	781
Total	$ 5	$ 5

Income Taxes (Details 1)

Income Taxes (Details 1) $ in Thousands	Mar. 31, 2017USD ($)
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 12,769
Expiration Date One [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	1
Expiration Date Two [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	83
Expiration Date Three [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	122
Expiration Date Four [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	5,990
Expiration Date Five [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	1,640
Expiration Date Six [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 4,933

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax [Line Items]
Deferred Tax Assets, Net	$ 6,700		$ 7,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(300)	$ 1,900
Income Tax Expense (Benefit)	$ 5	$ 5

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ZAIS Managed Entities [Member]
Related Party Transaction [Line Items]
Capital	$ 22,756	$ 21,713

Related Party Transactions (D70

Related Party Transactions (Details 1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from Related Parties	$ 1,362	$ 734
Zais Clo 1 Zais Clo 2 [Member]
Related Party Transaction [Line Items]
Due from Related Parties	$ 560,252	$ 560,272

Related Party Transactions (D71

Related Party Transactions (Details 2) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from Related Parties	$ 1,362	$ 734
ZAIS Managed Entities [Member]
Related Party Transaction [Line Items]
Due from Related Parties	1,361	698
ZAIS Managed Entities [Member] | Research Costs [Member]
Related Party Transaction [Line Items]
Due from Related Parties	1,117	581
ZAIS Managed Entities [Member] | Other Direct Costs [Member]
Related Party Transaction [Line Items]
Due from Related Parties	$ 244	$ 117

Related Party Transactions (D72

Related Party Transactions (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Mr. Ramsey [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Consulting Fees Expenses	$ 105	$ 125

Related Party Transactions (D73

Related Party Transactions (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Ms. Rohan [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Consulting Fees Expenses	$ 24	$ 27

Related Party Transactions (D74

Related Party Transactions (Details 5) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from Related Parties	$ 1,362	$ 734
Zais Employee Loans [Member]
Related Party Transaction [Line Items]
Due from Related Parties	$ 16	$ 16

Related Party Transactions (D75

Related Party Transactions (Details Textual)	1 Months Ended		3 Months Ended
	Jun. 30, 2017GBP (£)	Mar. 31, 2017GBP (£)	Mar. 31, 2017USD ($)	Mar. 31, 2017GBP (£)
Related Party Transaction [Line Items]
Operating Leases, Rent Expense, Minimum Rentals		£ 4,167
Subsequent Event [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense, Minimum Rentals	£ 5,833
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				£ 76,000

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Office equipment	$ 3,098	$ 3,098
Leasehold improvements	687	684
Furniture and fixtures	572	572
Software	409	409
Property, Plant and Equipment, Gross	4,766	4,763
Less accumulated depreciation and amortization	(4,531)	(4,489)
Total	$ 235	$ 274

Property and Equipment (Detai77

Property and Equipment (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization	$ 40	$ 63

Commitments and Contingencies78

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Berkshire Capital Securities, LLC [Member]
Related Party Transaction, Expenses	$ 46	$ 0

Commitments and Contingencies79

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Capital Contribution To Subsidiary	$ 26,597	$ 20,477

Commitments and Contingencies80

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Leases, Rent Expense	$ 215	$ 244

Commitments and Contingencies81

Commitments and Contingencies (Details 3) $ in Thousands	Mar. 31, 2017USD ($)
Future Minimum Rental Payments For Operating Leases [Line Items]
Nine months ended December 31, 2017	$ 356
2,018	262
2,019	262
2,020	262
2,021	262
2,022	$ 179

Commitments and Contingencies82

Commitments and Contingencies (Details Textual)	1 Months Ended				3 Months Ended		12 Months Ended
	Feb. 28, 2017USD ($)	Feb. 27, 2017USD ($)	Sep. 30, 2016USD ($)a	Apr. 22, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Future Minimum Rental Payments For Operating Leases [Line Items]
Other Commitment, Total					$ 51,000,000		$ 51,000,000
Proceeds from Insurance Settlement, Operating Activities					920,000		890,000
Payments For Lease Termination Fee			$ 20,000
Net Rentable Area | a			2,600
Payments For Legal And Other Costs					20,000	$ 200,000
Other Assets [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Insurance Settlements Receivable					7,500,000,000		$ 20,000
Berkshire Capital Securities, LLC [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Reimbursement Expenses Maximum Limit				$ 750,000
Reimbursement Expenses Maximum Limit Percentage				2.00%
Related Party Transaction, Amounts of Transaction				$ 100,000
Management Fee Expense				$ 15,000
Howard Steinberg [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Legal Fees		$ 3,450
Medicare Supplementary Health Insurance Coverage ,Percentage		70.00%
Payments for Other Fees	$ 450,000
Additional Officer Compensation Description		additional compensation of $900 per hour if he is requested to devote more than 20 hours during any week to advising the Company.
Legal Advisor Agreement, Termination Benefits		The Legal Advisor Agreement is terminable by the Company or Mr. Steinberg on 30 days prior written notice; if it is terminated by the Company other than due to Mr. Steinbergs failure to perform services, Mr. Steinberg would be entitled to a payment of $300,000.
Other Nonoperating Income (Expense) [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Legal Fees						$ 550,000
Non ZAIS Managed CLOs [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Loss Contingency, Loss in Period					5,000,000
ZAIS Managed Entities [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Loss Contingency, Loss in Period					$ 0

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
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
Capital Unit, Class A [Member]
Stockholder Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,800,000
ZAIS [Member]
Stockholder Equity [Line Items]
Equity Method Investment, Ownership Percentage	66.50%
ZAIS Group Parent, LLC [Member]
Stockholder Equity [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	67.40%
Minimum [Member] | Capital Unit, Class A [Member]
Stockholder Equity [Line Items]
Average Closing Price Per Share	$ 12.50
Maximum [Member] | Capital Unit, Class A [Member]
Stockholder Equity [Line Items]
Average Closing Price Per Share	$ 21.50
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
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	548,923
Common Class A [Member] | ZAIS Group Parent, LLC [Member]
Stockholder Equity [Line Items]
Stock Issued During Period, Shares, New Issues	548,923	0
Common Class B [Member]
Stockholder Equity [Line Items]
Common Stock, Shares Authorized	20,000,000		20,000,000
Common Stock, Par or Stated Value Per Share	$ 0.000001		$ 0.000001
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	6,800,000
Common Class B [Member] | Minimum [Member]
Stockholder Equity [Line Items]
Average Closing Price Per Share	$ 12.50
Common Class B [Member] | Maximum [Member]
Stockholder Equity [Line Items]
Average Closing Price Per Share	$ 21.50
Common Class B [Member] | Share-based Compensation Award, Tranche Two [Member]
Stockholder Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	5,200,000
Common Class B [Member] | HF2 Financial Management Inc [Member]
Stockholder Equity [Line Items]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 20,000,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Numerator:
Consolidated Net Income (Loss), net of tax, attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic)		$ (4,162)	$ (4,834)
Effect of dilutive securities:
Income tax (benefit) expense	[1]	0	0
Consolidated Net Income (Loss), net of tax, attributable to stockholders, after effect of dilutive securities		$ (6,245)	$ (7,275)
Denominator:
Weighted average number of shares of Class A Common Stock		13,986,305	13,870,917
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	[2]	0	0
Diluted weighted average shares outstanding	[3]	20,986,305	20,870,917
Consolidated Net Income (Loss), net of tax, per Class A common share - Basic		$ (0.30)	$ (0.35)
Consolidated Net Income (Loss), net of tax, per Class A common share - Diluted		$ (0.30)	$ (0.35)
ZAIS Group Parent, LLC [Member]
Effect of dilutive securities:
Consolidated Net Income (Loss), net of tax, attributable to non-controlling interests in ZGP		$ (2,083)	$ (2,299)
ZAIS REIT Management, LLC [Member]
Effect of dilutive securities:
Less: Consolidated Net (Income) Loss, net of tax, attributable to ZAIS REIT Management Class B Member	[4]	$ 0	$ (142)
[1]	Income tax (benefit) expense is calculated using an assumed tax rate of 5.56% and -30.15% for the three months ended March 31,2017 and March 31, 2016, respectively, which is fully offset by a 100% valuation allowance in each year. See Note 9 – “Income Taxes” for details surrounding income taxes.
[2]	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 of ZAIS and employees of ZAIS Group. These Class B-0 Units and RSUs are anti-dilutive and, consequently, have been excluded from the computation of diluted weighted average shares outstanding.
[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]	Amount represents portion of the management fee income received from ZFC REIT that is payable to holders of Class B interests in ZAIS REIT Management.

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Line Items]
Income Tax Expense Benefit Percentage	5.56%	(30.15%)
Valuation Allowance Percentage	100.00%

Supplemental Financial Inform86

Supplemental Financial Information (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 25,456	$ 38,712	$ 38,460	$ 44,351
Income and fees receivable	1,500	8,805
Investments in affiliates, at fair value	5,286	5,273
Due from related parties	1,362	734
Property and equipment, net	235	274
Prepaid expenses	1,450	906
Other assets	318	348
Total Assets	515,303	514,145
Liabilities
Notes payable	0	1,263
Compensation payable	2,208	7,836
Due to related parties	31	31
Fees payable	2,502	2,439
Other liabilities	1,403	1,127
Liabilities of Consolidated Funds
Total Liabilities	424,578	424,180
Commitments and Contingencies
Equity
Preferred Stock	0	0
Additional paid-in-capital	64,130	63,413
Retained earnings (Accumulated deficit)	(23,127)	(18,965)
Accumulated other comprehensive income (loss)	(50)	(70)
Total stockholders’ equity, ZAIS Group Holdings, Inc.	40,954	44,379
Total Equity	90,725	89,965
Total Liabilities and Equity	515,303	514,145
Intersegment Eliminations [Member]
Assets
Investments, at fair value	(14,661)	(19,506)
Investments in affiliates, at fair value	(31,244)	(24,281)
Due from related parties		0
Property and equipment, net		0
Prepaid expenses		0
Other assets	(46)	(44)
Total Assets	(45,951)	(43,831)
Liabilities
Notes payable of Consolidated CLO	(14,661)	(19,506)
Other liabilities	(46)	(44)
Liabilities of Consolidated Funds
Total Liabilities	(14,707)	(19,550)
Commitments and Contingencies
Equity
Preferred Stock	0	0
Additional paid-in-capital		0
Retained earnings (Accumulated deficit)		0
Accumulated other comprehensive income (loss)		0
Total stockholders’ equity, ZAIS Group Holdings, Inc.		0
Non-controlling interests in Consolidated Funds	(31,244)	(24,281)
Total Equity	(31,244)	(24,281)
Total Liabilities and Equity	(45,951)	(43,831)
ZAIS [Member]
Assets
Cash and cash equivalents	25,456	38,712
Income and fees receivable	1,500	8,805
Investments in affiliates, at fair value	36,530	29,554
Due from related parties	1,362	734
Property and equipment, net	235	274
Prepaid expenses	1,450	906
Other assets	318	348
Total Assets	66,851	79,333
Liabilities
Notes payable		1,263
Compensation payable	2,208	7,836
Due to related parties	31	31
Fees payable	2,502	2,439
Other liabilities	1,403	1,127
Liabilities of Consolidated Funds
Total Liabilities	6,144	12,696
Commitments and Contingencies
Equity
Preferred Stock	0	0
Additional paid-in-capital	64,130	63,413
Retained earnings (Accumulated deficit)	(23,127)	(18,965)
Accumulated other comprehensive income (loss)	(50)	(70)
Total stockholders’ equity, ZAIS Group Holdings, Inc.	40,954	44,379
Non-controlling interests in Consolidated Funds	19,753	22,258
Total Equity	60,707	66,637
Total Liabilities and Equity	66,851	79,333
Consolidated Funds, Before Eliminations [Member]
Assets
Cash and cash equivalents	19,288	37,080
Income and fees receivable		0
Investments, at fair value	464,612	423,871
Investments in affiliates, at fair value		0
Due from related parties		0
Property and equipment, net		0
Prepaid expenses		0
Receivable for securities sold	9,341	16,438
Other assets	1,162	1,254
Total Assets	494,403	478,643
Liabilities
Notes payable of Consolidated CLO	406,289	404,407
Other liabilities	5,156	2,165
Liabilities of Consolidated Funds
Due to broker	21,696	24,462
Total Liabilities	433,141	431,034
Commitments and Contingencies
Equity
Preferred Stock	0	0
Additional paid-in-capital		0
Retained earnings (Accumulated deficit)		0
Accumulated other comprehensive income (loss)		0
Total stockholders’ equity, ZAIS Group Holdings, Inc.		0
Non-controlling interests in Consolidated Funds	61,262	47,609
Total Equity	61,262	47,609
Total Liabilities and Equity	494,403	478,643
ZAIS Group Parent, LLC [Member]
Equity
Non-controlling interests in Consolidated Funds	19,753	22,258
Consolidated Funds [Member]
Assets
Cash and cash equivalents	19,288	37,080
Investments, at fair value	449,951	404,365
Investments in affiliates, at fair value	449,951	404,365
Receivable for securities sold	9,341	16,438
Other assets	1,116	1,210
Liabilities
Notes payable of Consolidated CLO	391,628	384,901
Other liabilities	5,110	2,121
Liabilities of Consolidated Funds
Due to broker	21,696	24,462
Equity
Non-controlling interests in Consolidated Funds	30,018	23,328
Common Class A [Member]
Equity
Common stock	1	1
Common Class A [Member] | Intersegment Eliminations [Member]
Equity
Common stock	0	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] | Intersegment Eliminations [Member]
Equity
Common stock	0	0
Common Class B [Member] | ZAIS [Member]
Equity
Common stock	0	0
Common Class B [Member] | Consolidated Funds, Before Eliminations [Member]
Equity
Common stock	$ 0	$ 0

Supplemental Financial Inform87

Supplemental Financial Information (Details 1) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Mar. 31, 2017	Mar. 31, 2016
Revenues
Management fee income		$ 3,107	$ 3,569
Incentive income		297	152
Reimbursement revenue		494	0
Other revenues		93	80
Total Revenues		3,991	3,801
Expenses
Compensation and benefits		7,424	9,007
General, administrative and other		3,669	3,210
Depreciation and amortization		40	63
Total Expenses		11,176	12,299
Other Income (loss)
Net gain (loss) on investments		75	(18)
Other income (expense)		(16)	605
Total Other Income (Loss)		1,755	2,104
Income (loss) before income taxes		(5,430)	(6,394)
Income tax (benefit) expense		5	5
Discontinued Operations
Consolidated net income (loss), net of tax		(5,435)	(6,399)
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment		30	(54)
Total Comprehensive Income (Loss)		(5,405)	(6,453)
Intersegment Eliminations [Member]
Revenues
Management fee income		0	0
Incentive income		0	0
Other revenues		0	0
Total Revenues		(205)	0
Expenses
Compensation and benefits		0	0
General, administrative and other		0	0
Depreciation and amortization		0	0
Expenses of Consolidated Funds		0	0
Total Expenses		0	0
Other Income (loss)
Net gain (loss) on investments		(843)	(764)
Other income (expense)		0	0
Net gain (loss) on beneficial interest of collateralized financing entity		589
Total Other Income (Loss)		(639)	(764)
Income (loss) before income taxes		(844)	(764)
Income tax (benefit) expense		0	0
Discontinued Operations
Consolidated net income (loss), net of tax		(844)	(764)
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment		0	0
Total Comprehensive Income (Loss)		(844)	(764)
Consolidation, Eliminations [Member]
Revenues
Reimbursement revenue		0
Income of Consolidated Funds		(205)
Other Income (loss)
Net gain (loss) on investments		(385)	0
ZAIS [Member]
Revenues
Management fee income		3,107	3,569
Incentive income		297	152
Reimbursement revenue		494
Other revenues		93	80
Income of Consolidated Funds		0
Total Revenues		3,991	3,801
Expenses
Compensation and benefits		7,424	9,007
General, administrative and other		3,669	3,210
Depreciation and amortization		40	63
Expenses of Consolidated Funds		0	0
Total Expenses		11,133	12,280
Other Income (loss)
Net gain (loss) on investments		918	746
Other income (expense)		(16)	605
Net gain (loss) on beneficial interest of collateralized financing entity		0
Total Other Income (Loss)		902	1,351
Income (loss) before income taxes		(6,240)	(7,128)
Income tax (benefit) expense		5	5
Discontinued Operations
Consolidated net income (loss), net of tax		(6,245)	(7,133)
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment		30	(54)
Total Comprehensive Income (Loss)		(6,215)	(7,187)
Consolidated Funds, Before Eliminations [Member]
Revenues
Management fee income		0	0
Incentive income		0	0
Reimbursement revenue		0
Other revenues		0	0
Income of Consolidated Funds		205
Total Revenues		205	0
Expenses
Compensation and benefits		0	0
General, administrative and other		0	0
Depreciation and amortization		0	0
Expenses of Consolidated Funds		43	19
Total Expenses		43	19
Other Income (loss)
Net gain (loss) on investments		1,492	1,517
Other income (expense)		0	0
Net gain (loss) on beneficial interest of collateralized financing entity		0
Total Other Income (Loss)		1,492	1,517
Income (loss) before income taxes		1,654	1,498
Income tax (benefit) expense		0	0
Discontinued Operations
Consolidated net income (loss), net of tax		1,654	1,498
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment		0	0
Total Comprehensive Income (Loss)		1,654	1,498
Consolidated Funds [Member]
Revenues
Income of Consolidated Funds		0
Expenses
Expenses of Consolidated Funds		43	19
Other Income (loss)
Net gain (loss) on investments		1,107	1,517
Net gain (loss) on beneficial interest of collateralized financing entity	$ (81)	$ (589)	$ 0

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)

May 09, 2017

Nov. 01, 2016

Apr. 21, 2017

Mar. 17, 2017

Apr. 21, 2016

Mar. 31, 2017

Mar. 31, 2016

Sep. 30, 2017

Jun. 30, 2017

May 03, 2017

Apr. 05, 2017

Dec. 31, 2016

Dec. 31, 2015

Common Class A [Member]

Subsequent Event [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

548,923

Restricted Stock Units (RSUs) [Member]

Subsequent Event [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

74,331

30,942

0

0

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance

$ 1.73

$ 3.22

$ 2.17

$ 9.85

$ 8.6

$ 9.85

April 2016 Director Awards [Member] | Common Class A [Member]

Subsequent Event [Line Items]

Stock Issued During Period, Shares, Restricted Stock Award, Gross

30,942

Subsequent Event [Member]

Subsequent Event [Line Items]

Retention Payable

$ 500,000

$ 500,000

$ 1,500,000

Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Non Employee Director [Member] | 2015 Stock Plan [Member]

Subsequent Event [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

63,219

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance

$ 2.19

ZAIS CLO 6 Warehouse [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Capitalization, Long-term Debt and Equity

$ 512,000,000

Equity Method Investments

29,000,000

Receivable for Securities Sold for Return of Initial Investment

45,000,000

Senior Notes

460,000,000

Subordinated Debt

52,000,000

ZAIS CLO 6 Warehouse [Member] | Subsequent Event [Member] | Senior Subordinated Notes [Member]

Subsequent Event [Line Items]

Equity Method Investments

$ 6,100,000

Equity Method Investment, Ownership Percentage

13.50%

ZAIS CLO 6 Warehouse [Member] | Subsequent Event [Member] | Senior Notes [Member]

Subsequent Event [Line Items]

Equity Method Investments

$ 23,000,000

Equity Method Investment, Ownership Percentage

5.00%