ZAIS (ZAIS) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 10, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
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	AMEH
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,618,332
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, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 30,906	$ 41,619
Income and fees receivable	2,947	8,863
Investments in affiliated securities, at fair value - $46,212 and $46,136 pledged as collateral for repurchase agreement, at March 31, 2018 and December 31, 2017, respectively.	158	10,151
Due from related parties	594	798
Property and equipment, net	1,791	278
Prepaid expenses	786	967
Withdrawals receivable	9,380	0
Other assets	1,570	359
Total Assets	195,708	187,889
Liabilities
Compensation payable	2,427	9,222
Due to related parties	0	31
Fees payable	2,235	2,171
Other liabilities	1,686	1,285
Total Liabilities	52,299	59,067
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	64,436	64,365
Retained earnings (Accumulated deficit)	(27,191)	(23,414)
Accumulated other comprehensive income (loss)	(55)	(61)
Total stockholders’ equity, ZAIS Group Holdings, Inc.	37,191	40,891
Total Equity	143,409	128,822
Total Liabilities and Equity	195,708	187,889
Common Class A [Member]
Equity
Common Stock	1	1
Common Class B [Member]
Equity
Common Stock	0	0
Consolidated Variable Interest Entities [Member]
Assets
Cash and cash equivalents	29,762
Cash	29,762	8,975
Investments in affiliated securities, at fair value - $46,212 and $46,136 pledged as collateral for repurchase agreement, at March 31, 2018 and December 31, 2017, respectively.	117,195	114,911
Other assets	619	968
Liabilities
Repurchase agreement	45,500	45,943
Other liabilities	451	415
ZAIS Group Parent, LLC [Member]
Equity
Non-controlling interests	17,755	19,568
Consolidated Funds [Member]
Equity
Non-controlling interests	$ 88,463	$ 68,363

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	May 31, 2018	Mar. 31, 2018	Dec. 31, 2017
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
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	$ 46,212		$ 46,136
Consolidated Variable Interest Entities [Member]
Fair Value of Securities Received as Collateral that Can be Resold or Repledged			$ 46,136
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		14,555,113	14,555,113
Common Stock, Shares, Outstanding		14,555,113	14,555,113
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 ($)	3 Months Ended
	Mar. 31, 2018		Mar. 31, 2017
Revenues
Management fee income	$ 5,063,000		$ 3,107,000
Incentive income	146,000	[1],[2],[3]	297,000
Reimbursement revenue	309,000		494,000
Other revenues	77,000		93,000
Total Revenues	6,608,000		3,991,000
Expenses
Compensation and benefits	6,086,000		7,424,000
General, administrative and other	4,496,000		3,669,000
Depreciation and amortization	16,000		40,000
Total Expenses	11,078,000		11,176,000
Other income (loss)
Net gain (loss) on investments in affiliates	(586,000)		75,000
Other income (expense)	104,000		(16,000)
Total Other Income (Loss)	1,648,000		1,755,000
Income (loss) before income taxes	(2,822,000)		(5,430,000)
Income tax (benefit) expense	4,000		5,000
Consolidated net income (loss)	(2,826,000)		(5,435,000)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	9,000		30,000
Total Comprehensive Income (Loss)	(2,817,000)		(5,405,000)
Allocation of Consolidated Net Income (Loss)
Stockholders’ equity, ZAIS Group Holdings, Inc.	(3,777,000)		(4,162,000)
Total Allocation of Consolidated Net Income (Loss)	(2,826,000)		(5,435,000)
Allocation of Total Comprehensive Income (Loss)
Stockholders’ equity, ZAIS Group Holdings, Inc.	$ (3,771,000)		$ (4,142,000)
Consolidated Net Income (Loss), per Class A common share applicable to ZAIS Group Holdings, Inc. - Basic	$ (0.26)		$ (0.3)
Consolidated Net Income (Loss), per Class A common share applicable to ZAIS Group Holdings, Inc. - Diluted	$ (0.26)		$ (0.3)
Weighted average shares of Class A common stock outstanding:
Basic	14,555,113		13,986,305
Diluted	21,555,113		20,986,305
Consolidated Funds [Member]
Revenues
Income of Consolidated Funds	$ 1,013,000		$ 0
Expenses
Expenses of Consolidated Funds	480,000		43,000
Other income (loss)
Net gain (loss) on investments in affiliates	2,130,000		1,107,000
Net gain (loss) on investments in affiliates	0		589,000
Consolidated net income (loss)	(2,826,000)		(5,435,000)
Allocation of Consolidated Net Income (Loss)
Non-controlling interests in Consolidated Funds	2,767,000		810,000
Total Allocation of Consolidated Net Income (Loss)	(2,826,000)		(5,435,000)
Allocation of Total Comprehensive Income (Loss)
Non-controlling interests in Consolidated Funds	2,767,000		810,000
ZAIS Group Parent, LLC [Member]
Allocation of Consolidated Net Income (Loss)
Non-controlling interests in Consolidated Funds	(1,816,000)		(2,083,000)
Allocation of Total Comprehensive Income (Loss)
Non-controlling interests in Consolidated Funds	$ (1,813,000)		$ (2,073,000)
[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]	ZAIS Group does not earn management fee income on certain ZAIS Managed Entities in which it had made investments that carried first loss risk. ZAIS Group receives distributions of its pro rata share of the gains and losses related to its investments in these ZAIS Managed Entities and incentive income equal to 50% of the net investment gains for the management of these ZAIS Managed Entities. The Company recognized incentive fee income from these ZAIS Managed Entities of approximately $117,000 and $276,000 for the three months ended March 31, 2018 and March 31, 2017, respectively. As a result of the termination of these management contracts, the Company will no longer earn incentive income from the two ZAIS Managed Entities effective April 1, 2018.

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, 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
Settlement of Restricted Stock Units	0	$ 0	$ 0	527	0	0	(527)	0
Settlement of Restricted Stock Units (in shares)		548,923	0
Payment of employee taxes in connection with net settlement of Restricted Stock Units	(801)	$ 0	$ 0	(534)	0	0	(267)	0
Modification of equity awards to liability awards	(26)	0	0	(17)	0	0	(9)	0
Capital contributions	5,880	0	0	0	0	0	0	5,880
Equity-based compensation charges	1,112	0	0	741	0	0	371	0
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
Beginning of the period at Dec. 31, 2017	128,822	$ 1	$ 0	64,365	(23,414)	(61)	19,568	68,363
Beginning of the period (in shares) at Dec. 31, 2017		14,555,113	20,000,000
Settlement of Restricted Stock Units (in shares)		0
Capital contributions	17,333	$ 0	$ 0	0	0	0	0	17,333
Equity-based compensation charges	71	0	0	71	0	0	0	0
Consolidated net income (loss)	(2,826)	0	0	0	(3,777)	0	(1,816)	2,767
Other Comprehensive income (loss)	9	0	0	0	0	6	3	0
End of the period at Mar. 31, 2018	$ 143,409	$ 1	$ 0	$ 64,436	$ (27,191)	$ (55)	$ 17,755	$ 88,463
End of the period (in shares) at Mar. 31, 2018		14,555,113	20,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities
Consolidated net income (loss)	$ (2,826,000)	$ (5,435,000)
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	16,000	40,000
Net (gain) loss on investments in affiliates	586,000	(75,000)
Non-cash stock-based compensation	71,000	1,112,000
Cash Flows Due to Changes in Operating Assets and Liabilities:
Income and fees receivable	5,916,000	7,305,000
Due from related parties	204,000	(628,000)
Prepaid expenses	181,000	(544,000)
Other assets	(1,211,000)	31,000
Compensation payable	(6,795,000)	(5,655,000)
Due to related parties	(31,000)	0
Fees payable	64,000	63,000
Other liabilities	(145,000)	276,000
Proceeds from investments in affiliates	0	62,000
Items related to Consolidated Funds:
Proceeds from sale of beneficial interest of collateralized financing entities and distributions from CLO warehouses	2,567,000	5,390,000
Change in other assets	(95,000)	91,000
Change in due to broker	0	(2,766,000)
Net Cash Provided by (Used in) Operating Activities	(6,286,000)	(34,894,000)
Cash Flows from Investing Activities
Purchases of property and equipment	(983,000)	0
Net Cash Provided by (Used in) Investing Activities	(982,000)	0
Purchases of investments in affiliates	1,000	0
Cash Flows from Financing Activities
Contributions from non-controlling interests in Consolidated Funds	17,333,000	5,880,000
Payment of employee taxes in connection with net settlement of RSUs	0	(801,000)
Repayment of notes payable	0	(1,263,000)
Net Cash Provided by (Used in) Financing Activities	17,333,000	3,816,000
Net increase (decrease) in cash and cash equivalents denominated in foreign currency	9,000	30,000
Net increase (decrease) in cash and cash equivalents	10,074,000	(31,048,000)
Cash and cash equivalents, beginning of period	41,619,000	75,792,000
Cash and cash equivalents, end of period	30,906,000	44,744,000
Supplemental Cash Flow Information:
Income taxes paid	0	0
Interest expense paid on Notes Payable	0	16,000
Interest expense paid on Repurchase Agreement	366,000	0
Non-Cash Investing Activities:
Purchases of leasehold improvements	546,000	0
Withdrawals receivable	9,380,000	0
Reconciliation of Cash and cash equivalents reported in the Consolidated Statements of Financial Condition to the amounts shown in the Consolidated Statements of Cash Flows [Abstract]
Cash and Cash Equivalents, at Carrying Value	41,619,000	75,792,000
Consolidated Funds [Member]
Cash Flows from Operating Activities
Consolidated net income (loss)	(2,826,000)	(5,435,000)
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Net (gain) loss on investments in affiliates	(2,130,000)	(1,107,000)
Items related to Consolidated Funds:
Purchases of investments and investments in affiliated securities	(55,350,000)	(123,951,000)
Proceeds from sale of beneficial interest of collateralized financing entities and distributions from CLO warehouses	52,500,000	78,691,000
Net (gain) loss on investments in affiliated securities	(2,000,000)	422,000
Net gain (loss) on beneficial interest of consolidated collateralized financing entity	0	(589,000)
Change in due from broker	0	7,097,000
Change in other liabilities	36,000	2,991,000
Consolidated Variable Interest Entities [Member]
Cash Flows from Financing Activities
Cash and cash equivalents, end of period	29,762,000	19,288,000
Reconciliation of Cash and cash equivalents reported in the Consolidated Statements of Financial Condition to the amounts shown in the Consolidated Statements of Cash Flows [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 29,762,000	$ 19,288,000

Organization

Organization	3 Months Ended
	Mar. 31, 2018
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. ZAIS is the managing member of ZGP. ZAIS Group is registered with the Securities and Exchange Commission 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 and structured vehicles (collateralized debt obligation vehicles and collateralized loan obligation vehicles, together referred to as “CLOs”) (collectively, the “ZAIS Managed Entities”). Commencing in 2015, the Company’s management and its board of directors (“Board of Directors”) have been conducting periodic strategic reviews of the Company’s business in order to enhance shareholder value. On February 15, 2017, the Board of Directors established a special committee of independent and disinterested directors (the “Special Committee”) to consider any proposals thereafter by management or third parties for strategic transactions, as well as to consider all other strategic options for the Company. On September 5, 2017, Z Acquisition LLC (“ Z Acquisition , 6,500,000 4.00 4.10 6,800,000 3,325,000 4.00 Z Acquisition Z Acquisition Z Acquisition Z Acquisition The Company filed a Definitive Proxy Statement on March 30, 2018. The Company established April 2, 2018 as the record date for stockholders entitled to vote at its 2017 Annual Meeting of Stockholders (the “Annual Meeting”), which has been scheduled for May 17, 2018. Stockholders of record at the close of business on April 2, 2018 may vote at the Annual Meeting. At the Annual Meeting, stockholders will be asked to consider and vote upon a proposal to adopt the Merger Agreement. Stockholders will also be asked to elect the Company’s Board of Directors, approve the adjournment of the Annual Meeting, if necessary, to solicit additional proxies if there are insufficient votes at the time of the Annual Meeting to approve adoption of the Merger Agreement, and vote on any other matter properly brought before the Annual Meeting. The ZAIS Managed Entities predominantly invest in a variety of specialized credit instruments including corporate credit instruments such as leveraged bank loans and CLOs, real estate, securities backed by residential and commercial mortgage loans and asset backed securities collateralized by a range of consumer loan products. ZAIS Group’s assets under management (“AUM”) is primarily comprised of (i) total assets for mark-to-market funds and separately managed accounts; (ii) uncalled capital commitments, if any, for funds that are not in liquidation; and (iii) for issued structured vehicles, all assets being managed calculated per the management fee basis methodology defined in the respective vehicles’ indenture, although in certain circumstances some or all of the referenced management fees may be waived. AUM also includes assets in the warehouse phase for new structured credit vehicles and is based on actual assets managed without reductions for leverage and most other liabilities and includes all assets regardless of whether management fees are being earned. ZAIS Group had the following AUM: Reporting Period AUM As of March 31, 2018 (1) $ 4.793 As of December 31, 2017 $ 4.512 (1) a portion of 1.7 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 funds and accounts managed by ZAIS Group or par values of the collateral and cash held by CLOs managed by ZAIS Group (“ZAIS CLOs”) Additionally, a significant source of the Company’s revenues and other income is derived from the underlying investments of certain ZAIS Managed Entities (including CLOs) which are consolidated by the Company (the “Consolidated Funds”). This income is comprised of interest, dividends and net gains from the underlying investments in CLOs and net gains on beneficial interests of consolidated collateralized financing entities which invest in first lien, senior secured loans. A portion of income of Consolidated Funds and net gains of Consolidated Funds’ investments are allocated to non-controlling interests in Consolidated Funds.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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, condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") as contained within the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification ("ASC") 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 condensed consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K. Certain comparative amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation. Fair Value Option U.S. GAAP permits entities to choose to measure certain eligible financial assets, financial liabilities and firm commitments at fair value (the “Fair Value Option”), on an instrument-by-instrument basis. The election to use the Fair Value Option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. The Fair Value Option is irrevocable and requires changes in fair value to be recognized in earnings. The Company has elected the Fair Value Option for Investments in affiliates and Investments in affiliated securities, at fair value. Specifically, the Company has applied the Fair Value Option to consolidated CLOs as described more fully below. See Note 4 for further disclosure on the assets and liabilities of consolidated CLOs for which the Fair Value Option has been elected. The Company has also applied the Fair Value Option to its investments in the ZAIS Managed Entities that are not consolidated. The Company currently is comprised of one reportable segment, the investment management segment, and 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 condensed 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 disclosures at the date of the condensed 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 condensed consolidated financial statements are reasonable and prudent, actual results may ultimately materially differ from those estimat The condensed consolidated financial statements included herein are the financial statements of ZAIS, its subsidiaries and the Consolidated Funds. 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 condensed consolidated financial statements include (i) non-controlling interests in ZGP which is comprised of Class A Units held by Mr. Zugel and certain related parties (collectively, the “ZGP Founder Members”) and (ii) the non-controlling interests in the Consolidated Funds. The Company’s condensed consolidated financial statements also include (i) ZGP, a voting interest entity in which the Company has a controlling financial interest; (ii) ZAIS Group, a voting interest entity in which ZGP has a controlling financial interest and (iii) the following Consolidated Funds which are VIEs for which ZAIS Group is considered the primary beneficiary during the reporting periods presented: As of Three Months Ended March 31, Entity March 31, 2018 December 31, 2017 2018 2017 ZAIS Zephyr A-6, LP (“Zephyr A-6”) ü ü ü ü ZAIS CLO 5, Limited (“ZAIS CLO 5”) (1) — — — ü (1) The Consolidated Funds, except for the consolidated CLO, 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 condensed consolidated financial statements. For the consolidated CLO, the Company used the measurement alternative included in the collateralized financing entity guidance (the “Measurement Alternative”). The Company measured both the financial assets and financial liabilities of the consolidated CLO in its condensed consolidated financial statements using the fair value of the financial assets of the consolidated CLO, which were more observable than the fair value of the financial liabilities of the consolidated CLO. As a result, the financial assets of the consolidated CLO were measured at fair value and the financial liabilities were measured in consolidation as: the sum of the fair value of the financial assets and the carrying value of any non-financial assets that were 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 represented compensation for services. The resulting amount was 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 (i) fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Such changes are presented in Net gain (loss) on beneficial interest of consolidated collateralized financing entity in the Consolidated Statements of Comprehensive Income (Loss). The non-controlling interests within the Consolidated Statements of Financial Condition are comprised of (i) 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 (ii) equity attributable to non-controlling interests in ZGP inside the permanent capital section. Changes in the Company’s ownership interest while the Company retains its controlling financial interest in its subsidiary are accounted for as equity transactions. Therefore, no gain or loss is recognized in the Company’s consolidated statements of comprehensive income (loss). The carrying amount of the non-controlling interest is adjusted to reflect the change in its ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the non-controlling interest is adjusted is recognized in equity attributable to ZAIS Group. Allocations of income and loss to non-controlling interests follow the contractual provisions of the pertinent agreements. Accordingly, amounts of incentive compensation due to ZAIS from Consolidated Funds are not deducted from non-controlling interest holders’ capital accounts until the applicable legal conditions for incentive income have been fulfilled. ZAIS Group’s primary sources of revenue are (i) management fee income, (ii) incentive income and (iii) income of Consolidated Funds. The management fee income and incentive income are derived from ZAIS Group’s advisory agreements with the ZAIS Managed Entities, which ZAIS considers to be its clients. Certain investments held by employees, executives and other related parties in the ZAIS Managed Entities are not subject to management fees or incentive fees/allocations and therefore do not generate revenue for ZAIS Group. All of the management fee income and incentive income earned by ZAIS Group from the Consolidated Funds are eliminated in consolidation. Management Fee Income ZAIS Group earns management fee income for investment advisory and asset management services provided to the ZAIS Managed Entities. ZAIS Group earns management fees from the funds and accounts it manages. Such management Management fee income earned for ZAIS CLOs is generally based on a fixed percentage of the par value of the collateral and cash held in the CLOs. Additionally, subordinated management fee income may be earned from the ZAIS CLOs for which ZAIS Group and certain of its wholly owned subsidiaries act as collateral manager. Subordinated management fees are additional payments, but have a lower priority in the CLOs’ cash flows than non-subordinated management fees and are contingent upon the economic performance of the respective CLOs. 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. A fixed percentage asset-based management fee is considered a type of variable consideration. The amount of revenue recognized is limited to the amount for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur in future periods. The Company updates its estimate of the variable consideration each reporting period. Any uncertainty related to the variable consideration will be resolved as of the end of each reporting period. The Company attributes the management fee income to the services provided during the period because the fee relates specifically to the entity’s efforts to transfer the services for that period. In the event management fee income is received before it is earned, deferred revenue is recorded and is included in Other liabilities in the Consolidated Statements of Financial Condition . Incentive Income ZAIS Group earns incentive income for investment advisory and asset management services provided to the ZAIS Managed Entities. Incentive income typically arises from investment management activities that were initially undertaken in prior reporting periods and is recognized when it is (i) contractually receivable and (ii) the Company concludes that it is probable that a significant reversal in the cumulative amount of revenue recognized will not occur when any uncertainty, which existed at the time the revenue was recognized, is resolved, which generally occurs in the quarter of, or the quarter immediately prior to, payment of the incentive income to ZAIS Group by the ZAIS Managed Entities. The criteria for revenue recognition related to incentive income is typically met only after all contributed capital and the preferred return, if any, on that capital have been distributed to the ZAIS Managed Entities’ investors for vehicles with private equity style fee arrangements, and is typically met only after (i) any profits exceed a high-water mark for vehicles with hedge fund style fee arrangements, (ii) all contributed capital and the preferred return, if any, have been distributed to the investors in vehicles with private equity-style fee arrangements and (iii) all contributed capital and the preferred return, if any, have been distributed to the investors and subordinate management fees (if any) have been paid to the collateral manager for CLOs. The Company primarily considers the type of assets held by each ZAIS Managed Entity, cash held by the entity, estimated future expenses and potential fluctuations in the expected realizable value of investments held by the ZAIS Managed Entity when determining whether or not it is probable that a significant reversal in the cumulative amount of revenue recognized from the entity will not occur when the uncertainty is resolved. Reimbursement Revenue Research and data services expenses (the “Research Costs”) and other costs (the “Other Direct Costs”) relating to the management of the ZAIS Managed Entities are paid by ZAIS Group directly to vendors for which ZAIS Group is the principal. Certain of these amounts may be reimbursable by the respective ZAIS Managed Entities per the terms of the applicable agreement. Reimbursed amounts are recorded as Reimbursement revenue in the Consolidated Statements of Comprehensive Income (Loss). Research Costs and Other Direct Costs which have not yet been collected are included in Due from related parties in the Consolidated Statements of Financial Condition. Other Revenue Other revenue primarily consists of consulting fees. Such consulting services are transferred over time. Income of Consolidated Funds Income of Consolidated Funds reflects the interest and dividend income recognized by Zephyr A-6 related to its investments in unconsolidated CLOs. Any discounts and premiums on fixed income securities purchased are accreted or amortized into income or expense using the effective interest rate method over the lives of such securities. The effective interest rates are calculated using projected cash flows including the impact of paydowns on each of the aforementioned securities. Income and fees receivable primarily includes management fee income and incentive income due from ZAIS Managed Entities, excluding the Consolidated Funds. The Company evaluates the collectability of the amounts receivable to determine whether any allowance for doubtful accounts is necessary. Revenue Recognition 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 Financial Instruments 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 Share-Based Payments In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payments Accounting Statement of Cash Flows Classification of Certain Receipts and Cash Payments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash The Company adopted ASU 2016-18 as of January 1, 2018. After the adoption of ASU 2016-18, changes in cash and cash equivalents of the Consolidated Funds will no longer be presented as a component of the Company's Net Cash Provided by (Used in) Operating Activities. Instead, the changes in cash and cash equivalents of the Consolidated Funds will form part of the reconciliation of the cash and cash equivalents of both the Company and the Consolidated Funds for the reporting period. The adoption of this standard does not impact the Company’s cash and cash equivalents (excluding Consolidated Funds) but is a change in presentation within the Consolidated Statements of Cash Flows. The presentation of the Consolidated Statement of Cash Flows for the three months ended March 31, 2017 has been revised to conform to the presentation for the three months ended March 31, 2018. The impact on the presentation of the Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2017 was as follows: Line Item As Subsequent to (Dollars in thousands) Items related to Consolidated Funds: Change in cash and cash equivalents $ 17,793 $ — Net Cash Used in Operating Activities $ (17,102) $ (34,894) Net decrease in cash and cash equivalents $ (13,256) $ (31,048) Cash and cash equivalents, beginning of period $ 38,712 $ 75,792 Cash and cash equivalents, end of period $ 25,456 $ 44,744 Recently Issued Accounting Pronouncements Pending Adoption by the Company In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)

Investments in Affiliates, at f

Investments in Affiliates, at fair value	3 Months Ended
	Mar. 31, 2018
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, at fair value In February 2017, ZAIS Group made a $ 5.0 The Company had investments at December 31, 2017 that carried first loss risk 10.0 and such amount affiliates On March 12, 2018, ZAIS Group sent notice to terminate its management contracts for these two ZAIS Managed Entities effective March 16, 2018. In connection with the termination of these management contracts, ZAIS Group also requested a complete withdrawal of its investment amounts as of March 30, 2018. The withdrawals were recorded using trade date accounting. The withdrawal receivable of approximately 9.4 Withdrawals receivable in the Consolidated Statements of Financial Condition at March 31, 2018. ZAIS Group received the majority of the proceeds from the withdrawals in the second quarter of 2018 (see Note 17 – “Subsequent Events”). At March 31, 2018 and December 31, 2017, the Company held investments in one and four unconsolidated ZAIS Managed Entities (excluding an investment in a ZAIS Managed Entity for which no capital has been called as of May 10, 2018), respectively. Three Months Ended 2018 2017 (Dollars in thousands) $ 3 $ 75 Such amounts are included in Net gain (loss) on investments in affiliates in the Consolidated Statements of Comprehensive Income (Loss). At March 31, 2018 and December 31, 2017, neither the Company’s equity investment, nor the Company’s proportionate share of the total assets of unconsolidated ZAIS Managed Entities in which the Company invested, individually or in the aggregate, exceeded 20% of the Company’s total consolidated assets. Additionally, the Company did not have any income related to these investments, individually or in the aggregate, which exceeded 20% of its total Consolidated net income, for the three months ended March 31, 2018 and March 31, 2017. As such, the Company did not present separate or summarized financial statements for any of these investees in the notes to its condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. Fair Value Measurements ASC 820 Fair Value Measurements 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, collateralized loan 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 chaired by the 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 fair value of those holdings and on the Company’s ability to dispose of them. Additionally, the public markets for the Company’s holdings may experience periods of volatility and periods of reduced liquidity and the Company’s holdings may be subject to certain other transfer restrictions that may further contribute to illiquidity. Such illiquidity may adversely affect the price and timing of liquidations of the Company’s holdings. The following is a description of the valuation techniques used to measure fair value: Investments in Affiliated Securities, at fair value CLOs - Senior Notes, Mezzanine Notes and Subordinated Notes ZAIS determined the fair value of the investments in CLOs generally with input from a third party pricing source. ZAIS verifies that the quotes received from the valuation source are reflective of fair value as defined in U.S. GAAP, generally by comparing trading activity for similar asset classes, pricing research provided by banks and brokers, indicative broker quotes and results from an external cash flows analytics tool. CLO Warehouses A collateralized loan obligation vehicle is an entity formed for the issuance of securities backed by first lien, senior secured loans, also known as leveraged loans. Prior to the issuance of the securities, the collateralized loan obligation vehicle enters into a financing arrangement with a bank (the “CLO Warehouse”). 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 and the underlying assets held by the CLO Warehouse are securitized. 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 and delayed compensation plus interest received and any realized gain/(loss) from the sale of any loan positions during the warehouse period less financing cost, cost of carry and any applicable warehouse expenses) to the CLO Warehouse equity contributions. If it is determined, at any given time, that the securitization will not be achieved, the fair value of the CLO Warehouse will be determined based on the fair value of the underlying 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. Investment in Affiliates, at fair value 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 (excluding CLOs), 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. ZAIS Group has the ability to liquidate its investments according to the provisions of the respective entities’ operating agreements. Notes payable of Consolidated CLO, at fair value The fair value of Notes payable of consolidated CLO is determined by applying the Measurement Alternative. March 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Net Asset Total Assets, at fair value: Cash equivalents $ 30,019 $ — $ — $ — $ 30,019 Investments in affiliates, at fair value — — — 158 158 Assets of Consolidated VIEs: Investments in affiliated securities, at fair value: ZAIS CLOs: Senior notes — — 48,836 — 48,836 Mezzanine notes — — 31,563 — 31,563 Subordinated notes — — 6,675 — 6,675 Warehouse — — 30,121 — 30,121 Total – investments in affiliated securities, at fair value — — 117,195 — 117,195 Total assets, at fair value $ 30,019 $ — $ 117,195 $ 158 $ 147,372 December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Net Asset Total Assets, at fair value: Cash equivalents $ 38,980 $ — $ — $ — $ 38,980 Investments in affiliates, at fair value — — — 10,151 10,151 Assets of Consolidated VIEs: Investments in affiliated securities, at fair value: ZAIS CLOs: Senior notes — — 34,588 — 34,588 Mezzanine notes — — 24,695 — 24,695 Subordinated notes — — 4,876 — 4,876 Warehouse — — 50,752 — 50,752 Total – investments in affiliated securities, at fair value — — 114,911 — 114,911 Total assets, at fair value $ 38,980 $ — $ 114,911 $ 10,151 $ 164,042 Three Months Ended March 31, 2018 (Dollars in thousands) Beginning Purchases/ Sales/ Total Amortization Transfers Ending Change in Assets: ZAIS CLOs: Senior notes $ 34,588 $ 14,174 $ — $ 74 $ — $ — $ 48,836 $ (74) Mezzanine notes 24,695 6,825 — (99) 142 — 31,563 (99) Subordinated notes 4,876 1,851 — 219 (271) — 6,675 179 Warehouse 50,752 32,500 (55,067) 1,936 — — 30,121 (631) Total investments in affiliated securities, at fair value $ 114,911 $ 55,350 $ (55,067) $ 2,130 $ (129) $ — $ 117,195 $ (477) Three Months Ended March 31, 2017 (Dollars in thousands) Beginning Initial Purchases/ Sales/ Total Amortization Transfers Ending Change in Assets: First lien, senior secured loans $ 389,329 $ — $ 93,951 $ (78,690) $ (1,122) $ 340 $ — $ 403,808 $ (240) ZAIS CLOs: Warehouse 15,036 — 30,000 — 1,107 — — 46,143 1,107 Total investments $ 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 The Company’s policy is to record transfers between Level 1, Level 2 and Level 3, if any, at the end of the period. There were no transfers between Level 1, Level 2 and Level 3 during the three months ended March 31, 2018 or March 31, 2017. Investment Type Fair Value at Valuation Unobservable Amount/ Min Max Weighted (Dollars in Assets of Consolidated Variable Interest Entities: ZAIS CLOs: Warehouse $ 30,121 Cost plus excess spread Excess spread 0.40 % 0.40 % 0.40 % 0.40 % Total – Investments in affiliated securities, at fair value $ 30,121 Investment Type Fair Value at Valuation Unobservable Amount/ Min Max Weighted (Dollars in Assets of Consolidated Variable Interest Entities: ZAIS CLOs: Warehouse $ 50,752 Cost plus excess spread Excess spread 1.5 % 1.5 % 1.5 % 1.5 % Total – Investments in affiliated securities, at fair value $ 50,752 At March 31, 2018 and December 31, 2017, the senior notes, mezzanine notes and subordinated notes of the ZAIS CLOs which were held by the Company were valued using independent third party pricing sources.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
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 VIEs and VOEs 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. Risk Retention The Dodd-Frank credit risk retention rules (the “U.S. Risk Retention Rules”), which became effective on December 24, 2016, apply by their terms to any newly issued CLOs or certain cases in which an existing CLO is refinanced, issues additional securities or is otherwise materially amended. The U.S. 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. On February 9, 2018, the U.S. Court of Appeals for the District of Columbia Circuit held (the “DC Circuit Ruling”) that the federal agencies responsible for the U.S. risk retention rules (the “Applicable Agencies”) exceeded their statutory authority when designating the collateral manager of an open-market CLO as the securitizer of the open-market CLO. The DC Circuit Ruling became effective on April 5, 2018, after the Applicable Agencies failed to seek a rehearing from the Court of Appeals. Although the Applicable Agencies could still file a petition with the Supreme Court to review the DC Circuit Ruling no later than May 10, 2018, the Supreme Court does not grant most petitions for review and the mere filing of such a petition does not stay the effectiveness of a lower court’s ruling. Accordingly, the U.S. Risk Retention Rules do not now apply to open-market CLOs. There have also been proposals to modify the U.S. Risk Retention Rules legislatively to eliminate their application to CLO transactions. Notwithstanding the foregoing, Congress could legislatively reverse the DC Circuit Ruling. If the U.S. Risk Retention Rules were reapplied to open-market CLOs, it can be anticipated that various unresolved questions and interpretive ambiguities would exist in their application. The impact of the U.S. Risk Retention Rules on the loan securitization market and the leveraged loan market generally has been uncertain due to the unpredictable effects of the Rules on market expectations and the relative appeal of alternative investments not impacted by the Rules. The Rules may have resulted in a reduction of the number of collateral managers active in managing open-market CLOs, which may have resulted in fewer new issue CLOs and a reduction in the liquidity provided by CLOs to the leveraged loan market generally. However, as a result of the DC Circuit Ruling, the barriers to entry for becoming a CLO manager may be reduced. This could result in more CLO managers and increased competition for ZAIS Group. ZAIS Group is evaluating the potential impact of the DC Circuit Ruling on its business and operations. Zephyr A-6 was formed to invest predominantly in ZAIS CLOs, including during the related warehouse period of such CLOs, in a manner compliant with the U.S. Risk Retention Rules. 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. 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). Structure ZAIS Group owned 51 25.0 In connection with the restructuring of Zephyr A-6, the limited partners of Zephyr A-6 also amended the limited partnership agreement. As of As of the Ownership Interest: ZAIS Group 51.00 % 13.33 % Non-ZAIS Partner 49.00 % 86.67 % Capital Commitments: ZAIS Group $ 51.0 million $ 20.0 million Non-ZAIS Partner $ 49.0 million $ 130.0 million Capital Commitments funded: ZAIS Group $ 26.6 million $ 7.0 million Non-ZAIS Partner $ 25.6 million $ 45.2 million Remaining Capital Commitments to be funded: ZAIS Group $ 24.4 million $ 13.0 million Non-ZAIS Partner $ 23.4 million $ 84.8 million Three Months Ended March 31, 2018 ZAIS Non- Total (Dollars in thousands) Unfunded capital commitments as of December 31, 2017 $ 11,714 $ 76,135 $ 87,849 Capital contributions 2,667 17,333 20,000 Unfunded capital commitments as of March 31, 2018 $ 9,047 $ 58,802 $ 67,849 Three Months Ended March 31, 2017 ZAIS Non- Total (Dollars in thousands) Unfunded capital commitments as of December 31, 2016 $ 30,523 $ 29,326 $ 59,849 Capital contributions 6,120 5,880 12,000 Unfunded capital commitments as of March 31, 2017 $ 24,403 $ 23,446 $ 47,849 Pursuant to the terms of the limited partnership agreement of Zephyr A-6, a portion of the senior fees and all of the subordinate fees and the incentive fees paid to ZAIS Group by the ZAIS CLOs in which Zephyr A-6 invests are subsequently paid to Zephyr A-6 by ZAIS Group (the “Rebated Fees”) and allocated among the limited partners of Zephyr A-6 pro rata based on their percentage interests in Zephyr A-6. The senior fees which will be paid to Zephyr A-6 by the Company are as follows: Prior to the As of and Senior Fee In excess of 0.15% In excess of 0.20% The Company has determined that Zephyr A-6 is a VIE and that ZAIS Group is the primary beneficiary of Zephyr A-6 at March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and March 31, 2017. Therefore the Company consolidated Zephyr A-6 in its condensed consolidated financial statements during these periods. ZAIS Group is the primary beneficiary because it is deemed to have (i) the power to direct activities of Zephyr A-6 that most significantly impacts its economic performance and (ii) the obligation to absorb losses of Zephyr A-6 and the right to receive benefits from Zephyr A-6 that could potentially be significant to Zephyr A-6. Investments in ZAIS CLOs As of March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and March 31, 2017, all of Zephyr A-6’s investments consisted of ZAIS CLOs. The ZAIS CLOs invest primarily in first lien, senior secured loans. Economic Interest at the CLO Warehouse Pricing Closing CLO Senior Subordinate Weighted ZAIS CLO 5 October 1, 2015 September 23, 2016 October 26, 2016 October 2028 2.1 % 31.8 % 5.0 % ZAIS CLO 6, Ltd. (“ZAIS CLO 6”) November 18, 2016 May 3, 2017 June 1, 2017 July 2029 5.0 % 5.0 % 5.0 % ZAIS CLO 7, Ltd. (“ZAIS CLO 7”) June 12, 2017 September 11, 2017 October 19, 2017 April 2030 7.0 % 5.0 % 6.8 % ZAIS CLO 8, Ltd. (“ZAIS CLO 8”) October 16, 2017 February 6, 2018 March 8, 2018 April 2029 5.1 % 5.0 % 5.1 % ZAIS CLO 9, Ltd. (“ZAIS CLO 9”) January 29, 2018 — — — — — — In February 2018, Zephyr A-6 sold its preferred shares of ZAIS CLO 8 which it held during the warehouse period. On March 8, 2018, Zephyr A-6 received sales proceeds of $50.0 million and a dividend of approximately $2.6 million relating to income and gains during the ZAIS CLO 8 warehouse period. The Company determined that ZAIS CLO 6, ZAIS CLO 7 and ZAIS CLO 8 were VIEs and that the Company is not the primary beneficiary of these ZAIS CLOs based on Zephyr A-6’s minimal investment in the subordinated notes of the ZAIS CLOs and the fee arrangement not constituting a variable interest. Therefore, the Company was not required to consolidate these ZAIS CLOs in its financial statements as of March 31, 2018 and December 31, 2017 or for the three months ended March 31, 2018 and March 31, 2017. ZAIS CLO 5 Zephyr A-6 had an investment in ZAIS CLO 5 during the three months ended March 31, 2017. The Company determined that ZAIS CLO 5 was a VIE and that it was the primary beneficiary of ZAIS CLO 5 based on (i) its ability to impact the activities which most significantly impact ZAIS CLO 5’s economic performance as collateral manager and (ii) Zephyr A-6’s significant investment in the subordinated notes of ZAIS CLO 5. Therefore, the Company initially consolidated ZAIS CLO 5 in its financial statements on the ZAIS CLO 5 closing date. 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 81,000 The Company consolidated ZAIS CLO 5 in its financial statements for the period from October 26, 2016 through August 10, 2017. On August 10, 2017 Zephyr A-6 sold all of its remaining interests in ZAIS CLO 5, to an unrelated party. Subsequent to the sale, a wholly owned subsidiary of ZAIS continued as the collateral manager for ZAIS CLO 5. Since the fee arrangement with ZAIS CLO 5 does not constitute a variable interest on its own, ZAIS Group deconsolidated ZAIS CLO 5 as of August 10, 2017, the date on which ZAIS sold its remaining interests in the entity. Warehouse Periods During the warehouse periods, the ZAIS CLOs finance the majority of their loan purchases using warehouse facilities. 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. Therefore, Zephyr A-6’s investments in the ZAIS CLOs did not meet the consolidation criteria during the respective warehouse periods. ZAIS Upsize Acquisition 1, Ltd. (“ZAIS Upsize Acquisition 1”) ZAIS Upsize Acquisition 1 was formed on January 10, 2018 for the purpose of refinancing the notes issued by an existing ZAIS CLO 1, Limited. ZAIS Upsize Acquisition 1, which invests primarily in first lien senior secured loans, was in the warehouse phase from its inception date, through May 10, 2018. During this period, ZAIS Upsize Acquisition 1 financed the majority of its loan purchases using its warehouse facility. On January 24, 2018, Zephyr A-6 contributed $ 2.5 2.5 The sale was not to a related party. Three Months Ended 2018 2017 (Dollars in thousands) ZAIS CLO 6 $ — $ 30,000 ZAIS CLO 9 30,000 — ZAIS Upsize Acquisition 1 2,500 — Total $ 32,500 $ 30,000 Master Repurchase Agreement On October 16, 2017, Zephyr A-6 entered into a master repurchase agreement with a single counterparty for a maximum of $ 200.0 459,000 9,000 443,000 As of March 31, 2018 and December 31, 2017, the available funding under the Master Repurchase Agreement was approximately $ 154.1 Remaining March 31, December 31, (Dollars in thousands) Collateralized Loan Obligations (1) Senior debt tranches $ 34,431 $ 34,431 Mezzanine debt tranches 11,512 11,512 Total (2) $ 45,943 $ 45,943 (1) (2) The fair value of the securities pledged as collateral under the Master Repurchase Agreement was approximately $ 46.2 46.1 Due to the short term nature of these borrowings at variable interest rates, the carrying amount approximates fair value (if fair valued, the carrying amount would be classified as level 2 in the fair value measurement hierarchy described above). Zephyr A-6 pays interest to the counterparties at a rate based on the weighted average interest rate of the underlying securities that have been pledged as collateral plus a spread of 0.50 369,000 299,000 In general, Zephyr A-6 can sell any of the underlying securities that have been pledged as collateral at any time, subject to certain fees. Other than margin requirements, the Master Repurchase Agreement is not subject to additional terms or contingencies which would expose Zephyr A-6 to additional obligations based upon the performance of the securities pledged as collateral. The weighted average effective interest rate for repurchase agreements entered into under the Master Repurchase Agreement was approximately 3.9 3.6 The following tables present both gross and net information regarding the repurchase agreements, entered into under the Master Repurchase Agreement including amounts eligible for offset with the related collateral in the Consolidated Statements of Financial Condition in the event of default: As of March 31, 2018 Gross amounts not offset in the Description Gross Gross Net amount Financial Cash Net Repurchase agreement $ (45,943) $ — $ (45,943) $ 45,943 $ — $ — As of December 31, 2017 Gross amounts not offset in the Description Gross Gross Net amount Financial Cash Net Repurchase agreement $ (45,943) $ — $ (45,943) $ 45,943 $ — $ — (a) The sum of the financial instruments and cash collateral not offset in the Consolidated Statements of Financial Condition may exceed the repurchase balance. Where this is the case, the total amounts reported in these two columns are limited to the outstanding balance of the repurchase agreement. Consolidated VIEs At March 31, 2018 and December 31, 2017 the Consolidated Funds consist of only Zephyr A-6. All of the assets and liabilities of the Consolidated Funds are presented separately in the Consolidated Statements of Financial Condition. The assets presented belong to the investors of Zephyr A-6 and are available for its use. These assets are not available for use by the Company. Zephyr A-6 does not have recourse to the general credit of ZAIS Group with respect to any liability. Net gain (loss) of Consolidated Funds’ Investments Three Months Ended 2018 2017 (Dollars in thousands) Distributions of income and gains during the warehouse period upon closing of ZAIS CLOs $ 2,567 $ — Net Change in unrealized gain or loss and net realized gains (437) 1,107 Net gain (loss) of Consolidated Funds’ investments in affiliated securities $ 2,130 $ 1,107 Unconsolidated VIEs At March 31, 2018 and December 31, 2017, the Company’s unconsolidated VIEs consist of the Company’s investments in certain ZAIS Managed Entities as well as the Consolidated Fund’s investments in certain ZAIS CLOs. Financial Statement Line Item March 31, December 31, (Dollars in thousands) Income and fees receivable $ 944 $ 1,082 Investments in affiliates, at fair value 158 5,150 Due from related parties 9 24 Assets of Consolidated Variable Interest Entities: Investments in affiliated securities, at fair value 117,195 114,911 Maximum exposure to loss $ 118,306 $ 121,167 Such amounts are included in the Consolidated Statements of Financial Condition. ZAIS Group has a minimal direct ownership 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.

Management Fee Income and Incen

Management Fee Income and Incentive Income	3 Months Ended
	Mar. 31, 2018
Management Fee Income and Incentive Income [Abstract]
Management Fee Income and Incentive Income [Text Block]	6. Management Fee Income and Incentive Income The Company’s management fee income and incentive income are recognized in accordance with its revenue recognition policies disclosed in Note 2 – “Basis of Presentation and Summary of Significant Accounting Policies”. The amounts of revenue recognized for the three months ended March 31, 2018 under the new revenue standard adopted on January 1, 2018 were the same as those that would have been recognized under the previous revenue recognition guidance . Three Months Ended ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income (1)(3) Funds and accounts 0.50% - 1.25% $ 2,723 $ — $ 2,723 CLOs 0.15% - 0.50% 2,340 — 2,340 Total $ 5,063 $ — $ 5,063 Incentive Income (1)(2)(3) Funds and accounts 10% - 20% $ 134 $ — $ 134 CLOs 20% 12 — 12 Total $ 146 $ — $ 146 Three Months Ended ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income (1)(3) 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)(3) Funds and accounts 10% - 20% $ 287 $ — $ 287 CLOs 20% 10 — 10 Total $ 297 $ — $ 297 (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) ZAIS Group does not earn management fee income on certain ZAIS Managed Entities in which it had made investments that carried first loss risk. ZAIS Group receives distributions of its pro rata share of the gains and losses related to its investments in these ZAIS Managed Entities and incentive income equal to 50 117,000 276,000 March 31, December 31, (Dollars in thousands) Accrued Management fee income $ 2,942 $ 2,837 Accrued Incentive income 5 6,026 Total $ 2,947 $ 8,863 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 related to the management fee income or incentive income for the three months ended March 31, 2018 and March 31, 2017. The Company believes all income and fees receivable balances are deemed to be fully collectible. Fee Rebates Three Months Ended (Dollars in thousands) Gross Elimination Net Rebated Fees $ 530 $ (530) $ — Total $ 530 $ (530) $ — There were no Rebated Fees for the three months ended March 31, 2017. As a result of its ownership interest in Zephyr A-6, ZAIS Group is allocated a portion of the Rebated Fees. The fee rebate income and related expense are eliminated in consolidation. The amounts allocable to the non-ZAIS partner of Zephyr A-6 are included in Non-controlling interest in Consolidated Funds in the Consolidated Statements of Comprehensive Income (Loss). Fees Payable Fees payable represents a fee credit due to an investor in one of the ZAIS Managed Entities for the fees charged to that investor on their investment balance in another ZAIS Managed Entity. Three Months Ended 2018 2017 (Dollars in thousands) Management fee income credit $ 64 $ 63 Total $ 64 $ 63

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	7. Notes Payable On March 17, 2015, in conjunction with the contribution of cash by HF2 Financial Management, Inc. to ZGP in exchange for newly issued Class A Units, representing a majority financial interest in ZGP (the “Business Combination”), ZAIS issued two promissory notes with an aggregate principal balance of $ 1.25 Three Months Ended 2018 2017 (Dollars in thousands) $ — $ 3

Compensation

Compensation	3 Months Ended
	Mar. 31, 2018
Share-based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	8. Compensation Three Months Ended March 31, 2018 2017 (Dollars in thousands) Salaries $ 2,357 $ 2,336 Bonus 2,725 3,177 Severance 202 72 Equity-Based Compensation 71 1,112 Payroll taxes and benefits 731 727 Total $ 6,086 $ 7,424 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, if applicable. On May 9, 2017, the Board of Directors approved an amendment to the charter of the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) 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 by its terms applied to compensation paid through 2019. These compensation guidelines had 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. (Dollars in thousands) Period from April 1, 2018 to December 31, 2018 $ — Year ended December 31, 2019 1,360 2020 1,360 2021 903 Total $ 3,623 As of March 31, 2018, there are no future payments due subsequent to February 2021. The amount to be paid during 2019 in the table above includes approximately $ 0.11 1.25 subject to forfeitures as described above Other Pursuant to the Legal Advisor Agreement (see Note 12 – “Commitments and Contingencies”), Howard Steinberg, the Company’s former General Counsel, received a payment of $ 450,000 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 was approved by the Compensation Committee, Mr. Szymanski received a cash retention payment of $ 500,000 500,000 500,000 1.5 500,000 200,000 Points ZAIS Group had entered into agreements in previous years with certain of its employees whereby certain current and former employees were 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, 2018 and March 31, 2017. Equity-Based Compensation Class B-0 Units ZGP authorized 1,600,000 Class B-0 Units eligible to be granted to certain employees of ZAIS Group. The Class B-0 Units were subject to a two year cliff-vesting provision, whereby all Class B-0 Units granted to an employee would be forfeited if the employee resigned or was terminated prior to March 17, 2017. Subsequent to this date, an employee would only forfeit vested Class B-0 Units if the employee was terminated for cause. Until the time that such Class B Units became vested, the Class B-0 Units were not entitled to any distributions from ZGP (and thus would not participate in, or be allocated any, income or loss) or other material rights. Upon vesting, the Class B-0 Units would have had the same rights as Class A Units and were exchangeable on a one for one basis for shares of Class A Common Stock or cash (or a combination of shares and cash), at the Company’s election, subject to certain restrictions. The Company measures 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 vesting periods and adjusted on a cumulative basis for changes in estimated forfeitures at each reporting date. The grant date fair value of these B-0 Units is based on the market value of the Company’s shares on the grant date. During December 2016, all holders of Class B-0 Units accepted an offer made by ZGP on December 1, 2016 (the “Proposal”) whereby holders of unvested Class B-0 Units could receive in consideration 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 (the “Cash Amount”) equal to $1.92, which was the average of the daily closing prices of Class A Common Stock of ZAIS for the three calendar months ended November 30, 2016. On December 30, 2016, the expiration of the Proposal, 899,674 899,674 133,559 256,000 These 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, 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. The Cash Amount was paid by ZAIS Group to the holders, subject to applicable wage withholding requirements, on March 22, 2017 . Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ — $ 1,059 This expense is included in Compensation and benefits in the Consolidated Statements of Comprehensive Income (Loss). RSUs Non-employee directors of ZAIS receive RSUs pursuant to the 2015 Stock Plan as a component of their annual 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. 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 grant date fair value of these RSUs is based on the fair value of the Company’s shares on the grant date. Fair Value per Number of RSU on RSU Grant Date RSUs Issued Grant Date RSU Vesting Date April 21, 2016 30,942 $ 3.22 April 21, 2017 November 1, 2016 74,331 $ 1.73 November 1, 2017 May 9, 2017 63,219 $ 2.19 May 9, 2018 November 7, 2017 40,464 $ 3.67 November 7, 2018 On March 17, 2017, the 899,674 2.1 548,923 0.8 Three Months Ended March 31, 2018 2017 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: 103,683 $ 2.77 1,004,947 $ 8.60 Vested — — (899,674) 9.33 Balance at end of period 103,683 2.77 105,273 2.17 Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ 71 $ 53 Number of Remaining RSUs Remaining Vesting Grant Date Outstanding Expense Period (in thousands) (in years) May 9, 2017 63,219 $ 15 0.11 November 7, 2017 40,464 90 0.61 Total 103,683 $ 105 The expense relating to these RSUs is included in Compensation and benefits in the Consolidated Statements of Comprehensive Income (Loss).

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
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 income taxes. Accordingly, the Company’s condensed consolidated financial statements include U.S. federal, state and local income taxes on ZAIS’s allocable share of the consolidated results of operations, as well as taxes payable to jurisdictions outside the U.S related to the foreign subsidiaries. On December 22, 2017, new tax reform legislation became effective for January 1, 2018. The new legislation, among other things, reduced the corporate tax rate from a graduated set of rates with a maximum 35 21 Under U.S. GAAP, changes in tax rates and tax law are accounted for in the period of enactment and the enactment date for U.S. GAAP is the date a new bill is signed into law. Deferred tax assets and liabilities are measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Thus, at the date of enactment of the new tax reform legislation, ZAIS measured its deferred tax balances based upon the new 21% tax rate and re-assessed its valuation allowance due to tax reform to continuing operations in the tax provision. The Company recorded an income tax (benefit) expense of $ 4,000 5,000 Three Months Ended March 31, 2018 2017 (Dollars in thousands) Income tax (benefit) expense at the US federal statutory income tax rate $ (593) $ (1,846) State and local income tax, net of federal benefit (242) (233) Foreign Tax 4 5 Effect of permanent differences 329 1 Income attributable to non-controlling interests in Consolidated Funds not subject to tax (581) (275) Income attributable to non-controlling interests in ZGP not subject to tax 381 707 Equity compensation shortfall adjustment 1,948 Valuation Allowance 706 (302) Total $ 4 $ 5 The Company’s effective tax for the periods presented above includes a 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 condensed consolidated financial statements include U.S. federal, state and local income taxes on the Company’s allocable share of the consolidated results of operations. The tax liability or benefit related to the partnership income or loss not allocable to the Company rests with the equity holders owning such non-controlling interests in ZAIS subsidiaries. The effective tax for the period is also impacted by permanent differences for transaction related costs that are not deductible for tax. Due to the full valuation allowance, the net effective tax represents the taxes accrued related only to the Company’s operations in jurisdictions outside the U.S. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and are reported in the accompanying Consolidated Statements of Financial Condition. These temporary differences result in taxable or deductible amounts in future years. The Company's deferred tax assets and liabilities were measured at the enacted rate of 21%., As of March 31, 2018 and December 31, 2017, the Company had total deferred tax assets (“DTA”) of approximately $ 5.2 4.5 (Dollars in 2032 $ 1 2033 83 2034 122 2035 5,990 2036 1,703 2037 4,773 Indefinite carry forward - Federal 2,571 Total $ 15,243 As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of March 31, 2018, the Company has determined that the current management business forecasts do not support the realization of net deferred tax assets recorded for the Company. The Company has reported a net book loss for the three months ended March 31, 2018 and it is anticipated that expenses will exceed revenues for the remainder of 2018 as was the case in each of the tax years 2015, 2016 and 2017. While the Company continues to work to grow its AUM, explore business development opportunities, and intends to pursue various initiatives with potential to alter the operating loss trend, including closing the going private transaction, there is no specific plan that has been implemented at this point in time that will alter the negative earnings trend. Accordingly, management believes that it is not more likely than not that the Company’s deferred tax asset will be realized, and the Company has established a full valuation allowance against the deferred tax asset as of March 31, 2018. The Company intends to continue maintaining a full valuation allowance on its deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of the allowance. The Company’s primary jurisdictions in which it and its subsidiaries file tax returns are the United States, New Jersey, New York, California and the United Kingdom. In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax authorities. With a few exceptions, as of March 31, 2018, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2014 through 2017 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Company is not under examination of any tax authorities. 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, 2018 and 2017, respectively. In the future, if uncertain tax positions arise, interest and penalties will be accrued and included in the Income tax (benefit) expense on the Consolidated Statements of Comprehensive Income (Loss). In connection with the Business Combination and pursuant to the Exchange Agreement by and among the Company, ZGP, the Company Unitholders and Christian M. Zugel, as trustee of the ZGH Class B Voting Trust (the "Exchange Agreement"), holders of Class A Units and any vested ZGP Class B Units (collectively, the "Units") (other than the Company) may, subject to certain conditions and transfer restrictions, exchange their Units for Class A Common Stock or cash or a combination of stock and cash at the election of ZAIS. These exchanges may result in increases in the Company’s allocable share of the tax basis of the tangible and intangible assets of ZGP. These increases in tax basis may increase (for tax purposes) depreciation and amortization deductions and therefore reduce the amount of income or franchise tax that the Company would otherwise be required to pay in the future. In connection with the Business Combination, the Company also entered into the Tax Receivable Agreement (the "Tax Receivable Agreement"), which provides for payment by the Company to exchanging holders of Units of 85% of income or franchise tax benefits, if any, that the Company realizes as a result of these increases in tax basis and of certain other tax benefits related to entering into the Tax Receivable Agreement, including income or franchise tax benefits attributable to payments under the Tax Receivable Agreement. This payment obligation is an obligation of the Company and not of ZGP. As of March 31, 2018 there have been no exchanges of Units for Class A common stock and the Company has not recorded a deferred tax asset for the future amortization of tax basis of the tangible and intangible assets of ZGP. Accordingly, the Company has not recorded a related tax receivable agreement liability in due to related parties in the consolidated statements of financial condition for the expected payments under the Tax Receivable Agreement.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
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 - “Investments in Affiliates” and Note 5 – “Variable Interest Entities and Voting Interest Entities”. ZAIS Group did not charge management fees or incentive fees on investments made in the ZAIS Managed Entities (excluding CLOs) by ZAIS Group’s principals, executives, employees and other related parties. March 31, December 31, (Dollars in thousands) $ 7,427 (1)(2) $ 12,610 (1) (1) 4.3 5.5 (2) 1.7 Additionally, certain ZAIS Managed Entities, with existing fee arrangements, have investments representing 100% of the subordinated notes of (i) ZAIS CLO 2, Limited (“ZAIS CLO 2”) at March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and March 31, 2017 and (ii) ZAIS CLO 1, Limited (“ZAIS CLO 1”) for the three months ended March 31, 2017. Therefore, ZAIS Group did not earn management fees or incentive fees from these ZAIS CLOs for these periods. March 31, December 31, (Dollars in thousands) $ 296,633 $ 296,413 March 31, December 31, (Dollars in thousands) Research Costs $ 256 $ 464 Other Direct Costs 338 334 Total $ 594 $ 798 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 and ending on March 17, 2017. 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 2018 2017 (Dollars in thousands) $ — $ 105 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, 2018 or December 31, 2017. ZAIS Group had agreed to use certain statistical data generated by RQSI, Ltd. models. ZAIS Group had used this information for trading futures on behalf of the ZAIS Managed Entities through August 2017. 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 was terminable upon 30 days’ notice. There was no charge to RQSI, Ltd. or its affiliate for use of the space prior to March 1, 2017. From March 1, 2017 through May 31, 2017, the date the lease was terminated, the monthly rate was approximately $ 5,300 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 approximately $ 106,000 Three Months Ended 2018 2017 (Dollars in thousands) $ 27 $ 24 The expense is included in General, administrative and other expenses in the Consolidated Statements of Comprehensive Income (Loss). March 31, December 31, (Dollars in thousands) $ 9 $ 17 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, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	11. Property and Equipment March 31, December 31, (Dollars in thousands) Office equipment $ 3,380 $ 3,277 Leasehold improvements 1,883 606 Furniture and fixtures 721 573 Software 412 412 6,396 4,868 Less accumulated depreciation and amortization (4,605) (4,590) Total $ 1,791 $ 278 Three Months Ended 2018 2017 (Dollars in thousands) $ 16 $ 40

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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, a former director of the Company, pursuant to which Berkshire Capital was to provide financial advisory services in connection with the Company’s strategic planning. Pursuant to the engagement letter, Berkshire Capital received a $100,000 retainer and was entitled to receive a monthly retainer of $15,000 beyond the initial three month term of the engagement, in certain circumstances, reimbursements for its expenses and in the event a covered transaction was consummated, a success fee equal to no more than the greater of $750,000 and 2% of the total consideration paid. The Company is no longer paying the monthly retainer as of October 2017. Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ — $ 46 The expense is included in General, administrative and other expenses in the Consolidated Statements of Comprehensive Income (Loss). 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 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, Mr. Steinberg receives $150,000 per calendar quarter for his services, plus additional compensation of $900 per hour if he is requested to devote more than 20 hours during any week to advising the Company. In addition, under the Legal Advisor Agreement, Mr. Steinberg is entitled to reimbursement of reasonable out-of-pocket expenses incurred in connection with performing services for the Company, an allowance or reimbursement for the reasonable cost of suitable office space in Manhattan should Mr. Steinberg require it, 70% of the premiums for COBRA health and medical insurance coverage for Mr. Steinberg and his spouse paid for by the Company and, after COBRA coverage lapses, up to 70% of the costs of Medicare supplementary health insurance coverage for Mr. Steinberg and his spouse, for as long as he provides legal advisory services to the Company, capped at $3,450 per quarter. Pursuant to the Legal Advisor Agreement, Mr. Steinberg also received a payment of $450,000 on February 28, 2017 (the “February 2017 Payment”). The Legal Advisor Agreement is terminable by the Company or Mr. Steinberg on 30 days’ prior written notice. If the Legal Advisor Agreement is terminated by the Company other than due to Mr. Steinberg’s failure to perform services, Mr. Steinberg is entitled to a payment of $300,000. Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ 157 $ 450 Such amounts (excluding the February 2017 Payment) are included in General, administrative and other in the Consolidated Statements of Comprehensive Income (Loss). The February 2017 Payment is included in Compensation and benefits in the Consolidated Statements of Comprehensive Income (Loss). Engagement Agreement with Houlihan Lokey Capital, Inc. On September 27, 2017, the Company and the Special Committee of the Board of Directors entered into an investment banking agreement (the “Investment Banking Agreement”) with Houlihan Lokey, Inc. (“Houlihan Lokey”) pursuant to which the Special Committee of the Board of Directors retained Houlihan Lokey as its financial adviser in connection with the potential transaction between the Company and Z Acquisition. Pursuant to the Investment Banking Agreement, Houlihan Lokey is entitled to an aggregate fee of $800,000 for its services, of which $250,000 was paid to Houlihan Lokey upon its engagement (the “Houlihan Lokey Retainer Payment”), and $350,000 (plus $15,990 in expense reimbursement) was paid to Houlihan Lokey upon delivery of its opinion, dated January 11, 2018, to the Special Committee (the “Houlihan Lokey Opinion Payment”). An additional $200,000 payment is contingent upon consummation of the Merger. In addition, the Company has agreed to reimburse Houlihan Lokey for certain expenses and to indemnify Houlihan Lokey, its affiliates and certain related parties against certain liabilities and expenses, including certain liabilities under the federal securities laws, arising out of or related to Houlihan Lokey’s engagement. The Houlihan Lokey Opinion Payment is included in General, administrative and other in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2018. Consulting Agreement On January 4, 2018, the Company entered into a Consulting Agreement with Mr. Szymanski pursuant to which, effective January 6, 2018, Mr. Szymanski commenced providing consulting services to the Company and ZAIS Group to be provided through February 28, 2018 for a monthly consulting fee equal to $50,000 payable in advance and the reimbursement of all reasonable expenses. For the three months ended March 31, 2018 the Company paid Mr. Szymanski $100,000 pursuant to the agreement. Such amount is included in General, administrative and other in the Consolidated Statements of Comprehensive Income (Loss). Capital Commitments At each of March 31, 2018 and December 31, 2017, the Company had committed a total of $20.0 million of equity capital to Zephyr A-6, a Consolidated Fund that was established to invest predominantly in ZAIS CLOs in compliance with the risk retention requirements of the Dodd-Frank Act, effective at the time of the formation of Zephyr A-6. March 31, 2018 December 31, 2017 (Dollars in thousands) $ 10,954 $ 8,287 In February 2017, ZAIS Group made a $5.0 million commitment to a ZAIS Managed Entity which focuses on investing in non-ZAIS managed CLOs, none of which has been called as of May 10, 2018. 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. Lease Obligations ZAIS Group currently leases office space in New Jersey and London under operating lease agreements. New Jersey On August 31, 2017, ZAIS Group executed a lease for new office space in Holmdel, New Jersey (the “New Lease”). The Company took possession of the space on April 15, 2018 at which time rent commenced. The lease has an expiration date of April 2025 and provides for the Company to extend the lease term for one five year period commencing on the first day following the expiration of the lease. The fixed rent during the renewal period will be based on the fair market rent at the time of the renewal. The Company expects to move into the space during the second quarter of 2018. London On June 5, 2017, ZAIS Group (UK) Limited, the Company’s London subsidiary, provided notice that the lease of its London office premises would terminate on September 7, 2017. On July 26, 2017, ZAIS Group (UK) Limited entered into an agreement to license alternative office space in London. The license for the alternative office space commenced on September 11, 2017 and may be terminated on each anniversary of the commencement date thereafter subject to the provision of at least three months’ notice. Rent Expense 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, 2018 2017 (Dollars in thousands) $ 179 $ 215 Period (Dollars in Period from April 1, 2018 through December 31, 2018: 286 Year Ending December 31, 2019 326 2020 398 2021 405 2022 412 2023 418 Thereafter 550 Total 2,795 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. The Company has received a claim for indemnification from R. Bruce Cameron, a former director of the Company, in connection with a complaint that was filed by Parsifal Partners B, LP against Mr. Zugel, Mr. Szymanski, R. Bruce Cameron, the Company and Berkshire Capital Securities LLC. Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ 3 $ — Such amounts are included in General, administrative and other expenses in the Consolidated Statements of Comprehensive Income (Loss).

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	13. 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.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
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 Three Months Ended 2018 2017 — 548,923 2015 Stock Plan Total shares which may be issued pursuant to the plan 2,080,637 Total shares issued through March 31, 2018 684,196 Total shares available for issuance at March 31, 2018 1,396,441 Class B Common Stock The Company is authorized to issue 20,000,000 0.000001 At each of March 31, 2018 and December 31, 2017, 20,000,000 Class A Units At each of March 31, 2018 and December 31, 2017, ZAIS’s ownership of the Class A Units was 67.5 During the first five years following the closing of the Business Combination, ZGP will release up to an additional 2,800,000 12.50 21.50 There were no Class A Units issued to ZAIS during the three months ended March 31, 2018 and 548,923 Subject to certain restrictions, the ZGP Founder Members’ Class A 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”). Class B Units ZGP may issue up to 6,800,000 1,600,000 5,200,000 12.50 21.50 Subject to certain restrictions, 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. There were no Class B-1, Class B-2, Class B-3 or Class B-4 Units awarded during the three months ended March 31, 2018 or March 31, 2017 and no Class B Units currently are issued and outstanding. 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. Both were subject to vesting requirements. When the RSUs issued in substitution for the Class B-0 Units vested on March 17, 2017, the Company issued 548,923

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
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 2018 2017 (Dollars in thousands, except Numerator: Consolidated Net Income (Loss), attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic) $ (3,777) $ (4,162) Effect of dilutive securities: Consolidated Net Income (Loss), attributable to non-controlling interests in ZGP (1,816) (2,083) Income tax (benefit) expense (1) — — Consolidated Net Income (Loss), attributable to stockholders, after effect of dilutive securities $ (5,593) $ (6,245) Denominator: Weighted average number of shares of Class A Common Stock 14,555,113 13,986,305 Effect of dilutive securities: Weighted average number of Class A Units (3) 7,000,000 7,000,000 Dilutive number of Class B-0 Units and RSUs (2) — — Diluted weighted average shares outstanding 21,555,113 20,986,305 Consolidated Net Income (Loss), per Class A common share – Basic $ (0.26) $ (0.30) Consolidated Net Income (Loss), per Class A common share – Diluted $ (0.26) $ (0.30) (1) Income tax (benefit) expense is calculated using an assumed tax rate of 18.69 5.56 (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.

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Mar. 31, 2018
Statement of Financial Position [Abstract]
Consolidated Funds on the Company’s Financial Position [Text Block]	16. Supplemental Financial Information March 31, 2018 ZAIS Consolidated Consolidating Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 30,906 $ — $ — $ 30,906 Income and fees receivable 2,947 — — 2,947 Investments in affiliates, at fair value 13,768 — (13,610) 158 Due from related parties 594 — — 594 Property and equipment, net 1,791 — — 1,791 Prepaid expenses 786 — — 786 Withdrawals receivable 9,380 — — 9,380 Other assets 1,570 — — 1,570 Assets of Consolidated Variable Interest Entities Cash — 29,762 — 29,762 Investments in affiliated securities, at fair value — 117,195 — 117,195 Other assets — 1,067 (448) 619 Total Assets $ 61,742 $ 148,024 $ (14,058) $ 195,708 Liabilities and Equity Liabilities Compensation payable $ 2,427 $ — $ — $ 2,427 Due to related parties — — — — Fees payable 2,683 — (448) 2,235 Other liabilities 1,686 — — 1,686 Liabilities of Consolidated Variable Interest Entities Repurchase Agreements — 45,500 — 45,500 Other liabilities — 451 — 451 Total Liabilities 6,796 45,951 (448) 52,299 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 64,436 — — 64,436 Retained earnings (Accumulated deficit) (27,191) — — (27,191) Accumulated other comprehensive income (loss) (55) — — (55) Total stockholders’ equity, ZAIS Group Holdings, Inc. 37,191 — — 37,191 Non-controlling interests in ZAIS Group Parent, LLC 17,755 — — 17,755 Non-controlling interests in Consolidated Funds — 102,073 (13,610) 88,463 Total Equity 54,946 102,073 (13,610) 143,409 Total Liabilities and Equity $ 61,742 $ 148,024 $ (14,058) $ 195,708 December 31, 2017 ZAIS Consolidated Consolidating Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 41,619 $ — $ — $ 41,619 Income and fees receivable 8,863 — — 8,863 Investments in affiliates, at fair value 20,669 — (10,518) 10,151 Due from related parties 798 — — 798 Property and equipment, net 278 — — 278 Prepaid expenses 967 — — 967 Other assets 359 — — 359 Assets of Consolidated Variable Interest Entities Cash — 8,975 — 8,975 Investments in affiliated securities, at fair value — 114,911 — 114,911 Other assets — 1,353 (385) 968 Total Assets $ 73,553 $ 125,239 $ (10,903) $ 187,889 Liabilities and Equity Liabilities Compensation payable $ 9,222 $ — $ — $ 9,222 Due to related parties 31 — — 31 Fees payable 2,556 — (385) 2,171 Other liabilities 1,285 — — 1,285 Liabilities of Consolidated Variable Interest Entities Repurchase Agreements — 45,943 — 45,943 Other liabilities — 415 — 415 Total Liabilities 13,094 46,358 (385) 59,067 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 64,365 — — 64,365 Retained earnings (Accumulated deficit) (23,414) — — (23,414) Accumulated other comprehensive income (loss) (61) — — (61) Total stockholders’ equity, ZAIS Group Holdings, Inc. 40,891 — — 40,891 Non-controlling interests in ZAIS Group Parent, LLC 19,568 — — 19,568 Non-controlling interests in Consolidated Funds — 78,881 (10,518) 68,363 Total Equity 60,459 78,881 (10,518) 128,822 Total Liabilities and Equity $ 73,553 $ 125,239 $ (10,903) $ 187,889 Three Months Ended ZAIS Consolidated Consolidating Consolidated ( Dollars in thousands ) Revenues Management fee income $ 5,063 $ — $ — $ 5,063 Incentive income 146 — — 146 Reimbursement revenue 309 — — 309 Other revenues 77 — — 77 Income of Consolidated Funds — 4,109 (3,096) 1,013 Total Revenues 5,595 4,109 (3,096) 6,608 Expenses Compensation and benefits 6,086 — — 6,086 General, administrative and other 5,026 — (530) 4,496 Depreciation and amortization 16 — — 16 Expenses of Consolidated Funds — 480 — 480 Total Expenses 11,128 480 (530) 11,078 Other Income (loss) Net gain (loss) on investments in affiliates (160) — (426) (586) Other income (expense) 104 — — 104 Net gain (loss) of Consolidated Funds’ investments — (437) 2,567 2,130 Total Other Income (Loss) (56) (437) 2,141 1,648 Income (loss) before income taxes (5,589) 3,192 (425) (2,822) Income tax (benefit) expense 4 — — 4 Consolidated net income (loss) (5,593) 3,192 (425) (2,826) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 9 — — 9 Total Comprehensive Income (Loss) $ (5,584) $ 3,192 $ (425) $ (2,817) Three Months Ended ZAIS Consolidated Consolidating 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 in affiliates 918 — (843) 75 Other income (expense) (16) — — (16) Net gain (loss) of Consolidated Funds’ investments — 1,492 (385) 1,107 Net gain (loss) on beneficial interest of consolidated 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) (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)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	17. Subsequent Events On April 13, 2018 and April 26, 2018, ZAIS Group received proceeds in the aggregate amount of approximately $ 9.1 0.2 During the period from April 1, 2018 through May 10, 2018, Zephyr A-6 contributed $ 15.0 On May 1, 2018, pursuant to the Share Purchase Agreement, Z Acquisition (i) purchased 6,500,000 4.10 10,250,000 125,000 13,325,000 8 December 31, 2019 3,075,000 125,000 On May 8, 2018, the Compensation Committee and the Board of Directors authorized the Company to pay each of its non-employee directors $ 50,000 On May 9, 2018 the Company issued 63,219

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited, interim, condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") as contained within the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification ("ASC") 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 condensed consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K. Certain comparative amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Option U.S. GAAP permits entities to choose to measure certain eligible financial assets, financial liabilities and firm commitments at fair value (the “Fair Value Option”), on an instrument-by-instrument basis. The election to use the Fair Value Option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. The Fair Value Option is irrevocable and requires changes in fair value to be recognized in earnings. The Company has elected the Fair Value Option for Investments in affiliates and Investments in affiliated securities, at fair value. Specifically, the Company has applied the Fair Value Option to consolidated CLOs as described more fully below. See Note 4 for further disclosure on the assets and liabilities of consolidated CLOs for which the Fair Value Option has been elected. The Company has also applied the Fair Value Option to its investments in the ZAIS Managed Entities that are not consolidated.
Segment Reporting, Policy [Policy Text Block]	Segment Reporting The Company currently is comprised of one reportable segment, the investment management segment, and 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 condensed 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 disclosures at the date of the condensed 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 condensed consolidated financial statements are reasonable and prudent, actual results may ultimately materially differ from those estimat
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The condensed consolidated financial statements included herein are the financial statements of ZAIS, its subsidiaries and the Consolidated Funds. 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 condensed consolidated financial statements include (i) non-controlling interests in ZGP which is comprised of Class A Units held by Mr. Zugel and certain related parties (collectively, the “ZGP Founder Members”) and (ii) the non-controlling interests in the Consolidated Funds. The Company’s condensed consolidated financial statements also include (i) ZGP, a voting interest entity in which the Company has a controlling financial interest; (ii) ZAIS Group, a voting interest entity in which ZGP has a controlling financial interest and (iii) the following Consolidated Funds which are VIEs for which ZAIS Group is considered the primary beneficiary during the reporting periods presented: As of Three Months Ended March 31, Entity March 31, 2018 December 31, 2017 2018 2017 ZAIS Zephyr A-6, LP (“Zephyr A-6”) ü ü ü ü ZAIS CLO 5, Limited (“ZAIS CLO 5”) (1) — — — ü (1) The Consolidated Funds, except for the consolidated CLO, 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 condensed consolidated financial statements. For the consolidated CLO, the Company used the measurement alternative included in the collateralized financing entity guidance (the “Measurement Alternative”). The Company measured both the financial assets and financial liabilities of the consolidated CLO in its condensed consolidated financial statements using the fair value of the financial assets of the consolidated CLO, which were more observable than the fair value of the financial liabilities of the consolidated CLO. As a result, the financial assets of the consolidated CLO were measured at fair value and the financial liabilities were measured in consolidation as: the sum of the fair value of the financial assets and the carrying value of any non-financial assets that were 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 represented compensation for services. The resulting amount was 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 (i) fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Such changes are presented in Net gain (loss) on beneficial interest of consolidated collateralized financing entity 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 are comprised of (i) 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 (ii) equity attributable to non-controlling interests in ZGP inside the permanent capital section. Changes in the Company’s ownership interest while the Company retains its controlling financial interest in its subsidiary are accounted for as equity transactions. Therefore, no gain or loss is recognized in the Company’s consolidated statements of comprehensive income (loss). The carrying amount of the non-controlling interest is adjusted to reflect the change in its ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the non-controlling interest is adjusted is recognized in equity attributable to ZAIS Group. Allocations of income and loss to non-controlling interests follow the contractual provisions of the pertinent agreements. Accordingly, amounts of incentive compensation due to ZAIS from Consolidated Funds are not deducted from non-controlling interest holders’ capital accounts until the applicable legal conditions for incentive income have been fulfilled.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition ZAIS Group’s primary sources of revenue are (i) management fee income, (ii) incentive income and (iii) income of Consolidated Funds. The management fee income and incentive income are derived from ZAIS Group’s advisory agreements with the ZAIS Managed Entities, which ZAIS considers to be its clients. Certain investments held by employees, executives and other related parties in the ZAIS Managed Entities are not subject to management fees or incentive fees/allocations and therefore do not generate revenue for ZAIS Group. All of the management fee income and incentive income earned by ZAIS Group from the Consolidated Funds are eliminated in consolidation. Management Fee Income ZAIS Group earns management fee income for investment advisory and asset management services provided to the ZAIS Managed Entities. ZAIS Group earns management fees from the funds and accounts it manages. Such management Management fee income earned for ZAIS CLOs is generally based on a fixed percentage of the par value of the collateral and cash held in the CLOs. Additionally, subordinated management fee income may be earned from the ZAIS CLOs for which ZAIS Group and certain of its wholly owned subsidiaries act as collateral manager. Subordinated management fees are additional payments, but have a lower priority in the CLOs’ cash flows than non-subordinated management fees and are contingent upon the economic performance of the respective CLOs. 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. A fixed percentage asset-based management fee is considered a type of variable consideration. The amount of revenue recognized is limited to the amount for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur in future periods. The Company updates its estimate of the variable consideration each reporting period. Any uncertainty related to the variable consideration will be resolved as of the end of each reporting period. The Company attributes the management fee income to the services provided during the period because the fee relates specifically to the entity’s efforts to transfer the services for that period. In the event management fee income is received before it is earned, deferred revenue is recorded and is included in Other liabilities in the Consolidated Statements of Financial Condition . Incentive Income ZAIS Group earns incentive income for investment advisory and asset management services provided to the ZAIS Managed Entities. Incentive income typically arises from investment management activities that were initially undertaken in prior reporting periods and is recognized when it is (i) contractually receivable and (ii) the Company concludes that it is probable that a significant reversal in the cumulative amount of revenue recognized will not occur when any uncertainty, which existed at the time the revenue was recognized, is resolved, which generally occurs in the quarter of, or the quarter immediately prior to, payment of the incentive income to ZAIS Group by the ZAIS Managed Entities. The criteria for revenue recognition related to incentive income is typically met only after all contributed capital and the preferred return, if any, on that capital have been distributed to the ZAIS Managed Entities’ investors for vehicles with private equity style fee arrangements, and is typically met only after (i) any profits exceed a high-water mark for vehicles with hedge fund style fee arrangements, (ii) all contributed capital and the preferred return, if any, have been distributed to the investors in vehicles with private equity-style fee arrangements and (iii) all contributed capital and the preferred return, if any, have been distributed to the investors and subordinate management fees (if any) have been paid to the collateral manager for CLOs. The Company primarily considers the type of assets held by each ZAIS Managed Entity, cash held by the entity, estimated future expenses and potential fluctuations in the expected realizable value of investments held by the ZAIS Managed Entity when determining whether or not it is probable that a significant reversal in the cumulative amount of revenue recognized from the entity will not occur when the uncertainty is resolved. Reimbursement Revenue Research and data services expenses (the “Research Costs”) and other costs (the “Other Direct Costs”) relating to the management of the ZAIS Managed Entities are paid by ZAIS Group directly to vendors for which ZAIS Group is the principal. Certain of these amounts may be reimbursable by the respective ZAIS Managed Entities per the terms of the applicable agreement. Reimbursed amounts are recorded as Reimbursement revenue in the Consolidated Statements of Comprehensive Income (Loss). Research Costs and Other Direct Costs which have not yet been collected are included in Due from related parties in the Consolidated Statements of Financial Condition. Other Revenue Other revenue primarily consists of consulting fees. Such consulting services are transferred over time. Income of Consolidated Funds Income of Consolidated Funds reflects the interest and dividend income recognized by Zephyr A-6 related to its investments in unconsolidated CLOs. Any discounts and premiums on fixed income securities purchased are accreted or amortized into income or expense using the effective interest rate method over the lives of such securities. The effective interest rates are calculated using projected cash flows including the impact of paydowns on each of the aforementioned securities.
Receivables, Policy [Policy Text Block]	Income and Fees Receivable Income and fees receivable primarily includes management fee income and incentive income due from ZAIS Managed Entities, excluding the Consolidated Funds. The Company evaluates the collectability of the amounts receivable to determine whether any allowance for doubtful accounts is necessary.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements Adopted by the Company Revenue Recognition 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 Financial Instruments 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 Share-Based Payments In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payments Accounting Statement of Cash Flows Classification of Certain Receipts and Cash Payments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash The Company adopted ASU 2016-18 as of January 1, 2018. After the adoption of ASU 2016-18, changes in cash and cash equivalents of the Consolidated Funds will no longer be presented as a component of the Company's Net Cash Provided by (Used in) Operating Activities. Instead, the changes in cash and cash equivalents of the Consolidated Funds will form part of the reconciliation of the cash and cash equivalents of both the Company and the Consolidated Funds for the reporting period. The adoption of this standard does not impact the Company’s cash and cash equivalents (excluding Consolidated Funds) but is a change in presentation within the Consolidated Statements of Cash Flows. The presentation of the Consolidated Statement of Cash Flows for the three months ended March 31, 2017 has been revised to conform to the presentation for the three months ended March 31, 2018. The impact on the presentation of the Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2017 was as follows: Line Item As Subsequent to (Dollars in thousands) Items related to Consolidated Funds: Change in cash and cash equivalents $ 17,793 $ — Net Cash Used in Operating Activities $ (17,102) $ (34,894) Net decrease in cash and cash equivalents $ (13,256) $ (31,048) Cash and cash equivalents, beginning of period $ 38,712 $ 75,792 Cash and cash equivalents, end of period $ 25,456 $ 44,744 Recently Issued Accounting Pronouncements Pending Adoption by the Company In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule Of Assets Under Management [Table Text Block]	ZAIS Group had the following AUM: Reporting Period AUM As of March 31, 2018 (1) $ 4.793 As of December 31, 2017 $ 4.512 (1) a portion of 1.7

Basis of Presentation and Sum26

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule OF Consolidated VIE,s Beneficiary [Table Text Block]	As of Three Months Ended March 31, Entity March 31, 2018 December 31, 2017 2018 2017 ZAIS Zephyr A-6, LP (“Zephyr A-6”) ü ü ü ü ZAIS CLO 5, Limited (“ZAIS CLO 5”) (1) — — — ü (1)
Schedule of Cash and Cash Equivalents [Table Text Block]	Line Item As Subsequent to (Dollars in thousands) Items related to Consolidated Funds: Change in cash and cash equivalents $ 17,793 $ — Net Cash Used in Operating Activities $ (17,102) $ (34,894) Net decrease in cash and cash equivalents $ (13,256) $ (31,048) Cash and cash equivalents, beginning of period $ 38,712 $ 75,792 Cash and cash equivalents, end of period $ 25,456 $ 44,744

Investments in Affiliates, at27

Investments in Affiliates, at fair value (Tables)	3 Months Ended
	Mar. 31, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
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 period as follows: Three Months Ended 2018 2017 (Dollars in thousands) $ 3 $ 75

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	March 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Net Asset Total Assets, at fair value: Cash equivalents $ 30,019 $ — $ — $ — $ 30,019 Investments in affiliates, at fair value — — — 158 158 Assets of Consolidated VIEs: Investments in affiliated securities, at fair value: ZAIS CLOs: Senior notes — — 48,836 — 48,836 Mezzanine notes — — 31,563 — 31,563 Subordinated notes — — 6,675 — 6,675 Warehouse — — 30,121 — 30,121 Total – investments in affiliated securities, at fair value — — 117,195 — 117,195 Total assets, at fair value $ 30,019 $ — $ 117,195 $ 158 $ 147,372 December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Net Asset Total Assets, at fair value: Cash equivalents $ 38,980 $ — $ — $ — $ 38,980 Investments in affiliates, at fair value — — — 10,151 10,151 Assets of Consolidated VIEs: Investments in affiliated securities, at fair value: ZAIS CLOs: Senior notes — — 34,588 — 34,588 Mezzanine notes — — 24,695 — 24,695 Subordinated notes — — 4,876 — 4,876 Warehouse — — 50,752 — 50,752 Total – investments in affiliated securities, at fair value — — 114,911 — 114,911 Total assets, at fair value $ 38,980 $ — $ 114,911 $ 10,151 $ 164,042
Schedule of Changes in Fair Value of Assets and Liabilities [Table Text Block]	Three Months Ended March 31, 2018 (Dollars in thousands) Beginning Purchases/ Sales/ Total Amortization Transfers Ending Change in Assets: ZAIS CLOs: Senior notes $ 34,588 $ 14,174 $ — $ 74 $ — $ — $ 48,836 $ (74) Mezzanine notes 24,695 6,825 — (99) 142 — 31,563 (99) Subordinated notes 4,876 1,851 — 219 (271) — 6,675 179 Warehouse 50,752 32,500 (55,067) 1,936 — — 30,121 (631) Total investments in affiliated securities, at fair value $ 114,911 $ 55,350 $ (55,067) $ 2,130 $ (129) $ — $ 117,195 $ (477) Three Months Ended March 31, 2017 (Dollars in thousands) Beginning Initial Purchases/ Sales/ Total Amortization Transfers Ending Change in Assets: First lien, senior secured loans $ 389,329 $ — $ 93,951 $ (78,690) $ (1,122) $ 340 $ — $ 403,808 $ (240) ZAIS CLOs: Warehouse 15,036 — 30,000 — 1,107 — — 46,143 1,107 Total investments $ 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
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: Investment Type Fair Value at Valuation Unobservable Amount/ Min Max Weighted (Dollars in Assets of Consolidated Variable Interest Entities: ZAIS CLOs: Warehouse $ 30,121 Cost plus excess spread Excess spread 0.40 % 0.40 % 0.40 % 0.40 % Total – Investments in affiliated securities, at fair value $ 30,121 Investment Type Fair Value at Valuation Unobservable Amount/ Min Max Weighted (Dollars in Assets of Consolidated Variable Interest Entities: ZAIS CLOs: Warehouse $ 50,752 Cost plus excess spread Excess spread 1.5 % 1.5 % 1.5 % 1.5 % Total – Investments in affiliated securities, at fair value $ 50,752

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule Of Partner's Ownership Interests And Capital Commitments [Table Text Block]	The partners’ ownership interests and capital commitments were as follows: As of As of the Ownership Interest: ZAIS Group 51.00 % 13.33 % Non-ZAIS Partner 49.00 % 86.67 % Capital Commitments: ZAIS Group $ 51.0 million $ 20.0 million Non-ZAIS Partner $ 49.0 million $ 130.0 million Capital Commitments funded: ZAIS Group $ 26.6 million $ 7.0 million Non-ZAIS Partner $ 25.6 million $ 45.2 million Remaining Capital Commitments to be funded: ZAIS Group $ 24.4 million $ 13.0 million Non-ZAIS Partner $ 23.4 million $ 84.8 million
Schedule Of Restructuring Date Capital Contributions And Noncontrolling Interest [Table Text Block]	Three Months Ended March 31, 2018 ZAIS Non- Total (Dollars in thousands) Unfunded capital commitments as of December 31, 2017 $ 11,714 $ 76,135 $ 87,849 Capital contributions 2,667 17,333 20,000 Unfunded capital commitments as of March 31, 2018 $ 9,047 $ 58,802 $ 67,849 Three Months Ended March 31, 2017 ZAIS Non- Total (Dollars in thousands) Unfunded capital commitments as of December 31, 2016 $ 30,523 $ 29,326 $ 59,849 Capital contributions 6,120 5,880 12,000 Unfunded capital commitments as of March 31, 2017 $ 24,403 $ 23,446 $ 47,849
Schedule of Variable Interest Entities [Table Text Block]	Zephyr A-6 contributed the following amounts to the following ZAIS CLOs during their warehouse periods: Three Months Ended 2018 2017 (Dollars in thousands) ZAIS CLO 6 $ — $ 30,000 ZAIS CLO 9 30,000 — ZAIS Upsize Acquisition 1 2,500 — Total $ 32,500 $ 30,000
Schedule of Repurchase Agreements [Table Text Block]	The following table presents the remaining contractual maturity of Zephyr A-6’s Master Repurchase Agreement and the amounts outstanding as of March 31, 2018 and December 31, 2017: Remaining March 31, December 31, (Dollars in thousands) Collateralized Loan Obligations (1) Senior debt tranches $ 34,431 $ 34,431 Mezzanine debt tranches 11,512 11,512 Total (2) $ 45,943 $ 45,943 (1) (2)
Schedule of Debt [Table Text Block]	The following is a summary of Zephyr A-6’s investments in ZAIS CLOs at the respective closing date of the ZAIS CLO: Economic Interest at the CLO Warehouse Pricing Closing CLO Senior Subordinate Weighted ZAIS CLO 5 October 1, 2015 September 23, 2016 October 26, 2016 October 2028 2.1 % 31.8 % 5.0 % ZAIS CLO 6, Ltd. (“ZAIS CLO 6”) November 18, 2016 May 3, 2017 June 1, 2017 July 2029 5.0 % 5.0 % 5.0 % ZAIS CLO 7, Ltd. (“ZAIS CLO 7”) June 12, 2017 September 11, 2017 October 19, 2017 April 2030 7.0 % 5.0 % 6.8 % ZAIS CLO 8, Ltd. (“ZAIS CLO 8”) October 16, 2017 February 6, 2018 March 8, 2018 April 2029 5.1 % 5.0 % 5.1 % ZAIS CLO 9, Ltd. (“ZAIS CLO 9”) January 29, 2018 — — — — — —
Schedule of Senior Fee Payable [Table Text Block]	Prior to the As of and Senior Fee In excess of 0.15% In excess of 0.20%
Offsetting Liabilities [Table Text Block]	As of March 31, 2018 Gross amounts not offset in the Description Gross Gross Net amount Financial Cash Net Repurchase agreement $ (45,943) $ — $ (45,943) $ 45,943 $ — $ — As of December 31, 2017 Gross amounts not offset in the Description Gross Gross Net amount Financial Cash Net Repurchase agreement $ (45,943) $ — $ (45,943) $ 45,943 $ — $ — (a) The sum of the financial instruments and cash collateral not offset in the Consolidated Statements of Financial Condition may exceed the repurchase balance. Where this is the case, the total amounts reported in these two columns are limited to the outstanding balance of the repurchase agreement.
Investments [Table Text Block]	The assets recognized in the Company’s Consolidated Statements of Financial Condition for unconsolidated VIEs in which the Company has a variable interest and the Company’s maximum exposure to loss from these entities are as follows: Financial Statement Line Item March 31, December 31, (Dollars in thousands) Income and fees receivable $ 944 $ 1,082 Investments in affiliates, at fair value 158 5,150 Due from related parties 9 24 Assets of Consolidated Variable Interest Entities: Investments in affiliated securities, at fair value 117,195 114,911 Maximum exposure to loss $ 118,306 $ 121,167
Zephyr A 6 [Member]
Gain (Loss) on Investments [Table Text Block]	Net gain (loss) related to Zephyr A-6’s investments in ZAIS CLOs include the following: Three Months Ended 2018 2017 (Dollars in thousands) Distributions of income and gains during the warehouse period upon closing of ZAIS CLOs $ 2,567 $ — Net Change in unrealized gain or loss and net realized gains (437) 1,107 Net gain (loss) of Consolidated Funds’ investments in affiliated securities $ 2,130 $ 1,107

Management Fee Income and Inc30

Management Fee Income and Incentive Income (Tables)	3 Months Ended
	Mar. 31, 2018
Management Fee Income and Incentive Income [Abstract]
Schedule of Components of Management Fee Income and Incentive Income [Table Text Block]	The following tables present the general fee ranges earned, 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 ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income (1)(3) Funds and accounts 0.50% - 1.25% $ 2,723 $ — $ 2,723 CLOs 0.15% - 0.50% 2,340 — 2,340 Total $ 5,063 $ — $ 5,063 Incentive Income (1)(2)(3) Funds and accounts 10% - 20% $ 134 $ — $ 134 CLOs 20% 12 — 12 Total $ 146 $ — $ 146 Three Months Ended ( Dollars in thousands ) Fee Range Gross Elimination Net Management Fee Income (1)(3) 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)(3) Funds and accounts 10% - 20% $ 287 $ — $ 287 CLOs 20% 10 — 10 Total $ 297 $ — $ 297 (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) ZAIS Group does not earn management fee income on certain ZAIS Managed Entities in which it had made investments that carried first loss risk. ZAIS Group receives distributions of its pro rata share of the gains and losses related to its investments in these ZAIS Managed Entities and incentive income equal to 50 117,000 276,000
Schedule Of Management Fee Income And Incentive Income Net Of Credit [Table Text Block]	Management fee income and incentive income which was accrued, but not received is as follows: March 31, December 31, (Dollars in thousands) Accrued Management fee income $ 2,942 $ 2,837 Accrued Incentive income 5 6,026 Total $ 2,947 $ 8,863
Schedule Of Rebate Fees [Table Text Block]	The following tables present the gross amount of the Rebated Fees prior to eliminations due to the consolidation of Zephyr A-6 and the net amount reported in the Company’s Consolidated Statements of Comprehensive Income (Loss): Three Months Ended (Dollars in thousands) Gross Elimination Net Rebated Fees $ 530 $ (530) $ — Total $ 530 $ (530) $ —
Schedule Of Management fee Income And Incentive Income Receivable [Table Text Block]	The following credits are recorded as a direct reduction to Management fee income and Incentive income in the Consolidated Statements of Comprehensive Income (Loss): Three Months Ended 2018 2017 (Dollars in thousands) Management fee income credit $ 64 $ 63 Total $ 64 $ 63

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Interest Income and Interest Expense Disclosure [Table Text Block]	Total interest expense is included in Other income (expense) in the Consolidated Statements of Comprehensive Income (Loss) and was as follows: Three Months Ended 2018 2017 (Dollars in thousands) $ — $ 3

Compensation (Tables)

Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 (Dollars in thousands) Salaries $ 2,357 $ 2,336 Bonus 2,725 3,177 Severance 202 72 Equity-Based Compensation 71 1,112 Payroll taxes and benefits 731 727 Total $ 6,086 $ 7,424
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	Aggregate future payments pursuant to the Bonus Agreements and Guarantee Agreements for the period from April 1, 2018 to December 31, 2018 and the three years subsequent to December 31, 2018, are approximately as follows: (Dollars in thousands) Period from April 1, 2018 to December 31, 2018 $ — Year ended December 31, 2019 1,360 2020 1,360 2021 903 Total $ 3,623
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]	The Company incurred the following compensation expense relating to the Class B-0 Units cancelled in consideration for the receipt of RSUs or cash by amortizing the remaining expense over the remaining vesting period which ended on March 17, 2017: Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ — $ 1,059
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	The following table presents the RSUs granted to non-employee directors during the period from January 1, 2016 through March 31, 2018 and the corresponding grant date fair value and vesting date: Fair Value per Number of RSU on RSU Grant Date RSUs Issued Grant Date RSU Vesting Date April 21, 2016 30,942 $ 3.22 April 21, 2017 November 1, 2016 74,331 $ 1.73 November 1, 2017 May 9, 2017 63,219 $ 2.19 May 9, 2018 November 7, 2017 40,464 $ 3.67 November 7, 2018
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	The following table presents the RSU activity: Three Months Ended March 31, 2018 2017 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: 103,683 $ 2.77 1,004,947 $ 8.60 Vested — — (899,674) 9.33 Balance at end of period 103,683 2.77 105,273 2.17
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs and Estimated Future Rate by Plan [Table Text Block]	The Company incurred compensation expense relating to the non-employee RSUs as follows: Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ 71 $ 53
Schedule Of Remaining Expenses And Vesting Periods For Outstanding Restricted Stock Units Activity [Table Text Block]	The remaining expense and vesting periods for the RSUs outstanding at March 31, 2018 are as follows: Number of Remaining RSUs Remaining Vesting Grant Date Outstanding Expense Period (in thousands) (in years) May 9, 2017 63,219 $ 15 0.11 November 7, 2017 40,464 90 0.61 Total 103,683 $ 105

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
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, 2018 2017 (Dollars in thousands) Income tax (benefit) expense at the US federal statutory income tax rate $ (593) $ (1,846) State and local income tax, net of federal benefit (242) (233) Foreign Tax 4 5 Effect of permanent differences 329 1 Income attributable to non-controlling interests in Consolidated Funds not subject to tax (581) (275) Income attributable to non-controlling interests in ZGP not subject to tax 381 707 Equity compensation shortfall adjustment 1,948 Valuation Allowance 706 (302) Total $ 4 $ 5
Summary of Operating Loss Carryforwards [Table Text Block]	The Company’s net operating loss (“NOL”) as of December 31, 2017 can be carried forward for 20 years. Federal NOLs for tax years beginning Jan 1, 2018 can be carried forward indefinitely although there are limitations on the amounts of these NOLs that a corporation may deduct in a single tax year. As of March 31, 2018, the Company has estimated federal and state income tax NOL carryforwards, which will expire as follows: (Dollars in 2032 $ 1 2033 83 2034 122 2035 5,990 2036 1,703 2037 4,773 Indefinite carry forward - Federal 2,571 Total $ 15,243

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule of Capital Units [Table Text Block]	ZAIS Group did not charge management fees or incentive fees on investments made in the ZAIS Managed Entities (excluding CLOs) by ZAIS Group’s principals, executives, employees and other related parties. March 31, December 31, (Dollars in thousands) $ 7,427 (1)(2) $ 12,610 (1) (1) 4.3 5.5 (2) 1.7
Schedule of Asset Under Management [Table Text Block]	The total amounts of CLO AUM that are not being charged fees were approximately as follows: March 31, December 31, (Dollars in thousands) $ 296,633 $ 296,413
Schedule Of Consulting Fee Expenses [Table Text Block]	The Company recognized the following amounts for her services: Three Months Ended 2018 2017 (Dollars in thousands) $ 27 $ 24
Zais Managed Entities And Other Related Parties [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, (Dollars in thousands) Research Costs $ 256 $ 464 Other Direct Costs 338 334 Total $ 594 $ 798
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 2018 2017 (Dollars in thousands) $ — $ 105
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, (Dollars in thousands) $ 9 $ 17

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment consist of the following: March 31, December 31, (Dollars in thousands) Office equipment $ 3,380 $ 3,277 Leasehold improvements 1,883 606 Furniture and fixtures 721 573 Software 412 412 6,396 4,868 Less accumulated depreciation and amortization (4,605) (4,590) Total $ 1,791 $ 278
Schedule Of Depreciation Expense Related To Fixed Assets [Table Text Block]	The Company recognized depreciation and amortization expense as follows: Three Months Ended 2018 2017 (Dollars in thousands) $ 16 $ 40

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule Of Expenses For Engagement Agreement [Table Text Block]	The Company incurred the following expenses pursuant to the engagement agreement: Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ — $ 46
Schedule Of Expenses For Legal Advisor Agreement [Table Text Block]	The Company incurred the following expenses pursuant to the Legal Advisor Agreement: Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ 157 $ 450
Capital Commitments [Table Text Block]	The Company’s total contributions to Zephyr A-6 as of December 31, 2017 and March 31, 2018 were as follows: March 31, 2018 December 31, 2017 (Dollars in thousands) $ 10,954 $ 8,287
Schedule of Rent Expense [Table Text Block]	The Company incurred rent expense as follows: Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ 179 $ 215
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Aggregate future minimum annual rental payments for the period from April 1, 2018 to December 31, 2018 and the five years subsequent to December 31, 2018 and thereafter, including rental payments due under the New Lease, are approximately as follows: Period (Dollars in Period from April 1, 2018 through December 31, 2018: 286 Year Ending December 31, 2019 326 2020 398 2021 405 2022 412 2023 418 Thereafter 550 Total 2,795
Schedule Of Indemnification Claim Expenses [Table Text Block]	The Company incurred the following expenses related to the indemnification claim: Three Months Ended March 31, 2018 2017 (Dollars in thousands) $ 3 $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule Of Shares Issued From Vesting Of Restricted Stock Units [Table Text Block]	The Company issued the following Class A Common Stock related to RSUs which vested: Three Months Ended 2018 2017 — 548,923
2015 Stock Plan [Member]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	A summary of the Class A Common Stock which the Company may issue pursuant to the 2015 Stock Plan is as follows: Total shares which may be issued pursuant to the plan 2,080,637 Total shares issued through March 31, 2018 684,196 Total shares available for issuance at March 31, 2018 1,396,441

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 2018 2017 (Dollars in thousands, except Numerator: Consolidated Net Income (Loss), attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic) $ (3,777) $ (4,162) Effect of dilutive securities: Consolidated Net Income (Loss), attributable to non-controlling interests in ZGP (1,816) (2,083) Income tax (benefit) expense (1) — — Consolidated Net Income (Loss), attributable to stockholders, after effect of dilutive securities $ (5,593) $ (6,245) Denominator: Weighted average number of shares of Class A Common Stock 14,555,113 13,986,305 Effect of dilutive securities: Weighted average number of Class A Units (3) 7,000,000 7,000,000 Dilutive number of Class B-0 Units and RSUs (2) — — Diluted weighted average shares outstanding 21,555,113 20,986,305 Consolidated Net Income (Loss), per Class A common share – Basic $ (0.26) $ (0.30) Consolidated Net Income (Loss), per Class A common share – Diluted $ (0.26) $ (0.30) (1) Income tax (benefit) expense is calculated using an assumed tax rate of 18.69 5.56 (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.

Supplemental Financial Inform39

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2018
Statement of Financial Position [Abstract]
Schedule Of Consolidated Funds on the Company’s Financial Position [Table Text Block]	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition and results of operations: March 31, 2018 ZAIS Consolidated Consolidating Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 30,906 $ — $ — $ 30,906 Income and fees receivable 2,947 — — 2,947 Investments in affiliates, at fair value 13,768 — (13,610) 158 Due from related parties 594 — — 594 Property and equipment, net 1,791 — — 1,791 Prepaid expenses 786 — — 786 Withdrawals receivable 9,380 — — 9,380 Other assets 1,570 — — 1,570 Assets of Consolidated Variable Interest Entities Cash — 29,762 — 29,762 Investments in affiliated securities, at fair value — 117,195 — 117,195 Other assets — 1,067 (448) 619 Total Assets $ 61,742 $ 148,024 $ (14,058) $ 195,708 Liabilities and Equity Liabilities Compensation payable $ 2,427 $ — $ — $ 2,427 Due to related parties — — — — Fees payable 2,683 — (448) 2,235 Other liabilities 1,686 — — 1,686 Liabilities of Consolidated Variable Interest Entities Repurchase Agreements — 45,500 — 45,500 Other liabilities — 451 — 451 Total Liabilities 6,796 45,951 (448) 52,299 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 64,436 — — 64,436 Retained earnings (Accumulated deficit) (27,191) — — (27,191) Accumulated other comprehensive income (loss) (55) — — (55) Total stockholders’ equity, ZAIS Group Holdings, Inc. 37,191 — — 37,191 Non-controlling interests in ZAIS Group Parent, LLC 17,755 — — 17,755 Non-controlling interests in Consolidated Funds — 102,073 (13,610) 88,463 Total Equity 54,946 102,073 (13,610) 143,409 Total Liabilities and Equity $ 61,742 $ 148,024 $ (14,058) $ 195,708 December 31, 2017 ZAIS Consolidated Consolidating Consolidated ( Dollars in thousands ) Assets Cash and cash equivalents $ 41,619 $ — $ — $ 41,619 Income and fees receivable 8,863 — — 8,863 Investments in affiliates, at fair value 20,669 — (10,518) 10,151 Due from related parties 798 — — 798 Property and equipment, net 278 — — 278 Prepaid expenses 967 — — 967 Other assets 359 — — 359 Assets of Consolidated Variable Interest Entities Cash — 8,975 — 8,975 Investments in affiliated securities, at fair value — 114,911 — 114,911 Other assets — 1,353 (385) 968 Total Assets $ 73,553 $ 125,239 $ (10,903) $ 187,889 Liabilities and Equity Liabilities Compensation payable $ 9,222 $ — $ — $ 9,222 Due to related parties 31 — — 31 Fees payable 2,556 — (385) 2,171 Other liabilities 1,285 — — 1,285 Liabilities of Consolidated Variable Interest Entities Repurchase Agreements — 45,943 — 45,943 Other liabilities — 415 — 415 Total Liabilities 13,094 46,358 (385) 59,067 Commitments and Contingencies (Note 12) Equity Preferred Stock — — — — Class A Common Stock 1 — — 1 Class B Common Stock — — — — Additional paid-in-capital 64,365 — — 64,365 Retained earnings (Accumulated deficit) (23,414) — — (23,414) Accumulated other comprehensive income (loss) (61) — — (61) Total stockholders’ equity, ZAIS Group Holdings, Inc. 40,891 — — 40,891 Non-controlling interests in ZAIS Group Parent, LLC 19,568 — — 19,568 Non-controlling interests in Consolidated Funds — 78,881 (10,518) 68,363 Total Equity 60,459 78,881 (10,518) 128,822 Total Liabilities and Equity $ 73,553 $ 125,239 $ (10,903) $ 187,889 Three Months Ended ZAIS Consolidated Consolidating Consolidated ( Dollars in thousands ) Revenues Management fee income $ 5,063 $ — $ — $ 5,063 Incentive income 146 — — 146 Reimbursement revenue 309 — — 309 Other revenues 77 — — 77 Income of Consolidated Funds — 4,109 (3,096) 1,013 Total Revenues 5,595 4,109 (3,096) 6,608 Expenses Compensation and benefits 6,086 — — 6,086 General, administrative and other 5,026 — (530) 4,496 Depreciation and amortization 16 — — 16 Expenses of Consolidated Funds — 480 — 480 Total Expenses 11,128 480 (530) 11,078 Other Income (loss) Net gain (loss) on investments in affiliates (160) — (426) (586) Other income (expense) 104 — — 104 Net gain (loss) of Consolidated Funds’ investments — (437) 2,567 2,130 Total Other Income (Loss) (56) (437) 2,141 1,648 Income (loss) before income taxes (5,589) 3,192 (425) (2,822) Income tax (benefit) expense 4 — — 4 Consolidated net income (loss) (5,593) 3,192 (425) (2,826) Other Comprehensive Income (Loss), net of tax Foreign currency translation adjustment 9 — — 9 Total Comprehensive Income (Loss) $ (5,584) $ 3,192 $ (425) $ (2,817) Three Months Ended ZAIS Consolidated Consolidating 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 in affiliates 918 — (843) 75 Other income (expense) (16) — — (16) Net gain (loss) of Consolidated Funds’ investments — 1,492 (385) 1,107 Net gain (loss) on beneficial interest of consolidated 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) (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)

Organization (Details)

Organization (Details) - USD ($) $ in Millions	Mar. 31, 2018		Dec. 31, 2017
Assets under Management, Carrying Amount	$ 4,793	[1]	$ 4,512
[1]	In order to finance a portion of the purchase of the Company’s Class A Common Stock pursuant to the Share Purchase Agreement, Sonia Zugel, Mr. Zugel’s spouse, has indicated an intention to redeem approximately $1.7 million of interests from the ZAIS Opportunity Domestic Feeder Fund, LP (the “Domestic Feeder”), which serves as the feeder fund to ZAIS Opportunity Master Fund, Ltd, a ZAIS Managed Entity, effective September 30, 2018. The AUM presented has not been reduced for this withdrawal request.

Organization (Details Textual)

Organization (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Sep. 05, 2017	Mar. 31, 2018	Jan. 11, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Restricted Stock Units (RSUs) [Member]
Share Conversion Right To Receive Cash Per Share			$ 4.10
Christian Zugel [Member] | Capital Unit, Class A [Member]
Limited Partners' Capital Account, Units Outstanding	3,325,000
ZAIS Opportunity Fund Master Fund [Member]
Redemption Value of Investments		$ 1.7
Common Class A [Member]
Shares, Outstanding, Beginning Balance		14,555,113		14,555,113	14,449,840	13,900,917
Shares Issued, Price Per Share	$ 4
Common Class A [Member] | Z Acquisition LLC [Member]
Stock Issued During Period, Shares, New Issues	6,500,000
Common Class A [Member] | Christian Zugel [Member]
Business Acquisition, Share Price	$ 4
Shares, Outstanding, Beginning Balance	6,800,000

Basis of Presentation and Sum42

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Cash Used in Operating Activities	$ (6,286)	$ (34,894)
Net decrease in cash and cash equivalents	10,074	(31,048)
Cash and cash equivalents, beginning of period	41,619	75,792
Cash and cash equivalents, end of period	$ 30,906	44,744
Scenario, Previously Reported [Member]
Items related to Consolidated Funds: Change in cash and cash equivalents		17,793
Net Cash Used in Operating Activities		(17,102)
Net decrease in cash and cash equivalents		(13,256)
Cash and cash equivalents, beginning of period		38,712
Cash and cash equivalents, end of period		25,456
Accounting Standards Update 2016-18 [Member]
Items related to Consolidated Funds: Change in cash and cash equivalents		0
Net Cash Used in Operating Activities		(34,894)
Net decrease in cash and cash equivalents		(31,048)
Cash and cash equivalents, beginning of period		75,792
Cash and cash equivalents, end of period		$ 44,744

Investments in Affiliates, at43

Investments in Affiliates, at fair value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Unrealized Gain (Loss) on Investments	$ 3	$ 75

Investments in Affiliates, at44

Investments in Affiliates, at fair value (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Investments in and Advances to Affiliates [Line Items]
Investments in and Advances to Affiliates, at Fair Value		$ 158		$ 10,151
Equity Method Investment, Additional Information		nor the Company’s proportionate share of the total assets of unconsolidated ZAIS Managed Entities in which the Company invested, individually or in the aggregate, exceeded 20% of the Company’s total consolidated assets.	 the Company did not have any income related to these investments, individually or in the aggregate, which exceeded 20% of its total Consolidated net income	nor the Company’s proportionate share of the total assets of unconsolidated ZAIS Managed Entities in which the Company invested, individually or in the aggregate, exceeded 20% of the Company’s total consolidated assets.
Accounts Receivable, Net, Current		$ 9,380		$ 0
Financial Support, Capital Contributions [Member]
Investments in and Advances to Affiliates [Line Items]
Nonconsolidated Legal Entity, Financial Support Amount	$ 5,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 30,019	$ 38,980
Investments, at fair value:
Investments in affiliates, at net asset value	158	10,151
Net Asset Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	158	10,151
Cash equivalents	0	0
Investments, at fair value:
Investments in affiliates, at net asset value	158	10,151
Consolidated Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	147,372	164,042
Investments, at fair value:
Investments, Fair Value Disclosure	117,195	114,911
Consolidated Funds [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure		34,588
Consolidated Funds [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure		24,695
Consolidated Funds [Member] | Subordinated notes
Investments, at fair value:
Investments, Fair Value Disclosure		4,876
Consolidated Funds [Member] | Warehouse
Investments, at fair value:
Investments, Fair Value Disclosure	30,121	50,752
Consolidated Funds [Member] | Net Asset Value [Member]
Investments, at fair value:
Investments in affiliates, at net asset value	0	0
Consolidated Funds [Member] | Net Asset Value [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure		0
Consolidated Funds [Member] | Net Asset Value [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure		0
Consolidated Funds [Member] | Net Asset Value [Member] | Subordinated notes
Investments, at fair value:
Investments, Fair Value Disclosure		0
Consolidated Funds [Member] | Net Asset Value [Member] | Warehouse
Investments, at fair value:
Investments, Fair Value Disclosure	0	0
Collateralized Loan Obligations [Member]
Investments, at fair value:
Investments, Fair Value Disclosure	158	5,150
Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure	48,836
Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure	31,563
Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Subordinated notes
Investments, at fair value:
Investments, Fair Value Disclosure	6,675
Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Net Asset Value [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure	0
Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Net Asset Value [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure	0
Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Net Asset Value [Member] | Subordinated notes
Investments, at fair value:
Investments, Fair Value Disclosure	0
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	30,019	38,980
Cash equivalents	30,019	38,980
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
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds [Member] | Subordinated notes
Investments, at fair value:
Investments, Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds [Member] | Warehouse
Investments, at fair value:
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure	0
Fair Value, Inputs, Level 1 [Member] | Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure	0
Fair Value, Inputs, Level 1 [Member] | Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Subordinated notes
Investments, at fair value:
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
Fair Value, Inputs, Level 2 [Member] | Consolidated Funds [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member] | Consolidated Funds [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member] | Consolidated Funds [Member] | Subordinated notes
Investments, at fair value:
Investments, Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member] | Consolidated Funds [Member] | Warehouse
Investments, at fair value:
Investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure	0
Fair Value, Inputs, Level 2 [Member] | Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure	0
Fair Value, Inputs, Level 2 [Member] | Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Subordinated notes
Investments, at fair value:
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	117,195	114,911
Cash equivalents	0	0
Investments, at fair value:
Investments in affiliates, at net asset value	0	0
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member]
Investments, at fair value:
Investments, Fair Value Disclosure	117,195	114,911
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure		34,588
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure		24,695
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member] | Subordinated notes
Investments, at fair value:
Investments, Fair Value Disclosure		4,876
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds [Member] | Warehouse
Investments, at fair value:
Investments, Fair Value Disclosure	30,121	$ 50,752
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Senior notes
Investments, at fair value:
Investments, Fair Value Disclosure	48,836
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Mezzanine notes
Investments, at fair value:
Investments, Fair Value Disclosure	31,563
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Consolidated Funds [Member] | Subordinated notes
Investments, at fair value:
Investments, Fair Value Disclosure	$ 6,675

Fair Value Measurements (Deta46

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Beginning Balance)	$ 50,752	$ 404,365	$ 404,365
Total investments, at fair value, Initial Consolidation		0
Total investments, at fair value, Purchases/Issuances		123,951
Total investments, at fair value, Sales/Redemptions/Settlements		(78,690)
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)		(15)
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)	30,121	449,951	50,752
Total investments, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held		867
Total liabilities, at fair value (Beginning Balance)		384,901	384,901
Total liabilities, at fair value, Effect of Deconsolidation		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		0
Total liabilities, at fair value, Amortization of Discounts/Premiums		6,727
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
Warehouse [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Beginning Balance)	50,752	15,036	15,036
Total investments, at fair value, Initial Consolidation		0
Total investments, at fair value, Sales/Redemptions/Settlements		30,000
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)		0
Total investments, at fair value, Amortization of Discounts/Premiums		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)	30,121	46,143	50,752
Total investments, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held		1,107
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	384,901
Total liabilities, at fair value, Effect of Deconsolidation		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		0
Total liabilities, at fair value, Amortization of Discounts/Premiums		6,727
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
First Lien Senior Secured Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Beginning Balance)		389,329	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)
Collateralized Loan Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Beginning Balance)	114,911
Total investments, at fair value, Purchases/Issuances	55,350
Total investments, at fair value, Sales/Redemptions/Settlements	(55,067)
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)	2,130
Total investments, at fair value, Amortization of Discounts/Premiums	(129)
Total investments, at fair value, Effect of Deconsolidation	0
Total investments, at fair value (Ending Balance)	117,195		114,911
Total investments, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held	(477)
Collateralized Loan Obligations [Member] | Warehouse [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Beginning Balance)	50,752
Total investments, at fair value, Purchases/Issuances	32,500
Total investments, at fair value, Sales/Redemptions/Settlements	(55,067)
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)	1,936
Total investments, at fair value, Amortization of Discounts/Premiums	0
Total investments, at fair value, Effect of Deconsolidation	0
Total investments, at fair value (Ending Balance)	30,121		50,752
Total investments, at fair value, Assets Measured on Recurring Basis, Change in Unrealized Gains/Losses Relating to Assets and Liabilities Still Held	(631)
Collateralized Loan Obligations [Member] | Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Beginning Balance)	34,588
Total investments, at fair value, Purchases/Issuances	14,174
Total investments, at fair value, Sales/Redemptions/Settlements	0
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)	74
Total investments, at fair value, Amortization of Discounts/Premiums	0
Total investments, at fair value, Effect of Deconsolidation	0
Total investments, at fair value, Transfers to (from) Level 3	48,836
Total investments, at fair value (Ending Balance)	(74)		34,588
Collateralized Loan Obligations [Member] | Mezzanine Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Beginning Balance)	24,695
Total investments, at fair value, Purchases/Issuances	6,825
Total investments, at fair value, Sales/Redemptions/Settlements	0
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)	(99)
Total investments, at fair value, Amortization of Discounts/Premiums	142
Total investments, at fair value, Effect of Deconsolidation	0
Total investments, at fair value, Transfers to (from) Level 3	31,563
Total investments, at fair value (Ending Balance)	(99)		24,695
Collateralized Loan Obligations [Member] | Subordinated Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total investments, at fair value (Beginning Balance)	4,876
Total investments, at fair value, Purchases/Issuances	1,851
Total investments, at fair value, Sales/Redemptions/Settlements	0
Total investments, at fair value, Total Realized and Change in Unrealized Gains (Losses)	219
Total investments, at fair value, Amortization of Discounts/Premiums	(271)
Total investments, at fair value, Effect of Deconsolidation	0
Total investments, at fair value, Transfers to (from) Level 3	6,675
Total investments, at fair value (Ending Balance)	$ 179		$ 4,876

Fair Value Measurements (Deta47

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 30,121	$ 50,752	$ 449,951	$ 404,365
Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 30,121	$ 50,752	$ 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 Interest Rate	0.40%	1.50%
Minimum [Member] | Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.40%	1.50%
Maximum [Member] | Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.40%	1.50%
Weighted Average [Member] | Warehouse [Member]
Fair Value Assets and Liabilities Significant Unobservable Inputs [Line Items]
Fair Value Input Interest Rate	0.40%	1.50%

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Oct. 11, 2017
Zais Group [Member]
Gain (Loss) on Investments [Line Items]
Equity Method Investment, Ownership Percentage	13.33%	51.00%
Capitalization, Long-term Debt and Equity	$ 20	$ 51
Equity Method Investments	7	26.6
Remaining Capital Requirements, Equity Method Investments	$ 13	$ 24.4
Non-ZAIS Partner [Member]
Gain (Loss) on Investments [Line Items]
Equity Method Investment, Ownership Percentage	86.67%	49.00%
Capitalization, Long-term Debt and Equity	$ 130	$ 49
Equity Method Investments	45.2	25.6
Remaining Capital Requirements, Equity Method Investments	$ 84.8	$ 23.4

Variable Interest Entities (D49

Variable Interest Entities (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Investments [Line Items]
Unfunded capital commitments, Beginning	$ 87,849	$ 59,849
Capital contributions	20,000	12,000
Unfunded capital commitments, Ending	67,849	47,849
Noncontrolling Interest [Member]
Schedule of Investments [Line Items]
Unfunded capital commitments, Beginning	76,135	29,326
Capital contributions	17,333	5,880
Unfunded capital commitments, Ending	58,802	23,446
Zais Group [Member]
Schedule of Investments [Line Items]
Unfunded capital commitments, Beginning	11,714	30,523
Capital contributions	2,667	6,120
Unfunded capital commitments, Ending	$ 9,047	$ 24,403

Variable Interest Entities (D50

Variable Interest Entities (Details 2)	Mar. 31, 2018	Oct. 12, 2017
Zephyr A 6 [Member]
Schedule of Investments [Line Items]
Percentage Of Senior Fee Payable	0.20%	0.15%

Variable Interest Entities (D51

Variable Interest Entities (Details 3)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
ZAIS CLO 5, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	Oct. 1, 2015	Oct. 1, 2015
Debt Instrument, Offering Date	Sep. 23, 2016	Sep. 23, 2016
Debt Instrument, Maturity Date Range, End	Oct. 26, 2016	Oct. 26, 2016
Debt Instrument, Maturity Date	Oct. 30, 2028	Oct. 30, 2028
ZAIS CLO 5, Limited [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
ZAIS CLO 6, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	Nov. 18, 2016	Nov. 18, 2016
Debt Instrument, Offering Date	May 3, 2017	May 3, 2017
Debt Instrument, Maturity Date Range, End	Jun. 1, 2017	Jun. 1, 2017
Debt Instrument, Maturity Date	Jul. 31, 2029	Jul. 31, 2029
ZAIS CLO 6, Limited [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
ZAIS CLO 7, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	Jun. 12, 2017	Jun. 12, 2017
Debt Instrument, Offering Date	Sep. 11, 2017	Sep. 11, 2017
Debt Instrument, Maturity Date Range, End	Oct. 19, 2017	Oct. 19, 2017
Debt Instrument, Maturity Date	Apr. 30, 2030	Apr. 30, 2030
ZAIS CLO 7, Limited [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.80%	6.80%
ZAIS CLO 8, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	Oct. 16, 2017	Oct. 16, 2017
Debt Instrument, Offering Date	Feb. 6, 2018	Feb. 6, 2018
Debt Instrument, Maturity Date Range, End	Mar. 8, 2018	Mar. 8, 2018
Debt Instrument, Maturity Date	Apr. 30, 2029	Apr. 30, 2029
ZAIS CLO 8, Limited [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.10%	5.10%
ZAIS CLO 9, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, Start	Jan. 29, 2018	Jan. 29, 2018
Subordinated Notes [Member] | ZAIS CLO 5, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	31.80%	31.80%
Subordinated Notes [Member] | ZAIS CLO 6, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
Subordinated Notes [Member] | ZAIS CLO 7, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
Subordinated Notes [Member] | ZAIS CLO 8, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
Senior Notes And Mezzanine Notes [Member] | ZAIS CLO 5, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.10%	2.10%
Senior Notes And Mezzanine Notes [Member] | ZAIS CLO 6, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
Senior Notes And Mezzanine Notes [Member] | ZAIS CLO 7, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.00%	7.00%
Senior Notes And Mezzanine Notes [Member] | ZAIS CLO 8, Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.10%	5.10%

Variable Interest Entities (D52

Variable Interest Entities (Details 4) - Warehouse [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gain (Loss) on Investments [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 32,500	$ 30,000
ZAIS CLO 6, Limited [Member]
Gain (Loss) on Investments [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	0	30,000
ZAIS CLO 9, Limited [Member]
Gain (Loss) on Investments [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	30,000	0
ZAIS Upsize Acquisition 1 [Member]
Gain (Loss) on Investments [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 2,500	$ 0

Variable Interest Entities (D53

Variable Interest Entities (Details 5) - Collateralized Debt Obligations [Member] - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Assets Sold under Agreements to Repurchase, Carrying Amount	[1],[2]	$ 45,943	$ 45,943
Mezzanine Debt Tranches [Member]
Debt Instrument [Line Items]
Assets Sold under Agreements to Repurchase, Carrying Amount	[2]	11,512	11,512
Senior Debt Tranches [Member]
Debt Instrument [Line Items]
Assets Sold under Agreements to Repurchase, Carrying Amount	[2]	$ 34,431	$ 34,431
[1]	Amounts represent the outstanding borrowings before deducting unamortized upfront fees.
[2]	Maturities are set to match the maturities of the underlying collateral and are greater than one year.

Variable Interest Entities (D54

Variable Interest Entities (Details 6) - Repurchase Agreement [Member] - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Gross amounts of recognized assets (liabilities)		$ (45,943)	$ (45,943)
Gross amounts offset in the Consolidated Statements of Financial Condition		0	0
Net amount of assets (liabilities) presented in the Consolidated Statements of Financial Condition		(45,943)	(45,943)
Gross amounts not offset in the Consolidated Statements of Financial Condition, Financial Instruments	[1]	45,943	45,943
Gross amounts not offset in the Consolidated Statements of Financial Condition, Cash Collateral	[1]	0	0
Net Amount		$ 0	$ 0
[1]	The sum of the financial instruments and cash collateral not offset in the Consolidated Statements of Financial Condition may exceed the repurchase balance. Where this is the case, the total amounts reported in these two columns are limited to the outstanding balance of the repurchase agreement.

Variable Interest Entities (D55

Variable Interest Entities (Details 7) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Change in unrealized gain or loss and net realized gains	$ 3	$ 75
Net gain (loss) of Consolidated Funds’ investments in affiliated securities	(586)	75
Zephyr A-6 [Member]
Distributions of income and gains during the warehouse period upon closing of ZAIS CLOs	2,567	0
Net Change in unrealized gain or loss and net realized gains	(437)	1,107
Net gain (loss) of Consolidated Funds’ investments in affiliated securities	$ 2,130	$ 1,107

Variable Interest Entities (D56

Variable Interest Entities (Details 8) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Income and Fees Receivable	$ 2,947	$ 8,863
Due from related parties	594	798
Collateralized Loan Obligations [Member]
Income and Fees Receivable	944	1,082
Investments in affiliates, at fair value	158	5,150
Due from related parties	9	24
Assets of Consolidated Variable Interest Entities:
Investments in affiliated securities, at fair value	117,195	114,911
Maximum exposure to loss	$ 118,306	$ 121,167

Variable Interest Entities (D57

Variable Interest Entities (Details Textual) - USD ($)		Mar. 15, 2018	Oct. 16, 2017	Feb. 28, 2017	Jan. 24, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	May 31, 2018	Oct. 12, 2017
Variable Interest Entity [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage Description	[1]							(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.
Proceeds from Sale of Beneficial Interest in Collateralized Financing Entity						$ 2,567,000	$ 5,390,000
Proceeds from Divestiture of Businesses and Interests in Affiliates						1,000	0
Debt Instrument, Face Amount			$ 200,000,000
Payments of Financing Costs			459,000
Debt Related Commitment Fees and Debt Issuance Costs			$ 9,000
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings							(15,000)
Debt Issuance Costs, Noncurrent, Net						$ 443,000
Assets Sold under Agreements to Repurchase, Interest Rate						3.90%			3.60%
Master Repurchase Agreement [Member]
Variable Interest Entity [Line Items]
Debt, Weighted Average Interest Rate						0.50%
Interest Payable									$ 299,000	$ 369,000
Zephyr A-6 [Member]
Variable Interest Entity [Line Items]
Proceeds from Sale of Beneficial Interest in Collateralized Financing Entity				$ 5,400,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net											$ 25,000,000
Consolidated Funds [Member]
Variable Interest Entity [Line Items]
Proceeds from Sale of Beneficial Interest in Collateralized Financing Entity						$ 52,500,000	78,691,000
Net Gain Loss on Beneficial Interest of Collateralized Financing Entity				$ 81,000		$ 0	$ 589,000
ZAIS Upsize Acquisition 1 [Member]
Variable Interest Entity [Line Items]
Proceeds from Divestiture of Businesses and Interests in Affiliates					$ 2,500,000
Payments to Acquire Businesses, Gross		$ 2,500,000
ZAIS Zephyr A-6, LP [Member]
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage						51.00%
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings						$ 154,100,000			154,100,000
Pledged Assets Separately Reported, Securities Pledged for Repurchase Agreements, at Fair Value						$ 46,200,000			$ 46,100,000
[1]	The sum of the financial instruments and cash collateral not offset in the Consolidated Statements of Financial Condition may exceed the repurchase balance. Where this is the case, the total amounts reported in these two columns are limited to the outstanding balance of the repurchase agreement.

Management Fee Income and Inc58

Management Fee Income and Incentive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018		Mar. 31, 2017
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income		$ 5,063		$ 3,107
Management Fees, Incentive Revenue		146	[1],[2],[3]	297
Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	5,063	[3]	3,107
Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1],[2],[3]			297
Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	2,340	[3]	494
Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1],[2],[3]			$ 10
Management Fees, Incentive Revenue	[1],[2],[3]	$ 12
Conditional Management Fees, Based on Net Asset Value, Percentage	[1],[3]	20.00%		20.00%	[2]
Maximum [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		0.50%		0.50%	[2]
Minimum [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		0.15%		0.15%	[2]
Funds and accounts [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	$ 2,723	[3]	$ 2,613
Funds and accounts [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1],[2],[3]	$ 134		$ 287
Funds and accounts [Member] | Maximum [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		1.25%		1.25%	[2]
Funds and accounts [Member] | Maximum [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		20.00%		20.00%	[1],[2],[3]
Funds and accounts [Member] | Minimum [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		0.50%		0.50%	[2]
Funds and accounts [Member] | Minimum [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Conditional Management Fees, Based on Net Asset Value, Percentage		0.00%		10.00%	[1],[2],[3]
Gross Amount [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	$ 5,063	[3]	$ 3,107
Gross Amount [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1],[2],[3]	146		297
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]	2,340	[3]	494
Gross Amount [Member] | Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1],[2],[3]			10
Management Fees, Incentive Revenue	[1],[2],[3]	12
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]	2,723	[3]	2,613
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],[3]	134		287
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	[1]	0	[3]	0
Elimination [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	[1],[2],[3]	0		0
Elimination [Member] | Collateralized Loan Obligations [Member] | Asset Management Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1]	0	[3]	0
Elimination [Member] | Collateralized Loan Obligations [Member] | Incentive Fee Income [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Management Fee Income	[1],[2],[3]			0
Management Fees, Incentive Revenue	[1],[2],[3]	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	[3]	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],[3]	$ 0		$ 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]	ZAIS Group does not earn management fee income on certain ZAIS Managed Entities in which it had made investments that carried first loss risk. ZAIS Group receives distributions of its pro rata share of the gains and losses related to its investments in these ZAIS Managed Entities and incentive income equal to 50% of the net investment gains for the management of these ZAIS Managed Entities. The Company recognized incentive fee income from these ZAIS Managed Entities of approximately $117,000 and $276,000 for the three months ended March 31, 2018 and March 31, 2017, respectively. As a result of the termination of these management contracts, the Company will no longer earn incentive income from the two ZAIS Managed Entities effective April 1, 2018.

Management Fee Income and Inc59

Management Fee Income and Incentive Income (Details 1) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Components of Management Fee Income and Incentive Income [Line Items]
Accrued Management fee income	$ 2,942	$ 2,837
Accrued Incentive income	5	6,026
Total	$ 2,947	$ 8,863

Management Fee Income and Inc60

Management Fee Income and Incentive Income (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Components of Management Fee Income and Incentive Income [Line Items]
Rebated Fees	$ 0
Total	0
Operating Segments [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Rebated Fees	530
Total	530
Intersegment Eliminations [Member]
Components of Management Fee Income and Incentive Income [Line Items]
Rebated Fees	(530)
Total	$ (530)

Management Fee Income and Inc61

Management Fee Income and Incentive Income (Details 3) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Components of Management Fee Income and Incentive Income [Line Items]
Management fee income	$ 64	$ 63
Total	$ 64	$ 63

Management Fee Income and Inc62

Management Fee Income and Incentive Income (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018		Mar. 31, 2017
Components of Management Fee Income and Incentive Income [Line Items]
Management Fees, Incentive Revenue	$ 146	[1],[2],[3]	$ 297
Percentage Of Net Investment Gains	50.00%
[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]	ZAIS Group does not earn management fee income on certain ZAIS Managed Entities in which it had made investments that carried first loss risk. ZAIS Group receives distributions of its pro rata share of the gains and losses related to its investments in these ZAIS Managed Entities and incentive income equal to 50% of the net investment gains for the management of these ZAIS Managed Entities. The Company recognized incentive fee income from these ZAIS Managed Entities of approximately $117,000 and $276,000 for the three months ended March 31, 2018 and March 31, 2017, respectively. As a result of the termination of these management contracts, the Company will no longer earn incentive income from the two ZAIS Managed Entities effective April 1, 2018.

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest Expense, Debt	$ 0	$ 3

Notes Payable (Details Textual)

Notes Payable (Details Textual) - USD ($) $ in Thousands	Oct. 16, 2017	Mar. 17, 2015
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 200,000
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, 2018	Mar. 31, 2017
Salaries	$ 2,357	$ 2,336
Bonus	2,725	3,177
Severance	202	72
Equity-Based Compensation	71	1,112
Payroll taxes and benefits	731	727
Total	$ 6,086	$ 7,424

Compensation (Details 1)

Compensation (Details 1) $ in Thousands	Mar. 31, 2018USD ($)
Share-based Compensation [Abstract]
Period from April 1, 2018 to December 31, 2018	$ 0
2,019	1,360
2,020	1,360
2,021	903
Total	$ 3,623

Compensation (Details 2)

Compensation (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class B-0 Units Rsu member [Member]
Share-based Compensation	$ 0	$ 1,059

Compensation (Details 3)

Compensation (Details 3) - $ / shares	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Fair Value per RSU on Grant Date	$ 2.77	$ 2.77	$ 2.17	$ 8.60
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member] | 21 April, 2016 [Member]
Number of RSUs Issued	30,942
Fair Value per RSU on Grant Date	$ 3.22
RSU Vesting Date	Apr. 21, 2017
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member] | 1 November, 2016 [Member]
Number of RSUs Issued	74,331
Fair Value per RSU on Grant Date	$ 1.73
RSU Vesting Date	Nov. 1, 2017
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member] | 9 May, 2017 [Member]
Number of RSUs Issued	63,219
Fair Value per RSU on Grant Date	$ 2.19
RSU Vesting Date	May 9, 2018
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member] | November 7, 2017 [Member]
Number of RSUs Issued	40,464
Fair Value per RSU on Grant Date	$ 3.67
RSU Vesting Date	Nov. 7, 2018

Compensation (Details 4)

Compensation (Details 4) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Beginning Balance	103,683	1,004,947
RSUs, Vested	0	(899,674)
RSUs, Ending Balance	103,683	105,273
Weighted Average Grant Date Fair Value per Unit, Beginning Balance	$ 2.77	$ 8.60
Weighted Average Grant Date Fair Value per Unit, Vested	0	9.33
Weighted Average Grant Date Fair Value per Unit, Ending Balance	$ 2.77	$ 2.17

Compensation (Details 5)

Compensation (Details 5) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restricted Stock Units (RSUs) [Member]
Share-based Compensation	$ 71	$ 53

Compensation (Details 6)

Compensation (Details 6) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Number of RSUs Outstanding	103,683	103,683	105,273	1,004,947
Remaining Expense	$ 105
May 9, 2017 [Member]
Number of RSUs Outstanding	63,219
Remaining Expense	$ 15
Remaining Vesting Period	1 month 10 days
November 7, 2017 [Member]
Number of RSUs Outstanding	40,464
Remaining Expense	$ 90
Remaining Vesting Period	7 months 10 days

Compensation (Details Textual)

Compensation (Details Textual) - USD ($)	Dec. 31, 2016	Feb. 28, 2018	Mar. 17, 2017	Feb. 28, 2017	Mar. 31, 2018	Mar. 31, 2017	Feb. 28, 2019	Nov. 07, 2017	Sep. 30, 2017	Jun. 30, 2017	Apr. 05, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustments to Additional Paid in Capital, Wage Withholding Requirement from Share-based Compensation			$ 800,000
Legal Fees					$ 157,000	$ 450,000
Retention Payable									$ 500,000	$ 500,000	$ 1,500,000
Right To Receive Cash	$ 256,000
Bonus And Guarantee Agreements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Labor and Related Expense					110,000
Employee-related Liabilities							$ 1,250,000
HowardSteinberg [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Legal Fees				$ 450,000
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for Other Fees		$ 500,000			$ 200,000
Retention Payable								$ 500,000
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			548,923
Stock Issued During Period, Value, New Issues			$ 2,100,000
Class B-O Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Terms					either (a) RSUs of ZAIS, on a one-for-one basis, or (b) an amount of cash per Class B-0 Unit cancelled (the “Cash Amount”) equal to $1.92, which was the average of the daily closing prices of Class A Common Stock of ZAIS for the three calendar months ended November 30, 2016.
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period	133,559
Class A-0 Units Rsu [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, Cancelled in Period	899,674
Restricted Stock Units (RSUs) [Member] | 2015 Stock Plan [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	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			899,674
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, 2018	Mar. 31, 2017
Income tax (benefit) expense at the US federal statutory income tax rate	$ (593)	$ (1,846)
State and local income tax, net of federal benefit	(242)	(233)
Foreign Tax	4	5
Effect of permanent differences	329	1
Income attributable to non-controlling interests in Consolidated Funds not subject to tax	(581)
Income attributable to non-controlling interests in ZGP not subject to tax	381
Equity compensation shortfall adjustment		1,948
Valuation allowance	706	(302)
Total	4	5
Consolidated Funds [Member]
Income attributable to non-controlling interests in Consolidated Funds not subject to tax		(275)
ZAIS Group, LLC [Member]
Income attributable to non-controlling interests in ZGP not subject to tax		707
Total	$ 4	$ 5

Income Taxes (Details 1)

Income Taxes (Details 1) $ in Thousands	Mar. 31, 2018USD ($)
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 15,243
Indefinite carry forward - Federal [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	2,571
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	1,703
Expiration Date Six [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 4,773

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	May 31, 2018	Dec. 31, 2017
Income Tax [Line Items]
Deferred Tax Assets, Net				$ 5,200	$ 4,500
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%
Income Tax Expense (Benefit)	$ 4	$ 5
Scenario, Plan [Member]
Income Tax [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ZAIS Managed Entities [Member]
Related Party Transaction [Line Items]
Capital	$ 7,427	$ 12,610	[1],[2]
[1]	In order to finance a portion of the purchase of the Company’s Class A Common Stock pursuant to the Share Purchase Agreement, Mr. Zugel and various trusts for which relatives of Mr. Zugel are the beneficiaries have redeemed approximately $4.3 million and $5.5 million of interests from the Domestic Feeder on March 31, 2018 and December 31, 2017, respectively.
[2]	In order to finance a portion of the purchase of the Company’s Class A Common Stock pursuant to the Share Purchase Agreement, Sonia Zugel, Mr. Zugel’s spouse, has indicated an intention to redeem approximately $1.7 million of interests from the ZAIS Opportunity Domestic Feeder Fund, LP (the “Domestic Feeder”), which serves as the feeder fund to ZAIS Opportunity Master Fund, Ltd, a ZAIS Managed Entity, effective September 30, 2018. The AUM presented has not been reduced for this withdrawal request.

Related Party Transactions (D77

Related Party Transactions (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from Related Parties	$ 594	$ 798
Zais Clo 1 Zais Clo 2 [Member]
Related Party Transaction [Line Items]
Due from Related Parties	$ 296,633	$ 296,413

Related Party Transactions (D78

Related Party Transactions (Details 2) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from Related Parties	$ 594	$ 798
ZAIS Managed Entities [Member]
Related Party Transaction [Line Items]
Due from Related Parties	594	798
ZAIS Managed Entities [Member] | Research Costs [Member]
Related Party Transaction [Line Items]
Due from Related Parties	256	464
ZAIS Managed Entities [Member] | Other Direct Costs [Member]
Related Party Transaction [Line Items]
Due from Related Parties	$ 338	$ 334

Related Party Transactions (D79

Related Party Transactions (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Mr. Ramsey [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Consulting Fees Expenses	$ 0	$ 105

Related Party Transactions (D80

Related Party Transactions (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Ms. Rohan [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Consulting Fees Expenses	$ 27	$ 24

Related Party Transactions (D81

Related Party Transactions (Details 5) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from Related Parties	$ 594	$ 798
Zais Employee Loans [Member]
Related Party Transaction [Line Items]
Due from Related Parties	$ 9	$ 17

Related Party Transactions (D82

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	May 31, 2017	Sep. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Operating Leases, Rent Expense, Minimum Rentals		$ 5,300
ZAIS Managed Entities [Member] | Common Class A [Member]
Related Party Transaction [Line Items]
Common Stock, Value Requested for Redemption by Beneficiaries	$ 4,300,000			$ 5,500,000
ZAIS Managed Entities [Member] | Subsequent Event [Member] | Common Class A [Member]
Related Party Transaction [Line Items]
Common Stock, Value Requested for Redemption by Beneficiaries			$ 1,700,000
ZAIS Managed Entities [Member] | Mr. Ramsey [Member]
Related Party Transaction [Line Items]
Consulting Fees	500,000
ZAIS Managed Entities [Member] | Ms. Rohan [Member]
Related Party Transaction [Line Items]
Consulting Fees	$ 106,000

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Office equipment	$ 3,380	$ 3,277
Leasehold improvements	1,883	606
Furniture and fixtures	721	573
Software	412	412
Property, Plant and Equipment, Gross	6,396	4,868
Less accumulated depreciation and amortization	(4,605)	(4,590)
Total	$ 1,791	$ 278

Property and Equipment (Detai84

Property and Equipment (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization	$ 16	$ 40

Commitments and Contingencies85

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction, Expenses	$ 0	$ 46

Commitments and Contingencies86

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Legal Fees	$ 157	$ 450

Commitments and Contingencies87

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Capital Contribution To Subsidiary	$ 10,954	$ 8,287

Commitments and Contingencies88

Commitments and Contingencies (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Leases, Rent Expense	$ 179	$ 215

Commitments and Contingencies89

Commitments and Contingencies (Details 4) $ in Thousands	Mar. 31, 2018USD ($)
Future Minimum Rental Payments For Operating Leases [Line Items]
Period from April 1, 2018 through December 31, 2018:	$ 286
2,019	326
2,020	398
2,021	405
2,022	412
2,023	418
Thereafter	550
Total	$ 2,795

Commitments and Contingencies90

Commitments and Contingencies (Details 5) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
General and Administrative Expense [Member]
Indemnification Claim Expenses	$ 3	$ 0

Commitments and Contingencies91

Commitments and Contingencies (Details Textual) - USD ($)	May 10, 2018	Sep. 27, 2017	Feb. 28, 2017	Feb. 27, 2017	Apr. 22, 2016	Mar. 31, 2018	Mar. 31, 2017	Jan. 04, 2018	Dec. 31, 2017
Future Minimum Rental Payments For Operating Leases [Line Items]
Other Commitment, Total						$ 20,000,000			$ 20,000,000
Legal Fees						157,000	$ 450,000
Advance consulting fees payable								$ 50,000
General and Administrative Expense						4,496,000	$ 3,669,000
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				$150,000 per calendar quarter for his services, plus 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 the Legal Advisor Agreement is terminated by the Company other than due to Mr. Steinbergs failure to perform services, Mr. Steinberg is entitled to a payment of $300,000.
Houlihan Lokey Capital, Inc. [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Accrued Professional Fees, Current		$ 800,000
Payments For Professional Fees Upon Engagement		250,000
Payments For Professional Fees Upon Delivery Of Opinion		350,000
Payment For Reimbursement Of Expenses		15,990
Business Combination, Contingent Consideration, Liability		$ 200,000
Mr. Szymanski [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
General and Administrative Expense						$ 100,000
Non ZAIS Managed CLOs [Member] | Subsequent Event [Member]
Future Minimum Rental Payments For Operating Leases [Line Items]
Loss Contingency, Loss in Period	$ 5,000,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - shares	1 Months Ended	3 Months Ended
	Mar. 17, 2017	Mar. 31, 2018	Mar. 31, 2017
Common Class A [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	548,923	0	548,923

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - 2015 Stock Plan [Member]	3 Months Ended
	Mar. 31, 2018shares
Total shares which may be issued pursuant to the plan	2,080,637
Total shares issued through March 31, 2018	684,196
Total shares available for issuance at March 31, 2018	1,396,441

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - $ / shares	1 Months Ended	3 Months Ended
	Mar. 17, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
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 Group Parent, LLC [Member]
Stockholder Equity [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		67.50%		67.50%
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	0	548,923
Common Class A [Member] | ZAIS [Member]
Stockholder Equity [Line Items]
Stock Issued During Period, Shares, New Issues			548,923
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-0 [Member]
Stockholder Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		1,600,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Numerator:
Consolidated Net Income (Loss), attributable to ZAIS Group Holdings, Inc. Class A common stockholders (Basic)		$ (3,777)	$ (4,162)
Effect of dilutive securities:
Income tax (benefit) expense	[1]	0	0
Consolidated Net Income (Loss), attributable to stockholders, after effect of dilutive securities		$ (5,593)	$ (6,245)
Denominator:
Weighted average number of shares of Class A Common Stock		14,555,113	13,986,305
Effect of dilutive securities:
Weighted average number of Class A Units	[2]	7,000,000	7,000,000
Dilutive number of Class B-0 Units and RSUs	[3]	0	0
Diluted weighted average shares outstanding		21,555,113	20,986,305
Consolidated Net Income (Loss), per Class A common share - Basic		$ (0.26)	$ (0.3)
Consolidated Net Income (Loss), per Class A common share - Diluted		$ (0.26)	$ (0.3)
ZAIS Group Parent, LLC [Member]
Effect of dilutive securities:
Consolidated Net Income (Loss), attributable to non-controlling interests in ZGP		$ (1,816)	$ (2,083)
[1]	Income tax (benefit) expense is calculated using an assumed tax rate of 18.69% and 5.56% for the three months ended March 31, 2018 and March 31, 2017, respectively, which is fully offset by a 100% valuation allowance in each year. See Note 9 – "Income Taxes" for details surrounding income taxes.
[2]	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.
[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.

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Line Items]
Income Tax Expense Benefit Percentage	18.69%	5.56%

Supplemental Financial Inform97

Supplemental Financial Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 30,906	$ 41,619	$ 44,744	$ 75,792
Income and fees receivable	2,947	8,863
Investments in affiliates, at fair value	158	10,151
Due from related parties	594	798
Property and equipment, net	1,791	278
Prepaid expenses	786	967
Investments in affiliated securities, at fair value	158	10,151
Other assets	1,570	359
Total Assets	195,708	187,889
Liabilities
Compensation payable	2,427	9,222
Due to related parties	0	31
Fees payable	2,235	2,171
Other liabilities	1,686	1,285
Liabilities of Consolidated Funds
Total Liabilities	52,299	59,067
Commitments and Contingencies (Note 12)
Equity
Preferred Stock	0	0
Additional paid-in-capital	64,436	64,365
Retained earnings (Accumulated deficit)	(27,191)	(23,414)
Accumulated other comprehensive income (loss)	(55)	(61)
Total stockholders’ equity, ZAIS Group Holdings, Inc.	37,191	40,891
Total Equity	143,409	128,822
Total Liabilities and Equity	195,708	187,889
Variable Interest Entity (VIE) [Member]
Assets
Investments in affiliates, at fair value	117,195	114,911
Cash	29,762	8,975
Investments in affiliated securities, at fair value	117,195	114,911
Other assets	619	968
Liabilities
Repurchase Agreements	45,500	45,943
Other liabilities	451	415
Intersegment Eliminations [Member]
Assets
Cash and cash equivalents	0	0
Income and fees receivable	0	0
Investments in affiliates, at fair value	(13,610)	(10,518)
Due from related parties	0	0
Property and equipment, net	0	0
Prepaid expenses	0	0
Withdrawals receivable	0
Investments in affiliated securities, at fair value	(13,610)	(10,518)
Other assets	0	0
Total Assets	(14,058)	(10,903)
Liabilities
Compensation payable	0	0
Due to related parties	0	0
Fees payable	(448)	(385)
Other liabilities	0	0
Liabilities of Consolidated Funds
Total Liabilities	(448)	(385)
Commitments and Contingencies (Note 12)
Equity
Preferred Stock	0	0
Additional paid-in-capital	0	0
Retained earnings (Accumulated deficit)	0	0
Accumulated other comprehensive income (loss)	0	0
Total stockholders’ equity, ZAIS Group Holdings, Inc.	0	0
Non-controlling interests in Consolidated Funds	(13,610)	(10,518)
Total Equity	(13,610)	(10,518)
Total Liabilities and Equity	(14,058)	(10,903)
Intersegment Eliminations [Member] | Variable Interest Entity (VIE) [Member]
Assets
Investments in affiliates, at fair value	0	0
Cash	0	0
Investments in affiliated securities, at fair value	0	0
Other assets	(448)	(385)
Liabilities
Repurchase Agreements	0	0
Other liabilities	0	0
ZAIS [Member]
Assets
Cash and cash equivalents	30,906	41,619
Income and fees receivable	2,947	8,863
Investments in affiliates, at fair value	13,768	20,669
Due from related parties	594	798
Property and equipment, net	1,791	278
Prepaid expenses	786	967
Withdrawals receivable	9,380
Investments in affiliated securities, at fair value	13,768	20,669
Other assets	1,570	359
Total Assets	61,742	73,553
Liabilities
Compensation payable	2,427	9,222
Due to related parties	0	31
Fees payable	2,683	2,556
Other liabilities	1,686	1,285
Liabilities of Consolidated Funds
Total Liabilities	6,796	13,094
Commitments and Contingencies (Note 12)
Equity
Preferred Stock	0	0
Additional paid-in-capital	64,436	64,365
Retained earnings (Accumulated deficit)	(27,191)	(23,414)
Accumulated other comprehensive income (loss)	(55)	(61)
Total stockholders’ equity, ZAIS Group Holdings, Inc.	37,191	40,891
Non-controlling interests in Consolidated Funds	17,755	19,568
Total Equity	54,946	60,459
Total Liabilities and Equity	61,742	73,553
ZAIS [Member] | Variable Interest Entity (VIE) [Member]
Assets
Investments in affiliates, at fair value	0	0
Cash	0	0
Investments in affiliated securities, at fair value	0	0
Other assets	0	0
Liabilities
Repurchase Agreements	0	0
Other liabilities	0	0
Consolidated Funds, Before Eliminations [Member]
Assets
Cash and cash equivalents	0	0
Income and fees receivable	0	0
Investments in affiliates, at fair value	0	0
Due from related parties	0	0
Property and equipment, net	0	0
Prepaid expenses	0	0
Withdrawals receivable	0
Investments in affiliated securities, at fair value	0	0
Other assets	0	0
Total Assets	148,024	125,239
Liabilities
Compensation payable	0	0
Due to related parties	0	0
Fees payable	0	0
Other liabilities	0	0
Liabilities of Consolidated Funds
Total Liabilities	45,951	46,358
Commitments and Contingencies (Note 12)
Equity
Preferred Stock	0	0
Additional paid-in-capital	0	0
Retained earnings (Accumulated deficit)	0	0
Accumulated other comprehensive income (loss)	0	0
Total stockholders’ equity, ZAIS Group Holdings, Inc.	0	0
Non-controlling interests in Consolidated Funds	102,073	78,881
Total Equity	102,073	78,881
Total Liabilities and Equity	148,024	125,239
Consolidated Funds, Before Eliminations [Member] | Variable Interest Entity (VIE) [Member]
Assets
Investments in affiliates, at fair value	117,195	114,911
Cash	29,762	8,975
Investments in affiliated securities, at fair value	117,195	114,911
Other assets	1,067	1,353
Liabilities
Repurchase Agreements	45,500	45,943
Other liabilities	451	415
ZAIS Group Parent, LLC [Member]
Equity
Non-controlling interests in Consolidated Funds	17,755	19,568
Consolidated Funds [Member]
Assets
Withdrawals receivable	9,380
Equity
Non-controlling interests in Consolidated Funds	88,463	68,363
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 Inform98

Supplemental Financial Information (Details 1) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Mar. 31, 2018		Mar. 31, 2017
Revenues
Management fee income		$ 5,063,000		$ 3,107,000
Incentive income		146,000	[1],[2],[3]	297,000
Reimbursement revenue		309,000		494,000
Other revenues		77,000		93,000
Total Revenues		6,608,000		3,991,000
Expenses
Compensation and benefits		6,086,000		7,424,000
General, administrative and other		4,496,000		3,669,000
Depreciation and amortization		16,000		40,000
Total Expenses		11,078,000		11,176,000
Other Income (loss)
Net gain (loss) on investments in affiliates		(586,000)		75,000
Other income (expense)		104,000		(16,000)
Total Other Income (Loss)		1,648,000		1,755,000
Income (loss) before income taxes		(2,822,000)		(5,430,000)
Income tax (benefit) expense		4,000		5,000
Discontinued Operations
Consolidated net income (loss)		(2,826,000)		(5,435,000)
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment		9,000		30,000
Total Comprehensive Income (Loss)		(2,817,000)		(5,405,000)
Intersegment Eliminations [Member]
Revenues
Management fee income		0		0
Incentive income		0		0
Reimbursement revenue		0		0
Other revenues		0		0
Income of Consolidated Funds		(3,096,000)		(205,000)
Total Revenues		(3,096,000)		(205,000)
Expenses
Compensation and benefits		0		0
General, administrative and other		(530,000)		0
Depreciation and amortization		0		0
Expenses of Consolidated Funds		0		0
Total Expenses		(530,000)		0
Other Income (loss)
Net gain (loss) on investments in affiliates		(426,000)		(843,000)
Other income (expense)		0		0
Net gain (loss) of Consolidated Funds’ investments		2,567,000		(385,000)
Net gain (loss) on beneficial interest of consolidated collateralized financing entity				589,000
Total Other Income (Loss)		2,141,000		(639,000)
Income (loss) before income taxes		(425,000)		(844,000)
Income tax (benefit) expense		0		0
Discontinued Operations
Consolidated net income (loss)		(425,000)		(844,000)
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment		0		0
Total Comprehensive Income (Loss)		(425,000)		(844,000)
ZAIS [Member]
Revenues
Management fee income		5,063,000		3,107,000
Incentive income		146,000		297,000
Reimbursement revenue		309,000		494,000
Other revenues		77,000		93,000
Income of Consolidated Funds		0		0
Total Revenues		5,595,000		3,991,000
Expenses
Compensation and benefits		6,086,000		7,424,000
General, administrative and other		5,026,000		3,669,000
Depreciation and amortization		16,000		40,000
Expenses of Consolidated Funds		0		0
Total Expenses		11,128,000		11,133,000
Other Income (loss)
Net gain (loss) on investments in affiliates		(160,000)		918,000
Other income (expense)		104,000		(16,000)
Net gain (loss) of Consolidated Funds’ investments		0		0
Net gain (loss) on beneficial interest of consolidated collateralized financing entity				0
Total Other Income (Loss)		(56,000)		902,000
Income (loss) before income taxes		(5,589,000)		(6,240,000)
Income tax (benefit) expense		4,000		5,000
Discontinued Operations
Consolidated net income (loss)		(5,593,000)		(6,245,000)
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment		9,000		30,000
Total Comprehensive Income (Loss)		(5,584,000)		(6,215,000)
Consolidated Funds, Before Eliminations [Member]
Revenues
Management fee income		0		0
Incentive income		0		0
Reimbursement revenue		0		0
Other revenues		0		0
Income of Consolidated Funds		4,109,000		205,000
Total Revenues		4,109,000		205,000
Expenses
Compensation and benefits		0		0
General, administrative and other		0		0
Depreciation and amortization		0		0
Expenses of Consolidated Funds		480,000		43,000
Total Expenses		480,000		43,000
Other Income (loss)
Net gain (loss) on investments in affiliates		0		0
Other income (expense)		0		0
Net gain (loss) of Consolidated Funds’ investments		(437,000)		1,492,000
Net gain (loss) on beneficial interest of consolidated collateralized financing entity				0
Total Other Income (Loss)		(437,000)		1,492,000
Income (loss) before income taxes		3,192,000		1,654,000
Income tax (benefit) expense		0		0
Discontinued Operations
Consolidated net income (loss)		3,192,000		1,654,000
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustment		0		0
Total Comprehensive Income (Loss)		3,192,000		1,654,000
Consolidated Funds [Member]
Revenues
Income of Consolidated Funds		1,013,000		0
Expenses
Expenses of Consolidated Funds		480,000		43,000
Other Income (loss)
Net gain (loss) on investments in affiliates		2,130,000		1,107,000
Net gain (loss) of Consolidated Funds’ investments		2,130,000		1,107,000
Net gain (loss) on beneficial interest of consolidated collateralized financing entity	$ (81,000)	0		(589,000)
Discontinued Operations
Consolidated net income (loss)		$ (2,826,000)		$ (5,435,000)
[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]	ZAIS Group does not earn management fee income on certain ZAIS Managed Entities in which it had made investments that carried first loss risk. ZAIS Group receives distributions of its pro rata share of the gains and losses related to its investments in these ZAIS Managed Entities and incentive income equal to 50% of the net investment gains for the management of these ZAIS Managed Entities. The Company recognized incentive fee income from these ZAIS Managed Entities of approximately $117,000 and $276,000 for the three months ended March 31, 2018 and March 31, 2017, respectively. As a result of the termination of these management contracts, the Company will no longer earn incentive income from the two ZAIS Managed Entities effective April 1, 2018.

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	May 09, 2018	May 08, 2018	May 01, 2018	Apr. 26, 2018	May 31, 2018	Mar. 17, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Subsequent Event [Line Items]
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates							$ 0	$ 62,000
Other Commitment							$ 20,000,000		$ 20,000,000
Common Class A [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						548,923	0	548,923
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates					$ 200,000
Limited Partners' Contributed Capital					$ 15,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates				$ 9,100,000
Subsequent Event [Member] | Non Employee Director [Member]
Subsequent Event [Line Items]
Officers Compensation		$ 50,000
Subsequent Event [Member] | Common Class A [Member] | Non Employee Director [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	63,219
Z Acquisition LLC [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Additional Payments to Acquire Businesses, Gross			$ 3,075,000
Additional Interest Expense			125,000
Payments to Acquire Businesses, Gross			10,250,000
Interest Expense, Other			125,000
Z Acquisition LLC [Member] | Subsequent Event [Member] | Promissory Note [Member]
Subsequent Event [Line Items]
Debt Instrument, Maturity Date		Dec. 31, 2019
Business Combination, Consideration Transferred, Liabilities Incurred			$ 13,325,000
Debt Instrument, Interest Rate, Stated Percentage			8.00%
Z Acquisition LLC [Member] | Subsequent Event [Member] | Common Class A [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues			6,500,000
Business Acquisition, Share Price			$ 4.10
Zais Clo 9 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Other Commitment		$ 500,000