EXHIBIT 21.1

SUBSIDIARIES OF THE REGISTRANT

Subsidiary	Jurisdiction of Formation
ZAIS Alternative Credit Management, LLC	Delaware
ZAIS Atlas GP, LLC	Delaware
ZAIS Atlas SPV, LLC	Delaware
ZAIS Group, LLC	Delaware
ZAIS Group Parent, LLC	Delaware
ZAIS Leveraged Loan Manager, LLC	Delaware
ZAIS Leveraged Loan Manager 2, LLC	Delaware
ZAIS Leveraged Loan Manager 3, LLC	Delaware
ZAIS Leveraged Loan Manager 4, LLC	Delaware
ZAIS Leveraged Loan Master Manager, LLC	Delaware
ZAIS REIT Management, LLC	Delaware
ZAIS Value Added Real Estate GP, LLC	Delaware
ZAIS Conduit, LLC	Delaware
ZAIS Solutions, LLC	Delaware
ZAIS Solutions Shanghai Co. LTD	Shanghai, China
ZAIS Group (UK) Limited	London, England