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 | |
| ZAIS Zephyr A-6, LP | Cayman | |
| ZAIS Zephyr 7 GP, LLC | Delaware | |
| ZGH Merger Sub, Inc. | Delaware |