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Investments in Unconsolidated Affiliates
6 Months Ended
Jun. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]  
Investments in Unconsolidated Affiliates

Note 10: Investments in Unconsolidated Affiliates

As of June 30, 2021, we have 25 percent and 50 percent ownership interests in BRE Ace LLC and 1776 Holding LLC, respectively, that are deemed as VIEs. We do not consolidate BRE Ace LLC and 1776 Holding LLC because we are not the primary beneficiary. Our investment interests in and equity earned from both VIEs are included in the consolidated balance

sheets as Investments in unconsolidated affiliates and in the consolidated statements of operations as Equity in earnings from unconsolidated affiliates, respectively.

Our two unconsolidated affiliates have aggregated debt balances of $425 million and $454 million as of June 30, 2021 and December 31, 2020, respectively. The debt is secured by their assets and is without recourse to us. Our maximum exposure to loss as a result of our investment interests in the two unconsolidated affiliates is primarily limited to (i) the carrying amount of the investments which totals $57 million and $51 million as of June 30, 2021 and December 31, 2020, respectively and (ii) receivables for commission and other fees earned under fee-for-service arrangements. See Note 17: Related Party Transactions for additional information.