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INVESTMENTS IN UNCONSOLIDATED AFFILIATES
12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED AFFILIATES INVESTMENTS IN UNCONSOLIDATED AFFILIATES
As of December 31, 2023, we had ownership interests in BRE Ace LLC and 1776 Holdings LLC, which are VIEs. We do not consolidate BRE Ace LLC and 1776 Holdings LLC because we are not the primary beneficiary. For both VIEs, our investment interests are included in the consolidated balance sheets as Investments in unconsolidated affiliates, and equity earned is included in the consolidated statements of operations as Equity in earnings from unconsolidated affiliates.
During the year ended December 31, 2023, we received a cash distribution of approximately $16 million from our investment in BRE Ace LLC.
Our two unconsolidated affiliates have aggregated debt balances of $427 million and $393 million as of December 31, 2023 and 2022, 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 totaled $71 million and $72 million as of December 31, 2023 and 2022, respectively and (ii) receivables for commission and other fees earned under fee-for-service arrangements. See Note 21: Related Party Transactions for additional information.