It's an old model SoundGate called "Auto Wake-up Loc3". They don't make them anymore, but it was in my junk box and does what I need it to do. It was designed to convert a speaker level input (which is essentially a balanced line on modern head units) to a single-ended low-level output. It also reduces the output by about 1/2.
The signal from a non-DSP E39 head unit is a balanced line and it is surprisingly high voltage. I was expecting the output to be too low once it passed through the converter, but in fact it remains more than a few volts. I had to reduce the gains on my power amps (to about 4 volts) to handle the high signal levels.