OEM gutted E36 M3 gutted muffler.
This is the entire cat back along with all heat shields. Muffler has been painted flat black, tips also painted flat black.
The interior of the muffler (baffles etc) has been removed. In it's place is a pair of straight pipes.
Disclaimer: This exhaust is loud. It's also raspy if that's your thing.
Video of similar setup: