It
is a delay pedal, with really short delay. It has three PT2399s inside. They are arranged to feed back on each other to create dozens of reflections.
There is not a way to adjust the repeats with the BTDR-2 brick. It is sold with the repeats preset at the factory to
Short,
Medium or
Long. You have M version. If you want adjustable repeats, then you need the BTDR-3.
These bricks have two outputs that can be used individually, mixed, or as stereo output. The two outputs come from different places in the delay chain. R9 & R10 mix the two outputs in your circuit. The reverb is slightly less "dense" if you use only one of the outputs.
Some pedal circuits, such as the EQD Levitation, add an additional feedback path around the Brick to increase the dwell or "ambience."
There is an LFO inside the Brick that dithers the clock on one of the PT2399s to create a less "sterile" sound. Unfortunately, once you notice the cyclic dither, you can't unhear it. I found it to be too irritating and so
I designed my own PT2399-based reverb.