yes. I assume your mic load is what's actually dropping your voltage, also normal.
Yes you're right. I hadn't looked at a mic input transformer schematic in a while. Not sure why I have a voltage drop without a mic connected. Will need to investigate a bit.The transformer doesn't load if connected correctly. You're sending identical 52V to both sides of a floating winding, there's no load. Impossible to know from the evidence.
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