... But now we (also) know the circuit gives you ~17dB of attenuation between the signal source, and wherever your measurement point is.
Later edit: If you want to see the actual (full) output, you'll want to look at the difference between the two ends of the secondary transformer. As it stands, that secondary winding is pretty much floating, so that apparent 17dB of attenuation is... unrealistic, i'm sure you'll agree. And you'll probably also want to feed the 48v through a pair of 6.8k resistors, just as your preamp would. As it is, those 2.2k resistors do nothing except present a load to the transformer secondary.
Later edit: If you want to see the actual (full) output, you'll want to look at the difference between the two ends of the secondary transformer. As it stands, that secondary winding is pretty much floating, so that apparent 17dB of attenuation is... unrealistic, i'm sure you'll agree. And you'll probably also want to feed the 48v through a pair of 6.8k resistors, just as your preamp would. As it is, those 2.2k resistors do nothing except present a load to the transformer secondary.
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