1) In 'by-pass' mode the balanced TRS input is connected to the TRS output as a 'feed-thru' with output shield connected to ground.

2) In 'EQ' mode the output TRS is as follows; Tip - hot, Ring - Ground, Shield - floating.

Rane floats the shield to avoid ground loops.

We used the Rane Headphone distribution amps (with this type output) in the Merrillville H.S. Keyboard Lab. The installation was too noisy when terminated unbalanced; However, It worked great terminated balanced.