At right the CRO display showing the two sine waves 180 degrees of phase difference. The top waveform is hot (in phase), the bottom 180 degs reversed (cold). When the two signals are received by a balanced input, the opposite process occurs, where the cold signal is inverted back in phase with the hot signal so that the 180 degrees of phase is cancelled and the two signals can be summed. When this occurs it produces twice the voltage swing which = 3dB. The great advantage of the balanced line is that any hum or noise introduced into the cables will be in the same phase, not + and - like the audio signals. When fed into the phase reversing input of a balanced system, any hum and noise in the lines is put 180 degrees out of phase effectively cancelling them out. It's a clever system.
The DI described here has unity gain, and clips at 4.6 -> 5 VRMS (~ 13.5V pk-pk) between hot & cold, so has enough head room for any audio application. It is all DC coupled apart from the input and output, and utilises about 28dB of negative feedback to control gain and noise. The frequency response is limited to about 50Khz by the little 27pF capacitor supplying negative feedback from the collector to the base on transistor Q4. It has an essentially flat response from 10Hz to 25Khz within + & - < 0.5dB. It features a hi-'Z' input which is good for guitar and bass, but is about +5dB noisier than a typical op-amp converter with a loaded input. In fact whereas an op-amp circuit increases in hiss when the input is loaded, this discreeet circuit decreases in noise significantly with a loaded input.
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