Within a more-electric aircraft (MEA) dc power distribution system, Half-bridge-active-clamp (HBAC) converters are used to control the power transfer between different dc buses, especially for 540V/28V in MEA applications. However, due to the relatively large current in the low voltage (LV) H-bridges, the switching characteristics of the converter are impacted by the related parasitic inductance, resulting in a device voltage drop. This paper illustrates the device voltage drop issue by analysing different operation modes of the HBAC converter and developing a detailed mathematical model. This model has been validated with comprehensive simulation and experimental results.