Conventional modeling of multi-active bridge (MAB) converters assumes ideal models of passive components such as capacitors, inductors, resistors, and transformers. However, in practical scenarios, the parasitic elements associated with these components, particularly the parasitic capacitances within transformers, play a significant role in shaping the high-frequency branch currents, voltage waveforms, and overall power flow in the system. This chapter introduces a refined modeling approach for two-port MAB converters, such as DAB, CLLC, and LLC, that incorporates these transformer parasitic non-idealities. By employing a T-type model of the transformer, the inter- and intra-winding capacitances are represented as distinct elements, providing a more accurate depiction of the converter's behavior. The reconstructed port currents, based on this model, reveal the impact of varying transformer capacitances on current waveforms, potentially leading to increased losses, such as those arising from the loss of soft-switching or changes in RMS currents. This investigation highlights the necessity of considering transformer parasitics in the design and analysis of MAB converters to ensure accurate performance predictions and optimize system efficiency.