Feedback in transformer-coupled output stages? (Monarch SAT-360 receiver and SA-500 amp)

Hi all,

I have two vintage Monarch units with transformer coupled power amps and Germanium output devices. Both sound great after a recap, but different. Subjectively less bass with the receiver.

I've seen that feedback is handled differently – see the pic posted (apologies for not so great quality). Is it right to assume that the SA-500 feeds back the output signal only via an 8.2K resistor, but the SAT-360 receiver does so at two points, via a 6.8K Resistor and a 47K one? Why might this be so?

There are also other slight differences which I don't really get. But I am curious. Many thanks in advance for clarification!

Eschenborn
Monarch_SAT-360 vs SA-500_output.jpg