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This paper identifies extra junction capacitances and switching commutation loops introduced by line-frequency devices (i.e., non-active every other half line cycle) in three-level ac/dc converters and investigates the corresponding effects. Junction capacitances and power loops are well known as the key factors that impact converter switching loss and device stress, thus influence device selection, power stage layout, and thermal design. By examining switching transients of the commonly used T-shaped and I-shaped three-level converters, the cause and mechanism of the extra junction capacitances and power loops are presented. The impacts on switching loss, device voltage stress, and ac-side voltage/current distortion are respectively reported and analyzed. A loss calculation scheme for the three-level converter to include that extra loss is proposed. A power layout scheme to mitigate the device voltage stress is provided. Compensation and modeling of the voltage and current distortion are also proposed. Experimental results conducted on several types of three-level converter prototypes including a gallium nitride based 115 $V_{{\text{ac}}}{\text{/650}}$ Vdc/1.5-kW/450-kHz Vienna-type rectifier and a SiC mosfet based 1-kV/10-kW/280-kHz three-level active neutral-point-clamped inverter confirm the presented effects and verify the associated analysis and solutions. [ABSTRACT FROM AUTHOR]