The whitepaper introduces a dual-stage regulated hybrid switched capacitor (DR-HSC) converter topology for 48 V to 12 V power conversion, specifically designed for data center applications. The converter consists of two stages: an unregulated ZVS switched capacitor converter stage and a regulated dual-phase three-level flying capacitor stage. The converter operates with a 50% duty cycle, ensuring optimal operation with a phase voltage node equal to output voltage. The unique flying capacitor voltage balancing mechanism ensures stable and efficient operation, even in non-ideal behavior. Experimental results show the inductor's effectiveness in maintaining voltage balance, resulting in low ripple in the output inductor.