Let's Talk DAC's

I’d add the Musician Pegasus to your list as it does all the things you’re looking for very well. It comes from the same factory as the Pontus II and shares many of the same parts/technology, but the Pegasus seems to be a little more detailed up top than the Pontus (and probably a lot of other R2R DACs for that matter) that I thought might appeal to you given what you’re looking for. And at $1045 it’s considerably cheaper as well. Here’s a good review, and I own the Pegasus and think his assessment is spot on.

https://soundnews.net/sources/dacs/musician-audio-pegasus-r2r-dac-review/

I should also note you can get a significant performance boost by adding a DDC and utilizing the Pegasus’ i2S input.  I bought a used Iris and was surprised and impressed with how much the sound improved (and this using a $6 HDMI cable from Monoprice).  If it’s in the budget the benefits are such that I’d recommend getting the DDC right away, but if it’s not it’s definitely something to look forward to down the road.  Musician offers the similar Pisces that is likewise cheaper than the Iris.  Hope this helps, and best of luck.

Too bad the Chord Hugo TT is out of my price range-looks real nice.

@oddiofyl- Which one is an improvement in your opinion? 

 @Soix-That Pegasus is definitely a contender. What is a DDC? Pardon my ignorance

Not at all. A digital-to-digital converter, which initially sounds superfluous, but what it does is both re-clock the data and give you the option of using different inputs on your DAC. So if you feed the DDC a USB input from your streamer you now have the option of using superior AES/EBU or i2S outputs to your DAC. The benefit of this can vary depending on how the DAC’s inputs are designed, but in the case of my Pegasus the improvement of the DDC and going to i2S was substantial, and I’ve heard similar results from others who have the Pontus II. @vthokie83 can maybe attest to and expand on that. Incidentally the reviewer of the Pegasus also reviewed their Draco DAC and found very little difference sonically between it and the Pegasus and only costs $750 (but a current $38 coupon on Amazon knocks it down to only $712), so that and a DDC could be a relative bargain.

https://soundnews.net/sources/dacs/musician-audio-draco-r-2r-ladder-dac-review/

https://www.amazon.com/Musician-Draco-Entry-Level-Decoder-DSD1024/dp/B096S6HBQY/ref=sr_1_3?crid=2R4BYMIO9U0NQ&keywords=musician+draco+r2r+dac&qid=1696194343&sprefix=musician+draco%2Caps%2C701&sr=8-3&ufe=app_do%3Aamzn1.fos.2b70bf2b-6730-4ccf-ab97-eb60747b8daf

Something worth thinking about is you could have a Draco and either a Pisces or Iris DDC for not much more than a Pegasus alone. Definitely an attractive option.

I'm hesitant to recommend any DAC.   It is something I would recommend auditioning at home.   I just sold my RME for $675,  a great DAC for the price .   Unlike other DACs it has a built in parametric EQ so it can sound how ever you like.    

Definitely listen to your current DAC and the one you are interested in side by side 

I tried both of the Denafrips mentioned but bought a Pure Audio Lotus DAC 5 as it was clearly superior. Even the Denafrips distributor indicated I would have to go to the Terminator to get the equivalent SQ