I believe the new PS Audio DSD MKII will meet all your criterion. It is the most natural sounding DAC I have had in my system. Very natural sounding, large well defined sound stage (side to side and front and back) that extends quite a bit beyond my speakers and for me is right in the goldilocks zone. Not too analytical but full of incredible detail. Also, because of the galvanic isolation, any noise is as far as I can tell non-existent and since it has FPGA, the unit can evolve. It is a DAC you can listen to for hours and not get fatigued. I believe they let you do a 30 day trial and all you do is pay shipping. As you can see by the list below I am a PS fan but I have had the opportunity to try out lots of gear and I think the PS products give you a great bang for the buck.
- PS Audio SACD Player
- Pass XP-32 Pre
- PS Audio DSD MKII
- BHK Amps
- Theil 3.7 speakers
- 2 Rel S/5 SHO Subs
- PS Audio P-20 Power Conditioner
- Cardas Clear Reflection Interconnects
- Audioquest Hurricane Power Cords
- Nordost Tyr II Speaker Cables
- VPI MKIII TT