Another fan of Playback designs here
I traded an old DAC (the third DAC trade in) towards a dealer demo Playback Designs Merlot, must be 7-8 years ago now. So far I haven't looked back. While other components have changed, I have not felt I need a new DAC yet. If I was not now an older guy with limited cash flow, I would not hesitate to move up to another Playback Designs. As a side note, I had an informative and satisfying email exchange with Andreas Koch, the man behind Playback design (and the SACD when he worked for Sony/Phillips). If a used Merlot were to show up, see if you can get it to try out in your system. It was originally $6500, shouldn't be more than 4K now.
The Merlot marries perfectly with my Audio Research REF amp & preamp - at least to my ear. Of course, there are so many other factors that your experience will probably be different.