Best DAC for around $2,500 or less

In this price category you might be surprised by the quality of the humble $799 Topping D90 MQA DAC. I was really impressed by this little guy, playing a DSD stream via balanced connections through a Stax SRM-007tii and SR-009 headphones sounds excellent. I agree you need to balance the sound of your equipment and ancillaries to get the solution that works for you, but can highly recommend the D90 (or MQA version) assuming it matches your needs. Good luck.

+1 re the MHDT Labs Orchid & " Roll into a WE396A D getter " (which I did).

In addition to my strong preference for NOS digital (or really well done R2R), I have a very constrained space on my desktop & the Orchid fits perfectly.

I paid the distributor extra to add a 2nd RCA output pair (both pairs are live at all times). This allows me to run one pair into amp+desktop monitors+sub; and the other through any headphone amp that I feel like hearing that day.

I wish I could say that it was that easy for me. If that were the case, I'd have the Benchmark hooked up and sold the BorderPatrol. Turns out, my preferences don't align to perfect measurement... but when you really think about it, I think most people don't. Not a perfect analogy, but I bet everyone here also knows someone who (some what annoyingly) way overuses Instagram filters in their photography. Is that a more accurate representation of the picture? Definitely not. Does it give them some joy / describe a mood / something else emotional the original did not? Likely.

DAC's aren't at all like Speakers, or even Power Amps when it comes to adding flavor to sound systems. 20 years ago, when I was young and impressionable I might have agreed with you, but when the goal is converting 0's and 1's to an analog waveform, measured performance really should be king, imo. If you want to add a sonic signature that you find pleasing to your system I feel like the equipment to do that with are primarily speakers, followed by amps.

Sources, which DAC's are, now that the majority of people are using computer based front end's, should be as clean as possible, and SINAD is one of the best ways to measure that.

I have a Yiggy with a tube pre and a SEP amp with Zu speakers . I like it very much . But honestly , I’ve very little to compare it to . So many people recommend what they like . But only a few have heard a variety and even fewer in THEIR SYSTEM . Search the threads that give a tonal comparison of numerous DAC’s by a single person. Utilize a return policy . But the Schiit Yiggy gives you 15 days . So you’ll have to burn it in for 14 and try to make a decision. Also having a R2R Dac, I leave it powered 24/7. A good buy used would allow a resale without a loss . I very much am Pining for a Border Patrol, but I’ve never heard one . The Chinese stuff at this price pout looks awesome , if you’re ok with buying Chinese . Happy hunting , Mike . 

I've been auditioning a Mytek Brooklyn DAC+ at home (my dealer kindly loaned it to me) and it's fantastic. It's a huge step up up from the Arcam irDAC (v1) I have. Really, I'm surprised how much of a difference it can make. Details resolve that just weren't audible before.