Pat the beef stew meat dry with paper towels and season evenly with sea salt and black pepper.
Heat the olive oil in a heavy-bottomed pot or Dutch oven over medium-high heat and sear the beef until deeply browned on all sides.
Remove the beef from the pot and set aside, then add the diced yellow onion, sliced carrots, and pearl onions to the same pot.
Sauté the vegetables for 5 minutes until softened, then stir in the cremini mushrooms and minced garlic, cooking until the mushrooms are lightly browned.
Stir in the tomato paste and cook for 1 minute to deepen the flavor profile.
Pour in the dry red wine to deglaze the pot, using a wooden spoon to scrape up any flavorful browned bits from the bottom.
Return the seared beef to the pot and add the beef broth, dried thyme, and the bay leaf.
Bring the liquid to a gentle boil, then reduce the heat to low and cover the pot with a tight-fitting lid.
Simmer for 60 to 90 minutes, or until the beef is fork-tender and the sauce has reduced to a thick, glossy consistency.
Remove the bay leaf and serve the stew warm in a shallow bowl.