Pat the beef dry with a paper towel and season thoroughly 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 a deep golden crust forms on all sides.
Remove the beef from the pot and add the mushrooms, sliced carrots, diced yellow onion, and pearl onions, sautéing until the vegetables are lightly browned.
Stir in the minced garlic and tomato paste, cooking for 1 minute to develop the flavor profile.
Pour in the red wine to deglaze the pan, using a wooden spoon to scrape up all the flavorful browned bits from the bottom.
Return the beef to the pot along with the beef broth, bay leaf, and fresh thyme.
Reduce heat to low, cover, and simmer for 75-90 minutes until the beef is melt-in-your-mouth tender and the sauce has reduced to a glossy consistency.