Pat the beef stew meat dry with a paper towel and season evenly with sea salt and black pepper.
Heat the extra virgin olive oil in a heavy-bottomed pot or Dutch oven over medium-high heat.
Add the beef to the pot and sear until a deep brown crust forms on all sides, then remove the beef and set aside.
In the same pot, add the pearl onions, sliced carrots, and halved cremini mushrooms, sautéing for 5-7 minutes until the vegetables begin to caramelize.
Stir in the minced garlic and tomato paste, cooking for 1 minute until the mixture is fragrant and the paste darkens slightly.
Pour in the dry red wine to deglaze the pot, using a wooden spoon to scrape up all the flavorful browned bits from the bottom.
Return the 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, cover tightly, and simmer for 60 to 90 minutes until the beef is fork-tender and the sauce has reduced to a thick glaze.
Remove the bay leaf before serving the stew warm in a shallow bowl.