1️⃣ Prepare the oven: Arrange a rack in the lower third of the oven and preheat it to 350°F (175°C).

2️⃣ Cook the bacon: In a large Dutch oven or heavy-bottomed oven-safe pot, cook the bacon over medium heat until browned and crisp, about 10-12 minutes. Use a slotted spoon to transfer the bacon to a bowl, leaving the fat in the pot.

3️⃣ Sear the beef: Pat the beef cubes dry with paper towels. Season them with 2 tsp kosher salt and 1/2 tsp black pepper. Working in batches, sear the beef in the bacon fat, cooking 2-3 minutes per side until browned. Transfer to the bowl with the bacon.

4️⃣ Cook the aromatics: Add the onion and carrot to the pot and sauté for 3 minutes until softened. Stir in the minced garlic and cook for 30 seconds until fragrant. Add the tomato paste, stir to coat, and cook for 1-2 minutes until the color deepens.

5️⃣ Thicken the base: Sprinkle the vegetables with flour and stir to combine. Cook for 1 minute to remove the raw flour taste.

6️⃣ Deglaze the pot: Pour in the red wine, scraping up browned bits with a wooden spoon. Add the beef broth, thyme sprigs, bay leaves, and 1/2 tsp kosher salt. Return the beef, bacon, and their juices to the pot. Stir and bring to a simmer over medium-high heat.

7️⃣ Slow cook: Cover the pot and transfer it to the oven. Cook for 2 hours, until the beef is fork-tender.

8️⃣ Prepare the vegetables: About 30 minutes before the stew is ready, melt the butter in a large skillet over medium heat. Add the pearl onions, mushrooms, 1/2 tsp kosher salt, and 1/4 tsp black pepper. Sauté for 12-15 minutes until tender and lightly browned.

9️⃣ Combine: Stir the cooked onions and mushrooms into the stew. Remove the bay leaves and thyme stems. Taste and adjust seasoning with more salt and pepper if needed.

🔟 Garnish and serve: Sprinkle with chopped parsley and serve hot with egg noodles, mashed potatoes, or crusty bread.