Preheat the oven to 350°F.

Render the chopped bacon in a Dutch oven over medium-low heat until browned. Remove and set aside.

Season the beef with kosher salt and freshly cracked pepper. Sear in batches over medium-high heat until browned on all sides, about 4-5 minutes.

Lower the heat to medium and add 2 tablespoons of butter. Sauté the onions and carrots for 2–3 minutes until softened. Add the garlic and cook for 1 additional minute.

Stir in the tomato paste and cook for 2–3 minutes. Sprinkle in the flour and stir to incorporate, cooking for another 2–3 minutes.

Deglaze the pan with Burgundy wine, scraping the bottom. Add the beef stock, bouillon, reserved beef, bacon, thyme, and bay leaves.

Cover the Dutch oven and transfer it to the oven. Cook for 2 ½ hours.

In a separate skillet, melt the remaining butter and sauté the mushrooms until browned. Add the pearl onions and cook for an additional 5 minutes.

Add the sautéed mushrooms and onions to the Dutch oven and return to the oven for 45–60 minutes.

Remove from the oven and let it sit, covered, for 30 minutes before serving.