Heat the butter in a large skillet over medium heat until completely melted. Add the onion, garlic, peppercorn, bay leaf, and thyme and cook until the onions have softened, about 5-7 minutes. Add the tomato paste and cook for another 5 minutes, stirring every couple of minutes. Add two of the diced tomatoes and stir to combine. Bring the heat down to low and allow the mixture to cook for 30 minutes, or until the tomatoes have softened and broken down slightly, stirring every 5-8 minutes. Pour the mixture into a blender and blend at high speed until a smooth puree forms.