In a small pot, combine rice, 11/4 cups water (21/4 cups for 4 servings), and a big pinch of salt. Bring to a boil, then cover and reduce to a low simmer. Cook until rice is tender, 15-18 minutes. Keep covered off heat until ready to serve.

Meanwhile, wash and dry all produce. Halve, peel, and thinly slice shallot. Halve, core, and thinly slice bell pepper into strips. Peel and mince or grate ginger. Zest and quarter lime. Pick basil leaves from stems; mince stems and half the leaves. Reserve remaining leaves for garnish.

Heat a drizzle of oil in a large pan over medium-high heat. Add bell pepper and cook, stirring occasionally, until browned and softened, 5-7 minutes. Add shallot and cook until softened, 1-2 minutes. Stir in half the ponzu (you’ll use the rest later) and season with salt and pepper. Turn off heat; transfer veggies to a medium bowl. Cover to keep warm. Wipe out pan, if necessary.

Heat a drizzle of oil in same pan over medium-high heat. Add beef and cook, breaking up meat into pieces, until browned, 3-4 minutes. (TIP: If there’s excess grease in your pan, carefully pour it out.) Add ginger and minced basil; cook until fragrant, 1-2 minutes. Stir in stock concentrate, remaining ponzu, 1 tsp sugar (2 tsp for 4 servings), and 1/4 cup water (1/3 cup for 4). Cook until sauce is thickened and beef is cooked through, 1-2 minutes. Season with salt and pepper; remove from heat.

While beef cooks, in a small bowl, combine mayonnaise, a squeeze of lime juice, and sriracha to taste. Add water 1 tsp at a time until mixture reaches a drizzling consistency. Season with salt and pepper.

Fluff rice with a fork and stir in lime zest and 1 TBSP butter (2 TBSP for 4 servings). Season with salt and pepper. Divide between bowls; arrange beef mixture and veggies on top in separate sections. Drizzle with sriracha mayo. Garnish with peanuts and reserved basil leaves (tear any larger leaves first). Serve with remaining lime wedges on the side.