Sam Beam’s performance moniker, Iron and Wine, hardly needs an introduction; you should recognize it from an M&M commercial and that ubiquitous Garden State soundtrack a few years back. But on paper, Iron and Wine sounds like so many other alt-folk acts out there, with murmured vocals and the occasional slide guitar – what accounts for all this commercial success?

The appeal lies in Beam’s combination of aesthetic and content; alongside the hushed acoustic sound are uncommonly perceptive lyrics. “Naked As We Came,” for example, pairs a simple, repetitive guitar line with musings on the inevitability of death. Iron and Wine’s still waters run deep.

A two-disc compilation of B-sides, unreleased tracks, and other rarities, Around The Well charts these waters. It was released on May 19th on Sub Pop records, and spans Iron and Wine’s entire discography. The first disc consists of Beam’s early material, dating back to the first recording sessions for 2002’s The Creek Drank The Cradle.

This first disc is Iron and Wine at its most exposed: a meditative sound created by acoustic instruments and breathy harmonies with no embellishment other than the lo-fi hum of home recordings. For the most part, these tracks are entirely the work of Sam Beam himself – any instruments and harmonies you hear are overdubbed. And it’s this kind of unified vision that’s responsible for the heartbreaking melody of “Swans and the Swimming” or the flawless pacing of “Sacred Vision,” two standout tracks.

The second disc presents a cleaner, clearer sound. These songs are “captured in the confines of proper studios” and bring in outside musicians (including vocals from Sam’s sister, Sarah.) As a songwriter, Beam has moved his work in an external direction. Songs such as “Arms of a Thief” tell a story for the listener, with lyrics that are strongly narrative (and, notably, easy to make out.) But these changes have little bearing on the music itself – Beam’s hypnotic fingerpicking technique is still there, as are his whispered vocals. The second disc ends with the ten-minute “The Trapeze Swinger,” an earnest, evenly-paced song that was used in the film In Good Company.

Around The Well is more than a collection of songs for devoted Iron and Wine fans; when listened to straight through it traces the growth of an artist from basement-studio amateur to talented singer-songwriter.