Preheat your pellet smoker to 225°F
While the smoker is preheating, remove the hanger steak from the fridge, season generously with salt and pepper, and let it rest at room temperature
Once the pellet smoker has reached the desired temperature, place the hanger steak directly on the grate.
Close the lid and smoke the hanger steak until the internal temperature reaches 125°F. (This could take about 45-60 minutes, depending on the thickness of the steak)
When the steaks are nearing the target temperature, preheat a cast-iron pan over high heat with a high-heat oil (avocado oil is a good option)
When the steak's internal temperature reaches 125°F, remove them from the smoker. Transfer to the cast iron pan to sear for 1-2 minutes on each side until the internal temperature reaches 135°F for medium-rare.
Remove the hanger steak from the pan and let it rest for 5-10 minutes
While the steaks are resting, reduce the temperature of the stove to medium heat, add the bourbon sauce ingredients, and whisk for 2-3 minutes.
Pour over steaks and enjoy!