Bring the steak to room temperature (about 10–15 min).
Pat dry and season generously with salt and pepper.
Heat a heavy-bottomed pan on high heat.
Add olive oil. Sear the fat and bone side first, then sear each flat side until a deep golden crust forms.
Add garlic and thyme to the pan.
Lower the heat, add butter, and baste the steak continuously for 1–2 minutes.
Cook to preferred doneness, using the touch method to test.
Rest the steak in the warm pan off the heat, occasionally spooning over melted butter.