Begin by rehydrating the dried mushrooms. Place them in a bowl and cover with hot water. Let them soak for about 30 minutes until softened. Drain, chop, and set aside.

Pat the flat iron steak dry with paper towels. Season both sides generously with salt and pepper.

In a mixing bowl, combine the rehydrated mushrooms, minced garlic, and olive oil. Mix well to form a paste.

Preheat your oven to 400°F (200°C). Spread the mushroom-garlic mixture evenly over one side of the steak. Place the steak crust-side up on a baking sheet.

Roast the steak in the preheated oven for about 15-20 minutes for medium-rare, or until it reaches your desired doneness. Use a meat thermometer for accuracy (130°F/54°C for medium-rare).

While the steak is cooking, combine the balsamic vinegar and honey in a saucepan over medium heat. Add the halved cherries and bring the mixture to a simmer. Cook for about 10-15 minutes, stirring occasionally, until the sauce thickens slightly.

Once cooked to your liking, remove the steak from the oven and allow it to rest for 5-10 minutes. This helps the juices redistribute.

Slice the steak against the grain, arrange on a platter, and drizzle with the balsamic-infused cherry reduction. Garnish with fresh thyme.