Place in the steaks, turn the heat down to medium-high, add in the butter, garlic, and thyme and cook for 2-3 minutes per side for a medium-rare internal temperature.
Remove the steaks and let rest on a plate. Drain the oil from the pan. Add the butter to the pan over low to medium heat and lightly sauté the shallots, garlic, and peppercorns until lightly browned.