Heat a cast iron pan over medium-high heat. Season steak all over with salt and pepper.
Add lard to pan and swirl to coat pan. Add in steak and cook for 5-6 minutes per side or until internal temperature reaches 120°F for medium rare. Remove steak to a plate to rest.
Turn heat down to medium. Add butter to pan and swirl to coat pan. Add in shallots and thyme. Cook for 1-2 minutes or until shallots are starting to soften and thyme is fragrant.
Add in sherry to deglaze the pan. Bring to a simmer and add in mustard and balsamic vinegar. Season with salt and pepper. Stir to combine then add in the cherries. Simmer for 10 minutes or until sauce is reduced by half, stirring frequently. Remove pan from heat.
Slice steak into ½" slices and serve with cherry sauce on top. Enjoy!