Remove tri-tip from fridge 45–60 minutes before cooking. Pat dry. Lightly oil and season generously. Preheat oven to 400°.
Heat cast iron over medium-high until very hot. Add oil. Sear tri-tip 4 minutes per side until a deep crust forms. Briefly sear edges.
Transfer skillet to oven. Roast 12–15 minutes for a 2½ lb roast. Start checking at 12 minutes. Pull at rare 120–125°, medium-rare 130–135°, medium 140–145°, medium-well 150–155°, or well 160°+.
Rest 10–15 minutes before slicing.
While resting, cook mushrooms in pan drippings. Let them brown undisturbed 3–4 minutes, then continue cooking until tender. Add butter and thyme at the end.
Slice against the grain (tri-tip has two grain directions — cut it in half first, then slice each section thinly). Serve with baked potatoes and roasted asparagus.
