Crack peppercorns in a mortar or pestle or with a rolling pin. Press cracked peppercorns into steaks.

Heat butter in a heavy skillet over medium-high heat. Add steaks; cook, turning with tongs, until browned, about 2 minutes per side. Reduce heat to medium and cook steaks, turning often, until they begin to firm up and are hot and slightly pink in the center, about 5 minutes per side. Transfer steaks to a plate and cover to keep warm.

Stir shallot into the skillet. Pour in cognac and red wine; simmer, stirring constantly, until reduced, about 2 minutes. Pour in beef broth and simmer, scraping browned bits off the bottom of the skillet, until sauce is smooth, about 2 minutes. Stir in cream; cook until heated through, 1 to 2 minutes.

Pour cream sauce over steaks.