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Place peppercorns in a clean kitchen towel and smash with a meat mallet, the bottom of a heavy skillet, or use a mortar and pestle until mostly halved or quartered. Transfer smashed peppercorns to a plate. Season steaks on both sides with salt, then press steaks into crushed peppercorns, turning to coat. In a large skillet, heat oil over medium heat. Add steak and cook undisturbed until deeply browned , about 5 minutes. Flip and add butter. Continue cooking, spooning the butter over the steak, until desired doneness is reached, another 5 minutes for medium. Transfer steak to a board to let rest. Drain all but 1 tablespoon fat from skillet. Reduce heat to medium-low and add shallot. Cook, stirring often with a wooden spoon, until softened, about 2 minutes. Remove skillet from heat and add cognac. Return to medium heat and cook, stirring until mostly reduced, 1 minute. Add garlic and thyme and cook, stirring, until fragrant, 1 minute more. Slowly stir in cream, taste, and season with salt. Simmer until sauce thickens slightly and coats the back of a spoon, about 1 minute. Slice steaks and serve with sauce spooned over.
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