To make the sauce, start by roughly chopping the shallot. Mince the garlic and set aside. In a saucepan heat the olive oil over medium and add the chopped shallot. Sauté until the shallot is softened and tender but not browned. Add the minced garlic and cook for another minute.
Carefully pour in the Cognac to deglaze the pan. Continue cooking for another minute until the Cognac has mostly evaporated. Add the tomato paste and stir to mix in.
Add the Port wine and beef broth. Bring up to a simmer and cook for 10 to 15 minutes until the liquid has reduced by about half. There should be about 2 cups of liquid after reducing. Once the liquid has reduced, add the kosher salt and pepper and check the seasoning.
To thicken the sauce, make a beurre manie. In a small bowl combine the softened butter with the flour. Mix together to form a smooth paste. Add the the beurre manie to the saucepan and whisk vigorously to fully incorporate into the sauce. Bring to a simmer to fully cook the flour and thicken the sauce.
Strain the sauce through a fine mesh strainer into a clean saucepan. Check the final seasoning, adding more kosher salt or pepper if needed. Cover and set aside until service.