Remove steak from fridge 30 minutes before grilling. Pat dry and season generously on both sides with salt and pepper.

Add shallot and red wine to a small saucepan. Bring mixture to a boil then reduce heat to simmer. Cook until nearly all liquid is evaporated and you're left with a pulp-like texture. Cool completely.

In a small bowl combine red wine shallot mixture with softened butter and parsley. Mash together with a fork until fully combined. Season with salt and pepper to taste. Form butter mixture into a log, wrap in plastic wrap and refrigerate until firm.

Heat the grill to high heat. Place steak over direct flame and sear for 2 minutes on each side to form an even brown crust.

Turn off one of the grill burners and move steak to indirect heat. Continue cooking for 2-3 more minutes per size, until a meat thermometer inserted into the tenderloin side (the side of the bone with less meat) reads 125 degrees (for medium rare)

Remove the steak from the grill and allow it to rest for 10 minutes.

When ready to serve, slice the compound butter into coins. Top the steak with a butter slice and allow butter to melt into the steak. Enjoy!