Place all the ingredients for the compound butter in a food processor. Puree until smooth and creamy. Scoop the compound butter onto wax paper and roll into a cylinder. Wrap the ends under and refrigerate.
For the Porterhouse Steaks:
Heat the grill to high heat. Generously sprinkle with salt, pepper, and smoked paprika. Grill for 2-4 minutes per side, to desired interior color. 2 minutes per side for medium-rare.
Once off the grill, tent the steaks with foil and allow them to rest 10 minutes before serving. Slice the compound butter and top each warm steak with a slice.