In a small saucepan, melt the butter over medium heat. Add the flour and whisk until incorporated. Continue whisking until the mixture turns from pale yellow to golden brown, about 2-3 minutes.

Gradually pour in the beef broth while whisking constantly to prevent lumps. Continue whisking and bring the gravy to a low simmer.

Stir in the tomato paste, ground porcini mushrooms, paprika, onion powder, and garlic powder. Continue to simmer over low heat for 5 minutes, whisking occasionally.

Whisk in the heavy cream and return the gravy to a low simmer. Simmer for another minute.

Add salt and pepper to taste, then remove the gravy from the heat or keep it on a 'warm' setting until ready to serve.

Leftovers can be stored in a covered container in the fridge for up to 3 days. If the gravy becomes too thick, thin it out with a little beef broth, cream, or milk before reheating.