In the bowl of a stand mixer fitted with the paddle attachment, beat cream cheese at medium speed until smooth, about 1 minute. Add sugar, and beat at medium-low speed until smooth and well combined, stopping to scrape sides of bowl. Add cream, 2 tablespoons (30 grams) at a time, beating until combined after each addition. Add extracts, beating until combined. Thoroughly scrape down sides of the bowl. Slowly increase mixer speed to high, beating until stiff peaks form, 1 to 2 minutes. Use immediately.